Financial Results : Southern Cement profit leaps 27% to SAR 62M in Q1 2024

Southern Cement profit leaps 27% to SAR 62M in Q1 2024

16/05/2024 Argaam Exclusive

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Southern Province Cement Co.’s net profit jumped 27% to SAR 62 million in Q1 2024, from SAR 49 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 299.85 250.67 (16.4 %)
Gross Income 70.79 92.55 30.7 %
Operating Income 53.45 68.94 29.0 %
Net Income 48.89 62.12 27.1 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.35 0.44 27.1 %

The profit growth was driven by higher average selling prices, lower cost of sales, as well as a decline in selling and distribution expenses.

 

This was despite lower sales due to decreased sales volumes.

 

Sequentially, the company’s net profit fell 16.5% from SAR 74.21 million in Q4 2023, mainly due to lower sales on decreased sales volume and higher Zakat provision.

 

Total shareholders’ equity, no minority interest, stood at SAR 3.34 billion as of March 31, 2024, compared to SAR 3.25 billion a year earlier.

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