Hail Cement Co. reported a net profit of SAR 24.5 million in H1 2023, against a loss of SAR 13.7 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 164.94 | 121.63 | (26.3 %) |
| Gross Income | 16.32 | 29.82 | 82.7 % |
| Operating Income | 4.98 | 19.32 | 287.9 % |
| Net Income | (13.72) | 24.49 | 278.4 % |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | (0.14) | 0.25 | 278.4 % |
The company attributed the shift to profit to lower general, administrative, and Zakat expenses, in addition to achieving profits from financial investments at fair value and high returns on Murabaha deposits during the current period.
This is despite the decrease in quantity and value of sales during the current period compared to the same period of the previous year.
The cement producer reported a net profit of SAR 5.98 million in Q2 2023, compared to a loss of SAR 6.83 million in Q2 2022.
Net profit fell 67.7% from SAR 18.5 million in Q1 2023 as quantity and value of sales declined due to the decrease in demand and the coincidence of the current quarter with the holy month of Ramadan and the holidays, in addition to the increase in the cost of sales.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 96.32 | 59.78 | (37.9 %) |
| Gross Income | 17.96 | 7.23 | (59.8 %) |
| Operating Income | 12.34 | 3.20 | (74.1 %) |
| Net Income | (6.83) | 5.98 | 187.5 % |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | (0.07) | 0.06 | 187.5 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 61.85 | 59.78 | (3.3 %) |
| Gross Income | 22.59 | 7.23 | (68.0 %) |
| Operating Income | 16.06 | 3.20 | (80.1 %) |
| Net Income | 18.51 | 5.98 | (67.7 %) |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | 0.19 | 0.06 | (67.7 %) |
Shareholders’ equity, after minority interest, decreased to SAR 1.06 billion as of June 30, 2023, from SAR 1.09 billion a year earlier.
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