Qassim Cement Co. reported a 70% tumble in 9M 2022 net profit after Zakat and tax to SAR 77.5 million, compared to SAR 261.4 million in the year-earlier period. The company was hit by lower sales volume and value, as well as higher cost of sales.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 591.47 | 461.40 | (22.0 %) |
| Gross Income | 282.14 | 111.14 | (60.6 %) |
| Operating Income | 255.38 | 84.23 | (67.0 %) |
| Net Income | 261.43 | 77.47 | (70.4 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 2.90 | 0.86 | (70.4 %) |
It also reported unrealized losses from financial investments at fair value in the current period, against unrealized profit a year earlier.
In Q3 2022, net profit after Zakat and tax plummeted 61% to SAR 23.4 million, from SAR 60.39 million in Q3 2021, due to a decline in sales volume and value, and higher cost of sales.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 170.31 | 166.78 | (2.1 %) |
| Gross Income | 69.66 | 38.09 | (45.3 %) |
| Operating Income | 59.70 | 28.37 | (52.5 %) |
| Net Income | 60.39 | 23.43 | (61.2 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.67 | 0.26 | (61.2 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 152.13 | 166.78 | 9.6 % |
| Gross Income | 45.67 | 38.09 | (16.6 %) |
| Operating Income | 37.01 | 28.37 | (23.4 %) |
| Net Income | 28.96 | 23.43 | (19.1 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.32 | 0.26 | (19.1 %) |
Compared to Q2 2022, net profit after Zakat and tax dropped 19.1% from SAR 28.96 million, despite a rise in the sales volume and value, as well as better other income.
Total shareholders’ equity, after minority interest, decreased to SAR 1.669 billion as of Sept. 30, 2022, from SAR 1.773 billion a year earlier.
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