Al Jouf Cement Co. reported a net profit after Zakat and tax of SAR 19.4 million for the first quarter of 2021, a 28% increase, from a profit of SAR 15.2 million in Q1 2020.
The company attributed the increase in net profit to the increase in sales and the decrease in the cost of sales, despite the increase in financing expenses and Zakat expense.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 58.81 | 67.89 | 15.4 % |
| Gross Income | 23.63 | 30.25 | 28.0 % |
| Operating Income | 17.49 | 24.37 | 39.3 % |
| Net Income | 15.21 | 18.00 | 18.3 % |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.14 | 0.17 | 18.3 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 67.77 | 67.89 | 0.2 % |
| Gross Income | 15.48 | 30.25 | 95.4 % |
| Operating Income | 8.61 | 24.37 | 182.9 % |
| Net Income | (129.22) | 18.00 | 113.9 % |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | (1.19) | 0.17 | 113.9 % |
When compared to previous quarter, the company turned to net profit in Q1 2021 on lower cost of sales due to the increase in production, lower marketing expenses, and higher other revenues. In addition, the previous quarter included booking investment provisions and credit provisions.
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