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

07/08/2024 Argaam Exclusive

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 %

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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Share Price

Riyadh Cement Co.
33.25
(0.20) (0.60 %)

Riyadh Cement Co. (RIYADH CEMENT)

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Financial Ratios
Current
Market Cap (M Riyal) 3,990.00
Enterprise Value (EV) (M) 3,855.31
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) 2.27
Book Value (BV) ( Riyal) 14.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.12
P/E (TTM) 14.64
Price/book 2.35
Return on Average Assets (%) (TTM) -
Return on Average Equity (%) (TTM) 16.4
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