Tabuk Cement reports boost in financial performance

Tabuk Cement Co (Saudi Arabia) reported a significant boost in its financial performance for the 3Q24, with notable increases in sales, profits and total comprehensive income compared to the same period the year previous and in the last quarter. The company’s sales reached SAR90.12m (US$24.03m), a 66.5 per cent increase compared to the same period the year previous.

In the nine-month period, the company’s revenue climbed to SAR262.60m, up 32.1 per cent from last year, while net profit soared by 180.21 per cent to SAR70.5m. According to information available from the Saudi Exchange, the substantial improvements in quarterly and nine-month financial results can be attributed to an increase in sales quantities and other income. Gross profits for the quarter rose dramatically by 411.1 per cent to SAR28.16m, with operational profits also turning positive. The period's total comprehensive income was SAR21.16m, reflecting a 350.2 per cent increase.

The company has attributed its quarterly revenue and profit increases to expanded sales volumes and enhanced other income streams. However, compared to the previous quarter, there was a decrease in net profit, primarily due to a reduction in other income, despite the revenue growth.