Financial Results : City Cement Q1 2023 profit leaps 61% to SAR 27.6 mln

City Cement Q1 2023 profit leaps 61% to SAR 27.6 mln

16/05/2023 Argaam Exclusive

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City Cement Co. reported a 61% jump in Q1 2023 net profit to SAR 27.6 million, from SAR 17.2 million in the year-earlier period, backed by higher sales revenues on a rise in average selling prices.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 108.10 108.25 0.1 %
Gross Income 26.29 32.98 25.5 %
Operating Income 17.47 24.20 38.5 %
Net Income 17.15 27.59 60.9 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.12 0.20 60.9 %

Compared to Q4 2022, the first-quarter net profit fell 42.2% from SAR 47.75 million on lower sales revenues and volumes amid a decline in average selling prices.

 

Shareholders’ equity, no minority interest, reached SAR 1.776 billion by March 31, 2023, compared to SAR 1.777 billion in the year-earlier period.

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