Financial Results : Najran Cement Q1 2024 profit falls 26% to SAR 21.5M

Najran Cement Q1 2024 profit falls 26% to SAR 21.5M

19/05/2024 Argaam Exclusive

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Najran Cement Co. reported a net profit of SAR 21.5 million for Q1 2024, a 26% fall from SAR 29 million in the year-earlier period.


Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 143.68 138.13 (3.9 %)
Gross Income 45.32 40.13 (11.5 %)
Operating Income 35.22 28.33 (19.6 %)
Net Income 28.98 21.55 (25.7 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.17 0.13 (25.7 %)

The company reported decline in sales volumes amid higher cost of production, increased general and administrative expenses (G&As) and rising cost of finance.

 

On a quarterly basis, net earnings increased by 12.9% from SAR 19.08 million in Q4 2023, spurred by improved selling prices despite a decline in sales quantities.

 

Shareholders’ equity, excluding minority interest, reached SAR 2.02 billion by March 31, 2024, compared to SAR 2 billion in the prior-year period.

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