Northern Cement posts SAR 81M profit for 9M 2024, SAR 17.6M for Q3

07/11/2024 Argaam Exclusive

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Northern Region Cement Co. reported a net profit of SAR 81 million in the first nine months of 2024, compared to SAR 64.2 million in the year-ago period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	514.23	449.88	(12.5 %)
Gross Income	139.62	147.46	5.6 %
Operating Income	88.86	88.06	(0.9 %)
Net Income	64.19	81.00	26.2 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.36	0.45	26.2 %

The positive performance was driven by the profit generated from the sale of the company’s stake in a plant in Iraq, despite lower sales revenue on a decline in demand.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	175.20	163.23	(6.8 %)
Gross Income	55.53	55.65	0.2 %
Operating Income	35.96	34.90	(2.9 %)
Net Income	23.26	17.61	(24.3 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.13	0.10	(24.3 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	147.52	163.23	10.7 %
Gross Income	47.19	55.65	17.9 %
Operating Income	27.60	34.90	26.4 %
Net Income	11.77	17.61	49.6 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.07	0.10	49.6 %

In Q3 2024, the net profit saw a 24.3% fall to SAR 17.6 million from SAR 23.26 million the year before.

Sequentially, the cement producer’s net profit rose 49.6% from SAR 11.77 million.

Shareholders’ equity, after minority interest, amounted to SAR 2.27 billion as of Sept. 30, 2024, up from SAR 2.24 billion in the year-earlier period.

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Quarterly Actuals vs Estimates 07/11/202407/11/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
FAKEEH CARE	80.43	93.59	16.4 %
ACWA POWER	454.77	328.10	(27.9 %)
EQUIPMENT HOUSE	19.00	12.80	(32.6 %)
AWPT	64.13	40.19	(37.3 %)
AVALON PHARMA	14.81	3.87	(73.9 %)
SACO	(4.20)	(8.98)	(113.8 %)

Company	Estimated	Actual	Change
SPCC	43.67	53.00	21.4 %
FAKEEH CARE	80.43	93.59	16.4 %
SSP	48.70	50.00	2.7 %

Company	Estimated	Actual	Change
SACO	(4.20)	(8.98)	(113.8 %)
AVALON PHARMA	14.81	3.87	(73.9 %)
AWPT	64.13	40.19	(37.3 %)
EQUIPMENT HOUSE	19.00	12.80	(32.6 %)
ACWA POWER	454.77	328.10	(27.9 %)
BINDAWOOD	43.37	35.00	(19.3 %)
BUDGET SAUDI	84.87	71.70	(15.5 %)
NORTHERN CEMENT	19.00	17.61	(7.3 %)

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