Umm Al-Qura Cement Co. reported a net profit of SAR 8.6 million for H1 2023, a slump of 63% compared to SAR 23.2 million in the prior-year period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 125.08 | 84.99 | (32.1 %) |
| Gross Income | 41.67 | 26.24 | (37.0 %) |
| Operating Income | 34.30 | 18.83 | (45.1 %) |
| Net Income | 23.18 | 8.60 | (62.9 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.42 | 0.16 | (62.9 %) |
The profit decline was due to decreased sales value on lower sales volume, along with the financial impact of the technical malfunction in one of the components of the cement mill No (1). The company also cited an increase in general and administrative expenses.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 59.48 | 37.83 | (36.4 %) |
| Gross Income | 17.86 | 10.99 | (38.5 %) |
| Operating Income | 13.85 | 7.20 | (48.0 %) |
| Net Income | 8.68 | 1.83 | (79.0 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.16 | 0.03 | (79.0 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 47.16 | 37.83 | (19.8 %) |
| Gross Income | 15.25 | 10.99 | (27.9 %) |
| Operating Income | 11.63 | 7.20 | (38.1 %) |
| Net Income | 6.78 | 1.83 | (73.1 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.12 | 0.03 | (73.1 %) |
The cement producer’s Q2 2023 net profit dropped 79% to SAR 1.8 million from SAR 8.68 million a year earlier, driven by lower value of sales, as well as increased general and administrative.
On a sequential basis, Q2 net profit dropped by 73.1% from SAR 6.78 million.
Total shareholders’ equity, no minority interest, stood at SAR 770.75 million by the end of H1 2023, compared to SAR 9.44 million in the year-earlier period.
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