Qassim Cement 9M 2024 profit rises to SAR 219.5M; Q3 at SAR 72.4M

10/11/2024 Argaam Exclusive

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Qassim Cement Co. reported a net profit of SAR 219.5 million in the first nine months of 2024, an over twofold increase from SAR 101.1 million a year earlier, thanks to better sales value resulting from higher sales volume and higher average selling prices.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	432.10	664.60	53.8 %
Gross Income	107.27	239.06	122.9 %
Operating Income	87.42	218.22	149.6 %
Net Income	101.08	219.55	117.2 %
Average Shares	90.00	98.01	8.9 %
EPS (Riyals)	1.12	2.24	99.4 %

The nine-month net profit was spurred by higher revenue, thanks to better sales volumes and average selling prices, along with the consolidation of the subsidiary’s results.

Qassim Cement also recorded a rise in other income despite increased selling and marketing expenses, as well as general and administrative expenses (G&A).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	120.84	264.88	119.2 %
Gross Income	13.07	77.32	491.7 %
Operating Income	10.08	76.70	660.6 %
Net Income	8.05	72.43	800.3 %
Average Shares	90.00	98.01	8.9 %
EPS (Riyals)	0.09	0.74	726.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	203.30	264.88	30.3 %
Gross Income	78.96	77.32	(2.1 %)
Operating Income	74.68	76.70	2.7 %
Net Income	72.89	72.43	(0.6 %)
Average Shares	98.01	98.01	-
EPS (Riyals)	0.74	0.74	(0.6 %)

The third-quarter net income skyrocketed to SAR 72.4 million, from SAR 8 million in Q3 2023, as revenue grew on higher sales volumes and average selling prices, along with the consolidation of the subsidiary’s results.

Compared to the previous quarter, the cement producer’s net earnings decreased by 0.6% from SAR 72.8 million as the average selling price declined. The company also recorded additional provisions.

Total shareholders’ equity, no minority interest, rose to SAR 2.75 billion as of Sept. 30, 2024, from SAR 1.59 billion in the year-earlier period.

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