Qassim Cement Co. reported a net profit of SAR 93 million in H1 2023, a rise of 72% from SAR 54 million a year earlier, thanks to better sales value and higher returns on financial investments, despite the decrease in the other income.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 294.62 | 311.26 | 5.6 % |
| Gross Income | 73.05 | 94.20 | 29.0 % |
| Operating Income | 55.87 | 75.10 | 34.4 % |
| Net Income | 54.04 | 93.04 | 72.2 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.60 | 1.03 | 72.2 % |
The cement producer reported a 31.6% jump in Q2 2023 net profit to SAR 38.10 million, compared to SAR 28.96 million in Q2 2022, thanks to higher returns on financial investments, along with a drop in the cost of goods sold.
Sequentially, net profit fell by 30.7% from SAR 54.94 million in Q1 2023 on lower quarterly sales revenue.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 152.13 | 137.19 | (9.8 %) |
| Gross Income | 45.67 | 37.56 | (17.8 %) |
| Operating Income | 37.01 | 27.52 | (25.6 %) |
| Net Income | 28.96 | 38.10 | 31.6 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.32 | 0.42 | 31.6 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 174.07 | 137.19 | (21.2 %) |
| Gross Income | 56.64 | 37.56 | (33.7 %) |
| Operating Income | 47.58 | 27.52 | (42.2 %) |
| Net Income | 54.94 | 38.10 | (30.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.61 | 0.42 | (30.7 %) |
Shareholders’ equity, no minority interest, declined to SAR 1.64 billion as of June 30, 2023, from SAR 1.68 billion a year earlier.
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