Hail Cement turns to profit of SAR 24.5 mln in H1 2023; Q2 at SAR 6 mln

06/08/2023 Argaam Exclusive

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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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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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