Hail Cement profits increase to SR8 mln during Q3, by 31%

Hail Cement Company revealed that the net profit after zakat and tax in the third quarter increased to SR7.8 million, compared to SR5.9 million in the same quarter of last year, at a rate of 31.2%.
This came after the announcement on Monday of the preliminary financial results for the period ending on September 30, 2022 (nine months).
The operational profit amounted to SR11.1 million in the third quarter, compared to SR6.3 million in the same quarter of the previous year, a growth of 74.6%.
In the 9-month period, the company recorded a net loss after zakat and tax of SR5.9 million, compared to a profit of SR47 million in the same period last year.
The gross shareholders’ equity “without minority rights” amounted to SR1.05 billion in the current period, compared to SR1.16 billion in the same period last year, a decrease of 9%.
The loss per share in the current period was SR0.06, compared to a profit of SR0.48 in the same period last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in the quantity and value of sales, and the decrease in general and administrative expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The reason for the increase in net profit during the current quarter compared to the previous quarter is due to the increase in revenues, in addition to the decrease in the financial provisions made during the current quarter and due to financial provisions made during the previous quarter amounting to SR10 million to one of the government agencies.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The reason for the decrease in net profit and realization of net loss during the current period compared to the same period of the previous year is due to the decrease in the average selling price and the rise in the cost of sales, in addition to recording losses from financial investments at fair value during the current period (while recording profits during the same period of the previous year in this investments), as well as making financial provisions of SR10 million for one of the government agencies, despite the increase in the value of sales during the current period compared to the same period of the previous year.