City Cement net profit drops 64% to SAR 42 mln in H1 2022, Q2 down to SAR 25 mln

09/08/2022 Argaam Exclusive

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City Cement Co.’s net profit after Zakat and tax slumped 64% to SAR 42 million in H1 2022, from SAR 116 million in the year-earlier period, due to lower sales value and volume.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	290.45	197.34	(32.1 %)
Gross Income	133.87	59.15	(55.8 %)
Operating Income	116.85	41.70	(64.3 %)
Net Income	115.73	41.99	(63.7 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.83	0.30	(63.7 %)

Q2 2022 net profit after Zakat and tax plunged 50% year-on-year (YoY) to SAR 25 million, the cement producer said.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	119.83	89.24	(25.5 %)
Gross Income	57.72	32.87	(43.1 %)
Operating Income	50.31	24.23	(51.8 %)
Net Income	49.71	24.84	(50.0 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.36	0.18	(50.0 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	108.10	89.24	(17.5 %)
Gross Income	26.29	32.87	25.0 %
Operating Income	17.47	24.23	38.7 %
Net Income	17.15	24.84	44.8 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.12	0.18	44.8 %

On a sequential basis, Q2 2022 net profit rose 44.8% from SAR 17.15 million.

Shareholders’ equity, after minority interest, stood at SAR 1.802 billion as of June 30, 2022, from SAR 1.890 billion a year earlier.

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