Umm Al-Qura Cement 9M 2022 profit drops 54% to SAR 28.5 mln; Q3 at SAR 6.3 mln

03/11/2022 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit after Zakat and tax of SAR 28.5 million for the first nine months of 2022, a decrease of 54%, from SAR 61.9 million in the same period a year ago.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	211.26	179.30	(15.1 %)
Gross Income	91.21	56.99	(37.5 %)
Operating Income	81.38	45.74	(43.8 %)
Net Income	61.93	29.30	(52.7 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	1.13	0.53	(52.7 %)

The cement producer attributed the profit fall to lower sales due to a decline in the quantity and average selling price.

The company also cited the financial impact of the technical malfunction in cement mill No. (1), in addition to higher cost of sales, as well as selling and marketing expenses, and general and administrative costs.

The company’s net profit after Zakat and tax for Q3 2022 stood at SAR 6.3 million, declining by 50% year-on-year (YoY), mainly due to lower sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	56.96	54.22	(4.8 %)
Gross Income	22.40	15.32	(31.6 %)
Operating Income	19.11	11.44	(40.1 %)
Net Income	12.47	6.12	(50.9 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.23	0.11	(50.9 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	59.48	54.22	(8.9 %)
Gross Income	17.86	15.32	(14.2 %)
Operating Income	13.85	11.44	(17.4 %)
Net Income	8.68	6.12	(29.4 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.16	0.11	(29.4 %)

On a sequential basis, Q3 2022 net profit dropped 24.8% from SAR 8.33 million.

Shareholder’s equity, excluding minority rights, at the end of 9M 2022 stood at SAR 765 million, compared to SAR 732.9 million a year ago.

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