QACCO Profits Surge 112% to SAR 301 Million by End-2024

Qassim Cement Co. (QACCO) announced on Wednesday that its net profit jumped 112% to SAR 301 million by the end of 2024, compared to SAR 142 million in 2023. This came after the announcement today of the preliminary financial results for the duration ending December 31, 2024.

The operational profit reached SAR 292 million by the end of 2024, compared to SAR 122 million in 2023, a growth of 140%.

The shareholders’ equity (excluding non-controlling interests) increased by 75% to SAR 2.76 billion in the current year, compared to SAR 1.57 billion in 2023.

The profits per share for the current year amounted to SAR 2.98, compared to SAR 1.58 in 2023.

The Company stated in a statement today on Tadawul that the reason for the increase in revenues during the current year, compared to the previous year is due to an increase in sales volume and an improvement in the average selling price, in addition to the consolidation of the subsidiary’s businesses starting from the acquisition date of June 10, 2024.