Umm Al-Qura Cement 9M 2023 profit down 66% to SAR 10.1 mln; Q3 at SAR 1.5 mln

31/10/2023 Argaam Exclusive

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Umm Al-Qura Cement Co. posted a 66% profit decline in the first nine months of 2023 to SAR 10.1 million, compared to SAR 29.3 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	179.30	118.51	(33.9 %)
Gross Income	56.99	28.73	(49.6 %)
Operating Income	45.74	16.13	(64.7 %)
Net Income	29.30	10.05	(65.7 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.53	0.18	(65.7 %)

The profit decline was attributed to lower sales value due to fall in sales volume and selling price per ton. In addition, the company reported the financial impact of the technical malfunction in one of the components of Cement Mill No. 1.

General and administrative expenses for the current period rose year-on-year (YoY). It was, however, partially offset by the gains from an amendment of financial obligations following an agreement to reschedule a loan from the Saudi Industrial Development Fund.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	54.22	33.52	(38.2 %)
Gross Income	15.32	2.49	(83.7 %)
Operating Income	11.44	(2.70)	(123.6 %)
Net Income	6.12	1.45	(76.4 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.11	0.03	(76.4 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	37.83	33.52	(11.4 %)
Gross Income	10.99	2.49	(77.3 %)
Operating Income	7.20	(2.70)	(137.5 %)
Net Income	1.82	1.45	(20.7 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.03	0.03	(20.7 %)

In Q3 2023, net profit fell 76.4% to SAR 1.45 million from SAR 6.12 million in Q3 2022.

Sequentially, the bottom line retreated by 20.7% from SAR 1.83 million in Q2 2023.

Total shareholders’ equity, excluding minority interest, reached SAR 772.21 million as of Sept. 30, 2023, up from SAR 769.28 million a year earlier.

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