Saudi cement companies listed on the stock market achieved a rise in their net profits during the second quarter of 2024 compared to the same period of the previous year, supported by an increase in the profits of 12 out of 14 listed companies. The companies“ profits recorded a growth of 16% during the first half of this year, despite the decline in the profits of the two largest companies in the sector.

<According to the official disclosures of cement companies on Tadawul, the consolidated profits of Saudi cement companies rose by 20.1% during the second quarter of 2024 compared to the same quarter of the previous year. Profits amounted to SAR 571.01 million, compared to SAR 475.29 million in the corresponding quarter of 2023.

This increase came as a result of the rise in profits.

This rise in profits came as a result of an increase in the net profits of 12 out of 14 companies, where Saudi Cement topped the list with profits amounting to SAR 87.3 million, registering a growth of 2.46% compared to the second quarter of last year. Yamama Cement came in second with profits of SAR 84.62 million, although its profits fell by 13.9% year-on-year. Qassim Cement achieved a net profit of SAR 72.89 million, jumping 91.3% year-on-year. Umm Al-Qura Cement was the highest in terms of profit growth, recording a massive increase of 753.8% compared to the previous year, followed by Tabuk Cement with a growth of 214.3%, and Al-Jouf Cement, whose profits increased by 99%.

On the other hand, Umm Al-Qura Cement declined in terms of net profit, achieving a jump of 91.3% year-on-year. On the other hand, the consolidated profits of cement companies decreased by 26.2% quarter-on-quarter, with second quarter profits amounting to SAR 571.01 million compared to SAR 773.47 million in the first quarter of the same year.

On the other hand, the consolidated profits of cement companies decreased by 26.2% quarter-on-quarter. <In the first half of 2024, listed Saudi cement companies saw their consolidated profits grow by 15.84% year-on-year, an increase of 183.73 million riyals compared to the same period in 2023. The companies" consolidated profits totaled 1.34 billion riyals in the first half of the year, compared to 1.16 billion riyals in the same period last year.

Despite this growth, Saudi Cement, the largest company in the sector, recorded a decline in its profits by 3.8%, as its net profit amounted to 201.1 million riyals, and the profits of Yamama Cement, which ranked second, decreased to 199.65 million riyals, down 5.25%.

On the other hand, “Saudi Cement” achieved a profit of 1.34 billion riyals in the first half of the year, compared to 1.16 billion riyals in the same period last year.

On the other hand, Qassim Cement achieved a net profit of SAR 147.11 million thanks to its profit growth of 58.1% compared to the first half of 2023, Riyadh Cement came next with a profit of SAR 134.53 million, recording a growth of 6.2% year-on-year, followed by Eastern Cement with a profit of SAR 128 million, an increase of 19.6%.

Riyadh Cement came next with a net profit of SAR 134.53 million, recording a growth of 6.2% year-on-year.

Sales grew by 12.7% in the second quarter

Sales of Saudi cement companies listed on Tadawul increased by 12.68% during the second quarter of 2024 year-on-year, with sales reaching 2.46 billion riyals, compared to 2.18 billion riyals in the same quarter last year.

Sales of Saudi cement companies listed on Tadawul increased by 12.7% during the second quarter of 2024 year-on-year.

Saudi Cement was the leading company in terms of revenues, with sales worth SAR 378.1 million, followed by Eastern Cement with revenues of SAR 283 million, Yamama Cement with SAR 243.72 million, Southern Cement with revenues of SAR 214 million, and Qassim Cement with SAR 203.3 million.

Despite this growth, the company's sales reached SAR 2.46 billion, compared to SAR 2.18 billion in the same quarter last year. Despite this growth, the sales of cement companies recorded a decline of 10% quarter-on-quarter, as their sales in the first quarter of 2024 amounted to about 2.73 billion riyals.

Cement company sales approach 5.2 billion riyals in the first half

In the first half of 2024, sales of listed Saudi cement companies increased by 6.49% to reach SAR 5.19 billion, compared to SAR 4.87 billion in the corresponding period of 2023.

Sales of listed Saudi cement companies increased by 6.49% to reach SAR 5.19 billion, compared to SAR 4.87 billion in the corresponding period of 2023.

Saudi Cement continued to lead the companies in terms of revenues, achieving sales worth 804.7 million riyals in the first half of the year, followed by Eastern Cement with revenues of 585 million riyals, and Yamama Cement with 517.43 million riyals.

Saudi Cement continued to lead the companies in terms of revenues, achieving sales worth 804.7 million riyals in the first half of the year.