‎“Tabuk Cement” profits up to SR21 mln during 2022, by 18%‎

The net profit after zakat and tax for Tabuk Cement Co. grew to 21 million riyals during the year 2022 AD, compared to 18 million riyals in the year 2021 AD, at a rate of 18%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational profit amounted to 36 million riyals during the year ending in 2022, compared to 35 million riyals in the previous year, an increase of 3%.

As for the total profit, it amounted to 63 million riyals in the current year, compared to 49 million riyals in the previous year, an increase of 30%.

Earnings per share in the current year amounted to 0.23 riyals, compared to 0.2 riyals in the previous year.

The reason for the increase in net profit during this year compared to the previous year is due to:

1. Increase in the amount and value of sales
2. High average selling price

The company said that unrealized profits amounting to 12.060 million riyals have been recorded in other comprehensive income items, which will not be reclassified later in profit or loss, and these profits result from re-measurement of investments in equity instruments at fair value.

The estimated useful lives of machinery and equipment were also changed, and as a result, the calculation of depreciation on machinery and equipment was modified, as of January 1, 2021 AD. The change in the depreciation method was accounted for as a variable in an accounting estimate, and the impact of the impact will appear in the financial statements in which the change occurred and the periods In the future, as the depreciation expense decreased by 12.2 million riyals, and it affected the financial statements for the current financial period ending on December 31, 2022 AD, according to the approved accounting standards.

Moreover, the company achieved a profit of 10.015 million riyals during the past year 2021 AD from selling land located in the government departments neighborhood in the city of Tabuk, and the sale value amounted to 15.2 million riyals.