Financial Results : Qassim Cement 9M 2021 profit drops 15% to SAR 261.4 mln

Qassim Cement 9M 2021 profit drops 15% to SAR 261.4 mln

08/11/2021 Argaam Exclusive

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Qassim Cement Co. reported a net profit after Zakat and tax of SAR 261.4 million for the first nine months of 2021, a 15% decline from SAR 306.8 million in the same period last year.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 660.76 591.47 (10.5 %)
Gross Income 364.38 282.14 (22.6 %)
Operating Income 323.12 255.38 (21.0 %)
Net Income 306.75 261.43 (14.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 3.41 2.90 (14.8 %)

The company attributed the decrease in net profit to lower sales, driven by a decline in average selling price.

 

This came despite higher sales volume and returns on financial investments, along with a drop in general and administrative expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 231.58 170.31 (26.5 %)
Gross Income 120.65 69.66 (42.3 %)
Operating Income 111.55 59.70 (46.5 %)
Net Income 110.11 60.39 (45.2 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 1.22 0.67 (45.2 %)

The cement producer reported a net profit of SAR 60.4 million for Q3 2021, a 45% decline year-on-year (YoY), on lower sales volume and value. 

 

When compared to previous quarter, Q3 net profit dropped 39.7% on lower sales.

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