Southern Province Cement Co. reported a net profit of SAR 121 million in the first nine months of 2023, a 49% decline from SAR 238 million in the year-ago period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 887.24 | 812.32 | (8.4 %) |
| Gross Income | 268.20 | 188.12 | (29.9 %) |
| Operating Income | 226.53 | 135.22 | (40.3 %) |
| Net Income | 238.41 | 121.19 | (49.2 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 1.70 | 0.87 | (49.2 %) |
The profit decline was attributed to a decline in sales revenues due to lower domestic demand and a decrease in selling prices, along with higher general, administrative, and selling expenses.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 323.33 | 286.47 | (11.4 %) |
| Gross Income | 105.75 | 80.73 | (23.7 %) |
| Operating Income | 93.00 | 58.46 | (37.1 %) |
| Net Income | 88.62 | 53.26 | (39.9 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.63 | 0.38 | (39.9 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 226.01 | 286.47 | 26.8 % |
| Gross Income | 36.60 | 80.73 | 120.6 % |
| Operating Income | 23.31 | 58.46 | 150.8 % |
| Net Income | 19.04 | 53.26 | 179.8 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.14 | 0.38 | 179.8 % |
In Q3 2023, net profit dropped 40% to SAR 53 million from SAR 89 million in the year before, due to a decline in sales revenues on lower domestic demand and decrease in selling prices.
Sequentially, the cement producer’s Q3 net profit soared from SAR 19.04 million in Q2 2023.
Shareholders’ equity, excluding minority interest, rose to SAR 3.20 billion as of Sept. 30, 2023, from SAR 3.13 billion in the year-earlier period.
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