Northern Region Cement Co. reported a net profit of SAR 64.8 million in the first nine months of 2023, a 14% decline compared to SAR 75.4 million in the year-ago period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 432.94 | 514.23 | 18.8 % |
| Gross Income | 147.10 | 139.62 | (5.1 %) |
| Operating Income | 95.43 | 88.86 | (6.9 %) |
| Net Income | 75.43 | 64.19 | (14.9 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.42 | 0.36 | (14.9 %) |
The profit hike was attributed to the increase in financing costs, despite the higher sales volume and increased returns from external investments.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 166.26 | 175.20 | 5.4 % |
| Gross Income | 62.00 | 55.53 | (10.4 %) |
| Operating Income | 32.82 | 35.96 | 9.5 % |
| Net Income | 27.56 | 23.26 | (15.6 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.15 | 0.13 | (15.6 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 157.94 | 175.20 | 10.9 % |
| Gross Income | 40.14 | 55.53 | 38.4 % |
| Operating Income | 25.24 | 35.96 | 42.5 % |
| Net Income | 19.52 | 23.26 | 19.1 % |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.11 | 0.13 | 19.1 % |
In Q3 2023, the net profit saw a 13% fall to SAR 23.9 million from SAR 27.6 million the year before, due to higher financing costs.
Sequentially, the cement producer’s net profit rose 22.3% from SAR 19.5 million in Q2 2023.
Shareholders’ equity, excluding minority interest, amounted to SAR 2.24 billion as of Sept. 30, 2023, from SAR 2.23 billion in the year-earlier period.
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