Umm Al-Qura Cement Profits Decreased to SR12.5 Million during the 3Q by 61%

Umm Al-Qura Cement Company net profit after zakat and tax declined to SR12.5 million during the 3Q, compared to SR32 million during the same quarter of the previous year, by 61%.

This came after Umm Al-Qura Cement Company announcement on Wednesday of its interim financial results for the period ending on 30-09-2021 (Nine months).

The gross profit amounted to SR22.4 million during the 3Q, compared to SR42 million during the same quarter of the previous year, a decrease of 46%.

The operational profit amounted to SR19 million during the 3Q, compared to SR39 million during the same quarter of the previous year, a decrease of 50%.

The net profit after zakat and tax during the current period amounted to SR62 million, compared to SR91 million during the same period of the previous year, down 32%.

Profits per share during the current period amounted to SR1.13, compared to SR1.66 during the same period of the previous year.

The reason for the decrease in net profit during the current quarter of 2021 compared with the same quarter of the previous year is due to the decrease in the amount and value of sales for the current quarter compared to the same quarter of the previous year and the increase in selling and marketing expenses, general and administrative expenses and Zakat expense for the current quarter compared to In the same quarter of the previous year, despite the decrease in financing costs during the current quarter compared to the same quarter of the previous year.

The main reason for the decrease in net profit for the current quarter compared to the previous quarter is due to the decrease in the amount and value of sales for the current quarter compared to the previous quarter, and the increase in financing costs for the current quarter compared to the previous quarter, despite the decrease in general and administrative expenses for the current quarter compared to the previous quarter.

The main reason for the decrease in net profit for the current period compared to the same period of the previous year is due to:

Decreased in the amount and value of sales for the current period compared to the same period of the previous year.

– Increase in selling and marketing expenses, general and administrative expenses and zakat expense for the current period compared to the same period of the previous year and a decrease in other revenues for the current period compared to the same period of the previous year, despite the decrease in financing costs for the current period compared to the same period of the previous year.