Financial Results : Najran Cement 2023 profit falls 38% to SAR 69.4M; Q4 at SAR 19.1M

Najran Cement 2023 profit falls 38% to SAR 69.4M; Q4 at SAR 19.1M

05/05/2024 Argaam Exclusive

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Najran Cement Co. reported a decline of 38% in net profit to SAR 69.4 million in Q1 2024, from SAR 112.8 million a year earlier.


Financials (M)

Item 2022 2023 Change‬
Revenues 535.69 485.65 (9.3 %)
Gross Income 170.77 142.43 (16.6 %)
Operating Income 127.44 97.73 (23.3 %)
Net Income 112.81 69.43 (38.4 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.66 0.41 (38.4 %)

The profit decline was due to lower sales on a decline sales quantities and selling prices.

 

The company also posted lower sales, higher cost of production inputs and an increase in the finance cost.

 

The cement producer’s Q4 2023 net profit dropped 61% to SAR 19.1 million from SAR 48.39 million in the year-ago period.

 

Sequentially, Najran Cement’s Q4 net profit rose 36.1% from SAR 14.02 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 160.08 126.83 (20.8 %)
Gross Income 64.78 39.28 (39.4 %)
Operating Income 53.69 27.71 (48.4 %)
Net Income 48.39 19.07 (60.6 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.28 0.11 (60.6 %)

Total shareholders’ equity, no minority interest, climbed to SAR 2 billion as of Dec. 31, 2023, from SAR 1.97 billion a year earlier.

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