Financial Results : Umm Al-Qura Cement Q1 profit dips 53% to SAR 6.8 mln

Umm Al-Qura Cement Q1 profit dips 53% to SAR 6.8 mln

18/05/2023 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a 53% fall in Q1 2023 net profit to SAR 6.8 million, from SAR 14.5 million in the year-earlier period on a decrease in sales revenue and volumes, despite better average selling prices.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 65.60 47.16 (28.1 %)
Gross Income 23.80 15.25 (35.9 %)
Operating Income 20.45 11.63 (43.1 %)
Net Income 14.51 6.78 (53.3 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.26 0.12 (53.3 %)

Further, the cement producer reported an increase in the cost of sales, as well as general and administrative expenses (G&A) in the current quarter, compared to Q1 2022. This was despite lower selling and marketing expenses, and financing costs.

 

In Q4 2022, the cement producer incurred a net loss of SAR 6.31 million. The positive quarterly performance was driven by higher sales revenue and volume, despite a decline in average selling prices.

 

Shareholders’ equity, no minority interest, came in at SAR 768.91 million by March 31, 2023, compared to SAR 767.03 million in the year-earlier period.

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