Financial Results : City Cement reports 51% net profit jump to SAR 41.6M in Q1 2024

City Cement reports 51% net profit jump to SAR 41.6M in Q1 2024

13/05/2024 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 41.6 million in Q1 2024, an increase of 51% from SAR 27.6 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 108.25 119.83 10.7 %
Gross Income 32.98 48.57 47.3 %
Operating Income 24.20 38.16 57.6 %
Net Income 27.59 41.59 50.7 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.20 0.30 50.7 %

This was attributed to higher sales volumes and value for the current quarter, in addition to the lower cost of sales.

 

On a quarterly basis, net earnings jumped by 61.8% from SAR 25.7 million in Q4 2023.

 

Shareholders’ equity, no minority interest, reached SAR 1.76 billion by March 31, 2024, compared to SAR 1.77 billion in the prior-year period.

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