Najran Cement H1 2024 profit falls 20% SAR 29M; Q2 at SAR 7.5M

07/08/2024 Argaam Exclusive

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Najran Cement Co.’s profits declined 20% in the first half of 2024 to SAR 29 million from SAR 36.3 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	244.98	251.39	2.6 %
Gross Income	70.78	64.30	(9.2 %)
Operating Income	49.14	42.90	(12.7 %)
Net Income	36.34	29.04	(20.1 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.21	0.17	(20.1 %)

This was attributed to a decline in sales volume and higher cost of production inputs, despite a decline in general and administrative expenses. However, the company posted higher sales in the six-month period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	101.30	113.27	11.8 %
Gross Income	25.46	24.17	(5.1 %)
Operating Income	13.92	14.58	4.7 %
Net Income	7.36	7.50	1.8 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.04	0.04	1.8 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	138.13	113.27	(18.0 %)
Gross Income	40.13	24.17	(39.8 %)
Operating Income	28.33	14.58	(48.5 %)
Net Income	21.55	7.50	(65.2 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.13	0.04	(65.2 %)

The company’s net profit rose 2% in Q2 2024 to SAR 7.5 million from SAR 7.3 million in Q2 2023, driven by higher sales.

On a quarterly basis, net earnings dropped 65.2% from SAR 21.55 million in Q1 2024.

Total shareholders’ equity, with no minority interests, stood at SAR 2.03 billion as of June 30, 2024, compared to SAR 1.96 billion in a prior-year period.

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