Saudi: City Cement’s net profits jump 61% in Q1-23

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Revenues edged up by 0.13% year-on-year

Mubasher, Mubasher

May 18, 2023

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Riyadh – City Cement Company witnessed a 60.85% hike in net profit after Zakat and tax to SAR 27.58 million during the first quarter (Q1) of 2023, compared to SAR 17.15 million in Q1-22.

Revenues edged up by 0.13% year-on-year (YoY) to SAR 108.24 million as of 31 March 2023, compared to SAR 108.10 million, according to interim financial results.

The earnings per share (EPS) increased to SAR 0.20 during Q1-23 from SAR 0.12 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax shrank by 42.22% from SAR 47.75 million in Q4-22, while the revenues dropped by 19.19% from SAR 133.96 million.

Last year, the net profits after Zakat and tax of City Cement amounted to SAR 115.01 million, lower by 28.24% than SAR 160.28 million in the January-December 2021 period.

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