Qassim Cement H1 2024 profit leaps 58% to SAR 147.1; Q2 at SAR 72.9M

11/08/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	311.26	399.72	28.4 %
Gross Income	94.20	161.74	71.7 %
Operating Income	75.10	123.59	64.6 %
Net Income	93.04	147.11	58.1 %
Average Shares	90.00	105.45	17.2 %
EPS (Riyals)	1.03	1.40	35.0 %

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.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	137.19	203.30	48.2 %
Gross Income	37.56	78.96	110.2 %
Operating Income	27.52	58.17	111.3 %
Net Income	38.10	72.89	91.3 %
Average Shares	90.00	105.45	17.2 %
EPS (Riyals)	0.42	0.69	63.3 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	196.42	203.30	3.5 %
Gross Income	82.78	78.96	(4.6 %)
Operating Income	65.42	58.17	(11.1 %)
Net Income	74.22	72.89	(1.8 %)
Average Shares	105.45	105.45	-
EPS (Riyals)	0.70	0.69	(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.

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