Financial Results : Southern Cement’s H1 2024 profit jumps 35% to SAR 92M; Q2 at SAR 30M

Southern Cement’s H1 2024 profit jumps 35% to SAR 92M; Q2 at SAR 30M

06/08/2024 Argaam Exclusive

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Southern Province Cement Co. reported a 35% profit rise to SAR 92 million in H1 2024, from SAR 68 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 525.85 464.99 (11.6 %)
Gross Income 107.39 147.09 37.0 %
Operating Income 76.75 102.14 33.1 %
Net Income 67.92 92.12 35.6 %
Average Shares 140.00 140.00 -
Earnings Per Share before unusual items (Riyals) 0.49 0.66 35.6 %
EPS (Riyals) 0.49 0.66 35.6 %

The H1 2024 net earnings were lifted by higher average selling prices, lower cost of goods sold, and a decline in selling and distribution expenses.

 

On the other hand, revenue dropped 11.6% year-on-year (YoY) due to weak sales volumes.

 

The second-quarter net profit leapt 58% to SAR 30 million, from SAR 19 million in Q2 2023, driven by better average selling prices and lower cost of goods sold.
 

 

The cement producer’s fell 51.6% from SAR 62 million in Q1 2024 due to lower revenue and sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 226.01 214.32 (5.2 %)
Gross Income 36.60 54.55 49.0 %
Operating Income 23.31 33.20 42.4 %
Net Income 19.04 30.00 57.6 %
Average Shares 140.00 140.00 -
Earnings Per Share before unusual items (Riyals) 0.14 0.21 57.6 %
EPS (Riyals) 0.14 0.21 57.6 %

Shareholders’ equity, no minority interest, rose to SAR 3.28 billion as of June 30, 2024, compared to SAR 3.20 billion a year earlier.

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Comments 3

1
محلل مميز
939
8471

تاجر شنطة

منذ 8 سنه

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2
37
1917

بلاتين

منذ 8 سنه

يا ساتر يا رب ...قال متوسط التوقعات و بيوت خبرة.

3
3
907

أبو فهد الغامدي

منذ 8 سنه

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ما طرحت شركة إلا و تدهورت أرباحها !! 

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