Arabian Cement Co. reported a net profit of SAR 77.2 million in H1 2023, a drop of 11% from SAR 86.9 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 490.27 | 436.88 | (10.9 %) |
| Gross Income | 137.05 | 113.55 | (17.1 %) |
| Operating Income | 90.00 | 78.07 | (13.3 %) |
| Net Income | 86.93 | 77.16 | (11.2 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.87 | 0.77 | (11.2 %) |
Net profit was affected by parent company’s lower sales volume and value as demand declined and the period coincided with Eid Al-Adha. This was despite an increase in average selling prices for the parent company.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 231.01 | 196.79 | (14.8 %) |
| Gross Income | 67.93 | 46.82 | (31.1 %) |
| Operating Income | 45.59 | 26.37 | (42.2 %) |
| Net Income | 45.03 | 27.98 | (37.9 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.45 | 0.28 | (37.9 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 240.09 | 196.79 | (18.0 %) |
| Gross Income | 66.73 | 46.82 | (29.8 %) |
| Operating Income | 51.70 | 26.37 | (49.0 %) |
| Net Income | 49.18 | 27.98 | (43.1 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.49 | 0.28 | (43.1 %) |
The cement producer reported a 38% fall in net profit to SAR 28 million in Q2 2023, compared to SAR 45 million in Q2 2022, on a decline in sales volume and value amid weak demand despite higher average selling prices for the parent company.
The net profit also dipped 43.1% from SAR 49.18 million in Q1 2023 on lower sales volume and value.
Shareholders’ equity, after minority interest, decreased to SAR 2.60 billion as of June 30, 2023, from SAR 2.65 billion a year earlier.
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