Tabuk Cement Co. reported an 81% slump in net profit after Zakat and tax to SAR 3.4 million in the first nine months of 2022, from SAR 17.4 million a year earlier on higher cost of revenue.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 174.22 | 210.11 | 20.6 % |
| Gross Income | 39.20 | 36.99 | (5.6 %) |
| Operating Income | 19.61 | 15.54 | (20.8 %) |
| Net Income | 17.42 | 3.36 | (80.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.19 | 0.04 | (80.7 %) |
The cement producer attributed the profit decline mainly to higher cost of revenue as well as increase in general, administrative and marketing expenses.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 48.00 | 73.68 | 53.5 % |
| Gross Income | 8.79 | 18.89 | 115.0 % |
| Operating Income | 2.55 | 11.24 | 340.0 % |
| Net Income | 8.48 | 7.79 | (8.1 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.09 | 0.09 | (8.1 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 74.25 | 73.68 | (0.8 %) |
| Gross Income | 13.09 | 18.89 | 44.3 % |
| Operating Income | 6.79 | 11.24 | 65.5 % |
| Net Income | 2.49 | 7.79 | 213.0 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.03 | 0.09 | 213.0 % |
In Q3 2022, net profit after Zakat and tax declined 8% year-on-year to SAR 7.8 million, from SAR 8.48 million on higher cost of revenue.
The company’s net profit after Zakat and tax more than tripled from SAR 2.49 million in Q2 2022.
Shareholders’ equity, excluding minority interest, dropped to SAR 1.248 billion as of Sept. 30, 2022, from SAR 1.266 billion a year earlier.
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