Financial Results : Northern Cement posts SAR 51.6M profit in Q1 2024

Northern Cement posts SAR 51.6M profit in Q1 2024

16/05/2024 Argaam Exclusive

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Northern Region Cement Co.'s net profit (after minority interest) advanced to SAR 51.6 million in Q1 2024, compared to SAR 21.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 181.09 139.13 (23.2 %)
Gross Income 43.95 44.62 1.5 %
Operating Income 27.66 25.57 (7.6 %)
Net Income 21.40 51.63 141.2 %
Average Shares 180.00 180.00 -
EPS (Riyals) 0.12 0.29 141.2 %

The annual profit increase was driven by gains achieved from selling a share of the company’s investments in Iraq in Q1 2024. This came despite sales shrinking year-on-year (YoY) during the same quarter due to lower sales volumes.

 

Compared to Q4 2023, the company turned to profit against a loss of SAR 7.93 million, thanks to the significant impact of increasing the Zakat provision in the last three months of 2023.

 

Shareholders’ equity, excluding minority interest, stood at SAR 2.246 billion as of March 31, 2024, from SAR 2.248 billion a year earlier.

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