Najran Cement H1 net profit slightly down to SAR 36.3 mln; Q2 at SAR 7.4 mln

31/07/2023 Argaam Exclusive

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Najran Cement Co.’s profits declined slightly in the first half of 2023 to SAR 36.3 million from SAR 36.5 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	247.92	244.98	(1.2 %)
Gross Income	69.11	70.78	2.4 %
Operating Income	42.83	49.14	14.7 %
Net Income	36.54	36.34	(0.5 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.21	0.21	(0.5 %)

The marginal decline was attributed to an increase in financing costs, which were offset by a decrease in selling and distribution expenses as well as the cost of sales.

The company’s net profit fell in Q2 2023 by 45% to SAR 7.4 million from SAR 13.26 million in Q2 2022.

On a quarterly basis, net earnings dropped 74.6% from SAR 28.98 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	108.05	101.30	(6.2 %)
Gross Income	30.80	25.46	(17.3 %)
Operating Income	16.71	13.92	(16.7 %)
Net Income	13.26	7.36	(44.5 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.08	0.04	(44.5 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	143.68	101.30	(29.5 %)
Gross Income	45.32	25.46	(43.8 %)
Operating Income	35.22	13.92	(60.5 %)
Net Income	28.98	7.36	(74.6 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.17	0.04	(74.6 %)

Total shareholders’ equity, with no minority interests, stood at SAR 1.98 billion as of June 30, 2023, compared to SAR 1.95 billion in a prior-year period.

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