Riyadh – Mubasher: The net profits of Southern Province Cement Company soared by 26.53% year-on-year (YoY) to SAR 62 million in the first quarter (Q1) of 2024 from SAR 49 million.

Revenues plunged by 16.33% YoY to SAR 251 million in Q1-24 from SAR 300 million, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.44 in the three-month period that ended on 31 March 2024, up from SAR 0.35 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit declined by 16.21% in Q1-24 from SAR 74 million in Q4-23, while the revenues went down by 2.71% from SAR 258 million.

Southern Province Cement’s net profit dropped by 35.22% YoY to SAR 195 million in 2023 from SAR 301 million.