Southern Cement net profit dips 28% to SAR 238 mln in 9M 2022, Q3 profit up to SAR 89 mln

01/11/2022 Argaam Exclusive

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Southern Province Cement Co. reported a net profit after Zakat and tax of SAR 238 million in the first nine months of 2022, a 28% decline from SAR 331 million in the year-ago period.

The profit decline was attributed to lower sales revenues on a decrease in demand and selling prices, coupled with a surge in the prices production supplies.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,010.89	887.24	(12.2 %)
Gross Income	386.01	268.20	(30.5 %)
Operating Income	348.50	226.53	(35.0 %)
Net Income	331.24	238.41	(28.0 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	2.37	1.70	(28.0 %)

In Q3 2022, net profit rose 20% to SAR 89 million, from SAR 74 million in the year before, on higher sales revenue driven by increased sales quantities.

Sequentially, the cement producer’s net profit grew 47% from SAR 60.5 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	284.22	323.33	13.8 %
Gross Income	98.58	105.75	7.3 %
Operating Income	86.63	93.00	7.4 %
Net Income	74.12	88.62	19.6 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.53	0.63	19.6 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	233.94	323.33	38.2 %
Gross Income	56.11	105.75	88.5 %
Operating Income	42.86	93.00	117.0 %
Net Income	60.52	88.62	46.4 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.43	0.63	46.4 %

Shareholders’ equity, excluding minority interest, rose to SAR 3.134 billion as of Sept. 30, 2022, from SAR 3.086 billion in the year-earlier period.

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