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Saudi Cement generates nearly SAR 124m profits in Q1-23

Saudi Cement generates nearly SAR 124m profits in Q1-23
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SAUDI CEMENT
3030
-6.49% 46.85 -3.25

Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Cement Company hiked by 102.62% to SAR 123.80 million in the first quarter (Q1) of 2023 from SAR 61.10 million during Q1-22.

The Tadawul-listed firm registered SAR 409.60 million in revenue during Q1-23, an annual surge of 29.99% from SAR 315.10 million, according to interim financial results.

Earnings per share (EPS) hit SAR 0.81 as of 31 March 2023, compared to SAR 0.40 in the year-ago period.

On a quarterly basis, the Q1-23 net profits plunged by 19.87% from SAR 154.50 million in Q4-22, while the revenues declined by 4.23% from SAR 427.70 million.

Last year, the company’s net profits after Zakat and tax amounted to SAR 398.80 million, higher by 20.16% than SAR 331.90 million as of 31 December 2022.