Riyadh Cement 2024 net profit jumps 64% to SAR 310.4M; Q4 at SAR 81.3M

Riyadh Cement Co. reported a net profit of SAR 310.4 million in 2024, an increase of 64% from SAR 188.8 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	643.38	789.40	22.7 %
Gross Income	236.90	328.77	38.8 %
Operating Income	199.61	292.94	46.8 %
Net Income	188.77	310.44	64.5 %
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items	1.57	2.38	51.2 %
EPS (Riyals)	1.57	2.59	64.5 %

This was spurred by an increase in revenue, other income, and financing income, in addition to refunding withholding tax from the Zakat and Customs Authority amounting to SAR 25 million, which was reversed against the Zakat expenses.

Q4 2024 net profit surged 87% to SAR 81.3 million, from SAR 43.42 million in the prior-year period.

On a quarterly basis, net earnings dropped 14% from SAR 94.58 million in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	171.48	233.84	36.4 %
Gross Income	55.14	88.76	61.0 %
Operating Income	45.78	82.62	80.5 %
Net Income	43.42	81.33	87.3 %
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items	0.36	0.68	87.3 %
EPS (Riyals)	0.36	0.68	87.3 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	203.01	233.84	15.2 %
Gross Income	83.91	88.76	5.8 %
Operating Income	73.20	82.62	12.9 %
Net Income	94.58	81.33	(14.0 %)
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items	0.58	0.68	17.0 %
EPS (Riyals)	0.79	0.68	(14.0 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.78 billion by Dec. 31, 2024, compared to SAR 1.67 billion a year earlier.

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Share Price

Riyadh Cement Co. (RIYADH CEMENT)

	Current
Market Cap (M Riyal)	4,188.00
Enterprise Value (EV) (M)	3,952.90
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	2.59
Book Value (BV) ( Riyal)	14.84
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	14.67
P/E (TTM)	13.49
Price/book	2.35
Return on Average Assets (%) (TTM)	16.3
Return on Average Equity (%) (TTM)	17.9

