Financial Results : Riyadh Cement profit down 4% to SAR 70.1M in Q1 2024

Riyadh Cement profit down 4% to SAR 70.1M in Q1 2024

19/05/2024 Argaam Exclusive

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Riyadh Cement Co. posted a 4% decline in Q1 2024 net profit to SAR 70.1 million from SAR 73.4 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 190.01 188.89 (0.6 %)
Gross Income 86.50 76.76 (11.3 %)
Operating Income 76.52 67.89 (11.3 %)
Net Income 73.36 70.10 (4.4 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.61 0.58 (4.4 %)

The cement producer cited lower sales on a yearly basis due to a decline in sales volumes compared to Q1 2023.

 

The cost of sales also increased in Q1 2024, compared to a year earlier, despite a rise in the company’s other income in the current three-month period.

 

The company has no comparative figures due to its transition from the Nomu-Parallel Market to the Main Market.

 

Shareholders’ equity, no minority interest, rose to SAR 1.74 billion as of March 31, 2024, from SAR 1.67 billion a year earlier.

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