Najran Cement’s 9M 2023 profit drops 22% to SAR 50.4 mln; Q3 at SAR 14 mln

09/11/2023 Argaam Exclusive

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Najran Cement Co.’s net profit dropped to SAR 50.4 million in the first nine months of 2023 from SAR 64.4 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	375.61	358.82	(4.5 %)
Gross Income	105.99	103.15	(2.7 %)
Operating Income	73.75	70.02	(5.1 %)
Net Income	64.42	50.36	(21.8 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.38	0.30	(21.8 %)

The drop was attributed to a decline in sales volumes and higher finance costs (FCs).

The third-quarter net profit halved year-on-year (YoY) to SAR 14 million on lower sales and increased FCs, hurt by lower sales and increased FCs.

The cement producer’s bottom line surged 90.4% from SAR 7.36 million in Q2 2023, buoyed by higher sales volumes and a decline in the cost of sales per ton.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	127.69	113.84	(10.8 %)
Gross Income	41.37	32.37	(21.8 %)
Operating Income	30.92	20.89	(32.4 %)
Net Income	27.88	14.02	(49.7 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.16	0.08	(49.7 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	101.30	113.84	12.4 %
Gross Income	25.46	32.37	27.1 %
Operating Income	13.92	20.89	50.0 %
Net Income	7.36	14.02	90.4 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.04	0.08	90.4 %

Total shareholders’ equity, after minority interest, increased to SAR 1.99 billion as of Sept. 30, 2023, up from SAR 1.98 billion in the prior-year period.

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