Arabian Cement Co. reported a net profit of SAR 49.2 million in Q1 2023, a rise of 17% from SAR 41.9 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 259.26 | 240.09 | (7.4 %) |
| Gross Income | 69.12 | 66.73 | (3.4 %) |
| Operating Income | 44.41 | 51.70 | 16.4 % |
| Net Income | 41.90 | 49.18 | 17.4 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.42 | 0.49 | 17.4 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 240.11 | 240.09 | 0.0 % |
| Gross Income | 55.80 | 66.73 | 19.6 % |
| Operating Income | 39.67 | 51.70 | 30.3 % |
| Net Income | 35.12 | 49.18 | 40.0 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.35 | 0.49 | 40.0 % |
The profit rise was spurred by higher average selling prices and other income, despite a decrease in the cost of sales, selling and distribution as well as general and administrative expenses, and sales volumes. This was due to a decline in export sales volumes for the parent company.
Compared to Q4 2022, the first-quarter net profit leapt 40.1% from SAR 35.12 million, thanks to an increase in average selling prices, a drop in the cost of sales, as well as lower selling and distribution expenses.
Shareholders’ equity, after minority interest, stood at SAR 2.68 billion as of March 31, 2023, down from SAR 2.79 billion in a year-earlier period.
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