Financial Results : Qassim Cement H1 2023 profit leaps 72% to SAR 93 mln; Q2 at SAR 38.1 mln

Qassim Cement H1 2023 profit leaps 72% to SAR 93 mln; Q2 at SAR 38.1 mln

10/08/2023 Argaam Exclusive

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Qassim Cement Co. reported a net profit of SAR 93 million in H1 2023, a rise of 72% from SAR 54 million a year earlier, thanks to better sales value and higher returns on financial investments, despite the decrease in the other income.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 294.62 311.26 5.6 %
Gross Income 73.05 94.20 29.0 %
Operating Income 55.87 75.10 34.4 %
Net Income 54.04 93.04 72.2 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.60 1.03 72.2 %

The cement producer reported a 31.6% jump in Q2 2023 net profit to SAR 38.10 million, compared to SAR 28.96 million in Q2 2022, thanks to higher returns on financial investments, along with a drop in the cost of goods sold.

 

Sequentially, net profit fell by 30.7% from SAR 54.94 million in Q1 2023 on lower quarterly sales revenue.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 152.13 137.19 (9.8 %)
Gross Income 45.67 37.56 (17.8 %)
Operating Income 37.01 27.52 (25.6 %)
Net Income 28.96 38.10 31.6 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.32 0.42 31.6 %

Shareholders’ equity, no minority interest, declined to SAR 1.64 billion as of June 30, 2023, from SAR 1.68 billion a year earlier.

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