Qassim Cement’s H1 2022 net profit dips 73% to SAR 54 mln, Q2 at SAR 29 mln

16/08/2022 Argaam Exclusive

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Qassim Cement Co. reported a net profit after Zakat and tax of SAR 54 million in H1 2022, a decline of 73% from SAR 201.1 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	421.16	294.62	(30.0 %)
Gross Income	212.48	73.05	(65.6 %)
Operating Income	195.68	55.87	(71.5 %)
Net Income	201.05	54.04	(73.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	2.23	0.60	(73.1 %)

The profit decline was attributed to lower sales value and volume, higher cost of goods sold, and lower financial investments return. This came despite an increase in other income and a decrease in Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	197.81	152.13	(23.1 %)
Gross Income	100.09	45.67	(54.4 %)
Operating Income	91.69	37.01	(59.6 %)
Net Income	100.18	28.96	(71.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.11	0.32	(71.1 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	142.49	152.13	6.8 %
Gross Income	27.37	45.67	66.8 %
Operating Income	18.86	37.01	96.3 %
Net Income	25.08	28.96	15.4 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.28	0.32	15.4 %

The cement producer reported a net profit of SAR 29 million for Q2 2022, a 71% decline from SAR 100.18 million in Q2 2021.

When compared to previous quarter, net profit rose 15.4% in Q2 2022 from SAR 25.09 million on higher sales backed by a rise in selling prices.

Total shareholders’ equity, excluding minority interest, stood at SAR 1.690 billion as of June 30, 2022, declining from SAR 1.803 billion in a year earlier period.

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