Arabian Cement H1 2023 profit drops 11% to SAR 77.2 mln; Q2 at SAR 28 mln

07/08/2023 Argaam Exclusive

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Arabian Cement Co. reported a net profit of SAR 77.2 million in H1 2023, a drop of 11% from SAR 86.9 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	490.27	436.88	(10.9 %)
Gross Income	137.05	113.55	(17.1 %)
Operating Income	90.00	78.07	(13.3 %)
Net Income	86.93	77.16	(11.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.87	0.77	(11.2 %)

Net profit was affected by parent company’s lower sales volume and value as demand declined and the period coincided with Eid Al-Adha. This was despite an increase in average selling prices for the parent company.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	231.01	196.79	(14.8 %)
Gross Income	67.93	46.82	(31.1 %)
Operating Income	45.59	26.37	(42.2 %)
Net Income	45.03	27.98	(37.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.45	0.28	(37.9 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	240.09	196.79	(18.0 %)
Gross Income	66.73	46.82	(29.8 %)
Operating Income	51.70	26.37	(49.0 %)
Net Income	49.18	27.98	(43.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.49	0.28	(43.1 %)

The cement producer reported a 38% fall in net profit to SAR 28 million in Q2 2023, compared to SAR 45 million in Q2 2022, on a decline in sales volume and value amid weak demand despite higher average selling prices for the parent company.

The net profit also dipped 43.1% from SAR 49.18 million in Q1 2023 on lower sales volume and value.

Shareholders’ equity, after minority interest, decreased to SAR 2.60 billion as of June 30, 2023, from SAR 2.65 billion a year earlier.

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