Riyadh – Hail Cement swung to net profits after Zakat and tax valued at SAR 21.38 million in the first nine months (9M) of 2023, against profits worth SAR 5.90 million in 9M-22.

The listed firm generated revenues worth SAR 173.16 million in 9M-23, lower by 35.44% year-on-year (YoY) than SAR 268.21 million, according to the income statements.

Earnings per share (EPS) hit SAR 0.22 in the nine-month period that ended on 30 September 2023, versus a loss per share of SAR 0.06 a year earlier.

Financials for Q3-23

During the third quarter (Q3) of 2023, Hail Cement turned to net losses amounting to at SAR 3.10 million, compared to net profits valued at SAR 7.81 million in the year-ago period.

The revenues plunged by 50.11% YoY to SAR 51.52 million in Q3-23 from SAR 103.28 million.

On a quarterly basis, the company also shifted to net losses against profits of SAR 5.97 million in Q2-23, while the revenues dropped by 13.81% from SAR 59.78 million.

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