Saudi Cement Co. recorded a 21% drop in H1 2022 net profit after Zakat and tax to SAR 163.7 million from SAR 205.8 million in the year-ago period.
The company was hit by lower sales value and volume, as well as higher general and administrative (G&A) expenses, and financing costs.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 777.19 | 664.03 | (14.6 %) |
| Gross Income | 312.34 | 246.71 | (21.0 %) |
| Operating Income | 216.64 | 163.02 | (24.8 %) |
| Net Income | 205.79 | 163.66 | (20.5 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 1.35 | 1.07 | (20.5 %) |
In Q2 2022, net profit after Zakat and tax jumped 19% to SAR 102.5 million from SAR 86.37 million a year earlier, thanks to higher average selling prices, along with a decline in selling and distribution expenses as well as Zakat provisions.
The cement producer also reported a higher profit share from an associate and a rise in other income.
On a quarterly basis, the second-quarter net profit leapt 67.7% from SAR 61.13 million, backed by better sales revenue amid higher average selling prices.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 348.12 | 348.97 | 0.2 % |
| Gross Income | 138.70 | 145.97 | 5.2 % |
| Operating Income | 91.96 | 102.95 | 11.9 % |
| Net Income | 86.37 | 102.54 | 18.7 % |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.56 | 0.67 | 18.7 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 315.06 | 348.97 | 10.8 % |
| Gross Income | 100.74 | 145.97 | 44.9 % |
| Operating Income | 60.08 | 102.95 | 71.4 % |
| Net Income | 61.13 | 102.54 | 67.7 % |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.40 | 0.67 | 67.7 % |
Total shareholders’ equity, after minority interest, declined to SAR 2.061 billion as of June 30, 2022, from SAR 2.318 billion a year earlier
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