Najran Cement Company

Financial Statements 2021–2025

A Saudi Joint Stock Company

Najran Cement Company

Five-Year Financial Performance Dashboard · 2021 – 2025

Revenue FY2025

SR 436,350K

vs SR 534,505K in 2024

Net Profit FY2025

SR 31,066K

EPS: SR 0.22

Total Assets FY2025

SR 2,058,807K

Stable asset base

Total Equity FY2025

SR 1,720,440K

Strong equity position

Historical Overview

Five-year financial performance at a glance

Metric	2021	2022	2023	2024	2025
Revenue (SR '000)	581,553	535,686	485,651	534,505	516,125
Gross Profit (SR '000)	230,319	170,767	128,159	145,234	110,075
Net Profit (SR '000)	165,546	112,809	55,162	68,429	36,746
Total Assets (SR '000)	2,389,550	2,423,672	2,478,016	2,476,693	2,435,207
Total Equity (SR '000)	1,965,823	1,993,306	1,974,062	2,042,315	2,034,978
EPS (SR)	0.97	0.66	0.32	0.40	0.22
Gross Margin %	39.60	31.90	26.40	27.20	21.30
Net Margin %	28.50	21.10	11.40	12.80	7.10
ROE %	8.40	5.70	2.80	3.40	1.80
Current Ratio	2.75	3.23	2.27	2.51	3.79
Debt-to-Equity	0.22	0.22	0.26	0.21	0.20

Revenue & Profit Trend (SR '000)

Revenue
Net Profit

Profitability Margins (%)

Gross Margin %
Net Margin %

Total Assets vs Equity (SR '000)

Total Assets
Total Equity

Cash & Cash Equivalents (SR '000)

Consolidated Statement of Financial Position

As at 31 December · All figures in SR '000

Asset Composition FY2025

Non-current Assets
Current Assets

Equity vs Liabilities FY2025

Total Equity
Total Liabilities

Description	FY 2025 SR '000
Non-current assets	—
Property, plant and equipment	1,944,136
Intangible assets	—
Total non-current assets	1,944,136
Current assets	—
Store, spare parts and loose tools	—
Inventories	438,990
Trade receivables	22,315
Prepayments and other receivables	23,044
Cash and cash equivalents	6,722
Total current assets	491,071
TOTAL ASSETS	2,435,207
Equity	—
Share capital	1,700,000
Statutory reserve	—
Treasury shares	(43,847)
Retained earnings	378,825
Total equity	2,034,978
Non-current liabilities	—
Provision for employees' benefits	52,562
Non-current portion of lease liability	1,549
Rehabilitation provision	1,302
Long-term borrowing	215,280
Total non-current liabilities	270,693
Current liabilities	—
Provision for zakat	7,799
Current portion of lease liability	277
Current portion of long-term borrowing	35,393
Short-term financing	10,000
Contract liability – advances from customers	6,210
Trade payables	53,006
Dividend payable	899
Accrued and other payables	15,952
Total current liabilities	129,536
Total liabilities	400,229
TOTAL EQUITY AND LIABILITIES	2,435,207

Consolidated Statement of Profit or Loss

For the year ended 31 December · All figures in SR '000

Revenue Breakdown (SR '000)

Revenue
Cost of Revenue
Gross Profit

Operating Expenses Trend (SR '000)

Selling & Dist.
G&A
Finance Costs

Description	FY 2025 SR '000
Revenue, net	516,125
Cost of revenue	(406,050)
Gross profit	110,075
Selling and distribution expenses	(8,744)
General and administrative expenses	(37,442)
Operating profit	63,889
Finance costs	(21,095)
Other (expenses) income, net	1,281
Profit before zakat	44,075
Zakat	(7,329)
Net profit for the year	36,746
Earnings per share (SR)	0

Consolidated Statement of Cash Flows

For the year ended 31 December · All figures in SR '000

Cash Flow by Activity (SR '000)

Operating
Investing
Financing

Cash Position Year-End (SR '000)

Description	FY 2025 SR '000
OPERATING ACTIVITIES	—
Profit before zakat	44,075
Depreciation	98,351
Amortization	—
Loss on disposal of PPE	14
Transfer of PPE	87
Expected credit loss / Provision for bad debts	1,537
Impairment in advance to suppliers	249
Provision for slow moving inventory	—
Finance cost	21,095
Employees' defined benefit obligations	4,546
Rehabilitation provision	85
Operating cash flow before working capital changes	170,039
Changes in working capital:	—
Trade receivables	(563)
Store, spare parts and loose tools	—
Inventories	(59,611)
Prepayments and other receivables	4,290
Contract liability – advances from customers	668
Trade payables	6,048
Accrued and other payables	(9,229)
Cash generated from operating activities	111,642
Zakat paid	(6,457)
Finance costs paid	(19,425)
Employees' benefits paid	(2,220)
Net cash from operating activities	83,540
INVESTING ACTIVITIES	—
Additions to property, plant and equipment	(12,918)
Additions to intangible assets	—
Payment against project	—
Proceeds from sale of PPE	287
Net cash used in investing activities	(12,631)
FINANCING ACTIVITIES	—
Proceeds from long-term borrowing	—
Repayment of long-term borrowing	(16,000)
Net movement in short-term loans	(20,000)
Payment of lease liability	(270)
Dividend paid	(555)
Purchases of treasury shares	(43,847)
Net cash used in financing activities	(80,672)
Net change in cash and cash equivalents	(9,763)
Cash at beginning of year	16,485
Cash at end of year	6,722

Notes to Financial Statements

Revenue, Cost of Revenue, Selling Expenses, and G&A Expenses breakdowns

Revenue Note

All figures in SR '000

Revenue is recognized in accordance with IFRS 15 – Revenue from Contracts with Customers. The performance obligation is satisfied at a point in time (delivery of cement). All revenue is from cement sales to corporate customers.

Item	FY 2025
Product type	—
Cement	516,125
Total revenue	516,125
Geographical markets	—
Local	478,250
Export – Yemen	37,875
Total revenue	516,125

Cost of Revenue Note

All figures in SR '000

Cost of revenue includes all expenses directly attributable or incidental to the core operating activities of the Group. Opening and closing work-in-progress and finished goods are adjusted to arrive at the cost of revenue for the period.

Item	FY 2025
Materials consumed	72,798
Depreciation	96,476
Salaries, wages and related benefits	97,935
Fuel and power	116,446
Repairs and maintenance	31,557
Operation and management expenses	17,160
Other manufacturing expenses	8,052
Provision for obsolescence	249
Subtotal before inventory movement	440,673
Opening work in progress and finished goods	318,636
Closing work in progress and finished goods	(353,259)
Cost of revenue	406,050

Selling and Distribution Expenses Note

All figures in SR '000

Selling and distribution expenses include all costs incurred in marketing and delivering cement products to customers, including export attestation costs for Yemen shipments.

Item	FY 2025
Salaries, wages and related benefits	6,740
Export attestation expenses	806
Depreciation	630
Travel expenses	203
Impairment loss on trade receivables	—
Others	365
Total selling and distribution expenses	8,744

General and Administrative Expenses Note

All figures in SR '000

General and administrative expenses include corporate overhead costs not directly attributable to production or sales activities, including board remunerations, professional services, and regulatory fees.

Item	FY 2025
Salaries, wages and related benefits	23,236
Board of directors remunerations	4,874
Depreciation and amortization	1,245
Legal and professional services	2,029
Maintenance expenses	1,940
Regulatory fees	690
Donations	595
Others	2,833
Total general and administrative expenses	37,442