Due to the rise in sales value and the 25 million riyals in withholding tax that was recovered
Compared to 18 million riyals in the same quarter last year, the earnings of Riyadh Cement Company increased by 405.5% to 94.5 million riyals in the third quarter of this year.
In terms of quarterly growth, the company's third-quarter 2024 profits increased by 46.8% over its second-quarter earnings, which came to roughly 64.4 million riyals.
In a statement released to the Saudi Stock Exchange today, Wednesday, the company stated that, despite an increase in zakat expenses during the third quarter of this year compared to the same quarter last year, the primary drivers of the growth in its quarterly profits on an annual basis are the increase in sales value and the recovery of a withholding tax from the Zakat, Tax and Customs Authority in the amount of 25 million riyals.
Due to a growth in both the number and value of sales, the company's third-quarter revenues climbed by 59.6% to 203 million riyals, up from roughly 127.15 million riyals in the same quarter last year.
According to the company's first nine months of this year, its profits increased by 57.6% to 229.1 million riyals from 145.35 million riyals during the same period last year. This was due to an increase in sales value, other revenues, and financing revenues, as well as the recovery of a 25 million riyal withholding tax from the Zakat, Tax and Customs Authority.
Due to the increase in the selling price, the company's sales in the first nine months of this year amounted to 555.5 million riyals, up 17.7% from roughly 472 million riyals in the same time previous year.