Financial Results : Saudi Cement 9M 2022 net profit down 8% to SAR 244.3 mln; Q3 profit jumps to SAR 80.7 mln

Saudi Cement 9M 2022 net profit down 8% to SAR 244.3 mln; Q3 profit jumps to SAR 80.7 mln

03/11/2022 Argaam Exclusive

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Saudi Cement Co. (SCC) posted an 8% decline in net profit after Zakat and tax to SAR 244.3 million for the first nine months of 2022, from SAR 264.5 million in the corresponding period last year. The cement producer was hit by a decline in sales volumes and value. It also reported higher general and administrative (G&A) expenses, as well as finance charges.


Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 1,082.12 992.08 (8.3 %)
Gross Income 421.39 371.07 (11.9 %)
Operating Income 279.39 248.77 (11.0 %)
Net Income 264.52 244.31 (7.6 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 1.73 1.60 (7.6 %)

This came despite a decrease in selling and distribution expenses, lower Zakat provisions, as well as increased profit from an associate and other revenues.

In Q3 2022, net profit after Zakat and tax climbed 37% to SAR 80.7 million, from SAR 58.7 million in Q3 2021. SCC reported better sales revenue, due to an increase in average selling prices in spite of the decrease in sales volumes. It also reported lower selling and distribution expenses, Zakat provisions, and an increase its profit share from an associate.

 

Compared to Q2 2022, net profit decreased by 21.3% from SAR 102.54 million, on lower sales volume and value.  increase in general and administrative expenses, increase in finance harges and decrease in other revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 304.93 328.05 7.6 %
Gross Income 109.05 124.36 14.0 %
Operating Income 62.75 85.75 36.6 %
Net Income 58.72 80.65 37.3 %
Average Shares 153.00 153.00 -
EPS (Riyals) 0.38 0.53 37.3 %

Shareholders’ equity, after minority interest, declined to SAR 2.141 billion as of Sept. 30, 2022, from SAR 2.377 billion in the year-ago period. 

 

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