Riyadh Cement Co significantly improves 3Q results

Riyadh Cement Co reported sales of SAR203.01m (US$54.1m), up 59.7 per cent YoY, in the third quarter of 2024 (ended 30 September 2024). In the 3Q23 the company saw sales of SAR127.15m.

Gross profit improved by 181.3 per cent YoY to SAR83.91m from SAR29.83m in the 9M23 while operating profit surged by 250.8 per cent YoY to SAR74.62m in the 9M24.

Net profit for the quarter stood at SAR94.58m, up 405.5 per cent from SAR18.71m in the 3Q23.

January-September 2024
Sales revenue in the first nine months of 2024 improved 17.7 per cent YoY to SAR555.55m from SAR471.9m in the year-ago period.

Gross profit increased by 32.1 per cent YoY to SAR240.01m while operating profit was up by 39 per cent YoY to SAR215.42m in the 9M24.

The company reported a 57.6 per cent improvement in net profit to SAR229.11m in the 9M24 from SAR145.36m in the equivalent period of the previous year.

The improved results were mainly attributed to higher sales volumes and prices. In addition, the company benefitted from the recovery of SAR25m withholding tax from the Zakat, Tax and Customs Authority.