Northern Region Cement Co. posted a net profit of SAR 21.8 million for Q1 2023, down 7% from SAR 23.3 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 133.26 | 181.09 | 35.9 % |
| Gross Income | 46.47 | 43.95 | (5.4 %) |
| Operating Income | 29.72 | 27.66 | (6.9 %) |
| Net Income | 23.24 | 21.40 | (7.9 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.13 | 0.12 | (7.9 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 185.02 | 181.09 | (2.1 %) |
| Gross Income | 76.93 | 43.95 | (42.9 %) |
| Operating Income | 44.76 | 27.66 | (38.2 %) |
| Net Income | 36.59 | 21.40 | (41.5 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.20 | 0.12 | (41.5 %) |
The cement producer attributed the profit decline to higher cost of sales and a rise in Saudi Arabian Interbank Offered Rate (SAIBOR).
On a quarter-on-quarter basis, net profit dropped 40.5% from 36.59 million in Q4 2022, due to higher cost of sales and lower income from subsidiaries.
Total shareholders’ equity, excluding minority interest, reached SAR 2.24 billion in Q1 2023, compared to SAR 2.23 billion a year before.
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