Southern Province Cement Co. (SPCC) reported a net profit after Zakat and tax of SAR 353.4 million in the first nine months of 2021, a drop of 25% from SAR 468.1 million a year earlier.
The lower profit was attributed to a decline in revenue amid subdued demand and a drop in other revenue, along with higher general and administrative expenses.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 1,222.32 | 1,010.89 | (17.3 %) |
| Gross Income | 515.42 | 386.01 | (25.1 %) |
| Operating Income | 478.14 | 348.50 | (27.1 %) |
| Net Income | 468.13 | 331.24 | (29.2 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 3.34 | 2.37 | (29.2 %) |
In Q3 2021, net profit after Zakat and tax fell 44% year-on-year (YoY) to SAR 83.4 million, hit by lower revenue and demand.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 425.77 | 284.22 | (33.2 %) |
| Gross Income | 170.36 | 98.58 | (42.1 %) |
| Operating Income | 159.57 | 86.63 | (45.7 %) |
| Net Income | 149.77 | 74.12 | (50.5 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 1.07 | 0.53 | (50.5 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 287.33 | 284.22 | (1.1 %) |
| Gross Income | 103.27 | 98.58 | (4.5 %) |
| Operating Income | 90.79 | 86.63 | (4.6 %) |
| Net Income | 87.47 | 74.12 | (15.3 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.62 | 0.53 | (15.3 %) |
On a sequential basis, the third-quarter net earnings dropped 12.3% from SAR 95.17 million.
Shareholders’ equity decreased by 1.1% to SAR 3.108 billion in the nine-month period, from SAR 3.145 billion in the corresponding period of 2020.
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