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	-
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	-
EPS (Riyals)	0.14	0.21	57.6 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	250.67	214.32	(14.5 %)
Gross Income	92.55	54.55	(41.1 %)
Operating Income	68.94	33.20	(51.8 %)
Net Income	62.12	30.00	(51.7 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.44	0.21	(51.7 %)

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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