Riyadh – Mubasher: Northern Region Cement Company registered a 78.88% rise in net profit to SAR 100.87 million during 2024 compared with SAR 56.39 million in 2023.
The earnings per share (EPS) increased to SAR 0.56 in 2024 from SAR 0.31 in the previous year, according to the financial results.
Northern Region Cement attributed the annual growth in 2024 net profit to gains from selling a portion of the company's investments in Iraq in addition to lower financing costs and the impact of the previous year's settlement agreement with the Zakat, Tax and Customs Authority for the years 2014 through 2019.
Meanwhile, the revenue declined by 9.72% to SAR 622.52 million as of 31 December 2024 compared to SAR 689.55 million in 2023.
During the first nine months (9M) of 2024, Northern Region Cement recorded net profits and revenue that amounted to SAR 81.56 million and SAR 449.87 million, respectively.
In November 2024, the company’s board announced cash dividends worth SAR 45 million for the first half (H1) of 2024.
