Tabuk Cement turns to SR7 mln loss in 1Q

Tabuk Cement Co. announced recording losses after zakat and tax at SR 7 million in the first quarter of 2022 compared to profits of 10 million during the same period of 2021.

This came after Tabuk Cement announcement on Thursday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company reported operational loss of SR 247 million in the 1^st quarter of the current year from operational profit at SR 14.5 million in the same period of the previous year.

Gross profit of Tabuk Cement declined 76% to SR 5 million in the first quarter of this year from SR 21 million a year ago, while the loss per share fell to SR 0.08 from SR 0.11.

The reason for recording a net loss for the current quarter compared to the same quarter of the previous year is due to:

1. Decrease in the average selling price.
2. Increase in cost of revenues as a result of the periodic maintenance for the factory .
3. Decrease in other revenues.

The reason for recording a net loss for the current quarter compared to the previous quarter is due to:

1. Decrease in the average selling price.
2. Increase in cost of revenues as a result of the periodic for the factory. 3. Decrease in other revenues.

Note 17 (Adjustments):- During the first quarter of the previous year 2021 , the reduced depreciation expenses of some items of properties and equipment’s was not registered amounting to SAR 3.016.179 as of a result of re-estimating the useful life of some properties and equipment’s . And it’s registered during the second quarter of the year 2021 . The first quarter of the previous year 2021, were modified and corrected with this amount , in the line with the required of The International Accounting Standards 8 “Accounting policies, charges in accounting estimates and errors ” . This transaction didn’t affect the financial statements of the company or its results as on 31/12/2021 .