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 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	174.07	137.19	(21.2 %)
Gross Income	56.64	37.56	(33.7 %)
Operating Income	47.58	27.52	(42.2 %)
Net Income	54.94	38.10	(30.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.61	0.42	(30.7 %)

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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