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Qassim Cement’s profits jump 30.5% in 9M-23 interim results

Qassim Cement’s profits jump 30.5% in 9M-23 interim results
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Riyadh – Mubasher: Qassim Cement Company posted a 30.48% leap in net profit after Zakat and tax to SAR 101.08 million during the first nine months (9M) of 2023, versus SAR 77.47 million in 9M-22.

The earnings per share (EPS) hit SAR 1.12 in 9M-23, up year-on-year (YoY) from SAR 0.86, according to the interim financial results.

Revenues declined by 6.35% YoY to SAR 432.09 million as of 30 September 2023 from SAR 461.40 million.

Financials for Q3-23

In the third quarter (Q3) of 2023, the net profits after Zakat and tax of Qassim Cement reached SAR 8.04 million, an annual drop of 65.66% from SAR 23.42 million.

The revenues stood at SAR 120.83 million during the July-September 2023 period, down 27.55% YoY from SAR 166.77 million.

On a quarterly basis, the Q3-23 net profits retreated by 78.88% from SAR 30.09 million in the April-June 2023 period, while the revenues dropped by 11.92% from SAR 137.18 million.

During the three-month period that ended on 31 March 2023, the company recorded 119.02% higher net profits after Zakat and tax at SAR 54.93 million, compared to SAR 25.08 million in Q1-22.