Southern Province Cement Co. reported a net profit after Zakat and tax of SAR 150 million in H1 2022, a slump of 42%, compared to SAR 257 million in the prior-year period.
This was triggered by lower revenue, weaker demand, decreased selling prices and higher general and administrative expenses (G&As).
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 726.67 | 563.91 | (22.4 %) |
| Gross Income | 287.42 | 162.45 | (43.5 %) |
| Operating Income | 261.81 | 133.53 | (49.0 %) |
| Net Income | 256.61 | 149.79 | (41.6 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 1.83 | 1.07 | (41.6 %) |
The company’s Q2 2022 net profit after Zakat and tax dropped 30% to SAR 61 million from SAR 87 million a year earlier, driven by lower sales revenue on lower demand and decreased selling prices.
On a sequential basis, net profit dropped by 31.5%, impacted by a decline in revenue and demand.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 287.33 | 233.94 | (18.6 %) |
| Gross Income | 103.27 | 56.11 | (45.7 %) |
| Operating Income | 90.79 | 42.86 | (52.8 %) |
| Net Income | 87.47 | 60.52 | (30.8 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.62 | 0.43 | (30.8 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 329.97 | 233.94 | (29.1 %) |
| Gross Income | 106.34 | 56.11 | (47.2 %) |
| Operating Income | 90.67 | 42.86 | (52.7 %) |
| Net Income | 89.27 | 60.52 | (32.2 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.64 | 0.43 | (32.2 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 3.150 billion by the end of H1 2022, compared to SAR 3.186 billion in the year-earlier period.
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