Financial Results : Arabian Cement Q1 2024 profit rises 10% to SAR 54.2M

Arabian Cement Q1 2024 profit rises 10% to SAR 54.2M

05/05/2024 Argaam Exclusive

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Arabian Cement Co. reported a net profit of SAR 54.2 million in Q1 2024, a 10% rise from SAR 49.2 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 240.09 227.57 (5.2 %)
Gross Income 66.73 69.16 3.6 %
Operating Income 51.70 53.05 2.6 %
Net Income 49.18 54.19 10.2 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.49 0.54 10.2 %

The profit rise was spurred by a higher average selling price for the local market despite the decrease in sales volume for the group (due to Ramadan month overlap with the current quarter). This is in addition to the company's higher share of associates and lower finance costs.

 

Compared to Q4 2023, the first-quarter net profit leapt 65.3% from SAR 32.78 million, thanks to an increase in average selling price for the local market despite the decrease in sales volume (due to Ramadan month overlap with the current quarter).

 

Shareholders’ equity, after minority interest, stood at SAR 2.62 billion as of March 31, 2024, down from SAR 2.68 billion in a year-earlier period.

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