Northern Region Cement Co. reported a net profit of SAR 41.3 million in H1 2023, a drop of 14% from SAR 48.1 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 266.68 | 339.03 | 27.1 % |
| Gross Income | 96.01 | 84.08 | (12.4 %) |
| Operating Income | 62.60 | 52.90 | (15.5 %) |
| Net Income | 47.87 | 40.93 | (14.5 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.27 | 0.23 | (14.5 %) |
The cement producer cited a rise in the cost of sales and lower selling prices. In addition, it reported higher financing costs (FCs) as SAIBOR dramatically increased. On the other hand, Northern Cement recorded higher returns from foreign investments.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 133.42 | 157.94 | 18.4 % |
| Gross Income | 49.54 | 40.14 | (19.0 %) |
| Operating Income | 32.88 | 25.24 | (23.3 %) |
| Net Income | 24.64 | 19.52 | (20.7 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.14 | 0.11 | (20.7 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 181.09 | 157.94 | (12.8 %) |
| Gross Income | 48.14 | 40.14 | (16.6 %) |
| Operating Income | 31.85 | 25.24 | (20.8 %) |
| Net Income | 21.40 | 19.52 | (8.8 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.12 | 0.11 | (8.8 %) |
Northern Cement posted a 20.8% drop in Q2 2023 net profit to SAR 19.59 million, compared to SAR 24.74 million in Q2 2022. This was as a result of higher cost of goods sold, lower selling prices and soaring FCs amid increased SAIBOR.
Net profit also fell by 10% from SAR 21.76 million in Q1 2023 on lower sales revenue and selling prices in the second quarter.
Shareholders’ equity, excluding minority interest, grew to SAR 2.22 billion as of June 30, 2023, from SAR 2.21 billion a year earlier.
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