Qassim Cement Co.’s 2022 net profit after Zakat and tax plunged 55% to SAR 130.5 million, compared to SAR 291.9 million in 2021. The company was impacted by a drop in sales volume and value, along with a nonrecurring increase in some cost categories.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 722.80 | 678.46 | (6.1 %) |
| Gross Income | 285.95 | 188.49 | (34.1 %) |
| Operating Income | 263.83 | 143.55 | (45.6 %) |
| Net Income | 291.87 | 130.51 | (55.3 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 3.24 | 1.45 | (55.3 %) |
The annual results were also hit by other factors, such as the recognition of unrealized loss from investment in FVTPL in 2022, driven by the impact on the local and global financial markets amid global events and higher interest rates.
The cement producer also reported an increase in general and administrative expenses (G&A) during the year on a rise in consultancy fees.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 131.33 | 217.05 | 65.3 % |
| Gross Income | 3.81 | 77.35 | 1930.7 % |
| Operating Income | 8.45 | 59.32 | 601.9 % |
| Net Income | 30.44 | 53.04 | 74.3 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.34 | 0.59 | 74.3 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 166.78 | 217.05 | 30.1 % |
| Gross Income | 38.09 | 77.35 | 103.1 % |
| Operating Income | 28.37 | 59.32 | 109.1 % |
| Net Income | 23.43 | 53.04 | 126.4 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.26 | 0.59 | 126.4 % |
In Q4 2022, net profit after Zakat and tax rose 74% to SAR 53 million, from SAR 30.44 million in the prior-year period.
Compared to the previous quarter, net profit more than doubled from SAR 23.43 million.
Total shareholders’ equity, after minority interest, declined to SAR 1.66 billion as of Dec. 31, 2022, from SAR 1.73 billion a year earlier.
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