‎“Yanbu Cement” achieved a net profit of SR35 million during ‎Q2, a decrease of 26.5%‎

Yanbu Cement Company announced achieving a net profit after zakat and tax of 35 million riyals during the second quarter, compared to 48 million riyals in the same quarter of last year, at a rate of 26.5%. This came after the announcement today of the preliminary financial results for the period ending on June 30. 2023 AD.

Operational profit amounted to 41 million riyals in the second quarter, compared to 51 million riyals in the same quarter of last year, a decrease of 19%.

As for gross profit, it amounted to 55 million riyals in the second quarter, compared to 64 million riyals in the same quarter of last year, a decrease of 14%.

The net profit after zakat and tax during the 6-month period amounted to 86 million riyals, compared to 87 million riyals in the same period last year, a decrease of 0.8%.

Earnings per share in the current period amounted to 0.55 riyals, compared to 0.55 riyals in the same period last year.

The reason for the decrease in the net profit during the current quarter compared to the net profit for the same quarter of the previous year is due to the decline in demand, which led to a decrease in the amount of sales in addition to the increase in financing costs and the decline in other revenues.

The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to the decline in sales revenue as a result of the decrease in demand and the coincidence of the current quarter with the holy month of Ramadan and holidays.

The reason for the decrease in the net profit during the current period compared to the same period of the previous year is also due to the improvement in the average selling price, but the decline in demand led to a decrease in the amount of sales, in addition to the increase in administrative and general expenses, financing expenses, and a decrease in other income.