Financial Results : Saudi Cement 9M 2024 profit rises to SAR 301.3M; Q3 at SAR 100.2M

Saudi Cement 9M 2024 profit rises to SAR 301.3M; Q3 at SAR 100.2M

04/11/2024 Argaam Exclusive

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Saudi Cement Co. (SCC) posted an 8.7% rise in net profit to SAR 301.3 million for the first nine months of 2024, from SAR 277.2 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,080.89 1,191.76 10.3 %
Gross Income 435.27 473.08 8.7 %
Operating Income 278.17 301.36 8.3 %
Net Income 277.24 301.28 8.7 %
Average Shares 153.00 153.00 -
Earnings Per Share before unusual items (Riyals) 1.75 1.97 12.3 %
EPS (Riyals) 1.81 1.97 8.7 %

The profit rise was buoyed by an increase in sales revenue year-on-year (YoY), driven by a rise in total sales volumes and an increase in the average selling price. In addition, other revenues increased coupled with an increase in the company’s share of net profits from an associate company.

 

On the other hand, selling and distribution expenses increased, along with a decline in profit from the sale of an investment in a subsidiary.

 

The cement producer's Q3 2024 earnings rose by 46.7% YoY from SAR 68.3 million to SAR 100.2 million, thanks to higher sales revenue due to the increase in sales volumes and an increase in the average selling price.

 

Compared to Q2 2024, net profit edged up by 14.7% from SAR 87.35 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 315.00 387.11 22.9 %
Gross Income 114.42 154.31 34.9 %
Operating Income 60.68 97.98 61.5 %
Net Income 68.26 100.18 46.8 %
Average Shares 153.00 153.00 -
Earnings Per Share before unusual items (Riyals) 0.45 0.65 46.8 %
EPS (Riyals) 0.45 0.65 46.8 %

Shareholders’ equity, no minority interest, rose to SAR 2.11 billion as of Sept. 30, 2024, from SAR 2.07 billion in the year-earlier period.

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