Financial Results : Tabuk Cement turns to SAR 19.4 mln profit in Q1 2023

Tabuk Cement turns to SAR 19.4 mln profit in Q1 2023

15/05/2023 Argaam Exclusive

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Tabuk Cement Co. reported a net profit of SAR 19.4 million in the first quarter of 2023, versus a net loss of SAR 6.9 million in the year earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 62.18 86.28 38.8 %
Gross Income 5.02 30.61 510.1 %
Operating Income (2.49) 22.68 1009.8 %
Net Income (6.92) 19.35 379.5 %
Average Shares 90.00 90.00 -
EPS (Riyals) (0.08) 0.21 379.5 %

This was spurred by higher sales volumes and value, lower cost of goods sold (COGS), an increase in average selling prices, and a decline in the cost of finance.

 

On a quarterly basis, net earnings grew 9.9% from SAR 17.6 million, due to higher average selling prices, lower COGS, and decreased cost of finance.

 

Shareholders’ equity, excluding minority interest, stood at SAR 1.29 billion as of March 31, 2023, compared to SAR 1.26 billion in a year-earlier period.

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