Cement companies’ revenues in Saudi Arabia up 16% during ‎Q3

A report by Maaal newspaper revealed that the revenues of cement companies listed on the Saudi financial market “Tadawul” increased by 15.90% at the end of the third quarter of this year, to reach 2.45 billion riyals, compared to 2.11 billion in the same period of the previous year, an increase of 335.85 million riyals.

“Saudi Cement” topped the quarterly revenues with a value of 328.05 million riyals, an increase of 7.58% over the value of the company’s revenues in the third quarter of last year, amounting to 304.93 million.

“South Cement” came in second place, with revenues estimated at about 323.33 million riyals, compared to 284.22 million in the third quarter of last year, with a growth of 13.76%.

‏“Hail Cement” achieved the highest growth rate in quarterly revenues among the sector’s companies, with an increase of 84.17%, to reach 103.28 million riyals, compared to 56.08 million in the same period of the previous year.

While the revenues of 11 listed cement companies increased, they decreased in 3 other companies, as “City Cement” had the largest decrease in revenues by about 10.30% to 100.08 million riyals, followed by “Umm Al-Qura Cement”, with a decline of 4.81% to 54.22 million, while “Qassim Cement” had the lowest decrease in revenues, by 2.08%, to 166.78 million.

In terms of operating profits for cement companies, according to “Maaal”, they amounted to 613.64 million riyals at the end of the third quarter of this year, compared to 514.60 million for the same period last year, an increase of 19.25% on an annual basis, and an increase of SR 99.04 million.

“Yamama Cement” topped the operating profits of cement companies with a value of 95.58 million riyals, followed by “South Cement” with about 93 million, while “Tabuk Cement” came in the fourteenth and last place with operating profits amounting to 11.08 million.

The highest growth rate in operating profits among cement companies was for “Yamama Cement”, with a growth of 140.42% on an annual basis, followed by “Yanbu Cement”, with an increase of 100.65% to 75.19 million riyals, while the lowest growth rate was for “South Cement” company” at a rate of 21.36%.

On the other hand, the operational profits of 6 cement companies decreased, led by “City Cement”, down by 47.08% to 20.67 million riyals, followed by “Al-Qassim Cement” by about 44%, while the lowest rate of decline in operating profits was the share of “ Tabuk Cement, at a rate of approximately 12%

Cement companies’ profits rose 17% by the end of the third quarter

“Maaal” also revealed that the net profits of cement companies listed on the Saudi stock market at the end of the third quarter of this year increased by 17.17% on an annual basis, to reach 547.93 million riyals, compared to 467.65 million profits for the same period of the previous year.

Yamama Cement also achieved the highest quarterly profits among cement companies, with a value of 101.33 million riyals, an increase of 153.52% over its counterpart in the past year of 39.97 million, and the highest growth rate in profits among the fourteen companies.

 “South Cement” came in second place, with quarterly profits amounting to 88.62 million riyals, compared to 74.12 million profits for the third quarter of the previous year, an increase of 19.56%, and the highest profit per share among cement companies, with a value of 0.63 riyals per share.

On the other hand, the lowest quarterly profit went to “Al-Jouf Cement”, with a value of approximately 5.94 million riyals, compared to 4.14 million profits for the corresponding quarter of 2021, an increase of 43.51%, and the lowest profit per share, with a value of 0.05 riyals.

“Mal” monitored the justifications for the increase or decline in corporate profits between the two periods of the third quarter of 2022 and its counterpart in last year, as the reasons differed from one company to another, while the companies that announced an increase in their profits attributed the reason to the increase in the quantity and value of sales and an increase in sales. Other companies attributed the decrease in profits to the decrease in the cost of goods sold and the decline in sales value with the increase in expenses.