Riyadh Cement profit rises 6% to SAR 134.5M in H1 2024; Q2 at SAR 64.4M

07/08/2024 Argaam Exclusive

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Riyadh Cement Co. posted a 6% increase in H1 2024 net profit to SAR 134.5 million from SAR 126.7 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	344.75	352.55	2.3 %
Gross Income	151.92	156.09	2.7 %
Operating Income	133.55	137.11	2.7 %
Net Income	126.65	134.53	6.2 %
Average Shares	120.00	120.00	-
EPS (Riyals)	1.06	1.12	6.2 %

The profit growth in the six-month period was driven by higher sales on a rise in selling prices despite lower sales volume. In addition, the company posted an increase in sales and other revenues, despite higher Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	154.74	163.65	5.8 %
Gross Income	65.42	79.34	21.3 %
Operating Income	57.03	69.22	21.4 %
Net Income	53.29	64.42	20.9 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.44	0.54	20.9 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	188.89	163.65	(13.4 %)
Gross Income	76.76	79.34	3.4 %
Operating Income	67.89	69.22	2.0 %
Net Income	70.10	64.42	(8.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.58	0.54	(8.1 %)

The company's Q2 2024 net earnings leapt 21% to SAR 64.4 million, compared with SAR 53.24 million a year earlier, driven by higher sales prices despite lower sales volume.

On a quarter-on-quarter basis, Q2 net earnings fell 8.1% from SAR 70.10 million in Q1 2024.

Shareholders’ equity, no minority interest, rose to SAR 1.72 billion as of June 30, 2024, from SAR 1.71 billion a year earlier.

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