Saudi Cement posts SAR113.8m net profit in 1Q24

Saudi Cement Co reported a net profit of SAR113.8m (US$30.3m) in the 1Q24, representing a 8.1 per cent drop YoY from SAR123.8m but a QoQ increase of 9.6 per cent from SAR103.80m in the 4Q23.

Revenue improved 4.1 per cent YoY to SAR426.5m in the 1Q24 from SAR409.6m in the 1Q23. Compared with the 4Q23, sales were up 12 per cent YoY.

Earnings per share slipped to SAR0.74 at the end of March 2024 from SAR0.81 in the same period last year.