Southern Cement profit falls 49% to SAR 121 mln in 9M 2023; Q3 at SAR 53 mln

05/11/2023 Argaam Exclusive

Southern Province Cement Co. reported a net profit of SAR 121 million in the first nine months of 2023, a 49% decline from SAR 238 million in the year-ago period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 887.24 812.00 (8.5 %)
Gross Income 268.20 188.00 (29.9 %)
Operating Income 226.53 135.00 (40.4 %)
Net Income 238.41 121.00 (49.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.70 0.86 (49.2 %)

The profit decline was attributed to a decline in sales revenues due to lower domestic demand and a decrease in selling prices, along with higher general, administrative, and selling expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 323.33 286.00 (11.5 %)
Gross Income 105.75 81.00 (23.4 %)
Operating Income 93.00 58.00 (37.6 %)
Net Income 88.62 53.00 (40.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.63 0.38 (40.2 %)

In Q3 2023, net profit dropped 40% to SAR 53 million from SAR 89 million in the year before, due to a decline in sales revenues on lower domestic demand and decrease in selling prices.

 

Sequentially, the cement producer’s Q3 net profit soared from SAR 19.04 million in Q2 2023.

 

Shareholders’ equity, excluding minority interest, rose to SAR 3.20 billion as of Sept. 30, 2023, from SAR 3.13 billion in the year-earlier period.

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Share Price

Southern Province Cement Co.
32.60
(0.50) (1.51 %)

Southern Province Cement Co. (SPCC)

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Financial Ratios
Current
Market Cap (M Riyal) 4,564.00
Enterprise Value (EV) (M) 4,773.68
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 1.57
Book Value (BV) ( Riyal) 23.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.55
P/E (TTM) 20.81
Price/book 1.40
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 6.8
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