Arabian Cement Co. (ACC) reported a net profit after Zakat and tax of SAR 145.9 million for the first nine months of 2022, a 6% jump, compared to SAR 138.2 million in the year-earlier period.
The higher profit was attributed to increased profit share from associate companies, a rise in other income, lower finance costs and a decline in Zakat and income tax provisions, despite decreased sales value and volumes.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 777.40 | 730.84 | (6.0 %) |
| Gross Income | 234.86 | 218.83 | (6.8 %) |
| Operating Income | 161.70 | 153.78 | (4.9 %) |
| Net Income | 138.21 | 145.89 | 5.6 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 1.38 | 1.46 | 5.6 % |
Q3 2022 net profit after Zakat and tax amounted to SAR 59 million, up by 56% from SAR 37.73 million, due to higher average selling prices for the parent company, increased sales volumes and value for the Jordan subsidiary, lower selling and distribution expenses, and higher profit share from associate companies.
On a sequential basis, Q3 net profit increased 31% from SAR 45.03 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 222.92 | 240.57 | 7.9 % |
| Gross Income | 67.76 | 81.78 | 20.7 % |
| Operating Income | 45.74 | 63.79 | 39.4 % |
| Net Income | 37.73 | 58.95 | 56.3 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.38 | 0.59 | 56.3 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 231.01 | 240.57 | 4.1 % |
| Gross Income | 67.93 | 81.78 | 20.4 % |
| Operating Income | 45.59 | 63.79 | 39.9 % |
| Net Income | 45.03 | 58.95 | 30.9 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.45 | 0.59 | 30.9 % |
Total shareholders’ equity, after minority interest, reached SAR 2.602 billion as of Sept. 30, 2022, compared to SAR 2.740 billion in the year-earlier period.
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