Riyadh Cement profits jump 400% during Q3 to 94.5 million riyals

Riyadh Cement Company announced an increase in net profit to 94.5 million riyals during the third quarter of 2024 compared to 18.7 million riyals in the same quarter of last year, by 405.5%. This came after announcing today the estimated financial results for the period ending September 30, 2024 (9 months).

The operating profit amounted to 74.6 million riyals in the third quarter of 2024 compared to 21.2 million riyals in the same quarter of the previous year, an increase of 250.8%.

The earnings per share amounted to 1.91 riyals in the third quarter of 2024, compared to 1.21 riyals in the same quarter of the previous year.

According to the company, the main reason for the increase in the current net profit compared to the same quarter of the previous year is due to the increase in the value of sales for the current quarter, and the recovery of a withholding tax from the Zakat, Tax and Customs Authority in the amount of 25 million riyals and its reflection on the zakat expense for the current quarter, despite the increase in zakat expense during the third quarter of 2024 compared to the same quarter of the previous year.