Qassim Cement Co. reported a net profit of SAR 147.1 million in H1 2024, a rise of 58% from SAR 93 million a year earlier, thanks to better sales value resulting from higher sales volume and higher average selling prices.
During the period, the company reported an increase in other revenue, partially offset by higher general and administrative expenses as well as an increase in marketing and selling expenses.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 311.26 | 399.72 | 28.4 % |
| Gross Income | 94.20 | 161.74 | 71.7 % |
| Operating Income | 77.34 | 141.53 | 83.0 % |
| Net Income | 93.04 | 147.11 | 58.1 % |
| Average Shares | 90.00 | 91.95 | 2.2 % |
| EPS (Riyals) | 1.03 | 1.60 | 54.8 % |
The cement producer reported a 91.3% jump in Q2 2024 net profit to SAR 72.9 million, compared to SAR 38.1 million in Q2 2023.
Sequentially, net profit fell by 1.8% from SAR 74.2 million in Q1 2024 on higher costs of sales, general and administrative expenses, marketing and selling expenses, as well as lower investment returns.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 137.19 | 203.30 | 48.2 % |
| Gross Income | 37.56 | 78.96 | 110.2 % |
| Operating Income | 28.26 | 74.68 | 164.3 % |
| Net Income | 38.10 | 72.89 | 91.3 % |
| Average Shares | 90.00 | 91.95 | 2.2 % |
| EPS (Riyals) | 0.42 | 0.79 | 87.3 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 196.42 | 203.30 | 3.5 % |
| Gross Income | 82.78 | 78.96 | (4.6 %) |
| Operating Income | 66.84 | 74.68 | 11.7 % |
| Net Income | 74.22 | 72.89 | (1.8 %) |
| Average Shares | 91.95 | 91.95 | - |
| EPS (Riyals) | 0.81 | 0.79 | (1.8 %) |
Shareholders’ equity, no minority interest, stood at SAR 2.82 billion as of June 30, 2024, up from SAR 1.64 billion a year earlier.
| Company | Estimated | Actual | Change |
|---|---|---|---|
| CENOMI RETAIL | (1.00) | 81.00 | 8,200.0 % |
| MIS | 19.43 | 43.00 | 121.3 % |
| MAADEN | 826.50 | 1,024.02 | 23.9 % |
| BINDAWOOD | 64.50 | 72.65 | 12.6 % |
| SPIMACO | 36.00 | 34.00 | (5.6 %) |
| ALARABIA | 90.43 | 47.32 | (47.7 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| CENOMI RETAIL | (1.00) | 81.00 | 8,200.0 % |
| MIS | 19.43 | 43.00 | 121.3 % |
| MAADEN | 826.50 | 1,024.02 | 23.9 % |
| BINDAWOOD | 64.50 | 72.65 | 12.6 % |
| TANMIAH | 23.00 | 24.00 | 4.3 % |
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