Hail Cement Co. reported a net profit of nearly SAR 21.3 million for the first nine months of 2023, against a loss of SAR 5.9 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 268.22 | 173.16 | (35.4 %) |
| Gross Income | 32.95 | 37.17 | 12.8 % |
| Operating Income | 16.12 | 20.15 | 25.0 % |
| Net Income | (5.90) | 21.38 | 462.1 % |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | (0.06) | 0.22 | 462.1 % |
The profit was driven by lower general, administrative and Zakat expenses, as well as realizing gains on financial investment at fair market values. The cement producer also reported higher interest income on Murabaha deposits.
This was partially offset by lower sales value and volume.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 103.28 | 51.53 | (50.1 %) |
| Gross Income | 16.63 | 7.35 | (55.8 %) |
| Operating Income | 11.14 | 0.83 | (92.6 %) |
| Net Income | 7.82 | (3.11) | (139.7 %) |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | 0.08 | (0.03) | (139.7 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 59.78 | 51.53 | (13.8 %) |
| Gross Income | 7.23 | 7.35 | 1.7 % |
| Operating Income | 3.20 | 0.83 | (74.2 %) |
| Net Income | 5.98 | (3.11) | (152.0 %) |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | 0.06 | (0.03) | (152.0 %) |
The company reported a net loss of SAR 3.1 million in Q3 2023, against a profit of SAR 7.8 in Q3 2022, on lower sales, and, higher Zakat, general and administrative expenses.
Sequentially, Hail Cement turned to a loss versus a profit of SAR 5.98 million in Q2 2023.
Shareholders’ equity, excluding minority interest, stood at SAR 1.02 billion as of Sept. 30, 2023, from SAR 1.05 billion a year earlier.
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