Financial Results : City Cement H1 2025 profit rises 27% to SAR 87.9M; Q2 at SAR 36.4M

City Cement H1 2025 profit rises 27% to SAR 87.9M; Q2 at SAR 36.4M

28/07/2025 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 87.9 million in the first half of 2025, an increase of 26.7% from SAR 69.3 million in the year-earlier period, buoyed by strong revenues on higher sales volumes and average selling prices.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 231.11 288.76 24.9 %
Gross Income 88.01 108.84 23.7 %
Operating Income 62.89 79.83 27.0 %
Net Income 69.37 87.92 26.7 %
Average Shares 140.00 140.00 -
Earnings Per Share before unusual items (Riyals) 0.50 0.63 26.7 %
EPS (Riyal) 0.50 0.63 26.7 %

The second-quarter net earnings leapt 31% to SAR 36.4 million, compared with SAR 27.7 million in Q2 2024, driven by higher revenues.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 111.28 139.49 25.3 %
Gross Income 39.44 45.77 16.1 %
Operating Income 24.73 32.57 31.7 %
Net Income 27.78 36.38 30.9 %
Average Shares 140.00 140.00 -
Earnings Per Share before unusual items (Riyal) 0.20 0.26 30.9 %
EPS (Riyal) 0.20 0.26 30.9 %

On a sequential basis, net earnings dropped 29.4% from SAR 51.54 million in Q1 2025.

 

