Riyadh Cement’s profits fell to 70 million riyals during Q1, by 4.4%

Riyadh Cement Company revealed a decline in net profit during the first quarter to 70.1 million riyals, compared to 73.3 million riyals in the same quarter of last year, by 4.4%. This came after today’s announcement of the preliminary financial results for the period ending on March 31, 2024 (three months).

Operating profit reached 71.5 million riyals in the first quarter, compared to 77.6 million riyals in the same quarter of the previous year, a decrease of 7.8%.

Total shareholders’ equity (excluding minority rights) amounted to 1.74 billion riyals in the 3-month period, compared to 1.67 billion riyals in the same period last year, an increase of 4.17%.

Earnings per share in the current period reached 0.58 riyals, compared to 0.61 riyals in the same period last year.

The main reason for the decrease in sales for the current quarter compared to the same quarter of the previous year is the decrease in the amount of sales for the current quarter compared to the same quarter of the previous year.

The main reason for the decrease in net profit for the current quarter compared to the same quarter of the previous year is the decrease in the amount of sales for the current quarter compared to the same quarter of the previous year and the increase in the cost of sales for the current quarter compared to the same quarter of the previous year, despite the increase in the company’s other revenues during the first quarter of the year. Year 2024 AD.

As a result of the company’s move from the parallel market (Nomu) to the main market (TASI) during the fourth quarter of the previous year, comparative figures for the previous quarter are not available and therefore cannot be compared with data for the first quarter of 2024.

As a result of the company’s move from the parallel market (Nomu) to the main market (TASI) during the fourth quarter of the previous year, comparative figures for the previous quarter are not available and therefore cannot be compared with data for the first quarter of 2024.

On May 16, 2024, the company announced its joining the industrial sector competitiveness program and amending the financial impact on the high cost of production due to adjusting the fuel prices used in operating the company’s factory to become 12% from the beginning of the current year instead of 24.7%, and since the company’s joining the program took place in the quarter The second quarter of 2024, therefore, the financial impact of the decrease in the increase in the cost of production for the first quarter of 2024 will be reflected positively in the coming periods of 2024.

As a result of the company’s move from the parallel market (Nomu) to the main market (TASI) during the fourth quarter of the previous year, comparative figures for the previous quarter are not available and therefore cannot be compared with data for the first quarter of 2024.