Hail Cement turns to profit of SAR 24.5 mln in H1 2023; Q2 at SAR 6 mln

06/08/2023 Argaam Exclusive

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Hail Cement Co. reported a net profit of SAR 24.5 million in H1 2023, against a loss of SAR 13.7 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	164.94	121.63	(26.3 %)
Gross Income	16.32	29.82	82.7 %
Operating Income	4.98	19.32	287.9 %
Net Income	(13.72)	24.49	278.4 %
Average Shares	97.90	97.90	-
EPS (Riyals)	(0.14)	0.25	278.4 %

The company attributed the shift to profit to lower general, administrative, and Zakat expenses, in addition to achieving profits from financial investments at fair value and high returns on Murabaha deposits during the current period.

This is despite the decrease in quantity and value of sales during the current period compared to the same period of the previous year.

The cement producer reported a net profit of SAR 5.98 million in Q2 2023, compared to a loss of SAR 6.83 million in Q2 2022.

Net profit fell 67.7% from SAR 18.5 million in Q1 2023 as quantity and value of sales declined due to the decrease in demand and the coincidence of the current quarter with the holy month of Ramadan and the holidays, in addition to the increase in the cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	96.32	59.78	(37.9 %)
Gross Income	17.96	7.23	(59.8 %)
Operating Income	12.34	3.20	(74.1 %)
Net Income	(6.83)	5.98	187.5 %
Average Shares	97.90	97.90	-
EPS (Riyals)	(0.07)	0.06	187.5 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	61.85	59.78	(3.3 %)
Gross Income	22.59	7.23	(68.0 %)
Operating Income	16.06	3.20	(80.1 %)
Net Income	18.51	5.98	(67.7 %)
Average Shares	97.90	97.90	-
EPS (Riyals)	0.19	0.06	(67.7 %)

Shareholders’ equity, after minority interest, decreased to SAR 1.06 billion as of June 30, 2023, from SAR 1.09 billion a year earlier.

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