Saudi Cement H1 2024 profit falls 4% to SAR 201.1M; Q2 at SAR 87.3M

06/08/2024 Argaam Exclusive

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Saudi Cement Co. reported a net profit of SAR 201.1 million in H1 2024, a fall of 4% from SAR 209 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	765.89	804.65	5.1 %
Gross Income	320.85	318.77	(0.6 %)
Operating Income	217.49	203.38	(6.5 %)
Net Income	208.98	201.10	(3.8 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	1.37	1.31	(3.8 %)

The profit decline was due to the increased cost of revenue and selling & distribution expenses, as well as lower gains on the sale of investments related to the subsidiary.

However, the company posted higher sales value and volumes, besides an elevated other income and share from an associate's earnings.

The cement producer reported a 3% rise in Q2 2024 net profit to SAR 87.3 million, compared to SAR 85.19 million in Q2 2023, mainly due to higher sales revenues and other income.

Meanwhile, net profit fell 23.3% from SAR 113.76 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	356.26	378.13	6.1 %
Gross Income	145.08	144.01	(0.7 %)
Operating Income	93.75	84.06	(10.3 %)
Net Income	85.19	87.35	2.5 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.56	0.57	2.5 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	426.52	378.13	(11.3 %)
Gross Income	174.76	144.01	(17.6 %)
Operating Income	119.32	84.06	(29.6 %)
Net Income	113.76	87.35	(23.2 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.74	0.57	(23.2 %)

Shareholders’ equity, with no minority interest, grew to SAR 2.01 billion as of June 30, 2024, from SAR 2.00 billion a year earlier.

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