Riyadh – Mubasher: Yanbu Cement Company achieved a 14.31% growth in net profit to SAR 58.31 million during the first quarter (Q1) of 2024 from SAR 51.01 million in Q1-23.

The cement manufacturer attributed the annual increase in Q1-24 net profit to a rise in the quantity and value of sales as well as higher other revenues, according to a bourse filing.

The company witnessed a 4.53% surge in sales to SAR 234.17 million during January-March 2024, compared with SAR 224.01 million in the corresponding three months (3M) last year.

The earnings per share (EPS) went up to SAR 0.37 as of 31 March 2024 when compared with SAR 0.32 in the same period a year earlier.

On a quarterly basis, the net profits in Q1-24 marked a 222.33% leap from SAR 18.09 million in Q4-23, while the sales grew by 20.75% from SAR 193.92 million.

In 2023, Yanbu Cement posted net profits worth SAR 119.92 million and revenues of SAR 780.55 million.