“Qassim Cement” profits increased to 141.9 million riyals by the end of 2023, by 8.7%

The net profit of Qassim Cement Company grew to 141.9 million riyals by the end of 2023, compared to 130.5 million riyals in the year before last, by 8.7%. This came after today’s announcement of the annual financial results ending on December 31, 2023.

Operating profit reached 120.1 million riyals by the end of 2023, compared to 161.1 million riyals in the year before last, a decrease of 25.4%.

Total ownership rights “after excluding non-controlling interests” in the current year amounted to 1.57 billion riyals, compared to 1.66 billion riyals last year.

Earnings per share in the current year amounted to 1.58 riyals, compared to 1.45 riyals last year.

According to the company, the reason for the decrease in sales/revenues during this year compared to the previous year is due to the decrease in the quantity of sales and the decrease in the average selling price.

The reason for the increase in net profit during this year compared to the previous year is due to the increase in returns on financial investments, the decrease in selling and marketing expenses, the decrease in general and administrative expenses, and the decrease in zakat expense, despite the decrease in sales.