Tabuk Cement 9M 2023 profit surges to SAR 25.2 mln; Q3 loss at SAR 4.2 mln

09/11/2023 Argaam Exclusive

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Tabuk Cement Co. reported a net profit of SAR 25.2 million for the first nine months of 2023, surging from SAR 3.4 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	210.11	198.79	(5.4 %)
Gross Income	36.99	51.08	38.1 %
Operating Income	15.54	28.05	80.5 %
Net Income	3.36	25.16	648.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.04	0.28	648.7 %

This was propelled by a jump in sales value due to the increase in the average selling prices. The company also cited higher other income and lower cost of finance. Tabuk Cement obtained gains from equity instrument investments in TAQA of SAR 5.08 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	73.68	54.13	(26.5 %)
Gross Income	18.89	5.51	(70.8 %)
Operating Income	11.24	(2.30)	(120.5 %)
Net Income	7.79	(4.15)	(153.2 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.09	(0.05)	(153.2 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	58.38	54.13	(7.3 %)
Gross Income	14.96	5.51	(63.1 %)
Operating Income	7.67	(2.30)	(130.0 %)
Net Income	9.97	(4.15)	(141.6 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.11	(0.05)	(141.6 %)

The cement producer reported a net loss of SAR 4.2 million in Q3 2023, versus net earnings of SAR 7.7 million a year earlier, driven by lower sales value, as well as sales volumes and average selling prices.

On a quarterly basis, the company swung to a loss from a net profit of SAR 9.97 million in Q2 2023 on a decline in sales value, average selling prices and other income.

Total shareholders’ equity, no minority interest, stood at SAR 1.31 billion by Sept. 30, 2023, compared to SAR 1.24 billion in the prior-year period.

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