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.