Financial Results : Southern Cement net profit down 44% to SAR 49 mln in Q1 2023

Southern Cement net profit down 44% to SAR 49 mln in Q1 2023

18/05/2023 Argaam Exclusive

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Southern Province Cement Co.’s net profit slumped 44% to SAR 49 million in Q1 2023, from SAR 87 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 329.97 299.85 (9.1 %)
Gross Income 106.34 70.79 (33.4 %)
Operating Income 90.67 53.45 (41.1 %)
Net Income 89.27 48.89 (45.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.64 0.35 (45.2 %)

The profit decline is attributed to lower sales revenue as a result of a decline in demand with an increase in the cost of goods sold and expenses.

 

Sequentially, the company’s net profit fell 21.4% from SAR 62.3 million in Q4 2022.

 

Total shareholders’ equity, no minority interest, stood at SAR 3.25 billion as of March 31, 2023, compared to SAR 3.26 billion a year earlier.

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