Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 9 million for the first half of 2021, a plunge of 70% from SAR 29.5 million in the same period last year.
The decline was attributed to cash flow adjustment gains of a financial liability and amortization of the cash flow adjustment.
Moreover, the company cited an increase in selling, general and Zakat expenses during the period.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 125.41 | 126.21 | 0.6 % |
| Gross Income | 27.43 | 30.42 | 10.9 % |
| Operating Income | 16.21 | 17.05 | 5.2 % |
| Net Income | 29.45 | 8.94 | (69.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.33 | 0.10 | (69.7 %) |
In Q2 2021, the cement producer’s net profit after Zakat and tax skyrocketed to SAR 1.9 million from SAR 0.54 million in the year-ago period, backed by the lower cost of sales and production for the current quarter. Tabuk Cement also cited a decline in depreciation expenses for the current quarter, lower finance charges and the recording of unrealized profits of SAR 339,000.
When compared to the previous quarter, net profit after Zakat and tax plummeted 73% from SAR 7 million.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 49.99 | 49.26 | (1.5 %) |
| Gross Income | 9.91 | 9.46 | (4.5 %) |
| Operating Income | 4.65 | 2.98 | (36.0 %) |
| Net Income | 0.54 | (1.13) | (310.8 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.01 | (0.01) | (310.8 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 76.96 | 49.26 | (36.0 %) |
| Gross Income | 20.95 | 9.46 | (54.8 %) |
| Operating Income | 14.08 | 2.98 | (78.9 %) |
| Net Income | 10.06 | (1.13) | (111.2 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.11 | (0.01) | (111.2 %) |
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