Saudi Cement H1 2022 profit down 21% to SAR 163.7 mln; Q2 rises 19% to SAR 102.5 mln

11/08/2022 Argaam Exclusive

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Saudi Cement Co. recorded a 21% drop in H1 2022 net profit after Zakat and tax to SAR 163.7 million from SAR 205.8 million in the year-ago period.

The company was hit by lower sales value and volume, as well as higher general and administrative (G&A) expenses, and financing costs.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	777.19	664.03	(14.6 %)
Gross Income	312.34	246.71	(21.0 %)
Operating Income	216.64	163.02	(24.8 %)
Net Income	205.79	163.66	(20.5 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	1.35	1.07	(20.5 %)

In Q2 2022, net profit after Zakat and tax jumped 19% to SAR 102.5 million from SAR 86.37 million a year earlier, thanks to higher average selling prices, along with a decline in selling and distribution expenses as well as Zakat provisions.

The cement producer also reported a higher profit share from an associate and a rise in other income.

On a quarterly basis, the second-quarter net profit leapt 67.7% from SAR 61.13 million, backed by better sales revenue amid higher average selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	348.12	348.97	0.2 %
Gross Income	138.70	145.97	5.2 %
Operating Income	91.96	102.95	11.9 %
Net Income	86.37	102.54	18.7 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.56	0.67	18.7 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	315.06	348.97	10.8 %
Gross Income	100.74	145.97	44.9 %
Operating Income	60.08	102.95	71.4 %
Net Income	61.13	102.54	67.7 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.40	0.67	67.7 %

Total shareholders’ equity, after minority interest, declined to SAR 2.061 billion as of June 30, 2022, from SAR 2.318 billion a year earlier

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