Total shareholders' equity, no minority interest, reached SAR 1.88 billion at the end of H1 2025, up from SAR 1.78 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 180.36 24.0 % 83.90 10.8 % 77.18 9.4 %
Q2 2016 167.36 15.0 % 74.74 (4.9 %) 67.77 (4.7 %)
Q3 2016 116.31 2.1 % 42.25 (25.5 %) 36.84 (26.1 %)
Q4 2016 137.86 (11.4 %) 55.18 (20.5 %) 48.97 (21.6 %)
Q1 2017 167.30 (7.2 %) 47.09 (43.9 %) 39.99 (48.2 %)
Q2 2017 117.04 (30.1 %) 20.75 (72.2 %) 13.52 (80.0 %)
Q3 2017 105.84 (9.0 %) 27.81 (34.2 %) 21.01 (43.0 %)
Q4 2017 145.22 5.3 % 32.82 (40.5 %) 26.88 (45.1 %)
Q1 2018 121.10 (27.6 %) 34.22 (27.3 %) 26.67 (33.3 %)
Q2 2018 70.07 (40.1 %) 19.43 (6.4 %) 12.01 (11.2 %)
Q3 2018 65.35 (38.3 %) 5.27 (81.1 %) (1.16) (105.5 %)
Q4 2018 88.39 (39.1 %) 45.32 38.1 % 35.61 32.5 %
Q1 2019 137.10 13.2 % 51.29 49.9 % 42.12 57.9 %
Q2 2019 108.06 54.2 % 42.25 117.5 % 33.19 176.5 %
Q3 2019 127.96 95.8 % 56.22 966.9 % 47.78 4233.6 %
Q4 2019 158.26 79.1 % 81.36 79.5 % 71.94 102.0 %
Q1 2020 170.28 24.2 % 82.24 60.3 % 72.11 71.2 %
Q2 2020 108.87 0.7 % 46.96 11.2 % 38.26 15.3 %
Q3 2020 140.60 9.9 % 62.43 11.1 % 53.54 12.0 %
Q4 2020 152.99 (3.3 %) 65.33 (19.7 %) 55.90 (22.3 %)
Q1 2021 170.63 0.2 % 76.15 (7.4 %) 66.53 (7.7 %)
Q2 2021 119.83 10.1 % 57.72 22.9 % 50.31 31.5 %
Q3 2021 111.58 (20.6 %) 47.24 (24.3 %) 38.99 (27.2 %)
Q4 2021 94.70 (38.1 %) 26.76 (59.0 %) 18.29 (67.3 %)
Q1 2022 108.10 (36.6 %) 26.29 (65.5 %) 17.47 (73.7 %)
Q2 2022 89.24 (25.5 %) 32.87 (43.1 %) 24.23 (51.8 %)
Q3 2022 100.08 (10.3 %) 28.44 (39.8 %) 20.61 (47.2 %)
Q4 2022 133.96 41.5 % 57.85 116.1 % 48.26 163.9 %
Q1 2023 108.25 0.1 % 32.98 25.5 % 24.20 38.5 %
Q2 2023 77.79 (12.8 %) 30.84 (6.2 %) 21.60 (10.9 %)
Q3 2023 70.68 (29.4 %) 12.99 (54.3 %) 2.92 (85.8 %)
Q4 2023 99.75 (25.5 %) 33.62 (41.9 %) 23.90 (50.5 %)
Q1 2024 119.83 10.7 % 48.57 47.3 % 38.16 57.6 %
Q2 2024 111.28 43.1 % 39.44 27.9 % 24.73 14.5 %
Q3 2024 130.11 84.1 % 45.88 253.3 % 31.68 986.4 %
Q4 2024 159.62 60.0 % 54.66 62.6 % 41.09 71.9 %
Q1 2025 149.27 24.6 % 63.07 29.8 % 47.26 23.9 %
Q2 2025 139.49 25.3 % 45.77 16.1 % 32.57 31.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 73.32 8.5 % 0.52 - 73.32 0.52
Q2 2016 64.16 (6.0 %) 0.46 - 64.16 0.46
Q3 2016 32.92 (30.5 %) 0.24 - 32.92 0.24
Q4 2016 45.91 (21.7 %) 0.33 - 45.91 0.33
Q1 2017 37.87 (48.3 %) 0.27 - 37.87 0.27
Q2 2017 12.36 (80.7 %) 0.09 - 12.36 0.09
Q3 2017 19.24 (41.6 %) 0.14 - 19.24 0.14
Q4 2017 23.83 (48.1 %) 0.17 - 23.83 0.17
Q1 2018 24.90 (34.2 %) 0.18 - 24.90 0.18
Q2 2018 9.88 (20.0 %) 0.07 - 9.88 0.07
Q3 2018 (2.39) (112.4 %) (0.02) - (2.39) (0.02)
Q4 2018 79.91 235.3 % 0.57 47.96 31.95 0.23
Q1 2019 41.42 66.3 % 0.30 - 41.42 0.30
Q2 2019 32.25 226.3 % 0.23 - 32.25 0.23
Q3 2019 50.52 2215.6 % 0.36 - 50.52 0.36
Q4 2019 65.90 (17.5 %) 0.47 - 65.90 0.47
Q1 2020 72.23 74.4 % 0.52 - 72.23 0.52
Q2 2020 38.04 18.0 % 0.27 - 38.04 0.27
Q3 2020 52.95 4.8 % 0.38 - 52.95 0.38
Q4 2020 57.27 (13.1 %) 0.41 - 57.27 0.41
Q1 2021 66.02 (8.6 %) 0.47 - 66.02 0.47
Q2 2021 49.71 30.7 % 0.36 - 49.71 0.36
Q3 2021 38.05 (28.1 %) 0.27 - 38.05 0.27
Q4 2021 6.50 (88.6 %) 0.05 - 6.50 0.05
Q1 2022 17.15 (74.0 %) 0.12 - 17.15 0.12
Q2 2022 24.84 (50.0 %) 0.18 - 24.84 0.18
Q3 2022 25.26 (33.6 %) 0.18 3.56 21.70 0.16
Q4 2022 47.75 634.1 % 0.34 0.55 47.20 0.34
Q1 2023 27.59 60.9 % 0.20 - 27.59 0.20
Q2 2023 24.29 (2.2 %) 0.17 - 24.29 0.17
Q3 2023 4.42 (82.5 %) 0.03 - 4.42 0.03
Q4 2023 25.70 (46.2 %) 0.18 - 25.70 0.18
Q1 2024 41.59 50.8 % 0.30 - 41.59 0.30
Q2 2024 27.78 14.4 % 0.20 - 27.78 0.20
Q3 2024 33.66 661.7 % 0.24 - 33.66 0.24
Q4 2024 41.09 59.9 % 0.29 - 41.09 0.29
Q1 2025 51.54 23.9 % 0.37 - 51.54 0.37
Q2 2025 36.38 30.9 % 0.26 - 36.38 0.26

