City Cement Co. reported a net profit after Zakat and tax of SAR 106.7 million in the first half of 2020, compared to a net profit of SAR 73.7 million a year earlier, backed by higher sales revenue and volumes, along with a rise in other revenue.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 245.16 | 279.14 | 13.9 % |
| Gross Income | 93.54 | 129.20 | 38.1 % |
| Operating Income | 75.31 | 110.37 | 46.5 % |
| Net Income | 73.67 | 110.27 | 49.7 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.53 | 0.79 | 49.7 % |
In Q2 2020, the cement producer posted a 12% rise year-on-year (YoY) in net profit after Zakat and tax to SAR 36.2 million, on increased revenue and other income, as well as lower selling, general and administrative expenses.
When compared to the previous quarter, net profit dropped 48.7% hit by a decline in revenue and sales volumes during the holy month of Ramadan and Eid Al-Fitr, as well as the COVID-19 pandemic impact on markets.
A decrease in other income also weighed on the quarterly figures.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 108.06 | 108.87 | 0.7 % |
| Gross Income | 42.25 | 46.96 | 11.2 % |
| Operating Income | 33.19 | 38.26 | 15.3 % |
| Net Income | 32.25 | 38.04 | 18.0 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.23 | 0.27 | 18.0 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 170.28 | 108.87 | (36.1 %) |
| Gross Income | 82.24 | 46.96 | (42.9 %) |
| Operating Income | 72.11 | 38.26 | (46.9 %) |
| Net Income | 72.23 | 38.04 | (47.3 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.52 | 0.27 | (47.3 %) |
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