Hail Cement turns to profit of SAR 21.3 mln in 9M 2023; Q3 losses at SAR 3.1 mln

05/11/2023 Argaam Exclusive

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Hail Cement Co. reported a net profit of nearly SAR 21.3 million for the first nine months of 2023, against a loss of SAR 5.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	268.22	173.16	(35.4 %)
Gross Income	32.95	37.17	12.8 %
Operating Income	16.12	20.15	25.0 %
Net Income	(5.90)	21.38	462.1 %
Average Shares	97.90	97.90	-
EPS (Riyals)	(0.06)	0.22	462.1 %

The profit was driven by lower general, administrative and Zakat expenses, as well as realizing gains on financial investment at fair market values. The cement producer also reported higher interest income on Murabaha deposits.

This was partially offset by lower sales value and volume.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	103.28	51.53	(50.1 %)
Gross Income	16.63	7.35	(55.8 %)
Operating Income	11.14	0.83	(92.6 %)
Net Income	7.82	(3.11)	(139.7 %)
Average Shares	97.90	97.90	-
EPS (Riyals)	0.08	(0.03)	(139.7 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	59.78	51.53	(13.8 %)
Gross Income	7.23	7.35	1.7 %
Operating Income	3.20	0.83	(74.2 %)
Net Income	5.98	(3.11)	(152.0 %)
Average Shares	97.90	97.90	-
EPS (Riyals)	0.06	(0.03)	(152.0 %)

The company reported a net loss of SAR 3.1 million in Q3 2023, against a profit of SAR 7.8 in Q3 2022, on lower sales, and, higher Zakat, general and administrative expenses.

Sequentially, Hail Cement turned to a loss versus a profit of SAR 5.98 million in Q2 2023.

Shareholders’ equity, excluding minority interest, stood at SAR 1.02 billion as of Sept. 30, 2023, from SAR 1.05 billion a year earlier.

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