Saudi Cement Co. (SCC) posted a 5% decline in net profit to SAR 381 million for 2023 from SAR 398.8 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,419.82 | 1,461.83 | 3.0 % |
| Gross Income | 568.88 | 572.93 | 0.7 % |
| Operating Income | 403.91 | 362.39 | (10.3 %) |
| Net Income | 398.84 | 381.03 | (4.5 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 2.61 | 2.49 | (4.5 %) |
The profit decline was driven by an increase in selling and distribution expenses, higher general and administrative costs, rise in financial charges, decrease in the company’s share of profit in an associate and higher Zakat expenses.
However, the cement producer reported an increase in other revenues and a gain on the sale of an investment related to a subsidiary.
The company’s Q4 2023 profit fell 33% to SAR 103.8 million, compared to SAR 154.52 million in the same period last year.
Sequentially, the profit rose 52% from SAR 68.26 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 427.74 | 380.94 | (10.9 %) |
| Gross Income | 197.81 | 137.66 | (30.4 %) |
| Operating Income | 155.14 | 84.22 | (45.7 %) |
| Net Income | 154.52 | 103.79 | (32.8 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 1.01 | 0.68 | (32.8 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 315.00 | 380.94 | 20.9 % |
| Gross Income | 114.42 | 137.66 | 20.3 % |
| Operating Income | 60.68 | 84.22 | 38.8 % |
| Net Income | 68.26 | 103.79 | 52.0 % |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.45 | 0.68 | 52.0 % |
Shareholders’ equity, excluding minority interest, declined to SAR 2.15 billion as of Dec. 31, 2023, from SAR 2.29 billion a year ago.
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