Revenue: SAR 203,006,160; YoY +35.96%, QoQ +24.05%
- The quarterly top line benefited from resilient domestic cement demand and favorable pricing dynamics in QQ3 2024.
Gross Profit: SAR 83,911,952; YoY +97.50%, QoQ +5.76%
- Gross margin: 41.33% (0.4133); the expansion versus year-ago reflects better mix and pricing discipline amid benign input costs.
Operating Income: SAR 74,622,676; YoY +121.71%, QoQ +7.79%
- Operating margin: 36.76% (0.3676), signaling strong operating leverage and cost discipline.
Net Income: SAR 94,579,535; YoY +204.48%, QoQ +46.81%
- Net margin: 46.59% (0.4659). The year-over-year surge is aided by a tax benefit (income tax expense shown as negative SAR 19.33 million).
Earnings per Share (EPS): SAR 0.79; YoY +203.85%, QoQ +46.30%
- Diluted EPS: SAR 0.79; consistent with the undiscounted share base of ~120 million shares.
Cash Flow and Balance Sheet:
- Operating cash flow: SAR 104.04 million; Free cash flow: SAR 94.68 million; Net cash provided by operating activities: SAR 104.04 million.
- Dividends paid: SAR -120.54 million in the period, contributing to the net cash outflow and the observed decrease in cash despite high operating cash flow.
- Cash at end of period: SAR 44.06 million; Cash and short-term investments: SAR 134.69 million; Net debt: negative SAR 39.97 million (net cash).
- Current ratio: 6.02x; Quick ratio: 3.26x; Debt to assets: 0.22%; Equity per share and return metrics reflect a conservative leverage profile with constructive profitability.
Valuation and Productivity Metrics:
- Price to book: 1.90x; Price to earnings: 8.53x; Price to sales: 15.90x; Dividend yield: 3.73%. These multiples imply a balance between earnings quality and capital return, with Riyadh Cement trading at a modest premium to book value and a manageable earnings multiple in a cyclical sector.