City Cement H1 2024 profit rises 34% to SAR 69.4M, Q2 at SAR 27.8M

28/07/2024 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 69.4 million in H1 2024, an increase of 34% from SAR 51.9 million in the year-earlier period, due to an increase in sales volumes and value, in addition to higher average selling prices.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	186.04	231.11	24.2 %
Gross Income	63.83	88.01	37.9 %
Operating Income	45.81	62.89	37.3 %
Net Income	51.88	69.37	33.7 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.37	0.50	33.7 %

Q2 2024 net profit rose 14% to SAR 27.8 million, compared to SAR 24.2 million in Q2 2023, on higher sales volumes and value.

On a quarterly basis, net earnings dropped 33.2% from SAR 41.59 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	77.79	111.28	43.1 %
Gross Income	30.84	39.44	27.9 %
Operating Income	21.60	24.79	14.7 %
Net Income	24.29	27.78	14.4 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.17	0.20	14.4 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	119.83	111.28	(7.1 %)
Gross Income	48.57	39.44	(18.8 %)
Operating Income	38.16	24.79	(35.0 %)
Net Income	41.59	27.78	(33.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.30	0.20	(33.2 %)

Total shareholders’ equity, no minority interest, reached SAR 1.78 billion as of June 30, 2024, compared to SAR 1.80 billion a year earlier.

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