Financial Results : Arabian Cement Q1 profit rises 17% to SAR 49.2 mln

Arabian Cement Q1 profit rises 17% to SAR 49.2 mln

11/05/2023 Argaam Exclusive

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Arabian Cement Co. reported a net profit of SAR 49.2 million in Q1 2023, a rise of 17% from SAR 41.9 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 259.26 240.09 (7.4 %)
Gross Income 69.12 66.73 (3.4 %)
Operating Income 44.41 51.70 16.4 %
Net Income 41.90 49.18 17.4 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.42 0.49 17.4 %

The profit rise was spurred by higher average selling prices and other income, despite a decrease in the cost of sales, selling and distribution as well as general and administrative expenses, and sales volumes. This was due to a decline in export sales volumes for the parent company.

 

Compared to Q4 2022, the first-quarter net profit leapt 40.1% from SAR 35.12 million, thanks to an increase in average selling prices, a drop in the cost of sales, as well as lower selling and distribution expenses.

 

Shareholders’ equity, after minority interest, stood at SAR 2.68 billion as of March 31, 2023, down from SAR 2.79 billion in a year-earlier period.

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