Umm Al-Qura Cement Co. reported a net profit after Zakat and tax of SAR 22.2 million in H1 2022, a slump of 55% compared to SAR 49.5 million in the prior-year period.
The decline was triggered by lower sales value, higher selling and marketing expenses, and, increased general and administrative expenses, despite lower financing costs.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 154.30 | 125.08 | (18.9 %) |
| Gross Income | 68.81 | 41.67 | (39.4 %) |
| Operating Income | 62.27 | 34.30 | (44.9 %) |
| Net Income | 49.45 | 23.18 | (53.1 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.90 | 0.42 | (53.1 %) |
The cement producer’s Q2 2022 net profit after Zakat and tax dropped 55% to SAR 8.3 million from SAR 18.41 million a year earlier, driven by lower value of sales, higher cost of sales and increased selling and marketing expenses.
On a sequential basis, Q2 net profit dropped by 39.8% from SAR 13.85 million.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 63.90 | 59.48 | (6.9 %) |
| Gross Income | 27.95 | 17.86 | (36.1 %) |
| Operating Income | 24.45 | 13.85 | (43.3 %) |
| Net Income | 18.41 | 8.68 | (52.9 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.33 | 0.16 | (52.9 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 65.60 | 59.48 | (9.3 %) |
| Gross Income | 23.80 | 17.86 | (25.0 %) |
| Operating Income | 20.45 | 13.85 | (32.3 %) |
| Net Income | 14.51 | 8.68 | (40.2 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.26 | 0.16 | (40.2 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 758.301 million by the end of H1 2022, compared to SAR 747.709 million in the year-earlier period.
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