QASSIM CEMENT COMPANY ANNOUNCES THE CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 30 SEPTEMBER 2024 (NINE MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 264,877,634 | 120,838,854 | 119.199 | 203,300,720 | 30.288 |
| Gross Profit (Loss) | 77,316,513 | 13,066,531 | 491.714 | 78,958,673 | -2.079 |
| Operational Profit (Loss) | 76,695,252 | 10,083,603 | 660.593 | 74,684,630 | 2.692 |
| Net profit (Loss) | 72,434,479 | 8,045,850 | 800.271 | 72,891,265 | -0.626 |
| Total Comprehensive Income | 72,434,479 | 8,045,850 | 800.271 | 72,891,265 | -0.626 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 664,595,367 | 432,097,312 | 53.806 |
| Gross Profit (Loss) | 239,057,493 | 107,266,585 | 122.862 |
| Operational Profit (Loss) | 218,221,348 | 87,421,517 | 149.619 |
| Net profit (Loss) | 219,547,336 | 101,081,030 | 117.199 |
| Total Comprehensive Income | 219,547,336 | 101,081,030 | 117.199 |
| Total Shareholders Equity (after Deducting Minority Equity) | 2,751,705,405 | 1,594,857,854 | 72.536 |
| Profit (Loss) per Share | 2.24 | 1.12 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
|
All figures are in (Actual) Saudi Arabia, Riyals |
|||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The increase in revenue during the current quarter compared to the same quarter of the previous year is due to the increase in the sales volume in addition to the increase in average selling price, in addition to consolidating the subsidiary business for the current quarter. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in the net profit during the current quarter compared to the same quarter of the previous year is mainly due to the increase in sales value & volume, also due to the increase in other income and the increase in financial investment returns. Despite the increase in the S&M expense and the increase in the G&A expenses, in addition to consolidating the subsidiary business for the current quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in sales during the current quarter compared to the previous quarter is due to the increase in the sales volume, in addition to consolidating the subsidiary business for the current quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The decrease in net profit during the current quarter compared with the previous quarter is mainly due to the decrease in average selling price and record additional provisions. Despite the increase in sales volume and the increase in other income. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The increase in revenue during the current period compared to the same period of the previous year is due to the increase in the sales volume in addition to the increase in average selling price, in addition to consolidating the subsidiary business for the current period. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The increase in the net profit during the current period compared to the same period of the previous year is mainly due to the increase in sales value & volume, in addition to the increase in other income. Despite the increase in the S&M expense and the increase in the G&A expenses, in addition to consolidating the subsidiary business for the current period. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | - |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to tally with the current presentation |
| Additional Information | On June 10th, 2024 the company acquired 100% of the issued capital of Hail Cement Company, and this was reflected in the company's consolidated interim financial results starting from the period ended on June 30, 2024 also for the period Ended on September 30, 2024. The acquisition was accounted in accordance with IFRS 3 (Business Combinations). Accordingly, the company accounted provisionally for the acquisition using the carrying values (provisional values) of the acquired assets and liabilities on the date of acquisition, until the determination of the fair values and complete the PPA within twelve months from the date of acquisition in accordance with regulatory requirements and as permitted by IFRS 3, the Company shall adjust the provisional values recognized during the measurement period to fair values Retroactively. |
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Qassim Cement Company is a Saudi Joint Stock company, established in accordance with the Royal Decree No. M/62 on 15 Shaban, 1396H. (August 11, 1976) and registered in Buraydah City under commercial registration number 1131001224 on 28 Shaban, 1398 (August 2, 1978). On 4 of Dhu al-Hijjah 1445 AH (June 10, 2024), Qassim Cement Company announced the completion of the acquisition of Hail Cement Company (HCC) by increasing its capital through the issuance of new shares to Hail Cement Company shareholders.
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Qassim Cement Co.| Building No: 4266 | Unit Number: 1 | Buraidah: 52271 - 6735 | Kingdom of Saudi Arabia
Phone : (+966) 16 316-5555
Fax : (+966) 16 381-6041
Email : qcc@qcc.com.sa
