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 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	328.05	427.74	30.4 %
Gross Income	124.36	197.81	59.1 %
Operating Income	85.75	155.14	80.9 %
Net Income	80.65	154.52	91.6 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.53	1.01	91.6 %

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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