Saudi Lime reports net profit of SAR 6.5 mln in H1 2022

Saudi Lime Industries Co., under listing on Nomu-Parallel Market, posted a 1.1% rise in net income to SAR 6.5 million for H1 2022, compared to SAR 6.4 billion in H1 2021.

The income rise was attributed to a 9% year-on-year (YoY) growth in revenues from all segments, especially sales of the lime segment, which increased by 8% YoY to SAR 53.4 million.

In addition, Saudi Lime’s gross profit margin improved to 48% in H1 2022 from 46% in H1 2021, supported by higher margins for all segments.

The company registered a reversal of the provision for impairment of investment of SAR 1.5 million in H1 2022 against zero provision in H1 2021.

Saudi Lime also reported a low cost of finance and high other revenues. This was despite a decline in the operating profit margin from 13% to 9% in H1 2022, as a result of higher operating expenses by 26%. Zakat and tax provisions also increased.

Total shareholders' equity (no minority interest) reached SAR 227.67 million as of June 30, 2022, compared to SAR 226.88 million a year earlier.

Cash flow from operating activities (CFO) amounted to SAR 16.18 million for H1 2022, compared to SAR 7.12 for H1 2021.

Capital expenditures rose to SAR 4.14 million in H1 2022 from SAR 3.13 million a year-earlier.

Saudi Lime focuses on three major segments: limestone, carbonate and brick, which expanded by 8%, 4%, and 27% by the end of H1 2022, to stand at SAR 53.37 million, SAR 10.59 million, and SAR 6.95 million, respectively.