Hail Cement swings to SAR 5.9 mln loss in 9M 2022; Q3 profit at SAR 7.8 mln

31/10/2022 Argaam Exclusive

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Hail Cement Co. incurred a net loss after Zakat and tax of SAR 5.9 million for the first nine months of 2022, versus a net profit of SAR 47.2 million in a prior-year period, driven by lower average selling price and higher cost of sales, in addition to recording losses from financial investments at fair value during the current period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	203.88	268.22	31.6 %
Gross Income	63.69	32.95	(48.3 %)
Operating Income	45.25	16.12	(64.4 %)
Net Income	47.17	(5.90)	(112.5 %)
Average Shares	97.90	97.90	-
EPS (Riyals)	0.48	(0.06)	(112.5 %)

Hail Cement also cited provisions of SAR 10 million for one of the government agencies, despite the increase in the value of sales during the current period.

Q3 net profit after Zakat and tax increased 31% year-on-year (YoY) to SAR 7.8 million, from SAR 5.9 million in a year-earlier period, on higher sales volume and value, and lower general and administrative expenses.

On a sequential basis, the cement producer turned to profit, from SAR 6.83 million loss in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	56.08	103.28	84.2 %
Gross Income	12.33	16.63	34.9 %
Operating Income	6.38	11.14	74.6 %
Net Income	5.96	7.82	31.3 %
Average Shares	97.90	97.90	-
EPS (Riyals)	0.06	0.08	31.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	96.32	103.28	7.2 %
Gross Income	17.96	16.63	(7.5 %)
Operating Income	12.34	11.14	(9.7 %)
Net Income	(6.83)	7.82	214.5 %
Average Shares	97.90	97.90	-
EPS (Riyals)	(0.07)	0.08	214.5 %

Total shareholders’ equity, after minority interest, reached SAR 1.054 billion as of Sept. 30, 2022, compared to SAR 1.161 billion in the prior-year period.

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