Financial Results : Saudi Cement profit down 8% to SAR 113.8M in Q1 2024

Saudi Cement profit down 8% to SAR 113.8M in Q1 2024

12/05/2024 Argaam Exclusive

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Saudi Cement Co.’s net profit declined 8% to SAR 113.8 million in Q1 2024, compared to SAR 123.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 409.63 426.52 4.1 %
Gross Income 175.78 174.76 (0.6 %)
Operating Income 123.74 119.32 (3.6 %)
Net Income 123.79 113.76 (8.1 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 0.81 0.74 (8.1 %)

The annual profit slump was attributed to the higher cost of sales, selling & distribution expenses, general & administrative expenses, and finance costs on lower gains from the sale of investment related to the subsidiary. This came despite the increase in sales revenue, other revenues and share of profits from investment in an associate.

 

Compared to Q4 2023, net profit grew 9.6% from SAR 103.79 million in Q4 2023.

 

Shareholders’ equity, no minority interest, slid to SAR 2.27 billion by March 31, 2024, compared to SAR 2.41 billion a year earlier.

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