QASSIM CEMENT COMPANY ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 30 JUNE 2025 (SIX MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 293,469,724 | 203,300,720 | 44.352 | 302,683,904 | -3.044 |
| Gross Profit (Loss) | 72,824,087 | 78,048,537 | -6.693 | 90,471,153 | -19.505 |
| Operational Profit (Loss) | 73,470,554 | 73,210,447 | 0.355 | 88,665,232 | -17.137 |
| Net profit (Loss) | 61,064,129 | 71,417,082 | -14.496 | 88,616,441 | -31.091 |
| Total Comprehensive Income | 61,064,129 | 71,417,082 | -14.496 | 88,616,441 | -31.091 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 596,153,628 | 399,717,733 | 49.143 |
| Gross Profit (Loss) | 163,295,240 | 160,830,844 | 1.532 |
| Operational Profit (Loss) | 162,135,786 | 140,051,913 | 15.768 |
| Net profit (Loss) | 149,680,570 | 145,638,674 | 2.775 |
| Total Comprehensive Income | 149,680,570 | 145,638,674 | 2.775 |
| Total Shareholders Equity (after Deducting Minority Equity) | 2,724,209,484 | 2,821,523,443 | -3.448 |
| Profit (Loss) per Share | 1.36 | 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 quarter compared to the same quarter of the last year is | The increase in revenues during the current quarter compared to the same quarter of the previous year is due to the increase in the sales volume, driven by the business consolidation following the acquisition of Hail Cement Company on 10-06-2024, despite the decrease in the average selling price. |
| 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 decrease in net profit during the current quarter compared to the same quarter of the previous year is mainly due to the decrease in average selling prices, in addition to recording unrealized losses from financial investments during the current quarter compared to recording unrealized gains during the same quarter of the previous year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The decrease in revenues during the current quarter compared to the previous quarter is due to a decrease in average selling price. |
| 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 the average selling price, in addition to recording unrealized losses from financial investments during the current quarter compared to recording unrealized profits during the previous quarter. |
| 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 revenues during the current period compared to the same period of the previous year is due to the increase in the sales volume, driven by the business consolidation following the acquisition of Hail Cement Company since 10-06-2024, despite the decrease in the average selling price. |
| 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 net profit during the current period compared to the same period of the previous year is mainly due to the increase in the sales volume, driven by the consolidation of the results of the subsidiary's business following the completion of the acquisition of Hail Cement Company as of 10-06-2024, and the increase in other revenues. |
| 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) | The consolidated financial statements of the Group for the year ended December 31, 2024, were audited by another auditor who expressed an unmodified opinion on those statements on March 26, 2025. The interim condensed consolidated financial statements of the Group for the three-month and six-month periods ended June 30, 2024, were reviewed by the same auditor who expressed an unmodified conclusion on those statements on August 14, 2024. As part of our review of the interim condensed consolidated financial statements for the period ended June 30, 2025, we also reviewed the adjustments described in Note 16 that were applied to amend the 2024 consolidated financial statements. In our conclusion, nothing has come to our attention that causes us to believe that such adjustments are not appropriate and have not been properly applied. We were not engaged to audit, review, or apply any procedures to the 2024 consolidated financial statements of the group other than with respect to the adjustments and, accordingly, we do not express an opinion or conclusion or any other form of assurance on the 2024 consolidated financial statements taken as a whole. |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to fit the presentation of the current year's figures, and the figures for the previous quarter have been adjusted on the announcement in accordance with IFRS 3 (Business Combinations). |
| Additional Information |
On June 10, 2024, the Company acquired 100% of the shares of Hail Cement Company, and the acquisition was accounted in accordance with the requirements of IFRS 3 (Business Combinations). Accordingly, the Company has recognized the acquisition based on the carrying values (provisional values) of the acquired assets and liabilities as of the acquisition date, pending the determination of their fair values within 12 months from the acquisition date, as permitted by IFRS 3, which requires the adjustment of the interim values recognized during the measurement period to fair values retroactively.
Following the completion of the valuation of assets and liabilities, the accounting impact was reflected in the interim consolidated financial statements as on 30 June 2025, and the consolidated financial statements as on 31 December 2024 and as on 31 March 2025 were restated. Other comprehensive income for the current period was SAR 149.7 million compared to SAR 145.6 million for the same period last year, impacted by an increase in depreciation and amortization expenses by SAR 10.9 million during the current period, after the completion of the purchase price allocation (PPA) process following the completion of the acquisition of Hail Cement Company. |
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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
