Qassim Cement’s 9M 2022 profit plunges 70% to SAR 77.5 mln; Q3 at SAR 23.4 mln

06/11/2022 Argaam Exclusive

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Qassim Cement Co. reported a 70% tumble in 9M 2022 net profit after Zakat and tax to SAR 77.5 million, compared to SAR 261.4 million in the year-earlier period. The company was hit by lower sales volume and value, as well as higher cost of sales.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	591.47	461.40	(22.0 %)
Gross Income	282.14	111.14	(60.6 %)
Operating Income	255.38	84.23	(67.0 %)
Net Income	261.43	77.47	(70.4 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	2.90	0.86	(70.4 %)

It also reported unrealized losses from financial investments at fair value in the current period, against unrealized profit a year earlier.

In Q3 2022, net profit after Zakat and tax plummeted 61% to SAR 23.4 million, from SAR 60.39 million in Q3 2021, due to a decline in sales volume and value, and higher cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	170.31	166.78	(2.1 %)
Gross Income	69.66	38.09	(45.3 %)
Operating Income	59.70	28.37	(52.5 %)
Net Income	60.39	23.43	(61.2 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.67	0.26	(61.2 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	152.13	166.78	9.6 %
Gross Income	45.67	38.09	(16.6 %)
Operating Income	37.01	28.37	(23.4 %)
Net Income	28.96	23.43	(19.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.32	0.26	(19.1 %)

Compared to Q2 2022, net profit after Zakat and tax dropped 19.1% from SAR 28.96 million, despite a rise in the sales volume and value, as well as better other income.

Total shareholders’ equity, after minority interest, decreased to SAR 1.669 billion as of Sept. 30, 2022, from SAR 1.773 billion a year earlier.

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