Tabuk Cement swings to SAR 29.3 mln profit in H1; Q2 at SAR 10 mln

08/08/2023 Argaam Exclusive

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Tabuk Cement Co. turned to a net profit of SAR 29.3 million in the first half of 2023, against a net loss of SAR 4.4 million in the same period last year.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	136.43	144.66	6.0 %
Gross Income	18.10	45.57	151.7 %
Operating Income	4.30	30.35	606.1 %
Net Income	(4.43)	29.31	761.4 %
Average Shares	90.00	90.00	-
EPS (Riyals)	(0.05)	0.33	761.4 %

The improved results were due to higher average selling price, as well as an increase in other income. In addition, the cement producer received dividends worth SAR 5.08 million from investing in equity instruments in TAQA. It also cited a decrease in cost of finance.

In Q2 2023, the company's earnings soared to SAR 10 million, compared with SAR 2.49 million a year earlier, mainly due to lower cost of sales and cost of finance.

When compared to the previous quarter, the cement company's Q2 2023 earnings fell 48.5% from SAR 19.35 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	74.25	58.38	(21.4 %)
Gross Income	13.09	14.96	14.3 %
Operating Income	6.79	7.67	12.9 %
Net Income	2.49	9.97	300.3 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.03	0.11	300.3 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	86.28	58.38	(32.3 %)
Gross Income	30.61	14.96	(51.1 %)
Operating Income	22.68	7.67	(66.2 %)
Net Income	19.35	9.97	(48.5 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.21	0.11	(48.5 %)

Shareholders' equity, no minority interest, reached SAR 1.30 billion at the end of H1 2023, up from SAR 1.24 billion a year earlier.

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