Financial Results : Northern Cement H1 2024 rises 53% to SAR 63.4M; Q2 at SAR 11.8M

Northern Cement H1 2024 rises 53% to SAR 63.4M; Q2 at SAR 11.8M

07/08/2024 Argaam Exclusive

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Northern Region Cement Co. reported a 53% rise in net profit before minority rights to SAR 63.4 million in H1 2024, compared to SAR 41.3 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 339.03 286.65 (15.5 %)
Gross Income 84.08 91.81 9.2 %
Operating Income 52.90 53.17 0.5 %
Net Income 40.93 63.39 54.9 %
Average Shares 180.00 180.00 -
EPS (Riyals) 0.23 0.35 54.9 %

The company attributed the profit rise to the sale of its share in Iraq's investment despite the lower sales due to market conditions.

 

The cement producer’s net profit fell 40% year-on-year to SAR 11.8 in Q2 2024.

 

Sequentially, net profit declined 77.2% from SAR 51.63 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 157.94 147.52 (6.6 %)
Gross Income 40.14 47.19 17.6 %
Operating Income 25.24 27.60 9.4 %
Net Income 19.52 11.77 (39.7 %)
Average Shares 180.00 180.00 -
EPS (Riyals) 0.11 0.07 (39.7 %)

Shareholders' equity, excluding minority interest, rose marginally to SAR 2.25 billion, compared to SAR 2.22 billion in the same period a year ago.

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