Arabian Cement’s 2022 profit rises 12% to SAR 181 mln; Q4 up 51% to SAR 35.1 mln

23/02/2023 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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