Umm Al-Qura Cement makes SAR 4M profit in 2023; Q4 loss at SAR 6.1M

29/02/2024 Argaam Exclusive

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Umm Al-Qura Cement Co. reported earnings of SAR 4 million for 2023, down from SAR 23 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	221.22	168.95	(23.6 %)
Gross Income	70.83	32.89	(53.6 %)
Operating Income	56.20	15.13	(73.1 %)
Net Income	22.99	3.95	(82.8 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.42	0.07	(82.8 %)

The profit decline was attributed to lower quantity and value of sales, a higher cost of sales per ton, an increase in general and administrative expenses, as well as a rise in Zakat expenses.

However, selling and distribution expenses and financing costs declined, while other income increased.

The cement producer reported a net loss of SAR 6.1 million in Q4 2023 compared with SAR 6.3 million in the year-ago period.

Sequentially, the company turned to loss from a profit of SAR 1.45 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	41.92	50.44	20.3 %
Gross Income	13.84	4.16	(70.0 %)
Operating Income	10.46	(1.01)	(109.6 %)
Net Income	(6.31)	(6.10)	3.4 %
Average Shares	55.00	55.00	-
EPS (Riyals)	(0.11)	(0.11)	3.4 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	33.52	50.44	50.5 %
Gross Income	2.49	4.16	67.0 %
Operating Income	(2.70)	(1.01)	62.7 %
Net Income	1.45	(6.10)	(521.7 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.03	(0.11)	(521.7 %)

Total shareholders’ equity, no minority interest, rose to SAR 766.03 million as of Dec. 31, 2023, from SAR 762.14 million a year earlier.

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