City Cement 2022 profit drops 28% to SAR 115 mln; Q4 at SAR 47.8 mln

19/03/2023 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 115 million in 2022, down 28% from SAR 160.3 million in 2021 due to lower sales value and volume.

Financials (M)

Item	2021	2022	Change‬
Revenues	496.73	431.38	(13.2 %)
Gross Income	207.87	145.44	(30.0 %)
Operating Income	174.12	110.57	(36.5 %)
Net Income	160.28	115.01	(28.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.14	0.82	(28.2 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	94.70	133.96	41.5 %
Gross Income	26.76	57.85	116.1 %
Operating Income	18.29	48.26	163.9 %
Net Income	6.51	47.75	634.1 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.05	0.34	634.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	100.08	133.96	33.9 %
Gross Income	28.44	57.85	103.4 %
Operating Income	20.61	48.26	134.2 %
Net Income	25.26	47.75	89.0 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.18	0.34	89.0 %

The cement producer’s Q4 2022 net profit surged to SAR 47.8 million from SAR 6.5 million in the prior-year period.

Sequentially, net profit rose 89% from SAR 25.26 million in Q3 2022.

Total shareholders’ equity, after minority interest, amounted to SAR 1.81 billion as of Dec. 31, 2022, compared to SAR 1.83 billion a year earlier.

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