Qassim Cement Co. posted a net profit of SAR 54.9 million in Q1 2023, more than double of SAR 25.1 million reported in Q1 2022.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 142.49 | 174.07 | 22.2 % |
| Gross Income | 27.37 | 56.64 | 106.9 % |
| Operating Income | 18.86 | 47.58 | 152.4 % |
| Net Income | 25.08 | 54.94 | 119.0 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.28 | 0.61 | 119.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 217.05 | 174.07 | (19.8 %) |
| Gross Income | 77.35 | 56.64 | (26.8 %) |
| Operating Income | 59.32 | 47.58 | (19.8 %) |
| Net Income | 53.04 | 54.94 | 3.6 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.59 | 0.61 | 3.6 % |
The positive performance was driven by higher sales value and financial investment returns, despite an increase in the cost of sales and a decrease in other income.
Sequentially, net profit rose 3.5% from SAR 53.04 million in Q4 2022 on recognizing unrealized gains from financial investment FVTPL during the current quarter.
Shareholders’ equity, excluding minority interest, stood at SAR 1.66 billion as of March 31, 2023, compared to SAR 1.70 billion a year earlier.
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