Arabian Cement profit up 21% to SAR 128.8M in 9M 2024; Q3 at SAR 45.8M

28/10/2024 Argaam Exclusive

Arabian Cement Co. reported a net profit of SAR 128.8 million for the first nine months of 2024, an increase of 21% from SAR 106.9 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 650.59 627.73 (3.5 %)
Gross Income 166.41 185.87 11.7 %
Operating Income 112.00 136.21 21.6 %
Net Income 106.85 128.84 20.6 %
Average Shares 100.00 100.00 -
EPS (Riyals) 1.07 1.29 20.6 %

The nine-month performance was buoyed by a rise in the parent company’s average selling prices, lower finance costs, a decline in the cost of goods sold, and reduced selling and distribution expenses.

 

The cement producer reported higher gains from dividends from financial assets at FVTPL, along with an increased profit share from associates.

 

However, this was offset by the year-on-year (YoY) sales drop in 9M 2024 due to subdued sales volumes of the company’s subsidiaries. The higher energy costs of the parent company, lower other income, and increased Zakat charges and income taxes also weighed on the nine-month results.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 213.71 224.94 5.3 %
Gross Income 52.86 68.07 28.8 %
Operating Income 33.93 52.05 53.4 %
Net Income 29.69 45.79 54.2 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.30 0.46 54.2 %

The third-quarter net earnings jumped 54% to SAR 45.8 million, compared to SAR 29.6 million in Q3 2023, thanks to improved sales mainly due to better average selling prices and decreased COGS of the company’s subsidiary.

 

On a quarterly basis, net earnings climbed 58.6% from SAR 28.8 million in Q2 2024 as revenue went up on a quarterly basis on better sales volumes as the previous quarter coincided with Eid Al-Fitr and Eid Al-Adha.

 

Total shareholders’ equity, after minority interest, reached SAR 2.53 billion as of Sept. 30, 2024, down from SAR 2.54 billion a year earlier.

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Share Price

Arabian Cement Co.
26.05
(0.10) (0.38 %)

Arabian Cement Co. (ACC)

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Financial Ratios
Current
Market Cap (M Riyal) 2,605.00
Enterprise Value (EV) (M) 2,718.41
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.62
Book Value (BV) ( Riyal) 25.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.08
P/E (TTM) 16.12
Price/book 1.03
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 6.4
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