City Cement Co. reported a net profit after Zakat and tax of SAR 66 million, a drop of 8.6% from SAR 72.2 million in the year-ago period, hit by lower sales revenue amid lower average selling prices, despite the increase in sales volumes, along with a decrease in selling, general, administrative and marketing expenses.
The cement producer also cited a decline in income from investments and in its profit share from an associate, as well as foreign exchange losses.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 170.28 | 170.63 | 0.2 % |
| Gross Income | 82.24 | 76.15 | (7.4 %) |
| Operating Income | 72.11 | 66.53 | (7.7 %) |
| Net Income | 72.23 | 66.02 | (8.6 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.52 | 0.47 | (8.6 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 152.99 | 170.63 | 11.5 % |
| Gross Income | 65.33 | 76.15 | 16.6 % |
| Operating Income | 55.90 | 66.53 | 19.0 % |
| Net Income | 57.27 | 66.02 | 15.3 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.41 | 0.47 | 15.3 % |
When compared to Q4 2020, the company’s net profit after Zakat and tax increased 5.2% from SAR 62.7 million, backed by better sales volumes and value, along with lower general and administrative expenses.
Shareholders’ equity, excluding minority interest, dropped 20.5% to SAR 1.841 billion by the end of Q1 2021, compared to SAR 2.316 billion in the year-ago period.
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