City Cement Co. reported a 61% jump in Q1 2023 net profit to SAR 27.6 million, from SAR 17.2 million in the year-earlier period, backed by higher sales revenues on a rise in average selling prices.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 108.10 | 108.25 | 0.1 % |
| Gross Income | 26.29 | 32.98 | 25.5 % |
| Operating Income | 17.47 | 24.26 | 38.9 % |
| Net Income | 17.15 | 27.59 | 60.9 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.12 | 0.20 | 60.9 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 133.96 | 108.25 | (19.2 %) |
| Gross Income | 57.85 | 32.98 | (43.0 %) |
| Operating Income | 48.26 | 24.26 | (49.7 %) |
| Net Income | 47.75 | 27.59 | (42.2 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.34 | 0.20 | (42.2 %) |
Compared to Q4 2022, the first-quarter net profit fell 42.2% from SAR 47.75 million on lower sales revenues and volumes amid a decline in average selling prices.
Shareholders’ equity, no minority interest, reached SAR 1.776 billion by March 31, 2023, compared to SAR 1.777 billion in the year-earlier period.
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