Arabian Cement Co. reported a 23% fall in net profit to SAR 139.6 million in 2023, compared to SAR 181 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 970.95 | 875.76 | (9.8 %) |
| Gross Income | 274.63 | 207.07 | (24.6 %) |
| Operating Income | 193.45 | 135.41 | (30.0 %) |
| Net Income | 181.01 | 139.63 | (22.9 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 1.81 | 1.40 | (22.9 %) |
The profit decline was attributed to a lower average selling price, despite the increase in sales volume for the local market and the decrease in marketing expenses.
The fourth-quarter net profit retreated 7% to SAR 32.8 million from SAR 35.12 million in the prior-year period.
Compared to Q3 2023, net profit grew by 10.3% from SAR 29.69 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 240.11 | 225.17 | (6.2 %) |
| Gross Income | 55.80 | 40.66 | (27.1 %) |
| Operating Income | 39.67 | 23.42 | (41.0 %) |
| Net Income | 35.12 | 32.78 | (6.7 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.35 | 0.33 | (6.7 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 213.71 | 225.17 | 5.4 % |
| Gross Income | 52.86 | 40.66 | (23.1 %) |
| Operating Income | 33.93 | 23.42 | (31.0 %) |
| Net Income | 29.69 | 32.78 | 10.4 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.30 | 0.33 | 10.4 % |
Total shareholders’ equity, after minority interest, declined to SAR 2.57 billion as of Dec. 31, 2023, from SAR 2.63 billion in the earlier-year period.
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