Umm Al-Qura Cement Co. reported a 53% fall in Q1 2023 net profit to SAR 6.8 million, from SAR 14.5 million in the year-earlier period on a decrease in sales revenue and volumes, despite better average selling prices.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 65.60 | 47.16 | (28.1 %) |
| Gross Income | 23.80 | 15.25 | (35.9 %) |
| Operating Income | 20.45 | 11.63 | (43.1 %) |
| Net Income | 14.51 | 6.78 | (53.3 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.26 | 0.12 | (53.3 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 41.92 | 47.16 | 12.5 % |
| Gross Income | 13.84 | 15.25 | 10.2 % |
| Operating Income | 10.46 | 11.63 | 11.2 % |
| Net Income | (6.31) | 6.78 | 207.4 % |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | (0.11) | 0.12 | 207.4 % |
Further, the cement producer reported an increase in the cost of sales, as well as general and administrative expenses (G&A) in the current quarter, compared to Q1 2022. This was despite lower selling and marketing expenses, and financing costs.
In Q4 2022, the cement producer incurred a net loss of SAR 6.31 million. The positive quarterly performance was driven by higher sales revenue and volume, despite a decline in average selling prices.
Shareholders’ equity, no minority interest, came in at SAR 768.91 million by March 31, 2023, compared to SAR 767.03 million in the year-earlier period.
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