Southern Cement’s H1 2022 net profit declines 42% to SAR 150 mln; Q2 at SAR 61 mln

09/08/2022 Argaam Exclusive

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Southern Province Cement Co. reported a net profit after Zakat and tax of SAR 150 million in H1 2022, a slump of 42%, compared to SAR 257 million in the prior-year period.

This was triggered by lower revenue, weaker demand, decreased selling prices and higher general and administrative expenses (G&As).

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	726.67	563.91	(22.4 %)
Gross Income	287.42	162.45	(43.5 %)
Operating Income	261.81	133.53	(49.0 %)
Net Income	256.61	149.79	(41.6 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.83	1.07	(41.6 %)

The company’s Q2 2022 net profit after Zakat and tax dropped 30% to SAR 61 million from SAR 87 million a year earlier, driven by lower sales revenue on lower demand and decreased selling prices.

On a sequential basis, net profit dropped by 31.5%, impacted by a decline in revenue and demand.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	287.33	233.94	(18.6 %)
Gross Income	103.27	56.11	(45.7 %)
Operating Income	90.79	42.86	(52.8 %)
Net Income	87.47	60.52	(30.8 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.62	0.43	(30.8 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	329.97	233.94	(29.1 %)
Gross Income	106.34	56.11	(47.2 %)
Operating Income	90.67	42.86	(52.7 %)
Net Income	89.27	60.52	(32.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.64	0.43	(32.2 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 3.150 billion by the end of H1 2022, compared to SAR 3.186 billion in the year-earlier period.

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