Najran Cement 9M 2024 profit down 7% to SAR 47M; Q3 at SAR 17.9M

04/11/2024 Argaam Exclusive

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Najran Cement Co.’s profits fell 7% in the first nine months of 2024 to SAR 47 million from SAR 50.4 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	358.82	385.96	7.6 %
Gross Income	103.15	101.19	(1.9 %)
Operating Income	70.02	68.11	(2.7 %)
Net Income	50.36	46.98	(6.7 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.30	0.28	(6.7 %)

The decline was attributed to higher production input costs, rising financing costs (FCs), and lower other revenues. However, the company reported higher sales for the nine-month period compared to the year-ago period, driven by improved selling prices.

The company’s net profit rose 27.9% in Q3 2024 to SAR 17.9 million from SAR 14.02 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	113.84	134.57	18.2 %
Gross Income	32.37	36.89	14.0 %
Operating Income	20.89	25.21	20.7 %
Net Income	14.02	17.93	27.9 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.08	0.11	27.9 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	113.27	134.57	18.8 %
Gross Income	24.17	36.89	52.6 %
Operating Income	14.58	25.21	72.9 %
Net Income	7.50	17.93	139.2 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.04	0.11	139.2 %

On a quarterly basis, net earnings surged 139.2% from SAR 7.5 million in Q2 2024.

Total shareholders’ equity, with no minority interests, stood at SAR 2.04 billion as of Sept. 30, 2024, compared to SAR 1.99 billion in a prior-year period.

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