Southern Province Cement Co.’s net profit jumped 27% to SAR 62 million in Q1 2024, from SAR 49 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 299.85 | 250.67 | (16.4 %) |
| Gross Income | 70.97 | 92.55 | 30.4 % |
| Operating Income | 53.45 | 68.94 | 29.0 % |
| Net Income | 48.89 | 62.12 | 27.1 % |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.35 | 0.44 | 27.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 257.95 | 250.67 | (2.8 %) |
| Gross Income | 88.39 | 92.55 | 4.7 % |
| Operating Income | 64.77 | 68.94 | 6.4 % |
| Net Income | 74.21 | 62.12 | (16.3 %) |
| Average Shares | 140.00 | 140.00 | - |
| EPS (Riyals) | 0.53 | 0.44 | (16.3 %) |
The profit growth was driven by higher average selling prices, lower cost of sales, as well as a decline in selling and distribution expenses.
This was despite lower sales due to decreased sales volumes.
Sequentially, the company’s net profit fell 16.5% from SAR 74.21 million in Q4 2023, mainly due to lower sales on decreased sales volume and higher Zakat provision.
Total shareholders’ equity, no minority interest, stood at SAR 3.34 billion as of March 31, 2024, compared to SAR 3.25 billion a year earlier.
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