Southern Cement profits jump 20% to SR89 mln in Q3‎

Southern Province Cement Co. announced that its net profit after zakat and tax during the third quarter amounted to 89 million riyals, compared to 74 million riyals in the same quarter of last year, at a rate of 20%. This came after today’s announcement of the preliminary financial results for the period ending on September 30, 2022 (nine months).

The operational profit amounted to 93 million riyals in the third quarter, compared to 77 million riyals in the same quarter of the previous year, an increase of 21%.

The net profit after zakat and tax in the 9-month period amounted to 238 million riyals, compared to 331 million riyals in the same period last year, a decrease of 28%.

Earnings per share in the current period reached 1.7 riyals, compared to 2.37 riyals in the same period last year.

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

Increase of sales revenues due to the increase of sales quantity.

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

Increase of sales revenues due to the increase of sales quantity.

The decrease in the net profit during the current period compared to the same period of the previous year is due to:

Decrease of sales revenues due to the lower demand and the selling price with an increase of the production requirements price.

Additional Information:

1- Total sales revenues during the current quarter amounted to 323 million SAR, compared to 284 million SAR for the same quarter of the previous year.

2- The total shareholders’ equity (there is no minority interest) as on September 30, 2022 amounted to 3,134 million SAR, compared to 3,086 million SAR as on September 30, 2021.

3- The total comprehensive income for the current quarter amounted to 89 million, compared to 74 million for the same quarter of the previous year.

4- The statement of financial position data as of December 31, 2021 ,the statement of profit or loss and other comprehensive for the three and nine-month periods ending on September 30, 2021 and condensed statement of cash flow for the nine-month periods ending on September 30, 2021 have been represented in line with the requirements of IAS (8) “Change in Accounting Policies, Change in Accounting Estimates and Accounting Errors” in order to recalculate the accrual of limestone extraction expense for the Ministry of Industry and Mineral Resources.

5- Basic earnings per share is calculated based on the distributable profit to shareholders for the ordinary shares and using the weighted average for the number of outstanding ordinary shares at the date of the financial statements.