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

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 48.90 94.74 93.7 %
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 2.98 31.74 966.5 %
Net Income 4.42 33.66 661.7 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.03 0.24 661.7 %

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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Quarterly Actuals vs Estimates 05/11/2024

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