QASSIM CEMENT COMPANY ANNOUNCES THE ANNUAL FINANCIAL RESULTS ENDING ON 31-12-2024
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 967,578,131 | 583,559,912 | 65.81 | ||
| Gross Profit (Loss) | 333,357,770 | 152,394,003 | 118.75 | ||
| Operational Profit (Loss) | 292,292,515 | 122,003,030 | 139.58 | ||
| Net profit (Loss) | 301,349,338 | 141,970,722 | 112.26 | ||
| Total Comprehensive Income | 303,190,443 | 144,024,359 | 110.51 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 2,764,004,091 | 1,579,301,183 | 75.01 | ||
| Profit (Loss) per Share | 2.98 | 1.58 | |||
| 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 year compared to the last year | The increase in revenue during the current year compared to the previous year is due to the increase in sales volume and the improvement of the average selling price, in addition to the combination of the subsidiary's business from the date of acquisition 10-06-2024. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net income during the current year compared to the previous year is due to the increase in the sales volume and its value, and the increase in other income, in addition to the combination of the subsidiary's business from the date of acquisition, in spite of the increase in the cost of sales and the increase in operating expenses arising from the acquisition. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 year presentation. |
| Additional Information |
On 10th June 2024 the company acquired 100% of the issued capital of Hail Cement Company, and this was reflected in the company's consolidated financial statements. 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.
It worth to mention that the group presented consolidated financial statements for the year ended December 31st 2024, after acquiring the subsidiary on June 10, 2024. Therefore, the comparative figures for the year ended December 31st 2023, represent Qassim Cement Company standalone and are not consolidated and not comparable. |
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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
