Najran Cement Co. reported a net profit after Zakat and tax of SAR 36.5 million for the first half of 2022, falling 61% from SAR 93.5 million in the previous year.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 316.01 | 247.92 | (21.5 %) |
| Gross Income | 122.05 | 69.11 | (43.4 %) |
| Operating Income | 98.91 | 42.83 | (56.7 %) |
| Net Income | 93.45 | 36.54 | (60.9 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.55 | 0.21 | (60.9 %) |
The profit decline was due to a drop in sales and the higher cost of production.
The cement producer reported a net profit after Zakat and tax of SAR 13.3 million in Q2 2022, a decline of 60%, compared to SAR 32.7 million in the same period last year, hit by lower sales, as well as a rise in production input costs, and selling and marketing expenses.
On a sequential basis, net profit fell 43% from SAR 23.3 million in Q1 2022 on lower cement demand during Ramadan and Eid Al-Fitr season as well as higher general and administrative (G&A) expenses.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 131.58 | 108.05 | (17.9 %) |
| Gross Income | 46.66 | 30.80 | (34.0 %) |
| Operating Income | 35.05 | 16.71 | (52.3 %) |
| Net Income | 32.71 | 13.26 | (59.5 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.19 | 0.08 | (59.5 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 139.87 | 108.05 | (22.7 %) |
| Gross Income | 38.31 | 30.80 | (19.6 %) |
| Operating Income | 26.13 | 16.71 | (36.1 %) |
| Net Income | 23.29 | 13.26 | (43.1 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.14 | 0.08 | (43.1 %) |
Total shareholders’ equity, after minority interest, dropped 3.1% to SAR 1.959 billion as of June 30, 2022, from SAR 2.021 billion a year earlier.
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