Umm Al-Qura Cement H1 2024 profit soars to SAR 30.1M; Q2 at SAR 15.6M

30/07/2024 Argaam Exclusive

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Umm Al-Qura Cement Co.'s H1 2024 net earnings surged to SAR 30.1 million, compared with SAR 8.6 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	84.99	131.20	54.4 %
Gross Income	26.24	48.76	85.8 %
Operating Income	18.83	40.12	113.0 %
Net Income	8.60	30.05	249.3 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.16	0.55	249.3 %

The profit growth was spurred by higher sales due to an increase in sales volumes and value amid improved average selling prices. This was in addition to returning cement production rates to normal levels, paired with lower financing costs.

The cement producer’s Q2 2024 net profit also soared to SAR 15.58 million, from SAR 1.83 million a year before, driven by higher sales on an uptick in sales volumes and value.

On a sequential basis, Q2 net profit rose 7.7% from SAR 14.47 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	37.83	66.52	75.8 %
Gross Income	10.99	25.13	128.6 %
Operating Income	7.20	20.61	186.1 %
Net Income	1.82	15.58	753.9 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.03	0.28	753.9 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	64.68	66.52	2.8 %
Gross Income	23.63	25.13	6.4 %
Operating Income	19.51	20.61	5.6 %
Net Income	14.47	15.58	7.7 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.26	0.28	7.7 %

Total shareholders’ equity, no minority interest, stood at SAR 796.13 million by the end of H1 2024, advancing from SAR 770.75 million in the year-earlier period.

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