The net profits of “Arabian Cement Company” (3010) lept to SAR 28.9 million during the second quarter of 2024, compared to SAR 28 million during the same period in 2023.
What
The increase in Saudi company’s profits from April to June comes on the back of the following:
– A decrease in the cost of sales for the group
– An increase in the average selling price for the parent company
– A reduction in selling and distribution expenses
– An increase in the group’s share of profits from associate companies
– Lower financing costs
So what
Arabian Cement, a leading manufacturer of cement bags in the Middle East, saw a drop in quarterly sales due to decreased demand. This is attributable to performance during the current quarter, which coincided with Eid al-Fitr and Eid al-Adha.
Additionally, there was an increase in Zakat and income tax expenses.
Some context
The company’s net profits increased to SAR 83.1 million in the first six months of this year, compared to SAR 77.2 million during the same period last year.
Now what
The board of directors decided to distribute 75 million riyals to shareholders for the first half of 2024, which is equivalent to 0.75 riyals per share. The cash dividends will be paid on August 15.
