Hail Cement’s First Quarter Profits Dip by 19% to 15 Million Riyals

Hail Cement Company disclosed a decline in net profit to 15 million riyals during the first quarter of 2024, down from 18.5 million riyals in the corresponding quarter of the previous year, marking a decrease of 19%. This revelation followed today’s release of the estimated financial results for the period ending on March 31, 2024 (3 months).

Operating profit stood at 13 million riyals in the first quarter of 2024, compared to 16 million riyals in the same quarter of the previous year, representing an 18.5% decrease.

Earnings per share amounted to 0.156 riyals in the first quarter of 2024, down from 0.192 riyals in the same quarter of the previous year.

The increase in sales revenue during the current quarter compared to the same quarter of the previous year is attributed to the rise in the quantity of sales and the average selling price.

The decrease in net profit during the current quarter compared to the same quarter of the previous year is attributed to:

• Increase in the cost of sales

• Increase in zakat expenses

• Increase in selling and distribution expenses

The increase in sales revenue during the current quarter compared to the previous quarter is due to the increase in the average selling price and the decrease in general and administrative expenses.