Financial Results : Umm Al-Qura Cement Q1 2024 profit up to SAR 14.5M

Umm Al-Qura Cement Q1 2024 profit up to SAR 14.5M

28/04/2024 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit of SAR 14.5 million for the three months ended March 31, 2024, an increase of more than twin-fold year-on-year (YoY) from SAR 6.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 47.16 64.68 37.2 %
Gross Income 15.25 23.63 55.0 %
Operating Income 11.63 19.51 67.7 %
Net Income 6.78 14.47 113.5 %
Average Shares 55.00 55.00 -
EPS (Riyals) 0.12 0.26 113.5 %

This was driven by higher sales volumes and value, as well as lower selling and distribution expenses and financing costs, with production returning to normal levels.

 

On a quarterly basis, the cement producer swung to a net profit of SAR 14.47 million from SAR 6.10 million in losses in Q4 2023, due to higher sales value, increased other revenue, and a slump in sales, distribution, and general and administrative expenses.

 

Total shareholders’ equity, after minority interest, reached SAR 780.54 million by March 31, 2024, compared to SAR 768.91 million a year earlier.

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