Najran Cement Co.’s net profit dropped to SAR 50.4 million in the first nine months of 2023 from SAR 64.4 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 375.61 | 358.82 | (4.5 %) |
| Gross Income | 105.99 | 103.15 | (2.7 %) |
| Operating Income | 73.75 | 70.02 | (5.1 %) |
| Net Income | 64.42 | 50.36 | (21.8 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.38 | 0.30 | (21.8 %) |
The drop was attributed to a decline in sales volumes and higher finance costs (FCs).
The third-quarter net profit halved year-on-year (YoY) to SAR 14 million on lower sales and increased FCs, hurt by lower sales and increased FCs.
The cement producer’s bottom line surged 90.4% from SAR 7.36 million in Q2 2023, buoyed by higher sales volumes and a decline in the cost of sales per ton.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 127.69 | 113.84 | (10.8 %) |
| Gross Income | 41.37 | 32.37 | (21.8 %) |
| Operating Income | 30.92 | 20.89 | (32.4 %) |
| Net Income | 27.88 | 14.02 | (49.7 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.16 | 0.08 | (49.7 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 101.30 | 113.84 | 12.4 % |
| Gross Income | 25.46 | 32.37 | 27.1 % |
| Operating Income | 13.92 | 20.89 | 50.0 % |
| Net Income | 7.36 | 14.02 | 90.4 % |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.04 | 0.08 | 90.4 % |
Total shareholders’ equity, after minority interest, increased to SAR 1.99 billion as of Sept. 30, 2023, up from SAR 1.98 billion in the prior-year period.
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