Southern Province Cement Co. reported a 35% drop in 2023 net profit to SAR 195.4 million, from SAR 300.7 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,222.41 | 1,070.26 | (12.4 %) |
| Gross Income | 361.06 | 276.51 | (23.4 %) |
| Operating Income | 297.96 | 199.99 | (32.9 %) |
| Net Income | 300.71 | 195.40 | (35.0 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 2.15 | 1.40 | (35.0 %) |
The company cited lower sales revenues on weak demand and average selling prices, as well as higher general, administrative and marketing expenses.
In Q4 2023, net profit rose 19% to SAR 74.2 million from SAR 62.30 million in the prior-year period.
Compared to the previous quarter, Q4 net profit leapt by 39.3% from SAR 53.26 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 335.17 | 257.95 | (23.0 %) |
| Gross Income | 92.85 | 88.39 | (4.8 %) |
| Operating Income | 71.42 | 64.77 | (9.3 %) |
| Net Income | 62.30 | 74.21 | 19.1 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.45 | 0.53 | 19.1 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 286.47 | 257.95 | (10.0 %) |
| Gross Income | 80.73 | 88.39 | 9.5 % |
| Operating Income | 58.46 | 64.77 | 10.8 % |
| Net Income | 53.26 | 74.21 | 39.3 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.38 | 0.53 | 39.3 % |
Total shareholders’ equity, no minority interest, rose to SAR 3.28 billion as of Dec. 31, 2023, from SAR 3.20 billion a year earlier.
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