Umm Al-Qura Cement Co. reported a decline of 72% in net profit to SAR 23 million in 2022, from SAR 81.4 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 278.83 | 221.22 | (20.7 %) |
| Gross Income | 119.14 | 70.83 | (40.6 %) |
| Operating Income | 105.62 | 56.20 | (46.8 %) |
| Net Income | 81.44 | 22.99 | (71.8 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 1.48 | 0.42 | (71.8 %) |
The profit decline was attributed to lower value and volume of sales, higher cost of sales per ton, selling and marketing expenses, as well as general and administrative expenses.
This was in addition to other non-recurring events during the year such as the financial penalty by a government agency, valued at SAR 10 million which was related to previous years, besides a major technical failure that occurred to a primary component of cement mill No. (1).
The decrease was partially offset by lower financing cost and an increase in other revenues.
The cement producer reported a net loss of SAR 5.5 million in Q4 2022 against a profit of SAR 19.5 million in the year-ago period.
Sequentially, the company turned to loss from a profit of SAR 6.27 million in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 67.58 | 41.92 | (38.0 %) |
| Gross Income | 27.93 | 13.84 | (50.4 %) |
| Operating Income | 24.24 | 10.46 | (56.9 %) |
| Net Income | 19.51 | (6.31) | (132.4 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.35 | (0.11) | (132.4 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 54.22 | 41.92 | (22.7 %) |
| Gross Income | 15.32 | 13.84 | (9.7 %) |
| Operating Income | 11.44 | 10.46 | (8.6 %) |
| Net Income | 6.12 | (6.31) | (203.1 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.11 | (0.11) | (203.1 %) |
Total shareholders’ equity, excluding minority interest, rose to SAR 762.14 million as of Dec. 31, 2022, from SAR 752.50 million a year earlier.
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