Qassim Cement’s 2022 profit slumps 55% to SAR 130.5 mln; Q4 up 74% to SAR 53 mln

20/02/2023 Argaam Exclusive

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Qassim Cement Co.’s 2022 net profit after Zakat and tax plunged 55% to SAR 130.5 million, compared to SAR 291.9 million in 2021. The company was impacted by a drop in sales volume and value, along with a nonrecurring increase in some cost categories.

Financials (M)

Item	2021	2022	Change‬
Revenues	722.80	678.46	(6.1 %)
Gross Income	285.95	188.49	(34.1 %)
Operating Income	263.83	143.55	(45.6 %)
Net Income	291.87	130.51	(55.3 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	3.24	1.45	(55.3 %)

The annual results were also hit by other factors, such as the recognition of unrealized loss from investment in FVTPL in 2022, driven by the impact on the local and global financial markets amid global events and higher interest rates.

The cement producer also reported an increase in general and administrative expenses (G&A) during the year on a rise in consultancy fees.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	131.33	217.05	65.3 %
Gross Income	3.81	77.35	1930.7 %
Operating Income	8.45	59.32	601.9 %
Net Income	30.44	53.04	74.3 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.34	0.59	74.3 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	166.78	217.05	30.1 %
Gross Income	38.09	77.35	103.1 %
Operating Income	28.37	59.32	109.1 %
Net Income	23.43	53.04	126.4 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.26	0.59	126.4 %

In Q4 2022, net profit after Zakat and tax rose 74% to SAR 53 million, from SAR 30.44 million in the prior-year period.

Compared to the previous quarter, net profit more than doubled from SAR 23.43 million.

Total shareholders’ equity, after minority interest, declined to SAR 1.66 billion as of Dec. 31, 2022, from SAR 1.73 billion a year earlier.

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