Southern Province Cement Co. posted a net profit after Zakat and tax of SAR 270 million for H1 2021, a slump of 15%, from SAR 318 million in the prior-year period, driven by a sales revenue decline of 8.78%, a 49.82% drop in other income and a 94.54% increase in Zakat provisions.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 796.55 | 726.67 | (8.8 %) |
| Gross Income | 345.06 | 287.42 | (16.7 %) |
| Operating Income | 318.57 | 261.81 | (17.8 %) |
| Net Income | 318.36 | 256.61 | (19.4 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 2.27 | 1.83 | (19.4 %) |
Q2 2021 net profit stood at SAR 95 million, a decline of 30% year-on-year (YoY), due to a 15.34% fall in sales revenue and a 17.25% tumble in sales volumes. Other income also decreased by 44.41%.
On a sequential basis, the second-quarter earnings dropped 45.7%.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 339.34 | 287.33 | (15.3 %) |
| Gross Income | 152.40 | 103.27 | (32.2 %) |
| Operating Income | 137.38 | 90.79 | (33.9 %) |
| Net Income | 134.88 | 87.47 | (35.2 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.96 | 0.62 | (35.2 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 439.34 | 287.33 | (34.6 %) |
| Gross Income | 184.15 | 103.27 | (43.9 %) |
| Operating Income | 171.02 | 90.79 | (46.9 %) |
| Net Income | 169.14 | 87.47 | (48.3 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 1.21 | 0.62 | (48.3 %) |
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