City Cement profit soars to SAR 103M in 9M 2024; Q3 at SAR 33.7M

05/11/2024 Argaam Exclusive

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City Cement Co. reported a net profit surge to SAR 103 million in the first nine months of 2024 from SAR 56.3 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	256.72	361.22	40.7 %
Gross Income	76.81	133.89	74.3 %
Operating Income	48.72	94.56	94.1 %
Net Income	56.30	103.03	83.0 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.40	0.74	83.0 %

The profit rise was buoyed by higher sales volumes and average selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	70.68	130.11	84.1 %
Gross Income	12.99	45.88	253.3 %
Operating Income	2.92	31.68	986.4 %
Net Income	4.42	33.66	661.7 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.03	0.24	661.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	111.28	130.11	16.9 %
Gross Income	39.44	45.88	16.3 %
Operating Income	24.79	31.68	27.8 %
Net Income	27.78	33.66	21.1 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.20	0.24	21.1 %

In Q3 2024, the cement producer’s net profit saw a spike to SAR 33.7 million from SAR 4.4 million in Q3 2023, thanks to better sales value and volume.

Net income also jumped 21.1% from SAR 27.78 million in the previous quarter.

Total shareholders’ equity, no minority interest, rose to SAR 1.75 billion as of Sept. 30, 2024, from SAR 1.74 million a year earlier.

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