City Cement Co. reported a net profit after Zakat and tax of SAR 17.2 million for Q1 2022, a 74% decline from SAR 66.1 million in the same period a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 170.63 | 108.10 | (36.6 %) |
| Gross Income | 76.15 | 26.29 | (65.5 %) |
| Operating Income | 66.53 | 17.47 | (73.7 %) |
| Net Income | 66.02 | 17.15 | (74.0 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.47 | 0.12 | (74.0 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 94.70 | 108.10 | 14.1 % |
| Gross Income | 26.76 | 26.29 | (1.8 %) |
| Operating Income | 18.29 | 17.47 | (4.4 %) |
| Net Income | 6.51 | 17.15 | 163.7 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.05 | 0.12 | 163.7 % |
The profit decline is attributed to lower sales value and volume, as well as average selling price, despite a decrease in general and administrative expenses.
Sequentially, the company’s net profit soared from SAR 6.5 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, stood at SAR 1.77 billion as of March 31, 2022, declining by 3.4% from SAR 1.84 billion a year earlier.
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