Saudi Cement 9M 2023 profit rises 14% to SAR 277.2 mln; Q3 at SAR 68.3 mln

02/11/2023 Argaam Exclusive

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Saudi Cement Co. (SCC) posted a 14% rise in net profit to SAR 277.2 million for the first nine months of 2023, from SAR 244.3 million in the corresponding period last year.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	992.08	1,080.89	9.0 %
Gross Income	371.07	435.27	17.3 %
Operating Income	248.77	278.17	11.8 %
Net Income	244.31	277.24	13.5 %
Average Shares	153.00	153.00	-
EPS (Riyals)	1.60	1.81	13.5 %

The profit rise was buoyed by higher sales revenue on the increase in total sales value and volumes as well as other revenue. This is in addition to a higher gain on the sale of investments related to a subsidiary and a decrease in Zakat expenses. This was despite higher selling, distribution, general and administrative expenses.

The cement producer's Q3 2023 earnings dropped 15.3% year-on-year (YoY) from SAR 80.6 million to SAR 68.3 million, hurt by lower sales revenue due to the decrease in sales value and volumes.

Compared to Q2 2023, net profit decreased by 19.8% from SAR 85.1 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	328.05	315.00	(4.0 %)
Gross Income	124.36	114.42	(8.0 %)
Operating Income	85.75	60.68	(29.2 %)
Net Income	80.65	68.26	(15.4 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.53	0.45	(15.4 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	356.26	315.00	(11.6 %)
Gross Income	145.08	114.42	(21.1 %)
Operating Income	93.75	60.68	(35.3 %)
Net Income	85.19	68.26	(19.9 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.56	0.45	(19.9 %)

Shareholders’ equity, no minority interest, declined to SAR 2.07 billion as of Sept. 30, 2023, from SAR 2.14 billion in the year-ago period.

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