Arabian Cement H1 2023 profit drops 11% to SAR 77.2 mln; Q2 at SAR 28 mln

07/08/2023 Argaam Exclusive
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Arabian Cement Co. reported a net profit of SAR 77.2 million in H1 2023, a drop of 11% from SAR 86.9 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 490.27 436.88 (10.9 %)
Gross Income 137.05 113.55 (17.1 %)
Operating Income 90.00 78.07 (13.3 %)
Net Income 86.93 77.16 (11.2 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items 0.87 0.77 (11.2 %)
EPS (Riyals) 0.87 0.77 (11.2 %)

Net profit was affected by parent company’s lower sales volume and value as demand declined and the period coincided with Eid Al-Adha. This was despite an increase in average selling prices for the parent company.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 231.01 196.79 (14.8 %)
Gross Income 67.93 46.82 (31.1 %)
Operating Income 45.59 26.37 (42.2 %)
Net Income 45.03 27.98 (37.9 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items 0.45 0.28 (37.9 %)
EPS (Riyals) 0.45 0.28 (37.9 %)

The cement producer reported a 38% fall in net profit to SAR 28 million in Q2 2023, compared to SAR 45 million in Q2 2022, on a decline in sales volume and value amid weak demand despite higher average selling prices for the parent company.

 

The net profit also dipped 43.1% from SAR 49.18 million in Q1 2023 on lower sales volume and value.

 

Shareholders’ equity, after minority interest, decreased to SAR 2.60 billion as of June 30, 2023, from SAR 2.65 billion a year earlier.

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Share Price

Arabian Cement Co.
26.90
0.15 0.56 %

Arabian Cement Co. (ACC)

1 Day 0.56 % 5 Days 5.28 % 3 Months 3.86 % 6 Months 2.48 % Year (16.72 %) 2 Years (24.65 %) 5 Years 12.08 % All 3.78 %
Created with Highstock 6.0.710:1510:3010:4010:5011:0511:3011:4011:5012:0012:1012:2012:3512:4512:5513:0513:4014:0014:2014:5015:1538.6038.8039.0039.2039.4039.6039.8040.0040.2040.40
Close : 39.90 | Mar 27, 15:16
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Financial Ratios
Current
Market Cap (M Riyal) 2,690.00
Enterprise Value (EV) (M) 2,724.62
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 25.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.80
P/E (TTM) 16.80
Price/book 1.05
Return on Average Assets (%) (TTM) 5.1
Return on Average Equity (%) (TTM) 5.6
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