Tabuk Cement incurs SAR 4.4 mln loss in H1 2022, Q2 profit reaches SAR 2.5 mln

11/08/2022 Argaam Exclusive

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Tabuk Cement Co. turned to a net loss after Zakat and tax of SAR 4.4 million in the first half of 2022, against a net profit of SAR 8.9 million in the same period last year.

The loss was attributed to high cost of sales as a result of increase in the petrifaction fees for raw materials, coupled with a decrease in other revenues.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	126.21	136.43	8.1 %
Gross Income	30.42	18.10	(40.5 %)
Operating Income	17.05	4.30	(74.8 %)
Net Income	8.94	(4.43)	(149.6 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.10	(0.05)	(149.6 %)

In Q2 2022, the cement producer swung to a net profit after Zakat and tax of SAR 2.5 million, versus a net loss of SAR 1.13 million in Q2 2021.

The profit was driven by an increase in sales and average selling prices.

When compared to the previous quarter, the company turned to a net profit from a loss of SAR 6.92 million.

Accumulated losses reached SAR 2.798 million at the end of H1 2022, representing 31% of capital.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	49.26	74.25	50.7 %
Gross Income	9.46	13.09	38.3 %
Operating Income	2.98	6.79	128.1 %
Net Income	(1.13)	2.49	320.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	(0.01)	0.03	320.7 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	62.18	74.25	19.4 %
Gross Income	5.02	13.09	160.9 %
Operating Income	(2.49)	6.79	372.4 %
Net Income	(6.92)	2.49	136.0 %
Average Shares	90.00	90.00	-
EPS (Riyals)	(0.08)	0.03	136.0 %

Total shareholders’ equity, after minority interest reached SAR 1.240 billion as on June 30, 2022, compared with SAR 1.258 billion a year earlier.

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