Najran Cement net profit down 31% to SAR 113.8 mln in 2022; Q4 at SAR 49.3 mln

05/03/2023 Argaam Exclusive

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Najran Cement Co. reported a decline of 31% in net profit to SAR 113.8 million in 2022, from SAR 165.6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	581.55	535.69	(7.9 %)
Gross Income	230.32	170.77	(25.9 %)
Operating Income	180.94	127.44	(29.6 %)
Net Income	165.55	112.81	(31.9 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.97	0.66	(31.9 %)

The profit drop was attributed to lower revenues as a result of lower selling prices, higher cost of production inputs and higher finance costs. This is despite a decrease in sales and marketing expenses and an increase in other income.

The cement producer’s Q4 2022 net profit surged 37% to SAR 49.33 million from SAR 36.03 million in the year-ago period.

Sequentially, Najran Cement’s net profit rose 77% from SAR 27.88 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	139.66	160.08	14.6 %
Gross Income	58.97	64.78	9.9 %
Operating Income	43.22	53.69	24.2 %
Net Income	36.03	48.39	34.3 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.21	0.28	34.3 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	127.69	160.08	25.4 %
Gross Income	41.37	64.78	56.6 %
Operating Income	30.92	53.69	73.6 %
Net Income	27.88	48.39	73.6 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.16	0.28	73.6 %

Total shareholders’ equity, no minority interest, climbed to SAR 1.99 billion as of Dec. 31, 2022, from SAR 1.96 billion a year earlier.

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