Tabuk Cement 2023 profit falls 6% to SAR 19.7M; Q4 loss at SAR 5.4M

31/03/2024 Argaam Exclusive

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Tabuk Cement Co. reported a net profit of SAR 19.7 million for 2023, declining 6% from SAR 21 million in the year-earlier period on lower sales value and volume along with higher Zakat provision.

Financials (M)

Item	2022	2023	Change‬
Revenues	297.55	265.08	(10.9 %)
Gross Income	63.43	53.16	(16.2 %)
Operating Income	36.18	21.80	(39.8 %)
Net Income	20.97	19.74	(5.8 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.23	0.22	(5.8 %)

The cement producer reported a net loss of SAR 5.4 million in Q4 2023, versus net earnings of SAR 17.6 million a year earlier.

On a quarterly basis, the company’s losses expanded from SAR 4.15 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	87.44	66.29	(24.2 %)
Gross Income	26.44	2.07	(92.2 %)
Operating Income	20.65	(6.25)	(130.3 %)
Net Income	17.61	(5.42)	(130.8 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.20	(0.06)	(130.8 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	54.13	66.29	22.5 %
Gross Income	5.51	2.07	(62.4 %)
Operating Income	(2.30)	(6.25)	(171.4 %)
Net Income	(4.15)	(5.42)	(30.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	(0.05)	(0.06)	(30.7 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.29 billion by Dec. 31, 2023, compared to SAR 1.28 billion in the prior-year period.

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