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	874.58	(7.3 %)	443.24	(10.6 %)	408.91	(11.3 %)
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	801.36	(8.4 %)	341.13	(23.0 %)	310.82	(24.0 %)
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	554.39	(30.8 %)	217.52	(36.2 %)	186.52	(40.0 %)
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	393.68	(29.0 %)	100.18	(53.9 %)	80.48	(56.9 %)
Q1 2019	141.82	-	44.12	-	39.16	-
Q2 2019	125.08	-	44.45	-	37.72	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	594.00	50.9 %	229.88	129.5 %	206.12	156.1 %
Q1 2020	196.91	38.8 %	92.47	109.6 %	87.47	123.4 %
Q2 2020	101.97	(18.5 %)	42.58	(4.2 %)	37.32	(1.1 %)
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	590.29	(0.6 %)	254.10	10.5 %	226.89	10.1 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	671.07	13.7 %	266.55	4.9 %	229.14	1.0 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	598.01	(10.9 %)	231.55	(13.1 %)	200.75	(12.4 %)
Q1 2023	190.01	-	86.50	-	76.52	-
Q2 2023	154.74	-	65.42	-	57.03	-
Q3 2023	127.15	-	29.83	-	20.28	-
Q4 2023	171.48	-	55.14	-	45.78	-
2023	643.38	7.6 %	236.90	2.3 %	199.61	(0.6 %)
Q1 2024	188.89	(0.6 %)	76.76	(11.3 %)	67.89	(11.3 %)
Q2 2024	163.65	5.8 %	79.34	21.3 %	69.22	21.4 %
Q3 2024	203.01	59.7 %	83.91	181.3 %	73.20	261.0 %
Q4 2024	233.84	36.4 %	88.76	61.0 %	82.62	80.5 %
2024	789.40	22.7 %	328.77	38.8 %	292.94	46.8 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	874.58	(7.3 %)	443.24	(10.6 %)	408.91	(11.3 %)
2016	801.36	(8.4 %)	341.13	(23.0 %)	310.82	(24.0 %)
2017	554.39	(30.8 %)	217.52	(36.2 %)	186.52	(40.0 %)
2018	393.68	(29.0 %)	100.18	(53.9 %)	80.48	(56.9 %)
2019	594.00	50.9 %	229.88	129.5 %	206.12	156.1 %
2020	590.29	(0.6 %)	254.10	10.5 %	226.89	10.1 %
2021	671.07	13.7 %	266.55	4.9 %	229.14	1.0 %
2022	598.01	(10.9 %)	231.55	(13.1 %)	200.75	(12.4 %)
2023	643.38	7.6 %	236.90	2.3 %	199.61	(0.6 %)
2024	789.40	22.7 %	328.77	38.8 %	292.94	46.8 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	387.83	(8.9 %)	3.23	-	387.83	3.23
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	291.14	(24.9 %)	2.43	-	291.14	2.43
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	167.82	(42.4 %)	1.40	-	167.82	1.40
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	66.18	(60.6 %)	0.55	-	66.18	0.55
Q1 2019	36.36	-	0.30	-	36.36	0.30
Q2 2019	35.76	-	0.30	-	35.76	0.30
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	190.04	187.2 %	1.58	-	190.04	1.58
Q1 2020	86.17	137.0 %	0.72	-	86.17	0.72
Q2 2020	35.16	(1.7 %)	0.29	-	35.16	0.29
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	219.95	15.7 %	1.83	-	219.95	1.83
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	213.73	(2.8 %)	1.78	1.75	211.98	1.77
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	189.84	(11.2 %)	1.58	-	189.84	1.58
Q1 2023	73.36	-	0.61	-	73.36	0.61
Q2 2023	53.29	-	0.44	-	53.29	0.44
Q3 2023	18.71	-	0.16	-	18.71	0.16
Q4 2023	43.42	-	0.36	-	43.42	0.36
2023	188.77	(0.6 %)	1.57	-	188.77	1.57
Q1 2024	70.10	(4.4 %)	0.58	-	70.10	0.58
Q2 2024	64.42	20.9 %	0.54	-	64.42	0.54
Q3 2024	94.58	405.5 %	0.79	25.05	69.53	0.58
Q4 2024	81.33	87.3 %	0.68	-	81.33	0.68
2024	310.44	64.5 %	2.59	25.05	285.39	2.38

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2015	387.83	(8.9 %)	3.23	-	387.83	3.23
2016	291.14	(24.9 %)	2.43	-	291.14	2.43
2017	167.82	(42.4 %)	1.40	-	167.82	1.40
2018	66.18	(60.6 %)	0.55	-	66.18	0.55
2019	190.04	187.2 %	1.58	-	190.04	1.58
2020	219.95	15.7 %	1.83	-	219.95	1.83
2021	213.73	(2.8 %)	1.78	1.75	211.98	1.77
2022	189.84	(11.2 %)	1.58	-	189.84	1.58
2023	188.77	(0.6 %)	1.57	-	188.77	1.57
2024	310.44	64.5 %	2.59	25.05	285.39	2.38

