City Cement net profit falls 56% to SAR 67.3 mln in 9M 2022; Q3 at SAR 25.3 mln

03/11/2022 Argaam Exclusive

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City Cement Co. reported a net profit after Zakat and tax of SAR 67.3 million in 9M 2022, a decline of 56% from SAR 153.8 million in the year-earlier period, due to lower sales value and volume.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	402.03	297.42	(26.0 %)
Gross Income	181.11	87.59	(51.6 %)
Operating Income	155.84	62.31	(60.0 %)
Net Income	153.78	67.26	(56.3 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.10	0.48	(56.3 %)

The net profit after Zakat and tax slumped 33.6% year-on-year (YoY) to SAR 25.3 million in Q3 2022.

On a sequential basis, Q3 net profit rose 1.7% from SAR 24.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	111.58	100.08	(10.3 %)
Gross Income	47.24	28.44	(39.8 %)
Operating Income	38.99	20.61	(47.2 %)
Net Income	38.05	25.26	(33.6 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.27	0.18	(33.6 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	89.24	100.08	12.2 %
Gross Income	32.87	28.44	(13.5 %)
Operating Income	24.23	20.61	(15.0 %)
Net Income	24.84	25.26	1.7 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.18	0.18	1.7 %

Shareholders’ equity, after minority interest, reached SAR 1.771 billion as of Sept. 30, 2022, from SAR 1.823 billion a year earlier.

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