Saudi Cement H1 2023 profit jumps 28% to SAR 209 mln; Q2 at SAR 85.2 mln

Saudi Cement Co. reported a net profit of SAR 209 million in H1 2023, a rise of 28% from SAR 163.7 million a year earlier, backed by better sales revenue and volume despite a decline in local sales.

Further, the company reported higher gains from the sale of an investment of a subsidiary and lower Zakat expenses despite increased general and administrative expenses (G&A), selling and distribution expenses, and finance charges.

Saudi Cement’s profit share from an associate and other revenues declined.

The cement producer reported a 17% drop in Q2 2023 net profit to SAR 85.2 million, compared to SAR 102.54 million in Q2 2022, due to a decline in local sales value and volumes.

G&A, selling and distribution expenses, and finance charges all increased during the three-month period. In addition, the company’s profit share from an associate and other revenues declined.

The net profit also fell by 31.2% from SAR 123.79 million in Q1 2023 on lower revenue, higher finance charges, and lower gains from the sale of an investment.

Shareholders’ equity, with no minority interest, decreased to SAR 2 billion as of June 30, 2023, from SAR 2.06 billion a year earlier.

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