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Section 07

Financial Review

Financial Review
More on Financial Review
Financial Review — Riyadh Cement
7

Financial Review

787.6
Revenue (SAR M)
-0.2% vs 2024: 789.4
257.8
Gross Profit (SAR M)
-22% vs 2024: 328.7
216.2
Operating Profit (SAR M)
-26.9% vs 2024: 292.9
207.8
Net Profit (SAR M)
-33.5% vs 2024: 310.4
243.1
Operating Cash Flow (SAR M)
-44.0% vs 2024: 434.2
111.7
Free Cash Flow (SAR M)
131.4
Capex (SAR M)
+43.1% vs 2024: 91.8
1.73 SAR
EPS (basic)
-33.5% vs 2024: 2.59
32.7%
Gross margin
27.5%
Operating Margin
26.4%
Net Profit Margin
4.70x
Current ratio
1,896.9
Total Assets (SAR M)
vs 2024: 1,970.5
1,718.2
Shareholders' Equity (SAR M)
vs 2024: 1,781.2
192.0
Dividends (SAR M)
Revenue by product
79.40% grey
20.60% white

5-Year Financial Performance (SAR '000)

0M 200M 400M 600M 800M 2021 2022 2023 2024 2025
Revenue Revenue
Gross Profit Gross Profit
Operating Profit Operating Profit
Net Profit Net Profit

2025 vs 2024 Comparison (SAR '000)

0M 200M 400M 600M 800M Revenue Gross Profit Operating Profit Net Profit
2025
2024

Margin Trend (%)

0% 15% 30% 50% 2021 2022 2023 2024 2025
Gross margin Gross margin
Net Profit Margin Net Profit Margin
Riyadh Cement Plant

Cash Flow & Capital

243.1M
Operating Cash Flow
131.4M
Capex
111.7M
Free Cash Flow
192.0M
Dividends

Capital Structure (2025)

Equity: 90.6% Liabilities: 9.4%
Equity 90.6% Liabilities 9.4%

Revenue by Product (2025)

Grey Cement: 79.4% White Cement: 20.6%
Grey Cement 79.4% White Cement 20.6%

Revenue by Geography (2025)

Saudi Arabia: 99.7% Export markets: 0.3%
Saudi Arabia 99.7% Export markets 0.3%

Revenue by Geography — 2025 vs 2024 (SAR)

Country 2025 (SAR) 2024 (SAR)
Kingdom of Saudi Arabia 784,881,138 785,231,370
State of Iraq 464,094 1,613,810
Sultanate of Oman 1,158,718 1,062,287
Hashemite Kingdom of Jordan – 528,124
Kingdom of Bahrain 409,092 480,596
State of Yemen 712,840 480,173
State of Kuwait – –

Income Statement (SAR '000)

Item 2025 2024 2023 2022 2021
Revenue 787,626 789,396 643,383 598,006 671,066
Cost of Revenue -529,808 -460,629 -406,484 -366,460 -404,516
Gross Profit 257,818 328,767 236,899 231,546 266,550
Operating Profit 216,248 292,936 201,064 201,936 233,303
Net Profit Before Zakat 219,390 299,240 201,513 199,340 231,731
Zakat -11,564 11,199 -12,740 -9,500 -18,000
Net Profit 207,827 310,439 188,772 189,840 213,731
Gross Profit Margin 32.7% 41.6% 36.8% 38.7% 39.7%
Net Profit Margin 26.4% 39.3% 29.3% 31.7% 32.5%

Balance Sheet Table (SAR '000)

Item 2025 2024 2023 2022 2021
Total Current Assets 665,338 758,487 611,607 601,950 550,397
Total Non-Current Assets 1,231,549 1,211,983 1,226,901 1,289,041 1,337,396
Total Assets 1,896,887 1,970,470 1,838,508 1,890,992 1,887,793
Total Current Liabilities 141,427 155,974 125,988 182,812 190,508
Total Non-Current Liabilities 37,269 33,247 32,753 32,994 35,205
Total Liabilities 178,696 189,221 158,740 215,806 225,713
Total Equity 1,718,191 1,781,249 1,679,768 1,675,186 1,662,080
Total Equity and Liabilities 1,896,887 1,970,470 1,838,508 1,890,992 1,887,793

Ratio Cards

4.70x
Current ratio
665,338
Current Assets (SAR '000)
141,427
Current Liabilities (SAR '000)