Hail Cement Co. incurred a net loss after Zakat and tax of SAR 5.9 million for the first nine months of 2022, versus a net profit of SAR 47.2 million in a prior-year period, driven by lower average selling price and higher cost of sales, in addition to recording losses from financial investments at fair value during the current period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 203.88 | 268.22 | 31.6 % |
| Gross Income | 63.69 | 32.95 | (48.3 %) |
| Operating Income | 45.25 | 16.12 | (64.4 %) |
| Net Income | 47.17 | (5.90) | (112.5 %) |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | 0.48 | (0.06) | (112.5 %) |
Hail Cement also cited provisions of SAR 10 million for one of the government agencies, despite the increase in the value of sales during the current period.
Q3 net profit after Zakat and tax increased 31% year-on-year (YoY) to SAR 7.8 million, from SAR 5.9 million in a year-earlier period, on higher sales volume and value, and lower general and administrative expenses.
On a sequential basis, the cement producer turned to profit, from SAR 6.83 million loss in Q2 2022.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 56.08 | 103.28 | 84.2 % |
| Gross Income | 12.33 | 16.63 | 34.9 % |
| Operating Income | 6.38 | 11.14 | 74.6 % |
| Net Income | 5.96 | 7.82 | 31.3 % |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | 0.06 | 0.08 | 31.3 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 96.32 | 103.28 | 7.2 % |
| Gross Income | 17.96 | 16.63 | (7.5 %) |
| Operating Income | 12.34 | 11.14 | (9.7 %) |
| Net Income | (6.83) | 7.82 | 214.5 % |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | (0.07) | 0.08 | 214.5 % |
Total shareholders’ equity, after minority interest, reached SAR 1.054 billion as of Sept. 30, 2022, compared to SAR 1.161 billion in the prior-year period.
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