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 48.46 % 61.81 % 41.58 %
Q2 2016 46.13 % 60.16 % 39.45 %
Q3 2016 43.62 % 58.35 % 36.96 %
Q4 2016 42.55 % 57.82 % 35.94 %
Q1 2017 37.24 % 52.96 % 30.72 %
Q2 2017 30.69 % 47.94 % 23.97 %
Q3 2017 28.56 % 45.89 % 21.85 %
Q4 2017 24.00 % 40.99 % 17.43 %
Q1 2018 23.63 % 40.18 % 16.42 %
Q2 2018 25.84 % 42.07 % 17.61 %
Q3 2018 22.84 % 38.58 % 14.00 %
Q4 2018 30.22 % 44.88 % 18.66 %
Q1 2019 33.61 % 47.61 % 22.41 %
Q2 2019 36.13 % 48.68 % 25.88 %
Q3 2019 42.27 % 52.93 % 33.83 %
Q4 2019 43.49 % 52.00 % 35.77 %
Q1 2020 46.42 % 54.07 % 39.13 %
Q2 2020 47.19 % 54.84 % 40.10 %
Q3 2020 47.23 % 54.19 % 39.64 %
Q4 2020 44.87 % 52.62 % 38.50 %
Q1 2021 43.78 % 51.61 % 37.39 %
Q2 2021 44.80 % 52.56 % 38.69 %
Q3 2021 44.40 % 53.03 % 38.03 %
Q4 2021 41.85 % 51.68 % 32.27 %
Q1 2022 36.39 % 47.74 % 25.66 %
Q2 2022 32.99 % 44.81 % 21.44 %
Q3 2022 29.16 % 41.35 % 17.90 %
Q4 2022 33.71 % 44.57 % 25.71 %
Q1 2023 35.26 % 46.19 % 28.12 %
Q2 2023 35.73 % 46.91 % 28.75 %
Q3 2023 34.47 % 45.92 % 26.49 %
Q4 2023 30.98 % 43.57 % 23.00 %
Q1 2024 34.24 % 46.02 % 26.08 %
Q2 2024 33.52 % 43.39 % 24.78 %
Q3 2024 36.34 % 44.70 % 27.93 %
Q4 2024 36.20 % 43.47 % 27.67 %
2024 36.20 % 43.47 % 27.67 %
Q1 2025 36.90 % 43.35 % 28.00 %
Q2 2025 36.19 % 42.90 % 28.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 140.00 1.77 1.77 15.08
Q2 2016 140.00 1.74 1.74 15.17
Q3 2016 140.00 1.64 1.64 14.39
Q4 2016 140.00 1.55 1.55 14.71
Q1 2017 140.00 1.29 1.29 14.98
Q2 2017 140.00 0.92 0.92 14.73
Q3 2017 140.00 0.82 0.82 14.87
Q4 2017 140.00 0.67 0.67 15.04
Q1 2018 140.00 0.57 0.57 15.22
Q2 2018 140.00 0.56 0.56 14.76
Q3 2018 140.00 0.40 0.40 14.75
Q4 2018 140.00 0.80 0.46 15.30
Q1 2019 140.00 0.92 0.58 15.58
Q2 2019 140.00 1.08 0.74 15.27
Q3 2019 140.00 1.46 1.12 15.63
Q4 2019 140.00 1.36 1.36 16.12
Q1 2020 140.00 1.58 1.58 16.55
Q2 2020 140.00 1.62 1.62 16.80
Q3 2020 140.00 1.64 1.64 17.17
Q4 2020 140.00 1.57 1.57 13.18
Q1 2021 140.00 1.53 1.53 13.15
Q2 2021 140.00 1.61 1.61 13.51
Q3 2021 140.00 1.51 1.51 13.03
Q4 2021 140.00 1.14 1.14 13.07
Q1 2022 140.00 0.80 0.80 12.70
Q2 2022 140.00 0.62 0.62 12.88
Q3 2022 140.00 0.53 0.50 12.66
Q4 2022 140.00 0.82 0.79 12.99
Q1 2023 140.00 0.90 0.87 12.69
Q2 2023 140.00 0.89 0.86 12.86
Q3 2023 140.00 0.74 0.74 12.50
Q4 2023 140.00 0.59 0.59 12.69
Q1 2024 140.00 0.69 0.69 12.58
Q2 2024 140.00 0.71 0.71 12.78
Q3 2024 140.00 0.92 0.92 12.52
Q4 2024 140.00 1.03 1.03 12.82
Q1 2025 140.00 1.10 1.10 13.19
Q2 2025 140.00 1.16 1.16 13.45

