Southern Province Cement Co. reported a net profit of SAR 68 million in H1 2023, a fall of 55% from SAR 149.8 million a year earlier.
The cement producer reported a decline in sales revenue amid weak local demand, lower selling prices and higher cost of goods sold.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 563.91 | 525.85 | (6.7 %) |
| Gross Income | 162.45 | 107.39 | (33.9 %) |
| Operating Income | 133.53 | 76.75 | (42.5 %) |
| Net Income | 149.79 | 67.92 | (54.7 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 1.07 | 0.49 | (54.7 %) |
The cement producer reported a 69% slump in Q2 2023 net profit to SAR 19 million, compared to SAR 60.52 million in Q2 2022, hurt by lower revenue amid subdued demand and selling prices.
The net profit also fell by 61.1% from SAR 48.89 million in Q1 2023, due to a decline in sales revenue and demand.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 233.94 | 226.01 | (3.4 %) |
| Gross Income | 56.11 | 36.60 | (34.8 %) |
| Operating Income | 42.86 | 23.31 | (45.6 %) |
| Net Income | 60.52 | 19.04 | (68.5 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.43 | 0.14 | (68.5 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 299.85 | 226.01 | (24.6 %) |
| Gross Income | 70.79 | 36.60 | (48.3 %) |
| Operating Income | 54.00 | 23.31 | (56.8 %) |
| Net Income | 49.00 | 19.04 | (61.2 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.35 | 0.14 | (61.2 %) |
Shareholders’ equity, after minority interest, increased to SAR 3.20 billion as of June 30, 2023, from SAR 3.15 billion a year earlier.
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