Northern Cement 2022 profit up 6% to SAR 112.5 mln; Q4 at SAR 37 mln

16/03/2023 Argaam Exclusive

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Northern Region Cement Co.’s net profit grew 6% to SAR 112.5 million, compared to SAR 106.1 million in 2021, backed by higher sales and income from investments outside Saudi Arabia. On the other hand, finance costs significantly increased compared to a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	561.91	617.96	10.0 %
Gross Income	199.85	224.03	12.1 %
Operating Income	120.77	140.18	16.1 %
Net Income	106.06	112.02	5.6 %
Average Shares	180.00	180.00	-
Earnings Per Share before unusual items (Riyals)	0.55	0.62	13.9 %
EPS (Riyals)	0.59	0.62	5.6 %

In Q4 2022, net profit increased 5% to SAR 37 million, from SAR 35.13 million in the prior-year period.

Compared to the previous quarter, Q4 net profit climbed 34.3% from SAR 27.56 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	126.62	185.02	46.1 %
Gross Income	61.68	76.93	24.7 %
Operating Income	36.26	44.76	23.4 %
Net Income	35.13	36.59	4.2 %
Average Shares	180.00	180.00	-
Earnings Per Share before unusual items (Riyals)	0.15	0.20	33.6 %
EPS (Riyals)	0.20	0.20	4.2 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	166.26	185.02	11.3 %
Gross Income	62.00	76.93	24.1 %
Operating Income	32.82	44.76	36.3 %
Net Income	27.56	36.59	32.8 %
Average Shares	180.00	180.00	-
Earnings Per Share before unusual items (Riyals)	0.15	0.20	32.8 %
EPS (Riyals)	0.15	0.20	32.8 %

Total shareholders’ equity, after minority interest, rose to SAR 2.22 billion as of Dec. 31, 2022, from SAR 2.20 billion a year earlier.

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