‎“Southern Cement” profits dip to SR53 million during Q3, by ‎‎40.4%.‎

Southern Region Cement Company revealed a decline in net profit after zakat and tax in the third quarter to 53 million riyals, compared to 89 million riyals in the same quarter of last year, by 40.4%. This came after today’s announcement of the preliminary financial results for the period ending on September 30 2023 (nine months).

Operating profit reached 58 million riyals in the third quarter, compared to 93 million riyals in the same quarter of the previous year, a decrease of 37.6%.

Net profit after zakat and tax in the 9-month period amounted to 121 million riyals, compared to 238 million riyals in the same period last year, a decrease of 49%.

Total shareholders’ equity (excluding minority rights) amounted to 3.20 billion riyals in the current period, compared to 3.13 billion riyals in the same period last year, an increase of 2.3%.

Earnings per share in the current period reached 0.87 riyals, compared to 1.7 riyals in the same period last year.

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

Decrease in sales revenues due to lower demand and higher general and administrative expenses

The increase in net profit for the current quarter compared to the previous quarter is due to:

Increased sales revenue due to increased sales quantities, with a decrease in cost per unit sold

– The decrease in net profit for the current period compared to the similar period of the previous year is due to:

A decrease in sales revenues due to a decrease in local demand and a decrease in the selling price, with an increase in general and administrative expenses and selling and distribution expenses.‎

1- Total sales revenues during the current quarter amounted to 286 million riyals, compared to 323 million riyals for the same quarter of the previous year.

2- Total shareholders’ equity (no minority interests) as of September 30, 2023 amounted to 3,208 million riyals, compared to 3,134 million riyals as of September 30, 2022.

3- Total comprehensive income for the current quarter amounted to 53 million, compared to 89 million for the same quarter of the previous year.

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