Riyadh – Mubasher: The income statements of Hail Cement showed profitability at SAR 18.51 million during the first quarter (Q1) of 2023 against net losses after Zakat and tax of SAR 6.89 million in Q1-22.
The company attributed the positive results in Q1-23 to a decrease in both the cost of sales and Zakat expenses.
Hail Cement logged earnings per share worth SAR 0.19 in Q1-23, versus a loss per share of SAR 0.07 in Q1-22.
The listed company generated revenue worth SAR 61.85 million during January-March 2023, which was 9.86% year-on-year (YoY) lower than SAR 68.61 million.
On a quarterly basis, the net profit after Zakat and tax in Q1-23 decreased by 17.06% from SAR 22.31 million in Q4-22, while the sales shrank by 36.40% from SAR 97.24 million.
In 2022, Hail Cement posted net profits worth SAR 16.41 million and revenue standing at SAR 365.46 million.
