Yanbu Cement Co. reported a net profit of SAR 58.3 million for the first quarter of 2024, a 14% jump from SAR 51 million a year ago.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 224.01 | 234.17 | 4.5 % |
| Gross Income | 72.53 | 83.80 | 15.5 % |
| Operating Income | 55.74 | 65.26 | 17.1 % |
| Net Income | 51.01 | 58.31 | 14.3 % |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.32 | 0.37 | 14.3 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 193.92 | 234.17 | 20.8 % |
| Gross Income | 23.14 | 83.80 | 262.2 % |
| Operating Income | 4.42 | 65.26 | 1377.6 % |
| Net Income | 18.09 | 58.31 | 222.3 % |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.11 | 0.37 | 222.3 % |
The year-on-year (YoY) profit increase was driven by higher sales volume and value, as well as an increase in other revenues, despite increases in administrative and general expenses, financing costs, and Zakat expenses.
Sequentially, Yanbu Cement’s profit skyrocketed by 222.3% from SAR 18.09 million in Q4 2023.
Total shareholders' equity, no minority interest, reached SAR 2.71 billion by the end of Q1 2024, compared to SAR 2.81 billion in the prior-year period.
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