Arabian Cement profit up 20% to SAR 128.8M in 9M 2024; Q3 at SAR 45.8M

28/10/2024 Argaam Exclusive

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Arabian Cement Co. reported a net profit of SAR 128.8 million for the first nine months of 2024, a increase of 20% from SAR 106.9 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	650.59	627.70	(3.5 %)
Gross Income	166.41	185.90	11.7 %
Operating Income	112.00	136.20	21.6 %
Net Income	106.85	128.80	20.5 %
Average Shares	100.00	100.00	-
EPS (Riyals)	1.07	1.29	20.5 %

The nine-month performance was buoyed by a rise in the parent company’s average selling prices, lower finance costs, a decline in the cost of goods sold, and reduced selling and distribution expenses.

The cement producer reported higher gains from dividends from financial assets at FVTPL, along with an increased profit share from associates.

However, this was offset by the year-on-year (YoY) sales drop in 9M 2024 due to subdued sales volumes of the company’s subsidiaries. The higher energy costs of the parent company, lower other income, and increased Zakat charges and income taxes also weighed on the nine-month results.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	213.71	224.90	5.2 %
Gross Income	52.86	68.10	28.8 %
Operating Income	33.93	52.00	53.3 %
Net Income	29.69	45.80	54.3 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.30	0.46	54.3 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	175.22	224.90	28.4 %
Gross Income	48.64	68.10	40.0 %
Operating Income	31.11	52.00	67.2 %
Net Income	28.87	45.80	58.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.29	0.46	58.7 %

The third-quarter net earnings jumped 54% to SAR 45.8 million, compared to SAR 29.6 million in Q3 2023, thanks to improved sales mainly due to better average selling prices and decreased COGS of the company’s subsidiary.

On a quarterly basis, net earnings climbed 58.7% from SAR 28.8 million in Q2 2024 as revenue went up on a quarterly basis on better sales volumes as the previous quarter coincided with Eid Al-Fitr and Eid Al-Adha.

Total shareholders’ equity, after minority interest, reached SAR 2.53 billion as of Sept. 30, 2024, down from SAR 2.54 billion a year earlier.

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Quarterly Actuals vs Estimates 28/10/202427/10/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
SAUDI CERAMICS	5.50	6.03	9.7 %
ACC	43.50	45.80	5.3 %
SABIC AGRI-NUTRIENTS	853.69	827.00	(3.1 %)
JAMJOOM PHARMA	98.54	94.99	(3.6 %)
SAVOLA GROUP	211.36	181.02	(14.4 %)
YANSAB	156.15	130.60	(16.4 %)

Company	Estimated	Actual	Change
SAUDI CERAMICS	5.50	6.03	9.7 %
ACC	43.50	45.80	5.3 %

Company	Estimated	Actual	Change
HERFY FOODS	10.04	(33.37)	(432.4 %)
YANSAB	156.15	130.60	(16.4 %)
SAVOLA GROUP	211.36	181.02	(14.4 %)
JAMJOOM PHARMA	98.54	94.99	(3.6 %)
SABIC AGRI-NUTRIENTS	853.69	827.00	(3.1 %)

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