Financial Results : Yanbu Cement’s H1 2024 profit jumps 14% to SAR 98.1M; Q2 at SAR 39.8M

Yanbu Cement’s H1 2024 profit jumps 14% to SAR 98.1M; Q2 at SAR 39.8M

24/07/2024 Argaam Exclusive

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Yanbu Cement Co. posted a net profit increase of 14% to SAR 98.1 million in the first half of 2024, from SAR 86.3 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 397.56 428.38 7.8 %
Gross Income 125.89 148.33 17.8 %
Operating Income 95.40 112.23 17.6 %
Net Income 86.29 98.07 13.7 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.55 0.62 13.7 %

The profit growth was spurred by higher revenue amid improved sales volumes and average selling prices. The cement producer also recorded higher short-term investment returns, despite increased administrative, selling expenses, as well as financing and Zakat charges.

 

In Q2 2024, the company’s net profit leapt 13% to SAR 39.8 million, from SAR 35.2 million in Q2 2023.

 

On the other hand, net earnings fell by 31.8% from SAR 58.3 million in the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 173.56 194.20 11.9 %
Gross Income 53.36 64.53 20.9 %
Operating Income 39.66 46.97 18.4 %
Net Income 35.27 39.77 12.7 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.22 0.25 12.7 %

Total shareholders’ equity, no minority interest, rose to SAR 2.63 billion as of June 30, 2024, from SAR 2.61 billion a year earlier.

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