Umm Al-Qura Cement profits jump 754% during Q2

Umm Al-Qura Cement Company’s net profit jumped to 15.6 million riyals during the second quarter of 2024 compared to 1.8 million riyals in the same quarter of last year by 754%, following the announcement today of the estimated financial results for the period ending June 30, 2024 (6 months).

The operating profit amounted to 20.6 million riyals in the second quarter compared to 7.2 million riyals in the same quarter of the previous year, an increase of 186%.

The earnings per share in the current period reached 0.55 riyals compared to 0.16 riyals in the same period of last year.

According to the company, the reason for the increase in sales during the current quarter of 2024 compared to the same quarter of the previous year is due to the increase in the quantity and value of sales. The average selling price per ton also improved compared to the same quarter of the previous year.

The reason for the increase in net profit during the current quarter of 2024 compared to the same quarter of the previous year is due to the increase in the quantity and value of sales, in addition to the return of the cement production rate to normal, and the decrease in financing costs, despite the increase in general and administrative expenses and the increase in zakat expenses. The reason for the increase in net profit during the current period of 2024 compared to the same period of the previous year is due to the increase in the quantity and value of sales, in addition to the return of the cement production rate to normal, and the decrease in financing costs.