‎“Hail Cement” profits dip to SR16.4 mln during 2022, by 61%‎

The net profit after zakat and tax for Hail Cement Company decreased to 16.4 million riyals during the year 2022, compared to 42 million riyals in the year 2021 AD, by 61%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational profit amounted to 32 million riyals during the year ending on December 31, 2022, compared to 41 million riyals in the previous year, a decline of 22%.

As for the total profit, it amounted to 63.5 million riyals in the current year, compared to 63.3 million riyals in the previous year, an increase of 0.33%.

Earnings per share in the current year amounted to 0.17 riyals, compared to 0.43 riyals in the previous year.

The reason for the decrease in the net profit during the current year compared to the previous year is due to the decrease in the average selling price in addition to other exceptional factors during the year such as:

The increase in general and administrative expenses due to a fine of 10 million riyals to a government agency

Recording losses from the change in the fair value of financial investments at fair value during the current year (compared to recording profits during the previous year), as a result of the local and foreign financial markets being affected by global events.

This is despite the increase in the quantity and value of sales during the current year compared to the previous year.

The company said that some comparative numbers have been reclassified to conform to the offer for the current period. There is no financial impact from the reclassification on net profit or total shareholders’ equity.