Saudi Cement Co. posted a net profit of SAR 398.8 million in 2022, a 20% increase from SAR 331.9 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,409.57 | 1,419.82 | 0.7 % |
| Gross Income | 530.39 | 568.88 | 7.3 % |
| Operating Income | 344.30 | 403.91 | 17.3 % |
| Net Income | 331.92 | 398.84 | 20.2 % |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 2.17 | 2.61 | 20.2 % |
The positive performance was driven by higher sales revenue due to an increase in average selling prices, in spite of a decrease in quantities sold. Selling, distribution and Zakat expenses decreased, while the company’s share of profit of investment in an associate increased, in spite of higher financial charges and general and administrative expenses.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 327.45 | 427.74 | 30.6 % |
| Gross Income | 109.01 | 197.81 | 81.5 % |
| Operating Income | 64.91 | 155.14 | 139.0 % |
| Net Income | 67.40 | 154.52 | 129.3 % |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.44 | 1.01 | 129.3 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 328.05 | 427.74 | 30.4 % |
| Gross Income | 124.36 | 197.81 | 59.1 % |
| Operating Income | 85.75 | 155.14 | 80.9 % |
| Net Income | 80.65 | 154.52 | 91.6 % |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.53 | 1.01 | 91.6 % |
The fourth-quarter net profit more than doubled to SAR 154.5 million, from SAR 67.4 million in the year-earlier period.
Sequentially, net profit rose 91.5% from SAR 80.65 million in Q3 2022.
Shareholders’ equity, excluding minority interest, stood at SAR 2.29 billion as of Dec. 31, 2022, compared to SAR 2.43 billion a year earlier.
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