Saudi Cement Co. reported a net profit after Zakat and tax of SAR 222.1 million for the first half of 2020, marginal decrease of 1% year-on-year (YoY), from SAR 224.8 million a year earlier.
The marginal decline was attributed to higher Zakat provision, selling and distribution expenses, as well as a decline in the company’s share in the net results of associates
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 728.97 | 747.81 | 2.6 % |
| Gross Income | 321.32 | 326.45 | 1.6 % |
| Operating Income | 240.69 | 240.69 | - |
| Net Income | 224.78 | 224.20 | (0.3 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 1.47 | 1.47 | (0.3 %) |
The second quarter net profit after Zakat and tax fell 19% year-on-year (YoY) to SAR 74.5 million, pressured by lower sales, higher selling and distribution expenses, as well as Zakat provision.
Moreover, the cement producer reported lower share in the net results of associates.
When compared to Q1 2020, net profit plunged 50%, due to lower sales during the holy month of Ramadan and Eid Al-Fitr, in addition to the global impact of the COVID-19 pandemic.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 338.61 | 297.45 | (12.2 %) |
| Gross Income | 140.28 | 123.67 | (11.8 %) |
| Operating Income | 99.70 | 82.92 | (16.8 %) |
| Net Income | 92.34 | 75.70 | (18.0 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.60 | 0.49 | (18.0 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 450.36 | 297.45 | (34.0 %) |
| Gross Income | 202.77 | 123.67 | (39.0 %) |
| Operating Income | 157.77 | 82.92 | (47.4 %) |
| Net Income | 148.51 | 75.70 | (49.0 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.97 | 0.49 | (49.0 %) |
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}