Financial Results : Qassim Cement net profit doubles to SAR 54.9 mln in Q1 2023

Qassim Cement net profit doubles to SAR 54.9 mln in Q1 2023

03/05/2023 Argaam Exclusive

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Qassim Cement Co. posted a net profit of SAR 54.9 million in Q1 2023, more than double of SAR 25.1 million reported in Q1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 142.49 174.07 22.2 %
Gross Income 27.37 56.64 106.9 %
Operating Income 18.86 47.58 152.4 %
Net Income 25.08 54.94 119.0 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.28 0.61 119.0 %

The positive performance was driven by higher sales value and financial investment returns, despite an increase in the cost of sales and a decrease in other income.

 

Sequentially, net profit rose 3.5% from SAR 53.04 million in Q4 2022 on recognizing unrealized gains from financial investment FVTPL during the current quarter.

 

Shareholders’ equity, excluding minority interest, stood at SAR 1.66 billion as of March 31, 2023, compared to SAR 1.70 billion a year earlier.

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