Northern Region Cement Co.’s 2023 net profit dropped 50% to SAR 56.4 million, compared to SAR 112.5 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 617.96 | 689.55 | 11.6 % |
| Gross Income | 224.03 | 201.37 | (10.1 %) |
| Operating Income | 140.18 | 127.32 | (9.2 %) |
| Net Income | 112.02 | 56.26 | (49.8 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.62 | 0.31 | (49.8 %) |
The profit decline was due to the settlement with the Zakat, Tax and Customs Authority for 2014 to 2019. This is in addition to the significant increase in financing costs due to higher global interest rates. The company also cited lower sales prices in 2023, compared to the previous year.
Revenues also increased year-on-year (YoY) in 2023 due to the rise in sales volumes, despite lower average prices on an annual basis.
The cement producer incurred a net loss of SAR 7.8 million in Q4 2023, against a net profit of SAR 37.02 million a year before.
Compared to the previous quarter, Northern Cement swung to losses from a profit of SAR 23.26 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 185.02 | 175.32 | (5.2 %) |
| Gross Income | 76.93 | 61.75 | (19.7 %) |
| Operating Income | 44.76 | 38.36 | (14.3 %) |
| Net Income | 36.59 | (7.93) | (121.7 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.20 | (0.04) | (121.7 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 175.20 | 175.32 | 0.1 % |
| Gross Income | 55.53 | 61.75 | 11.2 % |
| Operating Income | 35.96 | 38.36 | 6.7 % |
| Net Income | 23.26 | (7.93) | (134.1 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.13 | (0.04) | (134.1 %) |
Total shareholders’ equity, after minority interest, rose to SAR 22.40 billion as of Dec. 31, 2023, from SAR 22.28 billion a year earlier.
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