Najran Cement Co.’s profits declined slightly in the first half of 2023 to SAR 36.3 million from SAR 36.5 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 247.92 | 244.98 | (1.2 %) |
| Gross Income | 69.11 | 70.78 | 2.4 % |
| Operating Income | 42.83 | 49.14 | 14.7 % |
| Net Income | 36.54 | 36.34 | (0.5 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.21 | 0.21 | (0.5 %) |
The marginal decline was attributed to an increase in financing costs, which were offset by a decrease in selling and distribution expenses as well as the cost of sales.
The company’s net profit fell in Q2 2023 by 45% to SAR 7.4 million from SAR 13.26 million in Q2 2022.
On a quarterly basis, net earnings dropped 74.6% from SAR 28.98 million in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 108.05 | 101.30 | (6.3 %) |
| Gross Income | 30.80 | 25.46 | (17.3 %) |
| Operating Income | 16.71 | 13.92 | (16.7 %) |
| Net Income | 13.26 | 7.36 | (44.5 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.08 | 0.04 | (44.5 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 143.68 | 101.30 | (29.5 %) |
| Gross Income | 45.32 | 25.46 | (43.8 %) |
| Operating Income | 35.22 | 13.92 | (60.5 %) |
| Net Income | 28.98 | 7.36 | (74.6 %) |
| Average Shares | 170.00 | 170.00 | - |
| EPS (Riyals) | 0.17 | 0.04 | (74.6 %) |
Total shareholders’ equity, with no minority interests, stood at SAR 1.98 billion as of June 30, 2023, compared to SAR 1.95 billion in a prior-year period.
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