Umm Al-Qura Cement’s H1 2022 net profit declines 55% to SAR 22.2 mln; Q2 at SAR 8.3 mln

18/08/2022 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit after Zakat and tax of SAR 22.2 million in H1 2022, a slump of 55% compared to SAR 49.5 million in the prior-year period.

The decline was triggered by lower sales value, higher selling and marketing expenses, and, increased general and administrative expenses, despite lower financing costs.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	154.30	125.08	(18.9 %)
Gross Income	68.81	41.67	(39.4 %)
Operating Income	62.27	34.30	(44.9 %)
Net Income	49.45	23.18	(53.1 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.90	0.42	(53.1 %)

The cement producer’s Q2 2022 net profit after Zakat and tax dropped 55% to SAR 8.3 million from SAR 18.41 million a year earlier, driven by lower value of sales, higher cost of sales and increased selling and marketing expenses.

On a sequential basis, Q2 net profit dropped by 39.8% from SAR 13.85 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	63.90	59.48	(6.9 %)
Gross Income	27.95	17.86	(36.1 %)
Operating Income	24.45	13.85	(43.3 %)
Net Income	18.41	8.68	(52.9 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.33	0.16	(52.9 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	65.60	59.48	(9.3 %)
Gross Income	23.80	17.86	(25.0 %)
Operating Income	20.45	13.85	(32.3 %)
Net Income	14.51	8.68	(40.2 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.26	0.16	(40.2 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 758.301 million by the end of H1 2022, compared to SAR 747.709 million in the year-earlier period.

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