Qassim Cement Company announces its consolidated financial results for the first half of the year 2010
1. Qassim Cement Company posted a consolidated net profit during the second quarter of SAR 135,762,374 compared to SAR 148,217,972 for the corresponding period last year, a decline of 8.40% and showing a decline of 6.52% against a posted net profit of SAR 145,226,748 during the previous first quarter of the current year 2010.
2. The consolidated gross profit during the second quarter is SAR 149,523,243 compared to SAR 159,542,170 for the corresponding period last year, a decline of 6.28%.
3. The Consolidated operating profit during the second quarter is SAR 141,065,833 compared to SAR 153,220,347 for the corresponding quarter last year, a decline of 7.93%.
4. The consolidated net profit in six months was posted at SAR 280,989,122 compared to SAR 299,749,285 for the same period of the previous year which shows a decline of 6.26%.
5. The Earnings per share (EPS) for the six months amounted to SAR 3.12 against SAR 3.33 for the same period of the previous year after it has been considered the capital increase from 450 million to 900 million as of 16.11.2009.
6. The consolidated gross profit within six months was posted at SAR 306,314,024 compared to SAR 311,380,273 for the same period last year, down by 1.63%.
7. The consolidated operating profit during the six months was posted at 288,520,593 compared to SAR 299,886,595 for the same period the previous year, a decline of 3.79%.
8. The reason for the decline in the profit over the same period last year and the previous quarter is due to a decrease under other income. As well as lower selling prices due to the large increase in the supply and the continued moratorium on the export of cement but was offset in part by increasing certain volume of sales. Certain balances has been reclassified for the year ended June 30, 2009 to conform to the current period presentation.