‎“Qassim Cement” profits jumped 119% during Q1, to SR55 mln

The net profit after zakat and tax for Qassim Cement Company jumped to 55 million riyals during the first quarter, compared to 25 million riyals in the same quarter of last year, by 119%. This came after today’s announcement of the preliminary financial results for the period ending in 03-2023. -31 (3 months).

Operational profit amounted to 49 million riyals in the first quarter, compared to 28 million riyals in the same quarter of the previous year, an increase of 77%.

As for the total profit, it amounted to 57 million riyals in the first quarter, compared to 27 million riyals in the same quarter of the previous year, with a growth of 107%.

Earnings per share in the current period amounted to 0.61 riyals, compared to 0.28 riyals 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 the increase in the sales value in addition to the increase in the returns on financial investments, despite the increase in the cost of sales and the decrease in other income.

The reason for the increase in the net profit during the current quarter compared to the previous quarter is due to the realization of unrealized profits from financial investments at fair value through profit or loss during the current quarter compared to unrealized losses during the previous quarter, in addition to the decrease in general and administrative expenses and a decrease Average cost of sales per ton despite the decrease in the quantity and value of sales.

The company said that some comparative figures have been reclassified to conform to the current presentation.