Tabuk Cement records net profit of SR2.5 mln in Q2

The net profit before zakat of Tabuk Cement Co. in the second quarter reached SR2.5 million, compared to losses of SR1.13 million in the same quarter of last year.

This came after the announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The operational profit amounted to SR 7 million in the second quarter, compared to SR 3 million in the same quarter of the last year, up 123%.

The gross profit in the second quarter amounted to SR13 million, compared to SR9 million in the same quarter of the last year, up 38%.

The net loss before zakat in the current period amounted to SR4.43 million, compared to profits of SR8.89 million in the same period last year.

Losses per share in the current period reached SR 0.05, compared to profit per share at SR0.1 in the same period last year.

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

1. Increase in sales quantity .
2. Increase in average selling prices.

The reason for the increase in net profit for the current quarter compared to the previous quarter is due to:

1. Increase in sales quantity.
2. Increase in average selling prices.

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

1.The increase in the cost of sales for the current period as a result of the increase in petrifaction fees for raw materials.

1. Decrease in other revenues for the current period.

Additional Information:

1. Unrealized profits of SAR 339 thousands riyals were recorded within the other comprehensive income items during the previous quarter 2021 AD and the same period of the previous year 2021 AD , that will not be reclassified later under profit or loss , and these profits result from re-measurement of investments in equity instruments fair value.
2. Note No. 16 (Adjustments) :-During the first quarter of 2022 AD , the reduced depreciation expenses for some items of property , plant and equipment was not recorded and calculated during the first quarter of 2021 AD , amounting to 3.016.179 SAR , which the company established during the second quarter of 2021 AD . Accordingly , the company corrected the depreciation expenses and re-presented its data by amending the items of the interim condensed financial statements for the three-month period ending on June 30 , 2021 AD , which were affected by this adjustment in line with the requirements of International Accounting Standard NO. (8) ( Change in Accounting Policies and Change in Accounting Estimates and Accounting Errors ). This adjustment did not affect the Financial Statements of the company or its result as on 31/12/2021 AD .