Riyadh – Mubasher: Northern Region Cement Company logged 137.28% higher net profits at SAR 51.62 million in the first quarter (Q1) of 2024, compared to SAR 21.75 million in Q1-23.

Revenues dropped by 23.16% year-on-year (YoY) to SAR 139.13 million as of 31 March 2024, versus SAR 181.08 million, according to the financial results.

During the first three months (3M) of 2024, the earnings per share (EPS) increased to SAR 0.29 from SAR 0.12 in the year-ago period.

On a quarterly basis, the company turned profitable in Q1-24 when compared to net losses valued at SAR 8.30 million in Q4-23, while the revenues shrank by 20.64% from SAR 175.32 million.

As of 31 December 2023, Northern Region Cement posted an annual drop of 49.85% in net profit to SAR 56.39 million, compared to SAR 112.45 million.