Riyadh – Mubasher: The net profits of City Cement Company jumped by 50.75% year-on-year (YoY) to SAR 41.59 million during the first quarter (Q1) of 2024 from SAR 27.58 million.

The Tadawul-listed firm posted revenues valued at SAR 119.82 million in January-March 2024, up 10.69% YoY from SAR 108.24 million, according to the initial financials.

Earnings per share (EPS) inched up to SAR 0.30 in the first three months (3M) of 2024 from SAR 0.20 in Q1-23.

On a quarterly basis, the Q1-24 revenues climbed by 20.13% from SAR 99.74 million in Q4-23, while the net profits grew by 61.84% from SAR 25.69 million.

As of 31 December 2023, City Cement recorded 28.70% lower net profits at SAR 82 million, compared to SAR 115.01 million in 2022.