Arabian Cement’s 9M 2023 profit drops 27% to SAR 106.9 mln; Q3 at SAR 29.7 mln

30/10/2023 Argaam Exclusive

View other reports

Arabian Cement Co. reported a 27% fall in net profit to SAR 106.9 million in the first nine months of 2023, compared to SAR 145.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	730.84	650.59	(11.0 %)
Gross Income	218.83	166.41	(24.0 %)
Operating Income	153.78	112.00	(27.2 %)
Net Income	145.89	106.85	(26.8 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.46	1.07	(26.8 %)

The profit drop was attributed to the parent company’s lower sales volume and value amid subdued demand in the local market. The cement producer also reported a decline in export sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	240.57	213.71	(11.2 %)
Gross Income	81.78	52.86	(35.4 %)
Operating Income	63.79	33.93	(46.8 %)
Net Income	58.95	29.69	(49.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.59	0.30	(49.6 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	196.79	213.71	8.6 %
Gross Income	46.82	52.86	12.9 %
Operating Income	26.37	33.93	28.7 %
Net Income	27.98	29.69	6.1 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.28	0.30	6.1 %

The third-quarter net profit plunged 50% to SAR 29.7 million from SAR 58.95 million in the prior-year period, due to lower sales value amid a decline in average selling prices.

By contrast, the company reported better sales volume.

Compared to Q2 2023, net profit grew by 6.1% from SAR 27.98 million, driven by increases sales volume and value despite lower average selling prices.

Total shareholders’ equity, after minority interest, declined to SAR 2.54 billion as of Sept. 30, 2023, from SAR 2.60 billion in the earlier-year period.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×