Saudi: Southern Province Cement’s profits shrink nearly 44% in Q1-23

Southern Province Cement Company witnessed 43.68% lower net profits after Zakat and tax at SAR 49 million during the first quarter (Q1) of 2023, versus SAR 87 million in Q1-22.

The Saudi firm generated revenues amounting to SAR 300 million in January-March 2023, down 9.09% year-on-year (YoY) from SAR 330 million, according to interim financial results.

Earnings per share (EPS) retreated to SAR 0.35 during Q1-23 from SAR 0.62 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax shrank by 20.97% from SAR 62 million in Q4-22, while the revenues dropped by 10.45% from SAR 335 million.

During the 12-month period that ended on 31 December 2022, the net profits after Zakat and tax reached SAR 301 million, an annual plunge of 29.84% from SAR 429 million.

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