National Cement Co.

Qatar National Cement Co.

QNCDStocksQatar Stock ExchangeMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (QAR)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	399.11M	396.98M	460.79M	708.76M	824.40M
Cost of Revenue	308.78M	264.13M	271.55M	487.38M	557.76M
Gross Profit	90.33M	132.84M	189.24M	221.39M	266.64M
SG&A	40.77M	32.41M	60.44M	35.52M	38.66M
Operating Expenses	40.77M	32.41M	60.44M	35.52M	38.66M
Operating Income	49.56M	100.43M	128.80M	185.87M	227.98M
Interest Income	37.30M	42.24M	44.34M	28.22M	12.81M
Interest Expense	-524.57K	-268.47K	—	—	—
Other Income/Expense	9.46M	11.12M	28.43M	10.73M	30.28M
Pretax Income	100.47M	160.55M	205.10M	227.10M	224.53M
Net Income	100.28M	159.83M	205.10M	227.10M	224.53M
EBITDA	83.39M	149.36M	241.33M	299.07M	342.95M
EBIT	49.56M	100.43M	128.80M	185.87M	227.98M
EPS (Basic)	0.15	0.24	0.31	0.35	0.34
EPS (Diluted)	0.15	0.24	0.31	0.35	0.34
DPS	0.22	0.27	0.30	0.30	0.30
Margins & Efficiency
Gross Margin %	+22.6%	+33.5%	+41.1%	+31.2%	+32.3%
EBITDA Margin %	+20.9%	+37.6%	+52.4%	+42.2%	+41.6%
Net Margin %	+25.1%	+40.3%	+44.5%	+32.0%	+27.2%
Revenue & Income
Revenue	399.11M	396.98M	460.79M	708.76M	824.40M
Revenue Growth (YoY)	+0.5%	-13.8%	-35.0%	-14.0%	+25.0%
Interest & Investment Income	37.30M	42.24M	44.34M	28.22M	12.81M
Earnings From Equity Investments	1.79M	1.82M	3.60M	3.38M	1.83M
Gain (Loss) on Sale of Assets	1.89M	5.33M	—	—	0.00M
Expenses & Provisions
Advertising Expenses	349.05K	125.01K	190.73K	153.51K	74.46K
Cost of Revenue	308.78M	264.13M	271.55M	487.38M	557.76M
Selling, General & Admin	40.77M	32.41M	60.44M	35.52M	38.66M
Operating Expenses	40.77M	32.41M	60.44M	35.52M	38.66M
Interest Expense	-524.57K	-268.47K	—	—	—
Other Non Operating Income (Expenses)	9.46M	11.12M	28.43M	10.73M	30.28M
Legal Settlements	—	-0.11M	-0.08M	-1.10M	-34.49M
Asset Writedown	—	—	—	—	-13.88M
D&A For EBITDA	33.84M	48.93M	112.53M	113.20M	114.97M
Profitability & Returns
Gross Profit	90.33M	132.84M	189.24M	221.39M	266.64M
Gross Margin	+22.6%	+33.5%	+41.1%	+31.2%	+32.3%
EBIT	49.56M	100.43M	128.80M	185.87M	227.98M
EBIT Margin	+12.4%	+25.3%	+28.0%	+26.2%	+27.7%
EBITDA	83.39M	149.36M	241.33M	299.07M	342.95M
EBITDA Margin	+20.9%	+37.6%	+52.4%	+42.2%	+41.6%
EBT Excluding Unusual Items	97.58M	155.33M	205.18M	228.20M	272.90M
Pretax Income	100.47M	160.55M	205.10M	227.10M	224.53M
Operating Income	49.56M	100.43M	128.80M	185.87M	227.98M
Operating Margin	+12.4%	+25.3%	+28.0%	+26.2%	+27.7%
Profit Margin	+25.1%	+40.3%	+44.5%	+32.0%	+27.2%
Net Income	100.28M	159.83M	205.10M	227.10M	224.53M
Net Income to Common	100.28M	159.83M	205.10M	227.10M	224.53M
Net Income Growth	-37.3%	-22.1%	-9.7%	+1.1%	+51.2%
Earnings From Continuing Ops.	100.47M	160.55M	205.10M	227.10M	224.53M
Earnings From Discontinued Ops.	-187.90K	-726.34K	—	—	—
Per Share & Capital
EPS (Basic)	0.15	0.24	0.31	0.35	0.34
EPS (Diluted)	0.15	0.24	0.31	0.35	0.34
EPS Growth	-37.3%	-21.1%	-10.8%	+2.2%	+49.7%
Dividend Per Share	0.22	0.27	0.30	0.30	0.30
Shares Outstanding (Basic)	653.53M	653.53M	653.53M	653.53M	653.53M
Shares Outstanding (Diluted)	653.53M	653.53M	653.53M	653.53M	653.53M
Dividend Growth	-18.5%	-10.0%	—	—	+50.0%
Free Cash Flow	147.43M	124.51M	21.79M	251.23M	514.62M
Free Cash Flow Margin	+36.9%	+31.4%	+4.7%	+35.4%	+62.4%
Free Cash Flow Per Share	0.23	0.19	0.03	0.38	0.79
Payout Ratio	+178.8%	+123.1%	+95.6%	+86.3%	+58.2%

