Saudi Arabia .. Al -Qassim Cement shares rise 0.97% after announcing the annual financial results

The shares of Al -Qassim Cement Company, which is included and traded in the Saudi market, “Tadawul”, increased by 0.97% during trading today, Wednesday, to trade at the price of 51.80 riyals per share, after the company announced the annual financial results.

The trading on the shares of Al -Qassim Cement Company at that time came through 62.96 thousand shares with a value of trading 3.25 million riyals.

The highest price for the share was at that time at 51.90 riyals, while the lowest price was at 51.40 riyals per share.

The price of the share of the Qassim Cement Company increased after announcing its annual financial results for the year 2024, as the company recorded an increase in its net profit by 112.3%.

The company stated that the net profit amounted to about 301.35 million riyals, compared to 142 million riyals in 2023.

The company explained that the cause of this rise is due to the increase in the amount and value of sales, in addition to the height of other revenues. The assembly of the company’s subsidiary’s business from the date of acquisition contributed to this improvement, despite the increase in the cost of sales and operational expenses resulting from the implementation of the acquisition.

The revenues also increased by 65.8%, to reach 967.6 million riyals, compared to 583.56 million riyals in 2023.

This rise is due to the increase in sales volume and improved the average selling price, in addition to collecting the company’s subsidiary business starting from the acquisition date on June 10, 2024.