Southern Cement profits decrease to SAR 49 million during Q1 by 44%

Southern Province Cement Company’s net profit after zakat and tax decreased to SAR 49 million during the first quarter, compared to SAR 87 million in the same quarter of last year, by 44%. This came after the announcement on Thursday of the preliminary financial results for the period ended on 31.03.2023 (three months).

The operating profit amounted to SAR 53 million in the first quarter, compared to SAR 91 million in the same quarter of the previous year, a decline of 42%.

As for the total profit, it amounted to SAR 71 million in the current period, compared to SAR 106 million riyals in the same period last year, a decrease of 33%.

Profits per share in the current period amounted to SAR 0.35, compared to SAR 0.62 in the same period last year.

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

Decrease of sales revenue due to lower demand with an increase in cost of goods sold and expenses

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

Decrease in sales revenue due to lower demand

Total sales revenues during the current quarter amounted to SAR  300 million, compared with SAR 330 million for the same quarter of the previous year.

The total shareholders’ equity (there is no minority interest) as on March 31, 2023, amounted to SAR 3,254 million, compared with SAR 3,262 million as on March 31, 2022

The total comprehensive income for the current quarter amounted to SAR 49 million, compared with SAR 87 million for the same quarter of the previous year.

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