Publisher: Maaal International Media Company
License: 465734
Qassim Cement Co. announced that its profits after zakat and tax declined 75.13% to SR 25.08 million in the first quarter of 2022 compared to SR 100.8 million during the same period of 2021.
This came after Qassim Cement announcement on Wednesday of the preliminary financial results for the period ending on 31.03.2022 (three months).
The company’s operational profit slid 81.8% to SR 18.9 million in the 1st quarter of the current year from SR 103.9 million in the same period of the previous year.
Gross profit of Qassim Cement slipped 75.6% to SR 27.3 million in the first quarter of this year from SR 112.3 million a year ago, while the profit per share (EPS) declined to SR 0.28 from SR 1.12.
Total shareholders’ equity (after deducting minority equity) decreased 5.2% to SR 1.70 billion from SR 1.80 billion.
The decrease in net income during the current quarter compared with the previous quarter due to the increase in general and administrative expenses and the decrease in other income. Despite the enhancement in sales value.
The decrease in net income during the current period compared with the same period of the previous year is due to the decrease in the sales value and volume.