Umm Al-Qura Cement Co. reported a net profit after Zakat and tax of SAR 28.5 million for the first nine months of 2022, a decrease of 54%, from SAR 61.9 million in the same period a year ago.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 211.26 | 179.30 | (15.1 %) |
| Gross Income | 91.21 | 56.99 | (37.5 %) |
| Operating Income | 81.38 | 45.74 | (43.8 %) |
| Net Income | 61.93 | 29.30 | (52.7 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 1.13 | 0.53 | (52.7 %) |
The cement producer attributed the profit fall to lower sales due to a decline in the quantity and average selling price.
The company also cited the financial impact of the technical malfunction in cement mill No. (1), in addition to higher cost of sales, as well as selling and marketing expenses, and general and administrative costs.
The company’s net profit after Zakat and tax for Q3 2022 stood at SAR 6.3 million, declining by 50% year-on-year (YoY), mainly due to lower sales.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 56.96 | 54.22 | (4.8 %) |
| Gross Income | 22.40 | 15.32 | (31.6 %) |
| Operating Income | 19.11 | 11.44 | (40.1 %) |
| Net Income | 12.47 | 6.12 | (50.9 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.23 | 0.11 | (50.9 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 59.48 | 54.22 | (8.9 %) |
| Gross Income | 17.86 | 15.32 | (14.2 %) |
| Operating Income | 13.85 | 11.44 | (17.4 %) |
| Net Income | 8.68 | 6.12 | (29.4 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.16 | 0.11 | (29.4 %) |
On a sequential basis, Q3 2022 net profit dropped 24.8% from SAR 8.33 million.
Shareholder’s equity, excluding minority rights, at the end of 9M 2022 stood at SAR 765 million, compared to SAR 732.9 million a year ago.
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