Qassim Cement Co. reported a net profit after Zakat and tax of SAR 54 million in H1 2022, a decline of 73% from SAR 201.1 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 421.16 | 294.62 | (30.0 %) |
| Gross Income | 212.48 | 73.05 | (65.6 %) |
| Operating Income | 195.68 | 55.87 | (71.5 %) |
| Net Income | 201.05 | 54.04 | (73.1 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 2.23 | 0.60 | (73.1 %) |
The profit decline was attributed to lower sales value and volume, higher cost of goods sold, and lower financial investments return. This came despite an increase in other income and a decrease in Zakat expenses.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 197.81 | 152.13 | (23.1 %) |
| Gross Income | 100.09 | 45.67 | (54.4 %) |
| Operating Income | 91.69 | 37.01 | (59.6 %) |
| Net Income | 100.18 | 28.96 | (71.1 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 1.11 | 0.32 | (71.1 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 142.49 | 152.13 | 6.8 % |
| Gross Income | 27.37 | 45.67 | 66.8 % |
| Operating Income | 18.86 | 37.01 | 96.3 % |
| Net Income | 25.08 | 28.96 | 15.4 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.28 | 0.32 | 15.4 % |
The cement producer reported a net profit of SAR 29 million for Q2 2022, a 71% decline from SAR 100.18 million in Q2 2021.
When compared to previous quarter, net profit rose 15.4% in Q2 2022 from SAR 25.09 million on higher sales backed by a rise in selling prices.
Total shareholders’ equity, excluding minority interest, stood at SAR 1.690 billion as of June 30, 2022, declining from SAR 1.803 billion in a year earlier period.
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