Financial Results : Arabian Cement H1 2024 profit rises 8% to SAR 83.1M, Q2 at SAR 28.9M

Arabian Cement H1 2024 profit rises 8% to SAR 83.1M, Q2 at SAR 28.9M

29/07/2024 Argaam Exclusive

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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.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 436.88 402.79 (7.8 %)
Gross Income 113.55 117.80 3.7 %
Operating Income 78.07 84.16 7.8 %
Net Income 77.16 83.05 7.6 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.77 0.83 7.6 %

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.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 196.79 175.22 (11.0 %)
Gross Income 46.82 48.64 3.9 %
Operating Income 26.37 31.11 18.0 %
Net Income 27.98 28.87 3.2 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.28 0.29 3.2 %

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.

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