Riyadh, Saudi Arabia – Saudi Cement Company (SCC) has posted a 14 percent rise in net profit for the first nine months of 2023 to SAR 277.2 million ($73.89 million), up from SAR 244.3 million during the same period in the previous year.
Revenues saw a 9 percent increase, reaching SAR 108 billion compared to SAR 992.08 million in 9M 2022.
Gross income rose by 17.3 percent to SAR 435.30 million. Operating income increased by 11.8 percent to SAR 278.20 million.
Net income demonstrated a substantial growth of 13.5 percent, reaching SAR 277.20 million.
Earnings per share (EPS) climbed from SAR 1.60 to SAR 1.81, reflecting a 13.5 percent increase.
The surge in profits was primarily driven by higher sales revenue, resulting from increased total sales value and volumes, as well as other revenue streams.
Additionally, SCC benefited from a higher gain on the sale of investments related to a subsidiary and a decrease in Zakat expenses, despite facing higher selling, distribution, general, and administrative expenses.
However, in the third quarter of 2023, SCC experienced a 15.3 percent year-on-year drop in earnings, with Q3 net profit falling to SAR 68.3 million from SAR 80.6 million in Q3 2022.
This decrease was mainly due to lower sales revenue caused by reduced sales value and volumes. In comparison to Q2 2023, net profit also decreased by 19.8 percent from SAR 85.1 million.