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 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	163.65	203.01	24.0 %
Gross Income	79.34	83.91	5.8 %
Operating Income	69.22	73.20	5.7 %
Net Income	64.42	94.58	46.8 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.54	0.79	46.8 %

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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