Southern Cement 2023 profit falls 35% to SAR 195.4M; Q4 at SAR 74.2M

17/03/2024 Argaam Exclusive

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Southern Province Cement Co. reported a 35% drop in 2023 net profit to SAR 195.4 million, from SAR 300.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,222.41	1,070.26	(12.4 %)
Gross Income	361.06	276.51	(23.4 %)
Operating Income	297.96	199.99	(32.9 %)
Net Income	300.71	195.40	(35.0 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	2.15	1.40	(35.0 %)

The company cited lower sales revenues on weak demand and average selling prices, as well as higher general, administrative and marketing expenses.

In Q4 2023, net profit rose 19% to SAR 74.2 million from SAR 62.30 million in the prior-year period.

Compared to the previous quarter, Q4 net profit leapt by 39.3% from SAR 53.26 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	335.17	257.95	(23.0 %)
Gross Income	92.85	88.39	(4.8 %)
Operating Income	71.42	64.77	(9.3 %)
Net Income	62.30	74.21	19.1 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.45	0.53	19.1 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	286.47	257.95	(10.0 %)
Gross Income	80.73	88.39	9.5 %
Operating Income	58.46	64.77	10.8 %
Net Income	53.26	74.21	39.3 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.38	0.53	39.3 %

Total shareholders’ equity, no minority interest, rose to SAR 3.28 billion as of Dec. 31, 2023, from SAR 3.20 billion a year earlier.

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