Northern Cement profit down 14% to SAR 64.8 mln in 9M 2023; Q3 at SAR 23.9 mln

07/11/2023 Argaam Exclusive

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Northern Region Cement Co. reported a net profit of SAR 64.8 million in the first nine months of 2023, a 14% decline compared to SAR 75.4 million in the year-ago period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	432.94	514.23	18.8 %
Gross Income	147.10	139.62	(5.1 %)
Operating Income	95.43	88.86	(6.9 %)
Net Income	75.43	64.19	(14.9 %)
Average Shares	180.00	180.00	-
Earnings Per Share before unusual items (Riyals)	0.42	0.36	(14.9 %)
EPS (Riyals)	0.42	0.36	(14.9 %)

The profit hike was attributed to the increase in financing costs, despite the higher sales volume and increased returns from external investments.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	166.26	175.20	5.4 %
Gross Income	62.00	55.53	(10.4 %)
Operating Income	32.82	35.96	9.5 %
Net Income	27.56	23.26	(15.6 %)
Average Shares	180.00	180.00	-
Earnings Per Share before unusual items (Riyals)	0.15	0.13	(15.6 %)
EPS (Riyals)	0.15	0.13	(15.6 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	157.94	175.20	10.9 %
Gross Income	40.14	55.53	38.4 %
Operating Income	25.24	35.96	42.5 %
Net Income	19.52	23.26	19.1 %
Average Shares	180.00	180.00	-
Earnings Per Share before unusual items (Riyals)	0.11	0.13	19.1 %
EPS (Riyals)	0.11	0.13	19.1 %

In Q3 2023, the net profit saw a 13% fall to SAR 23.9 million from SAR 27.6 million the year before, due to higher financing costs.

Sequentially, the cement producer’s net profit rose 22.3% from SAR 19.5 million in Q2 2023.

Shareholders’ equity, excluding minority interest, amounted to SAR 2.24 billion as of Sept. 30, 2023, from SAR 2.23 billion in the year-earlier period.

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