Financial Results : Hail Cement turns to SAR 18.5 mln profit in Q1 2023

Hail Cement turns to SAR 18.5 mln profit in Q1 2023

14/05/2023 Argaam Exclusive

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Hail Cement Co. reported a net profit of SAR 18.5 million in Q1 2023, versus a net loss of SAR 6.9 million in a prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 68.62 61.85 (9.9 %)
Gross Income (1.64) 22.59 1476.0 %
Operating Income (7.36) 16.06 318.2 %
Net Income (6.89) 18.51 368.6 %
Average Shares 97.90 97.90 -
EPS (Riyals) (0.07) 0.19 368.6 %

This was driven by lower cost of sales and decreased Zakat expenses.


On a quarterly basis, net earnings decreased by 17.1% from SAR 22.32 million on lower revenue, despite higher returns from financial investments at fair value and increase in other revenues.

  

Total shareholders’ equity, no minority interest, stood at SAR 1.07 billion as of March 31, 2023, compared to SAR 1.09 billion a year earlier.   

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