Arabian Cement Co. reported a net profit of SAR 83.1 million in H1 2024, an increase of 8% from SAR 77.2 million in the year-earlier period, due to lower cost of sales and higher average selling prices of the parent company.
The cement producer also noted a slump in selling and distribution expenses, an increase in profit share from associates and lower cost of finance.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 436.88 | 402.80 | (7.8 %) |
| Gross Income | 113.55 | 117.80 | 3.7 % |
| Operating Income | 78.07 | 84.20 | 7.9 % |
| Net Income | 77.16 | 83.10 | 7.7 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.77 | 0.83 | 7.7 % |
Q2 2024 net profit rose 3% to SAR 28.9 million, compared to SAR 27.98 million in Q2 2023, on lower cost of sales, higher average selling prices for the parent company, decreased selling and distribution expenses, and increased profit share from associates.
The company also cited lower cost of finance despite an increase in cost of purchase of energy mix for the parent company and decreased sales volumes.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 196.79 | 175.20 | (11.0 %) |
| Gross Income | 46.82 | 48.60 | 3.8 % |
| Operating Income | 26.37 | 31.10 | 17.9 % |
| Net Income | 27.98 | 28.90 | 3.3 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.28 | 0.29 | 3.3 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 227.57 | 175.20 | (23.0 %) |
| Gross Income | 69.16 | 48.60 | (29.7 %) |
| Operating Income | 53.05 | 31.10 | (41.4 %) |
| Net Income | 54.19 | 28.90 | (46.7 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.54 | 0.29 | (46.7 %) |
On a quarterly basis, net earnings dropped 46.7% from SAR 54.19 million in Q1 2024.
Total shareholders’ equity, after minority interest, reached SAR 2.56 billion as of June 30, 2024, compared to SAR 2.60 billion a year earlier.
| Company | Estimated | Actual | Change |
|---|---|---|---|
| YANSAB | 96.28 | 224.80 | 133.5 % |
| SAUDI KAYAN | (457.56) | (250.09) | 45.3 % |
| SASCO | 9.78 | 12.85 | 31.5 % |
| SULAIMAN ALHABIB | 522.40 | 555.03 | 6.2 % |
| ACC | 39.02 | 28.90 | (25.9 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| YANSAB | 96.28 | 224.80 | 133.5 % |
| SAUDI KAYAN | (457.56) | (250.09) | 45.3 % |
| SASCO | 9.78 | 12.85 | 31.5 % |
| SULAIMAN ALHABIB | 522.40 | 555.03 | 6.2 % |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| ACC | 39.02 | 28.90 | (25.9 %) |
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