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Saudi Cement’s profits jump over 27.5% in H1-23

Saudi Cement’s profits jump over 27.5% in H1-23
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Riyadh – Mubasher: Saudi Cement Company registered SAR 209 million in net profit after Zakat and tax during the first half (H1) of 2023, up 27.67% from SAR 163.70 million in H1-22.

The revenues widened by 15.35% year-on-year (YoY) to SAR 765.90 million in H1-23 from SAR 664 million, according to the interim financial statements.

Earnings per share (EPS) stood at SAR 1.37 in the six-month period that ended on 30 June 2023, versus SAR 1.07 in H1-22.

Financial Results for Q2-23

Saudi Cement posted 16.88% lower net profits after Zakat and tax at SAR 85.20 million in the second quarter (Q2) of 2023, compared to SAR 102.50 million in Q2-22.

The revenues were valued at SAR 356.30 million in April-June 2023, a 2.09% growth from SAR 349 million a year earlier.

On a quarterly basis, the Q2-23 profits decreased by 31.18% from SAR 123.80 million in Q1-23, while the revenues plunged by 13.01% from SAR 409.60 million.

Last June, the Saudi company paid SAR 229.50 million as cash dividends for H1-23.