City Cement Co. reported a 16% drop in net profit to SAR 56.3 million for the first nine months of 2023, compared to SAR 67.3 million.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 297.42 | 256.72 | (13.7 %) |
| Gross Income | 87.59 | 76.81 | (12.3 %) |
| Operating Income | 62.31 | 48.72 | (21.8 %) |
| Net Income | 67.26 | 56.30 | (16.3 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.48 | 0.40 | (16.3 %) |
The lower profit was attributed to a decline in sales volumes.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 100.08 | 70.68 | (29.4 %) |
| Gross Income | 28.44 | 12.99 | (54.3 %) |
| Operating Income | 20.61 | 2.92 | (85.8 %) |
| Net Income | 25.26 | 4.42 | (82.5 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.18 | 0.03 | (82.5 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 77.79 | 70.68 | (9.1 %) |
| Gross Income | 30.84 | 12.99 | (57.9 %) |
| Operating Income | 21.60 | 2.92 | (86.5 %) |
| Net Income | 24.29 | 4.42 | (81.8 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.17 | 0.03 | (81.8 %) |
In Q3 2023, net profit plummeted 83% to SAR 4.4 million from SAR 25.26 million in Q3 2022, due to lower sales volume and value.
The cement producer’s bottom line plunged 81.8% from SAR 24.29 million in Q2 2023.
Total shareholders’ equity, no minority interest, stood at SAR 1.74 billion as of Sept. 30, 2023, compared to SAR 1.77 billion a year earlier.
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