Umm Al-Qura Cement Co. reported earnings of SAR 4 million for 2023, down from SAR 23 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 221.22 | 168.95 | (23.6 %) |
| Gross Income | 70.83 | 32.89 | (53.6 %) |
| Operating Income | 56.20 | 15.13 | (73.1 %) |
| Net Income | 22.99 | 3.95 | (82.8 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.42 | 0.07 | (82.8 %) |
The profit decline was attributed to lower quantity and value of sales, a higher cost of sales per ton, an increase in general and administrative expenses, as well as a rise in Zakat expenses.
However, selling and distribution expenses and financing costs declined, while other income increased.
The cement producer reported a net loss of SAR 6.1 million in Q4 2023 compared with SAR 6.3 million in the year-ago period.
Sequentially, the company turned to loss from a profit of SAR 1.45 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 41.92 | 50.44 | 20.3 % |
| Gross Income | 13.84 | 4.16 | (70.0 %) |
| Operating Income | 10.46 | (1.01) | (109.6 %) |
| Net Income | (6.31) | (6.10) | 3.4 % |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | (0.11) | (0.11) | 3.4 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 33.52 | 50.44 | 50.5 % |
| Gross Income | 2.49 | 4.16 | 67.0 % |
| Operating Income | (2.70) | (1.01) | 62.7 % |
| Net Income | 1.45 | (6.10) | (521.7 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.03 | (0.11) | (521.7 %) |
Total shareholders’ equity, no minority interest, rose to SAR 766.03 million as of Dec. 31, 2023, from SAR 762.14 million a year earlier.
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