Umm Al-Qura Cement H1 2023 profit drops 63% to SAR 8.6 mln; Q2 at SAR 1.8 mln

09/08/2023 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit of SAR 8.6 million for H1 2023, a slump of 63% compared to SAR 23.2 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	125.08	84.99	(32.1 %)
Gross Income	41.67	26.24	(37.0 %)
Operating Income	34.30	18.83	(45.1 %)
Net Income	23.18	8.60	(62.9 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.42	0.16	(62.9 %)

The profit decline was due to decreased sales value on lower sales volume, along with the financial impact of the technical malfunction in one of the components of the cement mill No (1). The company also cited an increase in general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	59.48	37.83	(36.4 %)
Gross Income	17.86	10.99	(38.5 %)
Operating Income	13.85	7.20	(48.0 %)
Net Income	8.68	1.82	(79.0 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.16	0.03	(79.0 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	47.16	37.83	(19.8 %)
Gross Income	15.25	10.99	(27.9 %)
Operating Income	11.63	7.20	(38.1 %)
Net Income	6.78	1.82	(73.1 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.12	0.03	(73.1 %)

The cement producer’s Q2 2023 net profit dropped 79% to SAR 1.8 million from SAR 8.68 million a year earlier, driven by lower value of sales, as well as increased general and administrative.

On a sequential basis, Q2 net profit dropped by 73.1% from SAR 6.78 million.

Total shareholders’ equity, no minority interest, stood at SAR 770.75 million by the end of H1 2023, compared to SAR 9.44 million in the year-earlier period.

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