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (QAR)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	399.11M	396.98M	460.79M	708.76M	824.40M
Cost of Revenue	308.78M	264.13M	271.55M	487.38M	557.76M
Gross Profit	90.33M	132.84M	189.24M	221.39M	266.64M
SG&A	40.77M	32.41M	60.44M	35.52M	38.66M
Operating Expenses	40.77M	32.41M	60.44M	35.52M	38.66M
Operating Income	49.56M	100.43M	128.80M	185.87M	227.98M
Interest Income	37.30M	42.24M	44.34M	28.22M	12.81M
Interest Expense	-524.57K	-268.47K	—	—	—
Other Income/Expense	9.46M	11.12M	28.43M	10.73M	30.28M
Pretax Income	100.47M	160.55M	205.10M	227.10M	224.53M
Net Income	100.28M	159.83M	205.10M	227.10M	224.53M
EBITDA	83.39M	149.36M	241.33M	299.07M	342.95M
EBIT	49.56M	100.43M	128.80M	185.87M	227.98M
EPS (Basic)	0.15	0.24	0.31	0.35	0.34
EPS (Diluted)	0.15	0.24	0.31	0.35	0.34
DPS	0.22	0.27	0.30	0.30	0.30
Margins & Efficiency
Gross Margin %	+22.6%	+33.5%	+41.1%	+31.2%	+32.3%
EBITDA Margin %	+20.9%	+37.6%	+52.4%	+42.2%	+41.6%
Net Margin %	+25.1%	+40.3%	+44.5%	+32.0%	+27.2%
Revenue & Income
Revenue	399.11M	396.98M	460.79M	708.76M	824.40M
Revenue Growth (YoY)	+0.5%	-13.8%	-35.0%	-14.0%	+25.0%
Interest & Investment Income	37.30M	42.24M	44.34M	28.22M	12.81M
Earnings From Equity Investments	1.79M	1.82M	3.60M	3.38M	1.83M
Gain (Loss) on Sale of Assets	1.89M	5.33M	—	—	0.00M
Expenses & Provisions
Advertising Expenses	349.05K	125.01K	190.73K	153.51K	74.46K
Cost of Revenue	308.78M	264.13M	271.55M	487.38M	557.76M
Selling, General & Admin	40.77M	32.41M	60.44M	35.52M	38.66M
Operating Expenses	40.77M	32.41M	60.44M	35.52M	38.66M
Interest Expense	-524.57K	-268.47K	—	—	—
Other Non Operating Income (Expenses)	9.46M	11.12M	28.43M	10.73M	30.28M
Legal Settlements	—	-0.11M	-0.08M	-1.10M	-34.49M
Asset Writedown	—	—	—	—	-13.88M
D&A For EBITDA	33.84M	48.93M	112.53M	113.20M	114.97M
Profitability & Returns
Gross Profit	90.33M	132.84M	189.24M	221.39M	266.64M
Gross Margin	+22.6%	+33.5%	+41.1%	+31.2%	+32.3%
EBIT	49.56M	100.43M	128.80M	185.87M	227.98M
EBIT Margin	+12.4%	+25.3%	+28.0%	+26.2%	+27.7%
EBITDA	83.39M	149.36M	241.33M	299.07M	342.95M
EBITDA Margin	+20.9%	+37.6%	+52.4%	+42.2%	+41.6%
EBT Excluding Unusual Items	97.58M	155.33M	205.18M	228.20M	272.90M
Pretax Income	100.47M	160.55M	205.10M	227.10M	224.53M
Operating Income	49.56M	100.43M	128.80M	185.87M	227.98M
Operating Margin	+12.4%	+25.3%	+28.0%	+26.2%	+27.7%
Profit Margin	+25.1%	+40.3%	+44.5%	+32.0%	+27.2%
Net Income	100.28M	159.83M	205.10M	227.10M	224.53M
Net Income to Common	100.28M	159.83M	205.10M	227.10M	224.53M
Net Income Growth	-37.3%	-22.1%	-9.7%	+1.1%	+51.2%
Earnings From Continuing Ops.	100.47M	160.55M	205.10M	227.10M	224.53M
Earnings From Discontinued Ops.	-187.90K	-726.34K	—	—	—
Per Share & Capital
EPS (Basic)	0.15	0.24	0.31	0.35	0.34
EPS (Diluted)	0.15	0.24	0.31	0.35	0.34
EPS Growth	-37.3%	-21.1%	-10.8%	+2.2%	+49.7%
Dividend Per Share	0.22	0.27	0.30	0.30	0.30
Shares Outstanding (Basic)	653.53M	653.53M	653.53M	653.53M	653.53M
Shares Outstanding (Diluted)	653.53M	653.53M	653.53M	653.53M	653.53M
Dividend Growth	-18.5%	-10.0%	—	—	+50.0%
Free Cash Flow	147.43M	124.51M	21.79M	251.23M	514.62M
Free Cash Flow Margin	+36.9%	+31.4%	+4.7%	+35.4%	+62.4%
Free Cash Flow Per Share	0.23	0.19	0.03	0.38	0.79
Payout Ratio	+178.8%	+123.1%	+95.6%	+86.3%	+58.2%