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 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	66.52	61.84	(7.0 %)
Gross Income	25.13	18.38	(26.9 %)
Operating Income	20.61	14.27	(30.8 %)
Net Income	15.58	10.00	(35.8 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.28	0.18	(35.8 %)

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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