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 grew by 16% during the first half of this year, despite the decline in the profits of the two largest companies in the sector.<\/p>\n
According to the cement companies\u201c official disclosures on Tadawul, the Consolidated Profits of Saudi Cement Companies<\/a><\/strong> listed companies 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.<\/p>\n The rise in profits came as a result of an increase in the net profits of 12 out of 14 companies, with Saudi Cement topping the list with profits of 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 reported a net profit of SAR 72.89 million, jumping 91.3% year-on-year.<\/p>\n Umm Al-Qura Cement was the highest in terms of profit growth, recording a massive increase of 753.81 TP3T compared to the previous year, followed by Tabuk Cement with a growth of 214.31 TP3T, and Al-Jouf Cement, whose profits increased by 991 TP3T.<\/p>\n On the other hand, the consolidated profits of cement companies decreased by 26.2% quarter-on-quarter, with Q2 profits amounting to SAR 571.01 million compared to SAR 773.47 million in Q1 of the same year.<\/p>\n 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 SAR 1.34 billion in the first half of the year, compared to SAR 1.16 billion in the same period last year.<\/p>\n 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 SAR 201.1 million, and the profits of Yamama Cement, which ranked second, fell to SAR 199.65 million, a decline of 5.25%.<\/p>\n 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, and 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%.<\/p>\n rose Sales of Saudi Cement Companies<\/a> <\/strong>listed on Tadawul increased by 12.68% during the second quarter of 2024 year-on-year, with sales amounting to SAR 2.46 billion, compared to SAR 2.18 billion in the same quarter last year.<\/p>\n Saudi Cement was the leading company in terms of revenues, with sales of SAR 378.1 million, followed by Eastern Cement with revenues of SAR 283 million, Yamama Cement with SAR 243.72 million, South Cement with revenues of SAR 214 million, and Qassim Cement with SAR 203.3 million.<\/p>\n Despite this growth, sales of cement companies recorded a decline of 10% quarter-on-quarter, with sales in the first quarter of 2024 amounting to 2.73 billion riyals.<\/p>\n In the first half of 2024, the sales of listed Saudi cement companies increased by 6.49% to reach 5.19 billion riyals, compared to 4.87 billion riyals in the corresponding period of 2023.<\/p>\n Saudi Cement continued to be the leading company in terms of revenues, with sales of 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.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: 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grow by 12.7% in the second quarter<\/span><\/h4>\n
Cement companies' sales approach SAR 5.2 billion in first half<\/span><\/h4>\n