Lucid remains in the black in 2023. PLUS: Results from Qassim Cement, Thob Al Aseel

LUCID-

Lucid Motors saw its net loss for 2023 come in at USD 2.8 bn, more than double the USD 1.3 bn it lost the year before, according to unaudited figures in its FY 2023 earnings release (pdf). Revenues dipped 2% y-o-y to USD 595 mn in 2023. For the fourth quarter, the automaker’s losses came in at USD 654 mn, against USD 473 mn in the comparable period.

Lucid is set to start the production of its recently unveiled seven-seater Lucid GravitySUV later this year with a price tag shy of USD 80k and has expanded its manufacturing plant in Arizona ahead of the launch. The PIF majority owned company is expecting to produce 9k vehicles this year, well below estimates of 22.6k, Reuters reports citing a Visible Alpha poll.

SOUND SMART: While the PIF shows no sign of backing away from Lucid, demand for EVs in the United States is softening. Rivian is also feeling the pinch, as is Tesla, and Mercedes-Benz says it won’t meet its 2025 goal of having EVs account for 50% of all sales.

QASSIM CEMENT-

Qassim Cement’s net income rose 9% y-o-y to SAR 142 mn in 2023, despite a decrease in sales, due to an increase in returns from financial investment returns and a fall in selling, marketing and general expenses, it said in a disclosure to Tadawul. Meanwhile, revenues declined 14% y-o-y to SAR 584 mn over the same period on the back of a fall in sales volumes and prices.

The company’s BoD approved the distribution of a SAR 58.5 mn for 4Q 2023 at SAR 0.65 per share, itsaid in a separate disclosure. Dividends can be cashed out on Thursday, 4 April.

THOB AL ASEEL-

Thob Al Aseel’s net income rose 44% y-o-y to SAR 77 mn in 2023, it said in a disclosure to Tadawul. Similarly, revenues were up 4.6% y-o-y to SAR 532 mn over the same period due to a 170% increase in sales from the company’s e-commerce outlets.

The company’s BoD also recommended a dividend payout of SAR 40 mn at SAR 0.10 per share for 2H 2023, it said in a separate disclosure. Eligible shareholders will be able to cash out the payments 15 working days post the 6 March due date.