Riyadh Cement Company (3092.SR) Q1 2025 Earnings Report

Riyadh Cement Company reported a solid start to 2025 with revenue of SAR 225,226,505 in QQ1 2025, up 19.24% year over year and down 3.69% quarter over quarter. The company delivered a robust gross margin of 38.12% and an operating margin of 34.14%, culminating in a net income of SAR 75,682,159 and earnings per share of SAR 0.63. EBITDA stood at SAR 110,387,448, yielding an EBITDA margin of 49.01%. Net cash generation remained a notable feature, with net cash provided by operating activities of SAR 86,338,813 and free cash flow of SAR 53,940,732 after SAR 32,398,081 of capital expenditure. The balance sheet signals strong liquidity and a conservative leverage profile: cash and cash equivalents plus short-term investments total SAR 288.93 million, total assets are SAR 2.050 billion, and total stockholders’ equity sits at SAR 1.857 billion. The company reports a net debt position of SAR -228.69 million, reflecting an excess of cash over debt and enhancing financial flexibility for capex or potential capital allocation opportunities. However, working capital metrics indicate a more stretched operating cycle (DSO ~93.7 days; DIO ~188.1 days; CCC ~269.6 days), warranting close monitoring of cash conversion efficiency. Management commentary for QQ1 2025 is not included in the provided transcript data, limiting the ability to quote specific remarks. Investors should monitor volume trends tied to Saudi infrastructure programs, energy costs, and potential capacity expansion or pricing actions as catalysts for the remainder of 2025.