Tabuk Cement loses 4.1 million riyals during Q3‎

Tabuk Cement Company recorded a loss during the third quarter after zakat and tax of 4.1 million riyals, compared to a profit of 7.8 million riyals in the same quarter of last year. This came after today’s announcement of the preliminary financial results for the period ending September 30, 2023 (9 months). )

The operating loss in the third quarter amounted to 0.92 million riyals, compared to 11 million riyals in the same quarter of the previous year.

Net profit after zakat and tax during the 9-month period amounted to 25.1 million riyals, compared to 3.3 million riyals in the same period of the previous year, a growth of 648.7%.

Total shareholders’ equity (excluding minority rights) reached one million riyals in the current period, compared to one riyal in the same period last year, an increase of %.

Earnings per share in the current period reached 0.28 riyals, compared to 0.04 riyals in the same period last year.

According to the company, the reason for achieving a net loss during the current quarter compared to a net profit for the same quarter of the previous year is:

‎1. Decrease in sales value

‎2. Decrease in sales volume

1. Low average selling prices

The reason for achieving a net loss during the current quarter compared to a net profit for the previous quarter is due to:

‎1. Decrease in sales value

‎2. Low average prices. 3. A decrease in other revenues for the current quarter compared to the previous quarter, as during the previous quarter the company received dividends from investing in equity instruments in TAQA Company in the amount of 5,080 million riyals.

The reason for the increase in net profit during the current period compared to the similar period of the previous year is due to:

‎1. Increased sales value as a result of higher average selling prices

‎2. An increase in other revenues and the company receiving distributions from investment in equity instruments in TAQA Company amounting to 5,080 million Saudi riyals.

1. Low cost of financing