Arabian Cement Co (ACC) registered a revenue for the 2Q21 of SAR233m (US$62m), a YoY increase of 66.9 per cent.
The company achieved an 82.9 per cent YoY improvement in cement volume from its Saudi Arabian operations and a 51.5 per cent YoY growth in revenue from outside the kingdom, according to Al Rajhi Capital.
Cement sales volume for the 2Q21 reached 0.7Mt, 7.9 per cent higher than the research house's estimate. Gross profit and operating profit increased by 2.0x YoY and 2.5x YoY, respectively. The improvement in profitability was at the back of higher volume and the resulting improvement in operating leverage, the report said.
For the 2Q21, cement volume for the industry grew by 21.3 per cent YoY, while the western region increased by 40.4 per cent YoY. The growth was at the back of lower base on account of COVID-19-related restrictions and the performance of ACC was better than both the industry and the region, said Al Rajhi Capital.
