Hail Cement Co. posted a 19% fall in net profit to SAR 15 million for the first quarter of 2024, from SAR 18.5 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 61.85 | 73.78 | 19.3 % |
| Gross Income | 22.59 | 20.11 | (11.0 %) |
| Operating Income | 16.06 | 13.08 | (18.5 %) |
| Net Income | 18.51 | 15.00 | (19.0 %) |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | 0.19 | 0.15 | (19.0 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 55.90 | 73.78 | 32.0 % |
| Gross Income | 7.00 | 20.11 | 187.4 % |
| Operating Income | (0.80) | 13.08 | 1737.0 % |
| Net Income | 3.23 | 15.00 | 364.2 % |
| Average Shares | 97.90 | 97.90 | - |
| EPS (Riyals) | 0.03 | 0.15 | 364.2 % |
The annual net earnings were hurt by the higher cost of sales, Zakat charges, as well as selling and distribution expenses.
On the other hand, sales revenue increased on a year-on-year (YoY) basis, thanks to better sales volumes and average selling price.
Compared to Q4 2023, the cement producer’s net profit saw a spike of 364.2% from SAR 3.23 million. The surge was buoyed by higher sales on better average selling prices.
Hail Cement also reported a decline in general and administrative expenses.
Total shareholders’ equity, no minority interest, decreased to SAR 981.13 million as of March 31, 2024, from SAR 1.07 billion a year earlier.
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