Southern Province Cement posts net profit of SAR68m in 2Q23

In the January-June 2023 period, Southern Province Cement logged net profits after zakat and tax valued at SAR68m (US$18.1m) down 54.6 per cent YoY from SAR150m.

Revenues declined by 6.74per cent to SAR526m in the 1H23 from SAR564m in the 1H22, while the earnings per share (EPS) plummeted to SAR0.49 from SAR1.07. During the 2Q23, the company posted 68.9 per cent lower net profits after zakat and tax at SAR19m, compared to SAR61m a year earlier.

The revenues decreased by 3.42 per cent to SAR226m in April-June 2023, versus SAR234m during the same period in 2022. On a quarterly basis, the 2Q23 net profits shrank by 61.2 per cent from SAR49m in 1Q23, while the revenues dropped by 24.7 per cent from SAR300m.

Southern Province Cement Co plans to disburse cash dividends amounting to SAR49m, representing 3.50 per cent of the capital, for the 1H23.