Saudi Cement Co reports robust performance in 3Q24

Saudi Cement Co reported sales revenue of SAR387.1m in the third quarter of 2024, up 22.9 per cent YoY from SAR315m. The company has attributed the improved revenue to increased sales revenues and average selling prices.

Gross profit increased by 34.9 per cent YoY to SAR154.3m in the 3Q24 from SAR114.4m in the 3Q23 in the previous year. Operating profits surged by 61.5 per cent YoY to SAR98m in the 3Q24 from SAR60.7m.

The company’s consistent growth was also shown in 3Q net profit, which expanded by 46.7 per cent YoY to SAR100.2m from SAR68.3m.

Selling and distribution expenses were down during the 3Q24 while an increase in share of profits from investment in associates also supported the company’s net profit.

January-September 2024 results
In the 9M24, ended 30 September 2024, revenues advanced by 10.3 per cent YoY to SAR1191.8m from SAR1080.9m. Gross profits saw an 8.7 per cent uptick YoY to SAR473.1m while operational profits grew by 8.3 per cent YoY to SAR301.4m. Net profit in the 3Q24 edged up by 2.1 per cent YoY to SAR301.3m.