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 7.72 7.72 0.91
Q2 2016 8.74 8.74 1.00
Q3 2016 7.32 7.32 0.83
Q4 2016 9.89 9.89 1.04
Q1 2017 9.69 9.69 0.84
Q2 2017 12.56 12.56 0.79
Q3 2017 12.44 12.44 0.69
Q4 2017 17.74 17.74 0.79
Q1 2018 19.78 19.78 0.75
Q2 2018 20.21 20.21 0.76
Q3 2018 24.50 24.50 0.67
Q4 2018 11.48 20.04 0.60
Q1 2019 12.28 19.56 0.73
Q2 2019 12.04 17.63 0.85
Q3 2019 10.36 13.54 0.97
Q4 2019 13.18 13.18 1.11
Q1 2020 7.96 7.96 0.76
Q2 2020 9.97 9.97 0.96
Q3 2020 12.11 12.11 1.15
Q4 2020 16.25 16.25 1.94
Q1 2021 16.95 16.95 1.97
Q2 2021 18.68 18.68 2.23
Q3 2021 17.65 17.65 2.04
Q4 2021 19.69 19.69 1.72
Q1 2022 34.87 34.87 2.19
Q2 2022 33.97 33.97 1.63
Q3 2022 40.62 42.68 1.69
Q4 2022 24.35 25.25 1.54
Q1 2023 22.99 23.77 1.62
Q2 2023 28.58 29.56 1.98
Q3 2023 24.97 25.10 1.49
Q4 2023 35.41 35.41 1.63
Q1 2024 29.92 29.92 1.63
Q2 2024 27.86 27.86 1.55
Q3 2024 19.25 19.25 1.41
Q4 2024 17.68 17.68 1.42
Q1 2025 19.08 19.08 1.59
Q2 2025 14.98 14.98 1.29

Business Segments (Million)

Compared With The
Period Cement sales. Revenue from environmental services.
Q1 2022 108.10 0.13
Q2 2022 89.24 1.66
Q3 2022 100.08 0.55
Q4 2022 133.96 0.05
Q1 2023 108.25 1.85
Q2 2023 77.79 1.55
Q3 2023 70.68 0.93
Q4 2023 99.75 0.33
Q1 2024 119.83 1.58
Q2 2024 111.28 0.43
Q3 2024 130.11 0.01
Q4 2024 159.62 -
Q1 2025 149.27 0.31
Q2 2025 139.49 1.05

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 41.83 36.38

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
U-Capital 36.20 36.38
Sico 31.70 36.38
AlJazira Capital 48.40 36.38
United Securities Company 51.00 36.38


Financial Ratios
Current
Market Cap (M Riyal) 1,727.60
Enterprise Value (EV) (M Riyal) 1,173.26
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 0.92
Book Value (BV) ( Riyal) 13.09
Par Value ( Riyal) 10.00
Recurring P/E 13.40
P/E (TTM) 13.40
Price/book 0.94
Return on Average Assets (%) (TTM) 6.7
Return on Average Equity (%) (TTM) 7.1
EV/adj EBITDA 5.71
EV/Revenues 2.26
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Share Price

City Cement Co.
12.37
0.11 0.90 %

City Cement Co. (CITY CEMENT)

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