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.
| 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 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 328.46 | 329.97 | 0.5 % |
| Gross Income | 119.40 | 106.34 | (10.9 %) |
| Operating Income | 104.72 | 90.67 | (13.4 %) |
| Net Income | 97.91 | 89.27 | (8.8 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.70 | 0.64 | (8.8 %) |
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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