City Cement 2023 profit drops 29% to SAR 82M; Q4 at SAR 25.7M

14/02/2024 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 82 million in 2023, a 29% dip from SAR 115 million a year earlier, hurt by lower sales volumes.

Financials (M)

Item	2022	2023	Change‬
Revenues	431.38	356.47	(17.4 %)
Gross Income	145.44	110.43	(24.1 %)
Operating Income	110.57	72.62	(34.3 %)
Net Income	115.01	82.00	(28.7 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.82	0.59	(28.7 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	133.96	99.75	(25.5 %)
Gross Income	57.85	33.62	(41.9 %)
Operating Income	48.26	23.90	(50.5 %)
Net Income	47.75	25.70	(46.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.34	0.18	(46.2 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	70.68	99.75	41.1 %
Gross Income	12.99	33.62	158.9 %
Operating Income	2.92	23.90	719.6 %
Net Income	4.42	25.70	481.6 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.03	0.18	481.6 %

The fourth-quarter net earnings fell by 46% to SAR 25.7 million from SAR 47.75 million in Q4 2022.

The cement producer’s bottom line skyrocketed from SAR 4.42 million in Q3 2023.

Shareholders’ equity, after minority interest, stood at SAR 1.77 billion as of Dec. 31, 2023, down from SAR 1.81 billion a year earlier.

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