Hail Cement turns to SAR 13.7 mln loss in H1 2022, Q2 at SAR 6.8 mln

23/08/2022 Argaam Exclusive

Hail Cement Co. swung to a net loss after Zakat and tax of SAR 13.7 million for the first half of 2022, against a net profit of SAR 41.2 million a year earlier, on a decline in average selling prices and higher cost of sales.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 147.80 164.94 11.6 %
Gross Income 51.36 16.32 (68.2 %)
Operating Income 38.87 4.98 (87.2 %)
Net Income 41.22 (13.72) (133.3 %)
Average Shares 97.90 97.90 -
EPS (Riyals) 0.42 (0.14) (133.3 %)

The company recorded losses from financial investments at fair value during the current period, against profits in H1 2021.  

 

Financial provisions of SAR 10 million were allocated for a government authority, despite higher value of sales compared to H1 2021.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 65.91 96.32 46.1 %
Gross Income 20.45 17.96 (12.2 %)
Operating Income 15.03 12.34 (17.9 %)
Net Income 15.35 (6.83) (144.5 %)
Average Shares 97.90 97.90 -
EPS (Riyals) 0.16 (0.07) (144.5 %)

In Q2 2022, the cement producer turned to a net loss after Zakat and tax of SAR 6.8 million, from a net profit of SAR 15.3 million in the prior-year period, battered by a decline in average selling prices and losses from financial investments at fair value during the current quarter.

 

Financial provisions of SAR 10 million were allocated for a government authority, despite higher value and volume of sales.

 

Compared to Q1 2022, net losses marginally decreased by 0.9% from SAR 6.89 million, thanks to a rise in sales volume and value.

 

Shareholders’ equity, after minority interest, dropped to SAR 1.090 billion as of June 30, 2022, from SAR 1.155 billion a year earlier.

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Share Price

Hail Cement Co.
11.60
0.02 0.17 %


Financial Ratios
Current
Market Cap (M Riyal) 1,135.64
Enterprise Value (EV) (M) 1,030.72
Shares Outstanding ((M)) 97.90
EPS ( Riyal) (TTM) 0.22
Book Value (BV) ( Riyal) 10.02
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.16
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 2.0
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