Qassim Cement 2023 profit up 9% to SAR 142M; Q4 at SAR 40.9M

21/02/2024 Argaam Exclusive

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Qassim Cement Co.’s 2023 net profit rose 9% to SAR 142 million, compared to SAR 130.5 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	678.46	583.56	(14.0 %)
Gross Income	188.49	151.10	(19.8 %)
Operating Income	143.55	111.96	(22.0 %)
Net Income	130.51	141.97	8.8 %
Average Shares	90.00	90.00	-
EPS (Riyals)	1.45	1.58	8.8 %

The profit growth was driven by higher financial investment returns, as well as lower selling and marketing expenses. The company also cited a decrease in general and administrative expenses and lower Zakat expenses, despite a fall in sales.

The cement producer posted a 14% drop year-on-year (YoY) in revenues due to lower sales volume and average selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	217.05	151.46	(30.2 %)
Gross Income	77.35	43.83	(43.3 %)
Operating Income	59.32	30.78	(48.1 %)
Net Income	53.04	40.89	(22.9 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.59	0.45	(22.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	120.84	151.46	25.3 %
Gross Income	13.07	43.83	235.5 %
Operating Income	10.08	30.78	205.3 %
Net Income	8.05	40.89	408.2 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.09	0.45	408.2 %

In Q4 2023, net profit dropped 23% to SAR 40.9 million, from SAR 53 million in the prior-year period.

Compared to the previous quarter, net profit soared from SAR 8.05 million in Q3 2023.

Total shareholders’ equity, no minority interest, declined to SAR 1.57 billion as of Dec. 31, 2023, from SAR 1.66 billion a year earlier.

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