Financial Results : Tabuk Cement’s Q1 2024 profit drops 17% to SAR 16.1M

Tabuk Cement’s Q1 2024 profit drops 17% to SAR 16.1M

19/05/2024 Argaam Exclusive

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Tabuk Cement Co. reported a net profit of SAR 16.1 million for Q1 2024, a drop of 17% from SAR 19.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 86.28 87.05 0.9 %
Gross Income 30.61 22.77 (25.6 %)
Operating Income 22.68 14.64 (35.4 %)
Net Income 19.35 16.11 (16.7 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.21 0.18 (16.7 %)

The profit decline was due to lower average selling prices and higher cost of sales .This was despite a rise in revenues due to an increase in sales volumes.

 

On a sequential basis, the company turned to profit from a loss of SAR 5.42 million in Q4 2023 on strong revenues.

 

Total shareholders’ equity, no minority interest, reached SAR 1.306 billion as of March 31, 2024, compared to SAR 1.302 million in the prior-year period.

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