‎“Hail Cement” records profits during Q1 of SR18.5 mln

Hail Cement Co. recorded a net profit after zakat and tax in the first quarter of 18.5 million riyals, compared to a loss of 6.8 million riyals in the same quarter of last year. This came after today’s announcement of the preliminary financial results for the period ending on 03-31-2023. (three months).

The operating profit amounted to 16 million riyals in the first quarter, compared to a loss of 7.3 million riyals in the same quarter of the previous year.

The total shareholders’ equity “without minority rights” amounted to 1.07 billion riyals in the current period, compared to 1.09 billion riyals in the same period last year, a decrease of 1.6%.

Earnings per share in the current period reached 0.19 riyals, compared to a loss of 0.07 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 decrease in the cost of sales, in addition to the decrease in the zakat expense.

Despite the decrease in the value of sales, the decrease in returns from financial investments at fair value, and the increase in general and administrative expenses during the current quarter compared to the same quarter of the previous year.

The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to the decrease in revenues, despite the increase in returns from financial investments at fair value and the increase in other revenues.