Tabuk Cement Co. reported a net profit of SAR 25.2 million for the first nine months of 2023, surging from SAR 3.4 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 210.11 | 198.79 | (5.4 %) |
| Gross Income | 36.99 | 51.08 | 38.1 % |
| Operating Income | 15.54 | 28.05 | 80.5 % |
| Net Income | 3.36 | 25.16 | 648.7 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.04 | 0.28 | 648.7 % |
This was propelled by a jump in sales value due to the increase in the average selling prices. The company also cited higher other income and lower cost of finance. Tabuk Cement obtained gains from equity instrument investments in TAQA of SAR 5.08 million.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 73.68 | 54.13 | (26.5 %) |
| Gross Income | 18.89 | 5.51 | (70.8 %) |
| Operating Income | 11.24 | (2.30) | (120.5 %) |
| Net Income | 7.79 | (4.15) | (153.2 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.09 | (0.05) | (153.2 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 58.38 | 54.13 | (7.3 %) |
| Gross Income | 14.96 | 5.51 | (63.1 %) |
| Operating Income | 7.67 | (2.30) | (130.0 %) |
| Net Income | 9.97 | (4.15) | (141.6 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.11 | (0.05) | (141.6 %) |
The cement producer reported a net loss of SAR 4.2 million in Q3 2023, versus net earnings of SAR 7.7 million a year earlier, driven by lower sales value, as well as sales volumes and average selling prices.
On a quarterly basis, the company swung to a loss from a net profit of SAR 9.97 million in Q2 2023 on a decline in sales value, average selling prices and other income.
Total shareholders’ equity, no minority interest, stood at SAR 1.31 billion by Sept. 30, 2023, compared to SAR 1.24 billion in the prior-year period.
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