Financial Results : Saudi Cement net profit up 20% to SAR 398.8 mln in 2022; Q4 hits SAR 154.5 mln

Saudi Cement net profit up 20% to SAR 398.8 mln in 2022; Q4 hits SAR 154.5 mln

16/03/2023 Argaam Exclusive

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Saudi Cement Co. posted a net profit of SAR 398.8 million in 2022, a 20% increase from SAR 331.9 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 1,409.57 1,419.82 0.7 %
Gross Income 530.39 568.88 7.3 %
Operating Income 344.30 403.91 17.3 %
Net Income 331.92 398.84 20.2 %
Average Shares 153.00 153.00 -
EPS (Riyals) 2.17 2.61 20.2 %

The positive performance was driven by higher sales revenue due to an increase in average selling prices, in spite of a decrease in quantities sold. Selling, distribution and Zakat expenses decreased, while the company’s share of profit of investment in an associate increased, in spite of higher financial charges and general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 327.45 427.74 30.6 %
Gross Income 109.01 197.81 81.5 %
Operating Income 64.91 155.14 139.0 %
Net Income 67.40 154.52 129.3 %
Average Shares 153.00 153.00 -
EPS (Riyals) 0.44 1.01 129.3 %

The fourth-quarter net profit more than doubled to SAR 154.5 million, from SAR 67.4 million in the year-earlier period.

 

Sequentially, net profit rose 91.5% from SAR 80.65 million in Q3 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 2.29 billion as of Dec. 31, 2022, compared to SAR 2.43 billion a year earlier.

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