Tabuk Cement Co. turned to a net profit of SAR 29.3 million in the first half of 2023, against a net loss of SAR 4.4 million in the same period last year.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 136.43 | 144.66 | 6.0 % |
| Gross Income | 18.10 | 45.57 | 151.7 % |
| Operating Income | 4.30 | 30.35 | 606.1 % |
| Net Income | (4.43) | 29.31 | 761.4 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | (0.05) | 0.33 | 761.4 % |
The improved results were due to higher average selling price, as well as an increase in other income. In addition, the cement producer received dividends worth SAR 5.08 million from investing in equity instruments in TAQA. It also cited a decrease in cost of finance.
In Q2 2023, the company's earnings soared to SAR 10 million, compared with SAR 2.49 million a year earlier, mainly due to lower cost of sales and cost of finance.
When compared to the previous quarter, the cement company's Q2 2023 earnings fell 48.5% from SAR 19.35 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 74.25 | 58.38 | (21.4 %) |
| Gross Income | 13.09 | 14.96 | 14.3 % |
| Operating Income | 6.79 | 7.67 | 12.9 % |
| Net Income | 2.49 | 9.97 | 300.3 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.03 | 0.11 | 300.3 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 86.28 | 58.38 | (32.3 %) |
| Gross Income | 30.61 | 14.96 | (51.1 %) |
| Operating Income | 22.68 | 7.67 | (66.2 %) |
| Net Income | 19.35 | 9.97 | (48.5 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.21 | 0.11 | (48.5 %) |
Shareholders' equity, no minority interest, reached SAR 1.30 billion at the end of H1 2023, up from SAR 1.24 billion a year earlier.
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