Southern Province Cement Co. reported a net profit after Zakat and tax of SAR 238 million in the first nine months of 2022, a 28% decline from SAR 331 million in the year-ago period.
The profit decline was attributed to lower sales revenues on a decrease in demand and selling prices, coupled with a surge in the prices production supplies.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,010.89 | 887.24 | (12.2 %) |
| Gross Income | 386.01 | 268.20 | (30.5 %) |
| Operating Income | 348.50 | 226.53 | (35.0 %) |
| Net Income | 331.24 | 238.41 | (28.0 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 2.37 | 1.70 | (28.0 %) |
In Q3 2022, net profit rose 20% to SAR 89 million, from SAR 74 million in the year before, on higher sales revenue driven by increased sales quantities.
Sequentially, the cement producer’s net profit grew 47% from SAR 60.5 million in Q2 2022.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 284.22 | 323.33 | 13.8 % |
| Gross Income | 98.58 | 105.75 | 7.3 % |
| Operating Income | 86.63 | 93.00 | 7.4 % |
| Net Income | 74.12 | 88.62 | 19.6 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.53 | 0.63 | 19.6 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 233.94 | 323.33 | 38.2 % |
| Gross Income | 56.11 | 105.75 | 88.5 % |
| Operating Income | 42.86 | 93.00 | 117.0 % |
| Net Income | 60.52 | 88.62 | 46.4 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.43 | 0.63 | 46.4 % |
Shareholders’ equity, excluding minority interest, rose to SAR 3.134 billion as of Sept. 30, 2022, from SAR 3.086 billion in the year-earlier period.
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