Southern Province Cement Co. reported a 28% drop in 2022 net profit to SAR 300 million, from SAR 419 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,339.35 | 1,222.41 | (8.7 %) |
| Gross Income | 505.41 | 361.06 | (28.6 %) |
| Operating Income | 453.22 | 297.96 | (34.3 %) |
| Net Income | 429.15 | 300.71 | (29.9 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 3.07 | 2.15 | (29.9 %) |
The company cited lower sales revenues on a drop in local sales and selling prices. It also reported higher operating expenses.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 328.46 | 335.17 | 2.0 % |
| Gross Income | 119.40 | 92.85 | (22.2 %) |
| Operating Income | 104.72 | 71.42 | (31.8 %) |
| Net Income | 97.91 | 62.30 | (36.4 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.70 | 0.45 | (36.4 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 323.33 | 335.17 | 3.7 % |
| Gross Income | 105.75 | 92.85 | (12.2 %) |
| Operating Income | 93.00 | 71.42 | (23.2 %) |
| Net Income | 88.62 | 62.30 | (29.7 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.63 | 0.45 | (29.7 %) |
In Q4 2022, net profit fell 29% to SAR 62.3 million, from SAR 87.9 million in the prior-year period.
Compared to the previous quarter, Q4 net profit declined by 29.4% from SAR 88.62 million.
Total shareholders’ equity, after minority interest, rose to SAR 3.20 billion as of Dec. 31, 2022, from SAR 3.18 billion a year earlier.
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