Saudi Cement Co. posted a net profit after Zakat and tax of SAR 61.1 million for the first quarter of 2022, a 49% drop from SAR 119.4 million in the year-ago period.
The decline in net profit resulted from decreased sales and other income, as well as an increase in selling and distribution expenses, despite lower finance charges and higher profit share from associates.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 429.07 | 315.06 | (26.6 %) |
| Gross Income | 173.63 | 100.74 | (42.0 %) |
| Operating Income | 124.68 | 60.08 | (51.8 %) |
| Net Income | 119.42 | 61.13 | (48.8 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.78 | 0.40 | (48.8 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 327.45 | 315.06 | (3.8 %) |
| Gross Income | 109.01 | 100.74 | (7.6 %) |
| Operating Income | 64.91 | 60.08 | (7.4 %) |
| Net Income | 67.40 | 61.13 | (9.3 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.44 | 0.40 | (9.3 %) |
On a sequential basis, Q1 2022 net profit fell nearly 9.3% due to lower sales, lower other income and increased general and administrative expenses, despite a higher share in net results of associates as well as lower selling and distribution expenses, finance charges and Zakat.
Shareholders’ equity, excluding minority interest, declined almost 10% to SAR 2.494 billion by the end of Q1 2022, compared to SAR 2.771 billion in the prior-year period.
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