Financial Results : Umm Al-Qura Cement 9M 2024 profit rises to SAR 40.1M; Q3 at SAR 10M

Umm Al-Qura Cement 9M 2024 profit rises to SAR 40.1M; Q3 at SAR 10M

31/10/2024 Argaam Exclusive

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Umm Al-Qura Cement Co.'s net profit surged to SAR 40.1 million for the first nine months of 2024, from SAR 10.1 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 118.51 193.04 62.9 %
Gross Income 28.73 67.14 133.7 %
Operating Income 16.13 54.39 237.1 %
Net Income 10.05 40.05 298.5 %
Average Shares 55.00 55.00 -
EPS (Riyals) 0.18 0.73 298.5 %

The nine-month profit rise was spurred by improved revenue on higher sales volumes and value. The cement producer also cited better average selling prices and a return to normal cement production volumes.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 33.52 61.84 84.5 %
Gross Income 2.49 18.38 638.1 %
Operating Income (2.70) 14.27 628.7 %
Net Income 1.45 10.00 591.3 %
Average Shares 55.00 55.00 -
EPS (Riyals) 0.03 0.18 591.3 %

The third-quarter net profit saw a spike to SAR 10 million, from SAR 1.4 million in Q3 2023, thanks to higher revenue and average selling prices.

 

The net earnings, however, dropped by 35.8% from SAR 15.5 million in Q2 2024, as the topline declined on a quarterly basis on lower sales value and average selling price per ton.

 

Total shareholders’ equity, no minority interest, reached SAR 806.20 million by the end of September 2024, up from SAR 772.21 million in the year-earlier period.

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Quarterly Actuals vs Estimates 31/10/2024

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