Qassim Cement Co. posted a 35% profit leap to SAR 74.2 million for the first quarter of 2024, compared to SAR 54.9 million in Q1 2023.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 174.07 | 196.42 | 12.8 % |
| Gross Income | 56.64 | 82.78 | 46.1 % |
| Operating Income | 47.58 | 65.42 | 37.5 % |
| Net Income | 54.94 | 74.22 | 35.1 % |
| Average Shares | 90.00 | 105.45 | 17.2 % |
| EPS (Riyals) | 0.61 | 0.70 | 15.3 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 151.46 | 196.42 | 29.7 % |
| Gross Income | 43.83 | 82.78 | 88.9 % |
| Operating Income | 30.78 | 65.42 | 112.6 % |
| Net Income | 40.89 | 74.22 | 81.5 % |
| Average Shares | 90.00 | 105.45 | 17.2 % |
| EPS (Riyals) | 0.45 | 0.70 | 54.9 % |
The first-quarter profit rise was spurred by sales growth, thanks to an increase in sales volumes and the company’s average selling price. This was offset by higher general and administrative expenses (G&A).
Quarter-on-quarter (QoQ), the company’s net profit climbed 81.5% from SAR 40.8 million on better sales. On the other hand, G&A increased on a sequential basis.
Total shareholders’ equity, after minority interest, declined to SAR 1.59 billion by March 31, 2024, from SAR 1.66 billion a year earlier.
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