Saudi Cement net profit down 5% to SAR 381M in 2023; Q4 hits SAR 103.8 mln

07/03/2024 Argaam Exclusive

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Saudi Cement Co. (SCC) posted a 5% decline in net profit to SAR 381 million for 2023 from SAR 398.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,419.82	1,461.83	3.0 %
Gross Income	568.88	572.93	0.7 %
Operating Income	403.91	362.39	(10.3 %)
Net Income	398.84	381.03	(4.5 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	2.61	2.49	(4.5 %)

The profit decline was driven by an increase in selling and distribution expenses, higher general and administrative costs, rise in financial charges, decrease in the company’s share of profit in an associate and higher Zakat expenses.

However, the cement producer reported an increase in other revenues and a gain on the sale of an investment related to a subsidiary.

The company’s Q4 2023 profit fell 33% to SAR 103.8 million, compared to SAR 154.52 million in the same period last year.

Sequentially, the profit rose 52% from SAR 68.26 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	427.74	380.94	(10.9 %)
Gross Income	197.81	137.66	(30.4 %)
Operating Income	155.14	84.22	(45.7 %)
Net Income	154.52	103.79	(32.8 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	1.01	0.68	(32.8 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	315.00	380.94	20.9 %
Gross Income	114.42	137.66	20.3 %
Operating Income	60.68	84.22	38.8 %
Net Income	68.26	103.79	52.0 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.45	0.68	52.0 %

Shareholders’ equity, excluding minority interest, declined to SAR 2.15 billion as of Dec. 31, 2023, from SAR 2.29 billion a year ago.

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