Southern Cement profit falls 49% to SAR 121 mln in 9M 2023; Q3 at SAR 53 mln

05/11/2023 Argaam Exclusive

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Southern Province Cement Co. reported a net profit of SAR 121 million in the first nine months of 2023, a 49% decline from SAR 238 million in the year-ago period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	887.24	812.00	(8.5 %)
Gross Income	268.20	188.00	(29.9 %)
Operating Income	226.53	135.00	(40.4 %)
Net Income	238.41	121.00	(49.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.70	0.86	(49.2 %)

The profit decline was attributed to a decline in sales revenues due to lower domestic demand and a decrease in selling prices, along with higher general, administrative, and selling expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	323.33	286.00	(11.5 %)
Gross Income	105.75	81.00	(23.4 %)
Operating Income	93.00	58.00	(37.6 %)
Net Income	88.62	53.00	(40.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.63	0.38	(40.2 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	226.01	286.00	26.5 %
Gross Income	36.60	81.00	121.3 %
Operating Income	23.31	58.00	148.9 %
Net Income	19.04	53.00	178.4 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.14	0.38	178.4 %

In Q3 2023, net profit dropped 40% to SAR 53 million from SAR 89 million in the year before, due to a decline in sales revenues on lower domestic demand and decrease in selling prices.

Sequentially, the cement producer’s Q3 net profit soared from SAR 19.04 million in Q2 2023.

Shareholders’ equity, excluding minority interest, rose to SAR 3.20 billion as of Sept. 30, 2023, from SAR 3.13 billion in the year-earlier period.

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