Tabuk Cement 9M 2024 earnings rise to SAR 70.5M; Q3 at SAR 23.1M

04/11/2024 Argaam Exclusive

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Tabuk Cement Co. posted net earnings of SAR 70.5 million for the first nine months of 2024, up from SAR 25.2 million a year before, supported by higher sales volumes and other income.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	198.79	262.60	32.1 %
Gross Income	51.08	80.23	57.1 %
Operating Income	28.05	54.89	95.7 %
Net Income	25.16	70.50	180.2 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.28	0.78	180.2 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	54.13	90.12	66.5 %
Gross Income	5.51	28.16	410.8 %
Operating Income	(2.30)	19.22	934.8 %
Net Income	(4.15)	23.05	655.6 %
Average Shares	90.00	90.00	-
EPS (Riyals)	(0.05)	0.26	655.6 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	85.44	90.12	5.5 %
Gross Income	29.31	28.16	(3.9 %)
Operating Income	21.03	19.22	(8.6 %)
Net Income	31.34	23.05	(26.5 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.35	0.26	(26.5 %)

In Q3 2024, the cement producer swung to net earnings of SAR 23.1 million, from a loss of SAR 4.15 million in Q3 2023, driven by higher sales value and volumes as well as other income.

However, the third-quarter net earnings dropped 26.5% from SAR 31.34 million in Q2 2024, as other income slumped on a quarterly basis despite growth in sales value and volumes.

Total shareholders' equity, no minority interest, reached SAR 1.33 billion by the end of Q3 2024, up from SAR 1.31 billion a year before.

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