Qassim Cement 2023 profit up 9% to SAR 142M; Q4 at SAR 40.9M

Qassim Cement 2023 profit up 9% to SAR 142M; Q4 at SAR 40.9M

21/02/2024 Argaam Exclusive

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Qassim Cement Co.’s 2023 net profit rose 9% to SAR 142 million, compared to SAR 130.5 million in 2022.


Financials (M)

Item 2022 2023 Change‬
Revenues 678.46 583.56 (14.0 %)
Gross Income 188.49 152.39 (19.1 %)
Operating Income 143.55 113.76 (20.8 %)
Net Income 130.51 141.97 8.8 %
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items 1.45 1.58 8.8 %
EPS (Riyals) 1.45 1.58 8.8 %

The profit growth was driven by higher financial investment returns, as well as lower selling and marketing expenses. The company also cited a decrease in general and administrative expenses and lower Zakat expenses, despite a fall in sales.

 

The cement producer posted a 14% drop year-on-year (YoY) in revenues due to lower sales volume and average selling prices.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 217.05 151.46 (30.2 %)
Gross Income 77.35 45.13 (41.7 %)
Operating Income 59.32 32.58 (45.1 %)
Net Income 53.04 40.89 (22.9 %)
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items 0.59 0.45 (22.9 %)
EPS (Riyals) 0.59 0.45 (22.9 %)

In Q4 2023, net profit dropped 23% to SAR 40.9 million, from SAR 53 million in the prior-year period. 

 

Compared to the previous quarter, net profit soared from SAR 8.05 million in Q3 2023.

 

Total shareholders’ equity, no minority interest, declined to SAR 1.57 billion as of Dec. 31, 2023, from SAR 1.66 billion a year earlier.

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