Financial Results : City Cement net profit down 74% to SAR 17.2 mln in Q1 2022

City Cement net profit down 74% to SAR 17.2 mln in Q1 2022

17/05/2022 Argaam Exclusive

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City Cement Co. reported a net profit after Zakat and tax of SAR 17.2 million for Q1 2022, a 74% decline from SAR 66.1 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 170.63 108.10 (36.6 %)
Gross Income 76.15 26.29 (65.5 %)
Operating Income 66.53 17.47 (73.7 %)
Net Income 66.02 17.15 (74.0 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.47 0.12 (74.0 %)

The profit decline is attributed to lower sales value and volume, as well as average selling price, despite a decrease in general and administrative expenses.

 

Sequentially, the company’s net profit soared from SAR 6.5 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 1.77 billion as of March 31, 2022, declining by 3.4% from SAR 1.84 billion a year earlier.

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