Financial Results : Najran Cement’s H1 2022 profit dips 61% to SAR 36.5 mln, Q2 down 60% to SAR 13.3 mln

Najran Cement’s H1 2022 profit dips 61% to SAR 36.5 mln, Q2 down 60% to SAR 13.3 mln

01/08/2022 Argaam Exclusive

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Najran Cement Co. reported a net profit after Zakat and tax of SAR 36.5 million for the first half of 2022, falling 61% from SAR 93.5 million in the previous year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 316.01 247.92 (21.5 %)
Gross Income 122.05 69.11 (43.4 %)
Operating Income 98.91 42.83 (56.7 %)
Net Income 93.45 36.54 (60.9 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.55 0.21 (60.9 %)

The profit decline was due to a drop in sales and the higher cost of production.

 

The cement producer reported a net profit after Zakat and tax of SAR 13.3 million in Q2 2022, a decline of 60%, compared to SAR 32.7 million in the same period last year, hit by lower sales, as well as a rise in production input costs, and selling and marketing expenses.

 

On a sequential basis, net profit fell 43% from SAR 23.3 million in Q1 2022 on lower cement demand during Ramadan and Eid Al-Fitr season as well as higher general and administrative (G&A) expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 131.58 108.05 (17.9 %)
Gross Income 46.66 30.80 (34.0 %)
Operating Income 35.05 16.71 (52.3 %)
Net Income 32.71 13.26 (59.5 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.19 0.08 (59.5 %)

Total shareholders’ equity, after minority interest, dropped 3.1% to SAR 1.959 billion as of June 30, 2022, from SAR 2.021 billion a year earlier.

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