Tabuk Cement posts 21% rise in revenue in 9M22

Tabuk Cement has posted a 20.6 per cent YoY increase in revenue in the first nine months of 2022. Revenue over the period has risen from SAR174.22m (US$46.5m) to SAR210.11m. However, net profit after Zakat and tax over the same timeframe has fallen by 80.7 per cent from SAR17.42m in 9M21 to SAR3.36m in the 9M22.

According to the company, despite improved sales and higher average selling prices, the loss of profit is due to an increase in the cost of sales, higher general, administrative, marketing and other expenses, and an increase in other revenues during the same period in the previous year.

In the third quarter of 2022, the company reported revenue of SAR73.68m, up 53.5 per cent compared to the SAR48m seen in the 3Q21. Net profit over the same period fell by 8.14 per cent from SAR8.48m to SAR7.79m. Again, although sales and prices improved, cost of sales advanced, while other revenues during the same quarter of the previous year were higher.

Compared to the 2Q22, the third quarter of this year saw revenue decline by 0.77 per cent from SAR74.25m, while profit improved by 212.85 per cent from SAR2.49m on the back of increased average selling prices and lower cost of sales over the three-month period.