Hail Cement net profit down 61% to SAR 16.4 mln in 2022; Q4 at SAR 22.3 mln

05/03/2023 Argaam Exclusive

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Hail Cement Co. reported a decline of 61% in net profit after Zakat and tax to SAR 16.4 million in 2022, from SAR 42.4 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	253.31	365.46	44.3 %
Gross Income	63.27	63.48	0.3 %
Operating Income	41.20	42.28	2.6 %
Net Income	42.41	16.41	(61.3 %)
Average Shares	97.90	97.90	-
EPS (Riyals)	0.43	0.17	(61.3 %)

The profit decline was attributed to lower average selling prices for all products, and higher general and administrative expenses due to a SAR 10 million fine by a government agency.

The cement producer also reported losses from the change in the fair value of financial investments in 2022, against recording a profit in 2021, driven by the local and foreign financial markets affected by international events.

On the other hand, the company saw an increase in the quantity and value of sales year-on-year in 2022.

The cement producer reported a net profit after Zakat and tax of SAR 22.3 million in Q4 2022 against a net loss after Zakat and tax of SAR 4.77 million in the year-ago period.

The company’s net profit almost tripled in Q4 2022 from SAR 7.82 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	49.42	97.25	96.8 %
Gross Income	(0.42)	30.53	7352.7 %
Operating Income	(4.05)	26.15	746.5 %
Net Income	(4.77)	22.32	568.4 %
Average Shares	97.90	97.90	-
EPS (Riyals)	(0.05)	0.23	568.4 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	103.28	97.25	(5.8 %)
Gross Income	16.63	30.53	83.7 %
Operating Income	11.14	26.15	134.7 %
Net Income	7.82	22.32	185.5 %
Average Shares	97.90	97.90	-
EPS (Riyals)	0.08	0.23	185.5 %

Total shareholders’ equity, with no minority interest, fell to SAR 1.06 billion as of Dec. 31, 2022, from SAR 1.10 billion a year earlier.

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