Qassim Cement’s 9M 2023 profit rises 31% to SAR 101.1 mln; Q3 drops to SAR 8.1 mln

Qassim Cement’s 9M 2023 profit rises 31% to SAR 101.1 mln; Q3 drops to SAR 8.1 mln

08/11/2023 Argaam Exclusive

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Qassim Cement Co. reported a profit rise of 31% to SAR 101.1 million in the first nine months of 2023 from SAR 77.5 million a year earlier, backed by improved revenues from financial investments.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 461.40 432.10 (6.4 %)
Gross Income 111.14 107.27 (3.5 %)
Operating Income 84.23 81.18 (3.6 %)
Net Income 77.47 101.08 30.5 %
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items 0.86 1.12 30.5 %
EPS (Riyals) 0.86 1.12 30.5 %

In Q3 2023, net earnings fell by 66% to SAR 8.1 million from SAR 23.4 million in Q3 2022, hurt by lower sales value and volume.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 166.78 120.84 (27.5 %)
Gross Income 38.09 13.07 (65.7 %)
Operating Income 28.37 6.08 (78.6 %)
Net Income 23.43 8.05 (65.7 %)
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items 0.26 0.09 (65.7 %)
EPS (Riyals) 0.26 0.09 (65.7 %)

The cement producer’s net profit dived 78.9% from SAR 38.1 million in Q2 2023 on a decline in sales value and revenues from financial investments.

 

Total shareholders’ equity, no minority interest, declined to SAR 1.59 billion as of Sept. 30, 2023, up from SAR 1.66 billion in the prior-year period.

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