Northern Region Cement Co. reported a net profit after Zakat and tax of SAR 71 million in the first nine months of 2021, up by 13%, from SAR 62.7 million in prior-year period.
This profit growth was driven by lower cost of finance, higher investment profit despite lower average selling prices.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 485.10 | 435.30 | (10.3 %) |
| Gross Income | 142.49 | 138.18 | (3.0 %) |
| Operating Income | 85.19 | 84.51 | (0.8 %) |
| Net Income | 62.88 | 70.93 | 12.8 % |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.35 | 0.39 | 12.8 % |
The cement producer’s Q3 2021 net profit dropped 14% year-on-year (YoY) to SAR 18.4 million, on lower sales volume and decreased average selling price.
On a sequential basis, net profit fell 42.4%.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 172.90 | 128.10 | (25.9 %) |
| Gross Income | 48.71 | 42.02 | (13.7 %) |
| Operating Income | 30.10 | 21.50 | (28.6 %) |
| Net Income | 21.52 | 18.36 | (14.7 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.12 | 0.10 | (14.7 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 145.32 | 128.10 | (11.9 %) |
| Gross Income | 42.29 | 42.02 | (0.6 %) |
| Operating Income | 26.60 | 21.50 | (19.1 %) |
| Net Income | 20.91 | 18.36 | (12.2 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.12 | 0.10 | (12.2 %) |
Total shareholders’ equity (after deducting minority equity) stood at SAR 2.18 billion in the nine-month period, compared to SAR 2.16 billion in year-earlier period.
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