Financial Results : Saudi Cement profit rises to SAR 123.8 mln in Q1 2023

Saudi Cement profit rises to SAR 123.8 mln in Q1 2023

16/05/2023 Argaam Exclusive

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Saudi Cement Co. reported a net profit surge to SAR 123.8 million in Q1 2023, compared to SAR 61.1 million in the year-earlier period.   



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 315.06 409.63 30.0 %
Gross Income 100.74 175.78 74.5 %
Operating Income 60.08 123.74 106.0 %
Net Income 61.13 123.79 102.5 %
Average Shares 153.00 153.00 -
EPS (Riyals) 0.40 0.81 102.5 %

The profit surge was spurred by higher sales revenue on better average selling prices, and higher volumes despite a decline in local sales.

 

The cement producer reported gains on the sale of investment related to the subsidiary, along with a decrease in Zakat expenses. This came despite higher selling and distribution expenses, an increase in finance charges, as well as lower profit share from an associate and a decline in other revenues.

 

Compared to Q4 2022, net profit dropped 19.9% from SAR 154.52 million on lower sales revenue amid a decline in average selling prices. The company also recorded lower sales volumes, along with higher selling and distribution expenses.

 

Shareholders’ equity, no minority interest, stood at SAR 2.41 billion by March 31, 2023, compared to SAR 2.49 billion a year earlier.

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