Riyadh – Mubasher: Southern Province Cement Company recorded a 49.16% drop in net profit after Zakat and tax to SAR 121 million during the first nine months (9M) of 2023, versus SAR 238 million in 9M-22.
The revenues declined by 8.46% year-on-year (YoY) to SAR 812 million in 9M-23 from SAR 887 million, according to the interim income statements.
Earnings per share (EPS) reached SAR 0.87 in January-September 2023, an annual decline from SAR 1.70.
Financial Results for Q3-23
During the third quarter (Q3) of 2023, the company registered net profits after Zakat and tax worth SAR 53 million, marking a 40.45% plunge from SAR 89 million in Q3-22.
Revenues stood at SAR 286 million in Q3-23, lower by 11.46% YoY than SAR 323 million.
Quarter-on-quarter (QoQ), the Q3-23 profits hiked by 178.95% from SAR 19 million in Q2-23, while the revenues increased by 26.55% from SAR 226 million.
As of 31 March 2023, the net profits after Zakat and tax of Southern Province Cement plummeted by 43.68% to SAR 49 million from SAR 87 million in Q1-22.
