City Cement 2022 profit drops 28% to SAR 115 mln; Q4 at SAR 47.8 mln

19/03/2023 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 115 million in 2022, down 28% from SAR 160.3 million in 2021 due to lower sales value and volume.



Financials (M)

Item 2021 2022 Change‬
Revenues 496.73 431.38 (13.2 %)
Gross Income 207.87 145.44 (30.0 %)
Operating Income 174.12 110.57 (36.5 %)
Net Income 160.28 115.01 (28.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.14 0.82 (28.2 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 94.70 133.96 41.5 %
Gross Income 26.76 57.85 116.1 %
Operating Income 18.29 48.26 163.9 %
Net Income 6.51 47.75 634.1 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.05 0.34 634.1 %

The cement producer’s Q4 2022 net profit surged to SAR 47.8 million from SAR 6.5 million in the prior-year period.

 

Sequentially, net profit rose 89% from SAR 25.26 million in Q3 2022.

 

Total shareholders’ equity, after minority interest, amounted to SAR 1.81 billion as of Dec. 31, 2022, compared to SAR 1.83 billion a year earlier.

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