Saudi Cement Co. reported a net profit surge to SAR 123.8 million in Q1 2023, compared to SAR 61.1 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 315.06 | 409.63 | 30.0 % |
| Gross Income | 100.74 | 175.78 | 74.5 % |
| Operating Income | 60.08 | 123.74 | 106.0 % |
| Net Income | 61.13 | 123.79 | 102.5 % |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.40 | 0.81 | 102.5 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 427.74 | 409.63 | (4.2 %) |
| Gross Income | 197.81 | 175.78 | (11.1 %) |
| Operating Income | 155.14 | 123.74 | (20.2 %) |
| Net Income | 154.52 | 123.79 | (19.9 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 1.01 | 0.81 | (19.9 %) |
The profit surge was spurred by higher sales revenue on better average selling prices, and higher volumes despite a decline in local sales.
The cement producer reported gains on the sale of investment related to the subsidiary, along with a decrease in Zakat expenses. This came despite higher selling and distribution expenses, an increase in finance charges, as well as lower profit share from an associate and a decline in other revenues.
Compared to Q4 2022, net profit dropped 19.9% from SAR 154.52 million on lower sales revenue amid a decline in average selling prices. The company also recorded lower sales volumes, along with higher selling and distribution expenses.
Shareholders’ equity, no minority interest, stood at SAR 2.41 billion by March 31, 2023, compared to SAR 2.49 billion a year earlier.
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