Najran Cement Co. reported a decline of 31% in net profit to SAR 113.8 million in 2022, from SAR 165.6 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 581.55 | 535.69 | (7.9 %) |
| Gross Income | 230.32 | 170.77 | (25.9 %) |
| Operating Income | 180.94 | 127.44 | (29.6 %) |
| Net Income | 165.55 | 112.81 | (31.9 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.97 | 0.66 | (31.9 %) |
The profit drop was attributed to lower revenues as a result of lower selling prices, higher cost of production inputs and higher finance costs. This is despite a decrease in sales and marketing expenses and an increase in other income.
The cement producer’s Q4 2022 net profit surged 37% to SAR 49.33 million from SAR 36.03 million in the year-ago period.
Sequentially, Najran Cement’s net profit rose 77% from SAR 27.88 million in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 139.66 | 160.08 | 14.6 % |
| Gross Income | 58.97 | 64.78 | 9.9 % |
| Operating Income | 43.22 | 53.69 | 24.2 % |
| Net Income | 36.03 | 48.39 | 34.3 % |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.21 | 0.28 | 34.3 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 127.69 | 160.08 | 25.4 % |
| Gross Income | 41.37 | 64.78 | 56.6 % |
| Operating Income | 30.92 | 53.69 | 73.6 % |
| Net Income | 27.88 | 48.39 | 73.6 % |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.16 | 0.28 | 73.6 % |
Total shareholders’ equity, no minority interest, climbed to SAR 1.99 billion as of Dec. 31, 2022, from SAR 1.96 billion a year earlier.
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