Southern Cement’s 9M 2024 profit grows 20% to SAR 145M; Q3 at SAR 53M

07/11/2024 Argaam Exclusive

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Southern Province Cement Co. reported a 20% profit rise to SAR 145 million in 9M 2024, from SAR 121 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	812.00	698.00	(14.0 %)
Gross Income	188.00	219.00	16.5 %
Operating Income	135.00	151.00	11.9 %
Net Income	121.00	145.00	19.8 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.86	1.04	19.8 %

The 9M 2024 net earnings were lifted by higher average selling prices and other revenues, lower cost of goods sold, and a decline in selling and distribution expenses.

On the other hand, sales dropped due to weak sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	286.00	233.00	(18.5 %)
Gross Income	81.00	72.00	(11.1 %)
Operating Income	58.00	49.00	(15.5 %)
Net Income	53.00	53.00	-
Average Shares	140.00	140.00	-
EPS (Riyals)	0.38	0.38	-

Item	Q2 2024	Q3 2024	Change‬
Revenues	214.32	233.00	8.7 %
Gross Income	54.55	72.00	32.0 %
Operating Income	33.20	49.00	47.6 %
Net Income	30.00	53.00	76.7 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.21	0.38	76.7 %

The company’s year-on-year (YoY) net profit for Q3 2024 remained stable at SAR 53 million.

Sequentially, net profit climbed 76.7% from SAR 30 million in Q2 2024.

Shareholders’ equity, no minority interest, rose to SAR 3.27 billion as of Sept. 30, 2024, compared to SAR 3.20 billion a year earlier.

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Quarterly Actuals vs Estimates 07/11/202407/11/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
SPCC	43.67	53.00	21.4 %
FAKEEH CARE	80.43	93.59	16.4 %
SSP	48.70	50.00	2.7 %
BUDGET SAUDI	84.87	71.70	(15.5 %)
BINDAWOOD	43.37	35.00	(19.3 %)
SACO	(4.20)	(8.98)	(113.8 %)

Company	Estimated	Actual	Change
SACO	(4.20)	(8.98)	(113.8 %)
BINDAWOOD	43.37	35.00	(19.3 %)
BUDGET SAUDI	84.87	71.70	(15.5 %)

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