Northern Cement 2023 earnings fall 50% to SAR 56.4M; Q4 loss at SAR 7.8M

21/03/2024 Argaam Exclusive

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Northern Region Cement Co.’s 2023 net profit dropped 50% to SAR 56.4 million, compared to SAR 112.5 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	617.96	689.55	11.6 %
Gross Income	224.03	201.37	(10.1 %)
Operating Income	140.18	127.32	(9.2 %)
Net Income	112.02	56.26	(49.8 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.62	0.31	(49.8 %)

The profit decline was due to the settlement with the Zakat, Tax and Customs Authority for 2014 to 2019. This is in addition to the significant increase in financing costs due to higher global interest rates. The company also cited lower sales prices in 2023, compared to the previous year.

Revenues also increased year-on-year (YoY) in 2023 due to the rise in sales volumes, despite lower average prices on an annual basis.

The cement producer incurred a net loss of SAR 7.8 million in Q4 2023, against a net profit of SAR 37.02 million a year before.

Compared to the previous quarter, Northern Cement swung to losses from a profit of SAR 23.26 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	185.02	175.32	(5.2 %)
Gross Income	76.93	61.75	(19.7 %)
Operating Income	44.76	38.47	(14.1 %)
Net Income	36.59	(7.93)	(121.7 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.20	(0.04)	(121.7 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	175.20	175.32	0.1 %
Gross Income	55.53	61.75	11.2 %
Operating Income	35.96	38.47	7.0 %
Net Income	23.26	(7.93)	(134.1 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.13	(0.04)	(134.1 %)

Total shareholders’ equity, after minority interest, rose to SAR 22.40 billion as of Dec. 31, 2023, from SAR 22.28 billion a year earlier.

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