Yamama Cement reports 2.3% increase in profits, reaching SAR 115 million by end of Q1

Yamama Cement Company’s net profit surged to SAR 115 million in the first quarter of 2024, marking a 2.3% increase from SAR 112.4 million recorded in the same quarter of the previous year. This upturn followed the announcement on Tuesday of the estimated financial results for the period ending on March 31, 2024 (3 months).

Operating profit amounted to SAR 117.5 million in the first quarter, up by 0.3% from SAR 117 million in the corresponding quarter of the previous year.

Earnings per share for the current period reached SAR 0.57, compared to SAR 0.56 in the same period last year.

The decline in sales for the current quarter compared to the same period of the previous year can be attributed to a decrease in sales volume, which aligns with the observance of the blessed month of Ramadan.

Conversely, the increase in net profit for the current quarter compared to the same period of the previous year can be attributed to a decrease in the cost of sales and an increase in other revenues.

Moreover, the increase in sales for the current quarter compared to the previous quarter is primarily due to an increase in the value of sales. Similarly, the increase in net profit for the current quarter compared to the previous quarter can be attributed to an increase in the value of sales and an increase in other revenues.