Riyadh Cement Company (9512.SR) Q4 2025 Earnings Report

Riyadh Cement reported Q4 2025 revenue of SAR 405.9 million and delivered a solid operating margin of 23.8% with an operating income of SAR 96.46 million. Gross margin stood at 29.6%, reflecting a favorable product mix and cost discipline in core cement operations. However, the quarter was heavily affected by a large negative non-operating item: total other income/expenses net of SAR -216.5 million, which drove income before tax to a negative SAR -120.1 million despite positive operating leverage. After tax, the company nevertheless posted a net income of SAR 92.9 million and earnings per share of SAR 0.76, implying tax credits or unusual items that partially offset the pre-tax loss. The reported earnings quality is mixed: operating profitability remains robust, but the quarterly result is distorted by sizeable non-operating charges or credits in the period.

Trailing performance signals meaningful growth in revenue on a year-over-year basis in the dataset, with revenue shown as up markedly on a YoY basis (per the provided metrics), while net income shows a more muted YoY trajectory. Management commentary is not included in the provided transcript data, limiting insight into the drivers behind the large non-operating item and any forward-looking outlook. Against regional peers, Riyadh Cement sits in the middle of the margin spectrum: operating margin around 24% aligns with several peers but trails the strongest performers in the group. Our view is that the core cement operations remain competitive, but profit quality will hinge on the management of non-operating items, cost controls, and any normalization of the other income/expense line in 2026.