Financial Results : Umm Al-Qura Cement net profit down 72% to SAR 23 mln in 2022; Q4 losses at SAR 5.5 mln

Umm Al-Qura Cement net profit down 72% to SAR 23 mln in 2022; Q4 losses at SAR 5.5 mln

20/03/2023 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a decline of 72% in net profit to SAR 23 million in 2022, from SAR 81.4 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 278.83 221.22 (20.7 %)
Gross Income 119.14 70.83 (40.6 %)
Operating Income 105.62 56.20 (46.8 %)
Net Income 81.44 22.99 (71.8 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 1.48 0.42 (71.8 %)

The profit decline was attributed to lower value and volume of sales, higher cost of sales per ton, selling and marketing expenses, as well as general and administrative expenses.

 

This was in addition to other non-recurring events during the year such as the financial penalty by a government agency, valued at SAR 10 million which was related to previous years, besides a major technical failure that occurred to a primary component of cement mill No. (1).

 

The decrease was partially offset by lower financing cost and an increase in other revenues.

 

The cement producer reported a net loss of SAR 5.5 million in Q4 2022 against a profit of SAR 19.5 million in the year-ago period.

 

Sequentially, the company turned to loss from a profit of SAR 6.27 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 67.58 41.92 (38.0 %)
Gross Income 27.93 13.84 (50.4 %)
Operating Income 24.24 10.46 (56.9 %)
Net Income 19.51 (6.31) (132.4 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.35 (0.11) (132.4 %)

Total shareholders’ equity, excluding minority interest, rose to SAR 762.14 million as of Dec. 31, 2022, from SAR 752.50 million a year earlier.

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