Riyadh Cement announces the signing of an agreement with the National Electricity Transmission Company (a subsidiary of Saudi Electricity Company) to implement the project of establishing an electricity transmission station, aiming to provide electrical services to the company’s factories located in Al-Muzahimiyah Governorate, as part of the Liquid Fuel Displacement Program. The agreement is valid until December 31, 2025, or until the completion of the project. This agreement is an extension of the energy, industry, and mineral wealth systems, working to achieve the targets of liquid fuel displacement. The project will contribute to reducing emissions resulting from electricity generation within the company’s facilities and increasing the reliability of operational processes in the network, with no significant financial impact on the company.

Eng. Shoeil Al-Ayed, Member of the Board and CEO of Riyadh Cement, expressed his gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Crown Prince Mohammed bin Salman – may Allah protect them – for their support and the launch of this monumental project. He highlighted the efforts of the Custodian of the Two Holy Mosques in caring for Riyadh since his time as its governor and his contributions to the planning and modern construction phases of the capital with quality projects that align with the growth and global development of lifestyle trends. He emphasized that the Riyadh Metro Project is a historic national achievement that reflects the leadership’s support and concern for the capital, reinforcing its position as one of the world’s largest capitals in terms of environmental and urban attributes, which contribute to improving quality of life and environmental sustainability. He further stated that the launch of Riyadh Metro reflects the ambitious vision of the leadership – may Allah preserve them – for the future of the capital, and the quality work Riyadh enjoys under Saudi Vision 2030. He prayed for the Kingdom’s leadership, security, and stability to continue.

Riyadh Cement announced its financial results for the third quarter of 2024, recording significant growth in net profit and revenues compared to the same period last year, reflecting strong financial performance and notable market expansion. According to the financial report, net profit for Q3 2024 rose to 95 million SAR, compared to 19 million SAR for the same period in 2023, representing substantial growth. This increase is mainly attributed to the rise in sales value for the current quarter, the recovery of a withholding tax refund from the Zakat, Tax and Customs Authority amounting to 25 million SAR, and its reversal on the Zakat expense for the current quarter, despite the increase in Zakat expenses in Q3 2024 compared to the same period last year. The company’s revenues for Q3 2024 also saw a noticeable increase, reaching 203 million SAR compared to 127 million SAR for the same quarter last year, reflecting increased demand for the company’s products in the market. As for the financial performance for the first nine months of the year, net profit rose to 229 million SAR compared to 145 million SAR for the same period last year, while revenues reached 555 million SAR compared to 472 million SAR during the same period in the previous year. The main reason for the increase in sales for the current period, compared to the same period last year, with an 18% growth rate, is attributed to the rise in the selling price for the current period. These results reflect Riyadh Cement’s commitment to achieving its strategic objectives and strengthening its market position through a focus on operational efficiency and responding to the growing market demand.

Under the patronage of His Excellency Eng. Abdulrahman Al-Fadhli, Minister of Environment, Water, and Agriculture, Riyadh Cement participated in the launch event of the National Tree Planting Season 2024, held in Riyadh. This participation is part of the company’s commitment to enhancing environmental sustainability and contributing actively to national initiatives. All participating entities were honored at the event in recognition of their valuable contributions. The National Tree Planting Season aims to increase vegetation cover and combat desertification, in line with the National Afforestation Program, reinforcing the Kingdom’s efforts to achieve the goals of Vision 2030 towards a sustainable environment. In this regard, Eng. Shoeil Al-Ayed, Member of the Board and CEO of Riyadh Cement, stated: “We are proud to participate in the launch of the National Tree Planting Season 2024, an event of great significance to everyone. This initiative aligns with the directives of His Royal Highness the Crown Prince to promote the Green Riyadh concept. We look forward to being key partners in this initiative. We are also proud of our two programs; the first focuses on afforesting areas within the plant, aiming to plant 4,000 trees. The second aims to produce one million trees from 2025 to 2030, as part of the Million Shrubs Project, reflecting our commitment to making a positive contribution to the surrounding community.” This participation is an integral part of Riyadh Cement’s mission and its commitment to social responsibility towards the environment. It reflects the company’s continuous desire to contribute to achieving a sustainable green future for future generations, in alignment with the Kingdom’s ambitions in environmental sustainability.

Riyadh Cement was awarded the 2024 Corporate Social Responsibility (CSR) Award at a ceremony held on Monday, October 28, in the presence of His Excellency Ahmed bin Suleiman Al-Rajhi, Minister of Human Resources and Social Development, in recognition of its prominent role in serving the community and promoting sustainability. This award acknowledges the company’s sustainable initiatives aimed at creating a positive impact in various sectors, reaffirming its ongoing commitment to society. At Riyadh Cement, corporate social responsibility is not just a slogan, but a firm commitment reflected in its projects and programs aimed at improving the quality of life for the local community and supporting sustainable development efforts. This achievement is a new milestone in the company’s successful journey, reflecting its continuous dedication to enhancing and embedding sustainability values across all aspects of its operations, with the goal of achieving a comprehensive vision of responsibility.

Riyadh Cement concluded today, Thursday, October 24, 2024, the “We Come to You” initiative in collaboration with the Civil Status Affairs Agency of the Ministry of Interior. The mobile civil status services were provided within the company’s headquarters, allowing employees to easily benefit from services such as issuing and renewing national IDs, updating professions, and refreshing qualifications. This initiative reflects the company’s commitment to providing a work environment that contributes to achieving the highest levels of efficiency and productivity.