Umm Al-Qura Cement Co. reported a net profit of SAR 14.5 million for the three months ended March 31, 2024, an increase of more than twin-fold year-on-year (YoY) from SAR 6.8 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 47.16 | 64.68 | 37.2 % |
| Gross Income | 15.25 | 23.63 | 55.0 % |
| Operating Income | 11.63 | 19.51 | 67.7 % |
| Net Income | 6.78 | 14.47 | 113.5 % |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.12 | 0.26 | 113.5 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 50.44 | 64.68 | 28.2 % |
| Gross Income | 4.16 | 23.63 | 468.3 % |
| Operating Income | (1.01) | 19.51 | 2039.3 % |
| Net Income | (6.10) | 14.47 | 337.2 % |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | (0.11) | 0.26 | 337.2 % |
This was driven by higher sales volumes and value, as well as lower selling and distribution expenses and financing costs, with production returning to normal levels.
On a quarterly basis, the cement producer swung to a net profit of SAR 14.47 million from SAR 6.10 million in losses in Q4 2023, due to higher sales value, increased other revenue, and a slump in sales, distribution, and general and administrative expenses.
Total shareholders’ equity, after minority interest, reached SAR 780.54 million by March 31, 2024, compared to SAR 768.91 million a year earlier.
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