Qassim Cement Co. reported a profit rise of 31% to SAR 101.1 million in the first nine months of 2023 from SAR 77.5 million a year earlier, backed by improved revenues from financial investments.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 461.40 | 432.10 | (6.4 %) |
| Gross Income | 111.14 | 107.27 | (3.5 %) |
| Operating Income | 84.23 | 81.18 | (3.6 %) |
| Net Income | 77.47 | 101.08 | 30.5 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.86 | 1.12 | 30.5 % |
In Q3 2023, net earnings fell by 66% to SAR 8.1 million from SAR 23.4 million in Q3 2022, hurt by lower sales value and volume.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 166.78 | 120.84 | (27.5 %) |
| Gross Income | 38.09 | 13.07 | (65.7 %) |
| Operating Income | 28.37 | 6.08 | (78.6 %) |
| Net Income | 23.43 | 8.05 | (65.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.26 | 0.09 | (65.7 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 137.19 | 120.84 | (11.9 %) |
| Gross Income | 37.56 | 13.07 | (65.2 %) |
| Operating Income | 27.52 | 6.08 | (77.9 %) |
| Net Income | 38.10 | 8.05 | (78.9 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.42 | 0.09 | (78.9 %) |
The cement producer’s net profit dived 78.9% from SAR 38.1 million in Q2 2023 on a decline in sales value and revenues from financial investments.
Total shareholders’ equity, no minority interest, declined to SAR 1.59 billion as of Sept. 30, 2023, up from SAR 1.66 billion in the prior-year period.
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