Umm Al-Qura Cement Co. posted a 66% profit decline in the first nine months of 2023 to SAR 10.1 million, compared to SAR 29.3 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 179.30 | 118.51 | (33.9 %) |
| Gross Income | 56.99 | 28.73 | (49.6 %) |
| Operating Income | 45.74 | 16.13 | (64.7 %) |
| Net Income | 29.30 | 10.05 | (65.7 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.53 | 0.18 | (65.7 %) |
The profit decline was attributed to lower sales value due to fall in sales volume and selling price per ton. In addition, the company reported the financial impact of the technical malfunction in one of the components of Cement Mill No. 1.
General and administrative expenses for the current period rose year-on-year (YoY). It was, however, partially offset by the gains from an amendment of financial obligations following an agreement to reschedule a loan from the Saudi Industrial Development Fund.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 54.22 | 33.52 | (38.2 %) |
| Gross Income | 15.32 | 2.49 | (83.7 %) |
| Operating Income | 11.44 | (2.70) | (123.6 %) |
| Net Income | 6.12 | 1.45 | (76.4 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.11 | 0.03 | (76.4 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 37.83 | 33.52 | (11.4 %) |
| Gross Income | 10.99 | 2.49 | (77.3 %) |
| Operating Income | 7.20 | (2.70) | (137.5 %) |
| Net Income | 1.83 | 1.45 | (20.7 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.03 | 0.03 | (20.7 %) |
In Q3 2023, net profit fell 76.4% to SAR 1.45 million from SAR 6.12 million in Q3 2022.
Sequentially, the bottom line retreated by 20.7% from SAR 1.83 million in Q2 2023.
Total shareholders’ equity, excluding minority interest, reached SAR 772.21 million as of Sept. 30, 2023, up from SAR 769.28 million a year earlier.
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