Najran Cement 2023 profit falls 38% to SAR 69.4M; Q4 at SAR 19.1M

05/05/2024 Argaam Exclusive

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Najran Cement Co. reported a decline of 38% in net profit to SAR 69.4 million in Q1 2024, from SAR 112.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	535.69	485.65	(9.3 %)
Gross Income	170.77	142.43	(16.6 %)
Operating Income	127.44	97.73	(23.3 %)
Net Income	112.81	69.43	(38.4 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.66	0.41	(38.4 %)

The profit decline was due to lower sales on a decline sales quantities and selling prices.

The company also posted lower sales, higher cost of production inputs and an increase in the finance cost.

The cement producer’s Q4 2023 net profit dropped 61% to SAR 19.1 million from SAR 48.39 million in the year-ago period.

Sequentially, Najran Cement’s Q4 net profit rose 36.1% from SAR 14.02 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	160.08	126.83	(20.8 %)
Gross Income	64.78	39.28	(39.4 %)
Operating Income	53.69	27.71	(48.4 %)
Net Income	48.39	19.07	(60.6 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.28	0.11	(60.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	113.84	126.83	11.4 %
Gross Income	32.37	39.28	21.4 %
Operating Income	20.89	27.71	32.7 %
Net Income	14.02	19.07	36.1 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.08	0.11	36.1 %

Total shareholders’ equity, no minority interest, climbed to SAR 2 billion as of Dec. 31, 2023, from SAR 1.97 billion a year earlier.

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