Arabian Cement Co.’s 2022 net profit after Zakat and tax jumped 12% to SAR 181 million, compared to SAR 161.5 million in 2021. The company reported an increase in its profit share from associates, and higher other income. It also recorded lower finance costs, as well as Zakat and income tax provisions.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,033.21 | 970.95 | (6.0 %) |
| Gross Income | 308.94 | 274.63 | (11.1 %) |
| Operating Income | 205.21 | 193.45 | (5.7 %) |
| Net Income | 161.52 | 181.01 | 12.1 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 1.62 | 1.81 | 12.1 % |
This came despite a decline in sales volumes and value for the parent company due to lower export sales volume in addition to a decrease in sales volume and value for Jordan’s subsidiary.
In Q4 2022, net profit after Zakat and tax rose 51% to SAR 35.1 million, from SAR 23.31 million in the prior-year period.
Compared to the previous quarter, net profit fell 40.4% from SAR 58.95 million.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 255.80 | 240.11 | (6.1 %) |
| Gross Income | 74.08 | 55.80 | (24.7 %) |
| Operating Income | 43.51 | 39.67 | (8.8 %) |
| Net Income | 23.31 | 35.12 | 50.7 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.23 | 0.35 | 50.7 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 240.57 | 240.11 | (0.2 %) |
| Gross Income | 81.78 | 55.80 | (31.8 %) |
| Operating Income | 63.79 | 39.67 | (37.8 %) |
| Net Income | 58.95 | 35.12 | (40.4 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.59 | 0.35 | (40.4 %) |
Total shareholders’ equity, after minority interest, declined to SAR 2.63 billion as of Dec. 31, 2022, from SAR 2.74 billion a year earlier.
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