Northern Cement net profit down 9% to SAR 48.1 mln in H1 2022; Q2 jumps 18% to SAR 24.7 mln

04/08/2022 Argaam Exclusive

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Northern Region Cement Co. posted a 9% drop in H1 2022 net profit after Zakat and tax to SAR 48.1 million from SAR 52.9 million in the year-earlier period, hit by lower sales volume and value.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	307.20	266.68	(13.2 %)
Gross Income	96.16	96.01	(0.2 %)
Operating Income	63.00	62.60	(0.6 %)
Net Income	52.57	47.87	(8.9 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.29	0.27	(8.9 %)

The cement producer’s Q2 2022 net profit after Zakat and tax jumped 18% to SAR 24.7 million, compared to SAR 21 million in the prior-year period, driven by higher income from foreign investment.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	145.32	133.42	(8.2 %)
Gross Income	42.29	49.54	17.1 %
Operating Income	26.60	32.88	23.6 %
Net Income	20.91	24.64	17.8 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.12	0.14	17.8 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	133.26	133.42	0.1 %
Gross Income	46.47	49.54	6.6 %
Operating Income	29.72	32.88	10.6 %
Net Income	23.24	24.64	6.0 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.13	0.14	6.0 %

Compared to Q1 2022, net profit grew by 6% from SAR 23.35 million on better income from foreign investment.

Total shareholders’ equity, after minority interest, reached SAR 2.211 billion as of June 30, 2022, compared to SAR 2.208 billion a year before.

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