Financial Results : Riyadh Cement 9M 2024 net profit grows to SAR 229.1M, SAR 94.6M in Q3

Riyadh Cement 9M 2024 net profit grows to SAR 229.1M, SAR 94.6M in Q3

06/11/2024 Argaam Exclusive

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Riyadh Cement Co. posted SAR 229.1 million in net profit for the first nine months of 2024, a rise of 58% from SAR 145.4 million in 9M 2023.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 471.90 555.55 17.7 %
Gross Income 181.76 240.01 32.0 %
Operating Income 153.83 210.32 36.7 %
Net Income 145.36 229.11 57.6 %
Average Shares 120.00 120.00 -
EPS (Riyals) 1.21 1.91 57.6 %

The year-on-year (YoY) profit hike was spurred by an increase in selling prices and sales value for the nine-month period, as well as a rise in other revenues.

 

In Q3 2024, the cement producer saw a more than five-fold leap to SAR 94.6 million, from SAR 18.71 million a year ago, thanks to improved sales volumes and selling prices. This came despite the increased Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 127.15 203.01 59.7 %
Gross Income 29.83 83.91 181.3 %
Operating Income 20.28 73.20 261.0 %
Net Income 18.71 94.58 405.5 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.16 0.79 405.5 %

Sequentially, the bottom line surged by 46.8% from SAR 64.42 million in Q2 2024.

 

Shareholders’ equity (no minority interest) amounted to SAR 1.69 billion by the end of September 2024, soaring from SAR 1.63 billion in prior-year period.

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