Northern Cement posts SAR 81.5M profit for 9M 2024, SAR 18.1M for Q3

07/11/2024 Argaam Exclusive

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Northern Region Cement Co. reported a net profit of SAR 81.5 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	81.52	27.0 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.36	0.45	27.0 %

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	(3.0 %)
Net Income	23.26	18.13	(22.1 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.13	0.10	(22.1 %)

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	18.13	54.1 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.07	0.10	54.1 %

In Q3 2024, the net profit saw a 22.1% fall to SAR 18.1 million from SAR 23.2 million the year before.

Sequentially, the cement producer’s net profit rose 54.1% from SAR 11.77 million.

Shareholders’ equity, before minority interest, amounted to SAR 81.6 million as of Sept. 30, 2024, up from SAR 64.7 million in the year-earlier period.

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