Qassim Cement posts 58% rise in 1H net profit

Saudi Arabia-based Qassim Cement Co posted revenue of SAR203.3m for the quarter ended 30 June 2024, representing a 48.2 per cent increase from SAR137.2m in the year-ago period. The growth was mainly attributed to an uptick in sales volumes and higher selling prices.

Operating profit surged 164.3 per cent YoY to SAR74.7m. Net profit for the April-June 2024 quarter advanced by 91.3 per cent YoY to SAR72.9m from SAR38.1m. However, net profit was tempered by an increase in cost of sales as well as general and administrative expenses.

First-half 2024 results
In the January-June 2024 period, total revenue increased to SAR399.72m, up 28.4 per cent YoY from SAR311.26m in the 1H23. Gross profit advanced by 71.7 per cent to SAR161.74m while net profit was up by 58.1 per cent YoY to SAR147.11m as sales values and volumes improved.

According to information available from the Saudi Exchange, total shareholders' equity expanding significantly by 71.6 per cent to SAR2823m. Earnings per share rose from SAR1.03 to SAR1.60. 

On 10 June 2024 Qassim improved its market position further through the acquisition of Hail Cement Co.