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	50.68 %	60.39 %	44.34 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	42.57 %	54.38 %	36.33 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	39.24 %	47.94 %	30.27 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	25.45 %	41.08 %	16.81 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	38.70 %	49.72 %	31.99 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	43.05 %	55.76 %	37.26 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	39.72 %	48.12 %	31.59 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	38.72 %	49.83 %	31.75 %
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	36.82 %	47.66 %	29.34 %
2023	36.82 %	47.66 %	29.34 %
Q1 2024	35.37 %	46.79 %	28.89 %
Q2 2024	37.02 %	48.33 %	30.20 %
Q3 2024	40.60 %	50.68 %	34.04 %
Q4 2024	41.65 %	50.61 %	36.15 %
2024	41.65 %	50.61 %	36.15 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	50.68 %	60.39 %	44.34 %
2016	42.57 %	54.38 %	36.33 %
2017	39.24 %	47.94 %	30.27 %
2018	25.45 %	41.08 %	16.81 %
2019	38.70 %	49.72 %	31.99 %
2020	43.05 %	55.76 %	37.26 %
2021	39.72 %	48.12 %	31.59 %
2022	38.72 %	49.83 %	31.75 %
2023	36.82 %	47.66 %	29.34 %
2024	41.65 %	50.61 %	36.15 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	31.11 %	-	25.64 %
Q2 2019	35.54 %	-	28.59 %
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	46.96 %	-	43.76 %
Q2 2020	41.76 %	-	34.48 %
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	45.52 %	53.35 %	38.61 %
Q2 2023	42.28 %	52.54 %	34.44 %
Q3 2023	23.46 %	35.90 %	14.71 %
Q4 2023	32.16 %	45.66 %	25.32 %
Q1 2024	40.63 %	50.42 %	37.11 %
Q2 2024	48.48 %	58.35 %	39.37 %
Q3 2024	41.33 %	48.97 %	34.25 %
Q4 2024	37.96 %	46.79 %	34.78 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	120.00	-	-	-
Q2 2019	120.00	-	-	14.02
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	120.00	-	-	-
Q2 2020	120.00	-	-	14.26
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	-	-	-	-
Q4 2022	-	-	-	-
Q1 2023	120.00	-	-	14.57
Q2 2023	120.00	-	-	14.27
Q3 2023	120.00	-	-	13.62
Q4 2023	120.00	1.57	1.57	14.00
Q1 2024	120.00	1.55	1.55	14.58
Q2 2024	120.00	1.64	1.64	14.37
Q3 2024	120.00	2.27	2.06	14.16
Q4 2024	120.00	2.59	2.38	14.84

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	120.00	3.23	3.23	14.45
2016	120.00	2.43	2.43	14.11
2017	120.00	1.40	1.40	13.86
2018	120.00	0.55	0.55	13.92
2019	120.00	1.58	1.58	14.52
2020	120.00	1.83	1.83	14.14
2021	120.00	1.78	1.77	13.85
2022	120.00	1.58	1.58	13.96
2023	120.00	1.57	1.57	14.00
2024	120.00	2.59	2.38	14.84

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	2.20
Q2 2023	-	-	2.47
Q3 2023	-	-	2.33
Q4 2023	21.74	21.74	2.44
Q1 2024	18.43	18.43	1.95
Q2 2024	15.50	15.50	1.77
Q3 2024	11.84	13.04	1.90
Q4 2024	12.47	13.56	2.17

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	17.02	17.02	2.21
2021	18.53	18.68	2.38
2022	20.10	20.10	2.28
2023	21.74	21.74	2.44
2024	12.47	13.56	2.17

Business Segments (Million)

Compared With The

Period	Grey Cement	White Cement
Q1 2023	152.47	37.54
Q2 2023	120.14	34.60
Q3 2023	88.73	38.42
Q4 2023	121.59	49.89
Q1 2024	149.62	39.27
Q2 2024	132.48	31.17
Q3 2024	158.66	44.34
Q4 2024	187.64	46.21

Period	Grey Cement	White Cement
2015	689.12	185.46
2016	661.42	139.94
2017	439.28	115.11
2018	275.75	117.93
2019	482.66	111.34
2020	470.73	119.56
2021	547.49	123.57
2022	463.82	134.18
2023	482.93	160.45
2024	628.40	161.00

Analysts Estimates (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change‬
Average	72.34	81.33	12.43 %

Estimates vs Actual (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change
AlJazira Capital	76.90	81.33	5.8 %
Riyad Capital	76.00	81.33	7.0 %
SNB Capital	75.80	81.33	7.3 %
Al Rajhi Capital	74.00	81.33	9.9 %
United Securities Company	59.00	81.33	37.8 %

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Riyadh Cement 2024 net profit jumps 64% to SAR 310.4M; Q4 at SAR 81.3M

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Riyadh Cement 2024 net profit jumps 64% to SAR 310.4M; Q4 at SAR 81.3M

Financials (M)

Current Quarter Comparison (M)

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Share Price

Riyadh Cement Co. (RIYADH CEMENT)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

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Ratios And Multiples

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