Riyadh Cement profit edges down to SAR 188.8M in 2023

18/03/2024 Argaam Exclusive

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Riyadh Cement Co. posted a marginal decrease of 0.6% in net profit to SAR 188.8 million for 2023, from SAR 189.8 million a year earlier, despite higher revenues on increased sales volumes.

Financials (M)

Item	2022	2023	Change‬
Revenues	598.01	643.38	7.6 %
Gross Income	231.55	236.90	2.3 %
Operating Income	200.75	200.60	(0.1 %)
Net Income	189.84	188.77	(0.6 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.58	1.57	(0.6 %)

The annual earnings were hurt by higher general and administrative expenses, as well as Zakat charges.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬

Item	Q3 2023	Q4 2023	Change‬
Revenues	127.15	171.48	34.9 %
Gross Income	29.83	55.14	84.8 %
Operating Income	20.28	46.76	130.6 %
Net Income	18.71	43.42	132.1 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.16	0.36	132.1 %

Shareholders’ equity, no minority interest, stood at SAR 1.679 billion as of Dec. 31, 2023, up from SAR 1.675 billion in the year-earlier period.

Riyadh Cement’s Interim Financials
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2019	266.90	72.13	0.60
H2 2019	327.10	117.92	0.98
H1 2020	298.88	121.33	1.01
H2 2020	291.41	98.62	0.82
H1 2021	401.44	160.39	1.34
H2 2021	269.63	53.34	0.44
H1 2022	258.61	82.68	0.69
H2 2022	339.40	107.16	0.89
H1 2023	344.75	126.65	1.06
H2 2023	298.63	62.12	0.52

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