Northern Cement H1 2023 profit down 14% to SAR 41.3 mln; Q2 at SAR 19.6 mln

13/08/2023 Argaam Exclusive

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Northern Region Cement Co. reported a net profit of SAR 41.3 million in H1 2023, a drop of 14% from SAR 48.1 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	266.68	339.03	27.1 %
Gross Income	96.01	84.08	(12.4 %)
Operating Income	62.60	52.90	(15.5 %)
Net Income	47.87	40.93	(14.5 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.27	0.23	(14.5 %)

The cement producer cited a rise in the cost of sales and lower selling prices. In addition, it reported higher financing costs (FCs) as SAIBOR dramatically increased. On the other hand, Northern Cement recorded higher returns from foreign investments.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	133.42	157.94	18.4 %
Gross Income	49.54	40.14	(19.0 %)
Operating Income	32.88	25.24	(23.3 %)
Net Income	24.64	19.52	(20.7 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.14	0.11	(20.7 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	181.09	157.94	(12.8 %)
Gross Income	43.95	40.14	(8.7 %)
Operating Income	27.66	25.24	(8.8 %)
Net Income	21.40	19.52	(8.8 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.12	0.11	(8.8 %)

Northern Cement posted a 20.8% drop in Q2 2023 net profit to SAR 19.59 million, compared to SAR 24.74 million in Q2 2022. This was as a result of higher cost of goods sold, lower selling prices and soaring FCs amid increased SAIBOR.

Net profit also fell by 10% from SAR 21.76 million in Q1 2023 on lower sales revenue and selling prices in the second quarter.

Shareholders’ equity, excluding minority interest, grew to SAR 2.22 billion as of June 30, 2023, from SAR 2.21 billion a year earlier.

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