Najran Cement 9M 2022 net profit down 50% to SAR 64.4 mln; Q3 at SAR 27.9 mln

31/10/2022 Argaam Exclusive

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Najran Cement Co. reported a net profit after Zakat and tax of SAR 64.4 million for the first nine months of 2022, a slump of 50% from SAR 129.5 million in the year-earlier period, driven by lower selling prices and higher cost of production inputs.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	441.90	375.61	(15.0 %)
Gross Income	171.35	105.99	(38.1 %)
Operating Income	137.73	73.75	(46.5 %)
Net Income	129.52	64.42	(50.3 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.76	0.38	(50.3 %)

Q3 net profit after Zakat and tax dropped 23% to SAR 27.9 million, from SAR 36.07 million in the prior-year period, on a decline in selling prices amid increased cost of production inputs, general and administrative expenses and financing cost.

On a sequential basis, net profit more than doubled from SAR 13.26 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	125.89	127.69	1.4 %
Gross Income	49.30	41.37	(16.1 %)
Operating Income	38.82	30.92	(20.4 %)
Net Income	36.07	27.88	(22.7 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.21	0.16	(22.7 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	108.05	127.69	18.2 %
Gross Income	30.80	41.37	34.3 %
Operating Income	16.71	30.92	85.1 %
Net Income	13.26	27.88	110.3 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.08	0.16	110.3 %

Total shareholders’ equity, after minority interest, reached SAR 1.987 billion as of Sept. 30, 2022, compared to SAR 1.930 billion in the year-ago period.

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