Financial Results : Tabuk Cement swings to net loss of SAR 6.9 mln in Q1 2022

Tabuk Cement swings to net loss of SAR 6.9 mln in Q1 2022

19/05/2022 Argaam Exclusive

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Tabuk Cement Co. reported a net loss after Zakat and tax of SAR 6.9 million for the first quarter of 2022, against a net profit of SAR 10.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 76.96 62.18 (19.2 %)
Gross Income 20.95 5.02 (76.1 %)
Operating Income 14.08 (2.49) (117.7 %)
Net Income 10.06 (6.92) (168.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.11 (0.08) (168.8 %)

The cement producer cited a decrease in average selling prices and other revenue, along with an increase in cost of revenue due to the periodic maintenance of the company’s factory.

 

Tabuk Cement turned to losses in the current quarter, against a net profit of SAR 340,000 in the fourth quarter of 2021, hurt by lower average selling prices.

 

Total shareholders’ equity, after minority interest, stood at SAR 1.260 billion for the three-month period, compared to SAR 1.259 billion in Q1 2021.

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