Saudi Cement Co. (SCC) posted a 14% rise in net profit to SAR 277.2 million for the first nine months of 2023, from SAR 244.3 million in the corresponding period last year.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 992.08 | 1,080.89 | 9.0 % |
| Gross Income | 371.07 | 435.27 | 17.3 % |
| Operating Income | 248.77 | 278.17 | 11.8 % |
| Net Income | 244.31 | 277.24 | 13.5 % |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 1.60 | 1.81 | 13.5 % |
The profit rise was buoyed by higher sales revenue on the increase in total sales value and volumes as well as other revenue. This is in addition to a higher gain on the sale of investments related to a subsidiary and a decrease in Zakat expenses. This was despite higher selling, distribution, general and administrative expenses.
The cement producer's Q3 2023 earnings dropped 15.3% year-on-year (YoY) from SAR 80.6 million to SAR 68.3 million, hurt by lower sales revenue due to the decrease in sales value and volumes.
Compared to Q2 2023, net profit decreased by 19.8% from SAR 85.1 million.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 328.05 | 315.00 | (4.0 %) |
| Gross Income | 124.36 | 114.42 | (8.0 %) |
| Operating Income | 85.75 | 60.68 | (29.2 %) |
| Net Income | 80.65 | 68.26 | (15.4 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.53 | 0.45 | (15.4 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 356.26 | 315.00 | (11.6 %) |
| Gross Income | 145.08 | 114.42 | (21.1 %) |
| Operating Income | 93.75 | 60.68 | (35.3 %) |
| Net Income | 85.19 | 68.26 | (19.9 %) |
| Average Shares | 153.00 | 153.00 | - |
| EPS (Riyals) | 0.56 | 0.45 | (19.9 %) |
Shareholders’ equity, no minority interest, declined to SAR 2.07 billion as of Sept. 30, 2023, from SAR 2.14 billion in the year-ago period.
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