Financial Results : City Cement’s 9M 2023 profit dips 16% to SAR 56.3 mln; Q3 at SAR 4.4 mln

City Cement’s 9M 2023 profit dips 16% to SAR 56.3 mln; Q3 at SAR 4.4 mln

01/11/2023 Argaam Exclusive

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City Cement Co. reported a 16% drop in net profit to SAR 56.3 million for the first nine months of 2023, compared to SAR 67.3 million. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 297.42 256.72 (13.7 %)
Gross Income 87.59 76.81 (12.3 %)
Operating Income 62.31 48.72 (21.8 %)
Net Income 67.26 56.30 (16.3 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.48 0.40 (16.3 %)

The lower profit was attributed to a decline in sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 100.08 70.68 (29.4 %)
Gross Income 28.44 12.99 (54.3 %)
Operating Income 20.61 2.92 (85.8 %)
Net Income 25.26 4.42 (82.5 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.18 0.03 (82.5 %)

In Q3 2023, net profit plummeted 83% to SAR 4.4 million from SAR 25.26 million in Q3 2022, due to lower sales volume and value.

 

The cement producer’s bottom line plunged 81.8% from SAR 24.29 million in Q2 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.74 billion as of Sept. 30, 2023, compared to SAR 1.77 billion a year earlier.

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