Southern Cement H1 2023 profit drops 55% to SAR 68 mln; Q2 at SAR 19 mln

09/08/2023 Argaam Exclusive

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Southern Province Cement Co. reported a net profit of SAR 68 million in H1 2023, a fall of 55% from SAR 149.8 million a year earlier.

The cement producer reported a decline in sales revenue amid weak local demand, lower selling prices and higher cost of goods sold.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	563.91	525.85	(6.7 %)
Gross Income	162.45	107.39	(33.9 %)
Operating Income	133.53	76.75	(42.5 %)
Net Income	149.79	67.92	(54.7 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.07	0.49	(54.7 %)

The cement producer reported a 69% slump in Q2 2023 net profit to SAR 19 million, compared to SAR 60.52 million in Q2 2022, hurt by lower revenue amid subdued demand and selling prices.

The net profit also fell by 61.1% from SAR 48.89 million in Q1 2023, due to a decline in sales revenue and demand.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	233.94	226.01	(3.4 %)
Gross Income	56.11	36.60	(34.8 %)
Operating Income	42.86	23.31	(45.6 %)
Net Income	60.52	19.04	(68.5 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.43	0.14	(68.5 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	299.85	226.01	(24.6 %)
Gross Income	70.79	36.60	(48.3 %)
Operating Income	53.45	23.31	(56.4 %)
Net Income	48.89	19.04	(61.1 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.35	0.14	(61.1 %)

Shareholders’ equity, after minority interest, increased to SAR 3.20 billion as of June 30, 2023, from SAR 3.15 billion a year earlier.

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