Financial Results : Saudi Cement net profit down 49% to SAR 61.1 mln in Q1 2022

Saudi Cement net profit down 49% to SAR 61.1 mln in Q1 2022

26/04/2022 Argaam Exclusive

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Saudi Cement Co. posted a net profit after Zakat and tax of SAR 61.1 million for the first quarter of 2022, a 49% drop from SAR 119.4 million in the year-ago period.

 

The decline in net profit resulted from decreased sales and other income, as well as an increase in selling and distribution expenses, despite lower finance charges and higher profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 429.07 315.06 (26.6 %)
Gross Income 173.63 100.74 (42.0 %)
Operating Income 124.68 60.08 (51.8 %)
Net Income 119.42 61.13 (48.8 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 0.78 0.40 (48.8 %)

On a sequential basis, Q1 2022 net profit fell nearly 9.3% due to lower sales, lower other income and increased general and administrative expenses, despite a higher share in net results of associates as well as lower selling and distribution expenses, finance charges and Zakat.

 

Shareholders’ equity, excluding minority interest, declined almost 10% to SAR 2.494 billion by the end of Q1 2022, compared to SAR 2.771 billion in the prior-year period.

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