Saudi Arabian Cement profits in the first quarter of 2024 amounted to 54.2 million riyals, an increase of 10%.
“I announced” Saudi Arabia Cement “reported earnings for the first quarter of the year, recording less than average analyst estimates.
And I recorded Company Profits in the first quarter of 2024 amounted to 54.2 million riyals, a 10% increase over the same quarter of last year.
While estimates indicated profits worth 58.5 million riyals (according to the consensus of Bloomberg experts).
Reasons for the high profits of Saudi Arabia Cement
The company returned a rise Net profit To increase the average selling prices in the local market, despite the decrease in the group’s sales volume, and the increase in the company’s share of the profits of sister companies, in addition to the decrease in financing costs.
Bloomberg said that the company’s revenues amounted to 227.6 million riyals, compared to about 240.1 million riyals in the first quarter of last year, a decrease of 5.2%, due to the decrease in the amount of sales for the group as the first quarter coincided with the holy month of Ramadan.
While analysts’ estimates for revenues indicated expectations of 253 million riyals.
Operating profits and earnings per share
According to the company’s statement to Saudi Arabia trading “Operating profits amounted to about 53.1 million riyals, an increase of 2.7% on an annual basis.
Earnings per share amounted to 0.54 riyals, compared to 0.49 riyals on an annual basis.
Dividend distribution in 2023
The company recorded total profits for the year ending December 31, 2023, amounting to 150 million Saudi riyals, equivalent to 1.50 Saudi riyals per share.
Shareholders approved the distribution of cash dividends during the ordinary general assembly meeting held on April 28, 2024.
In 2023, Arabian Cement Company recorded net profits of 139.60 million Saudi riyals, a decrease of 22.87% year-on-year from 181 million Saudi riyals.
