Financial Results : Southern Province Cement Q1 2022 profit falls 49% to SAR 87 mln

Southern Province Cement Q1 2022 profit falls 49% to SAR 87 mln

12/05/2022 Argaam Exclusive

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Southern Province Cement Co. posted a net profit after Zakat and tax of SAR 87 million for Q1 2022, down 49% from SAR 169 million a year before.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 439.34 329.97 (24.9 %)
Gross Income 184.15 106.34 (42.3 %)
Operating Income 171.02 90.67 (47.0 %)
Net Income 169.14 89.27 (47.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.21 0.64 (47.2 %)

The cement producer attributed the profit decline to a decrease in sales revenue due to lower demand and decline in other revenues, along with an increase in general and administration expenses.

 

The first-quarter profit was 1.13% lower from SAR 88 million in Q4 2021.

 

Total shareholders’ equity, after minority interest, reached SAR 3.262 billion in Q1 2022, falling 5.42% from SAR 3.449 billion in Q1 2021.

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