Arabian Cement reports 52% lower profits in Q3

Revenues declined by 5.9% year-on-year

  
Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) following the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019.

Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) following the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019.

REUTERS/Ahmed Yosri
Riyadh – Arabian Cement Company posted an annual plunge of 52% in net profits after Zakat and tax to SAR 37.7 million in the third quarter (Q3) of 2021 from SAR 78.9 million.

Revenues declined by 5.9% year-on-year (YoY) to SAR 222.9 million in Q3-21 from SAR 237 million, according to the interim financial results on Tuesday.

On a quarterly basis, the net profits in Q3-21 were 12.5% higher than SAR 33.5 million in Q2-21, while the revenues decreased by 4% from SAR 233 million.

During the first nine months of 2021, Arabian Cement recorded a 5% YoY rise in net profits to SAR 138.2 million from SAR 131.6 million.

Earnings per share went down to SAR 1.38 at the end of September this year from SAR 1.32 in the same period in 2020.

Revenues grew by 33.7% YoY to SAR 777.4 million in the January-September 2021 period from SAR 581.1 million.

Source: Mubasher

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