Financial Results : Hail Cement turns to SAR 13.7 mln loss in H1 2022, Q2 at SAR 6.8 mln

Hail Cement turns to SAR 13.7 mln loss in H1 2022, Q2 at SAR 6.8 mln

23/08/2022 Argaam Exclusive

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Hail Cement Co. swung to a net loss after Zakat and tax of SAR 13.7 million for the first half of 2022, against a net profit of SAR 41.2 million a year earlier, on a decline in average selling prices and higher cost of sales.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 147.80 164.94 11.6 %
Gross Income 51.36 16.32 (68.2 %)
Operating Income 38.87 4.98 (87.2 %)
Net Income 41.22 (13.72) (133.3 %)
Average Shares 97.90 97.90 -
EPS (Riyals) 0.42 (0.14) (133.3 %)

The company recorded losses from financial investments at fair value during the current period, against profits in H1 2021.  

 

Financial provisions of SAR 10 million were allocated for a government authority, despite higher value of sales compared to H1 2021.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 65.91 96.32 46.1 %
Gross Income 20.45 17.96 (12.2 %)
Operating Income 15.03 12.34 (17.9 %)
Net Income 15.35 (6.83) (144.5 %)
Average Shares 97.90 97.90 -
EPS (Riyals) 0.16 (0.07) (144.5 %)

In Q2 2022, the cement producer turned to a net loss after Zakat and tax of SAR 6.8 million, from a net profit of SAR 15.3 million in the prior-year period, battered by a decline in average selling prices and losses from financial investments at fair value during the current quarter.

 

Financial provisions of SAR 10 million were allocated for a government authority, despite higher value and volume of sales.

 

Compared to Q1 2022, net losses marginally decreased by 0.9% from SAR 6.89 million, thanks to a rise in sales volume and value.

 

Shareholders’ equity, after minority interest, dropped to SAR 1.090 billion as of June 30, 2022, from SAR 1.155 billion a year earlier.

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