Arabian Cement Co. reported a 27% fall in net profit to SAR 106.9 million in the first nine months of 2023, compared to SAR 145.9 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 730.84 | 650.59 | (11.0 %) |
| Gross Income | 218.83 | 166.41 | (24.0 %) |
| Operating Income | 153.78 | 112.00 | (27.2 %) |
| Net Income | 145.89 | 106.85 | (26.8 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 1.46 | 1.07 | (26.8 %) |
The profit drop was attributed to the parent company’s lower sales volume and value amid subdued demand in the local market. The cement producer also reported a decline in export sales.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 240.57 | 213.71 | (11.2 %) |
| Gross Income | 81.78 | 52.86 | (35.4 %) |
| Operating Income | 63.79 | 33.93 | (46.8 %) |
| Net Income | 58.95 | 29.69 | (49.6 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.59 | 0.30 | (49.6 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 196.79 | 213.71 | 8.6 % |
| Gross Income | 46.82 | 52.86 | 12.9 % |
| Operating Income | 26.37 | 33.93 | 28.7 % |
| Net Income | 27.98 | 29.69 | 6.1 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.28 | 0.30 | 6.1 % |
The third-quarter net profit plunged 50% to SAR 29.7 million from SAR 58.95 million in the prior-year period, due to lower sales value amid a decline in average selling prices.
By contrast, the company reported better sales volume.
Compared to Q2 2023, net profit grew by 6.1% from SAR 27.98 million, driven by increases sales volume and value despite lower average selling prices.
Total shareholders’ equity, after minority interest, declined to SAR 2.54 billion as of Sept. 30, 2023, from SAR 2.60 billion in the earlier-year period.
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