NORTHERN CEMENT

Northern Region Cement Co.

3004StocksTadawulMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	149.78M	117.36M	178.38M	136.94M	177.38M
Free Cash Flow	19.69M	-98.57M	14.46M	26.33M	54.50M
Capital Expenditures	-130.09M	-215.93M	-163.92M	-110.62M	-122.88M
Investing & Financing
Investing Cash Flow	-130.67M	-12.47M	-128.95M	-101.01M	-109.52M
Financing Cash Flow	-22.56M	-122.00M	-25.03M	-34.58M	-70.10M
Dividends Paid	-45.00M	-90.00M	-45.00M	-90.00M	-90.00M
Operating Activities
Operating Cash Flow	149.78M	117.36M	178.38M	136.94M	177.38M
Net Income	56.06M	100.80M	56.26M	112.02M	106.06M
Change in Accounts Payable	96.32M	25.79M	1.22M	24.24M	-2.97M
Change in Accounts Receivable	2.80M	15.88M	4.10M	11.85M	26.90M
Change in Inventory	-64.19M	-51.32M	14.14M	-138.08M	-35.65M
Change in Other Net Operating Assets	-60.91M	-36.69M	-20.32M	65.89M	24.58M
Change in Working Capital	-25.98M	-46.34M	-0.86M	-36.10M	12.87M
Other Operating Activities	65.64M	55.11M	90.11M	19.04M	9.26M
Provision & Write-off of Bad Debts	—	—	—	-1.52M	0.31M
Depreciation & Amortization	53.54M	51.59M	74.07M	73.01M	76.82M
Other Amortization	—	980.14K	—	—	—
Cash Interest Paid	—	48.53M	54.35M	—	—
Loss (Gain) on Equity Investments	—	—	-41.45M	-29.51M	-20.21M
Investing Activities
Investing Cash Flow	-130.67M	-12.47M	-128.95M	-101.01M	-109.52M
Capital Expenditures	-130.09M	-215.93M	-163.92M	-110.62M	-122.88M
Investment in Securities	—	206.25M	—	—	—
Other Investing Activities	—	—	36.34M	14.04M	13.29M
Sale (Purchase) of Intangibles	-0.60M	-4.11M	-2.84M	-4.44M	-0.52M
Sale of Property, Plant & Equipment	0.02M	1.32M	1.48M	—	0.59M
Loss (Gain) From Sale of Assets	-5.70K	-280.74K	109.62K	—	667.12K
Loss (Gain) on Sale of Investments	—	-45.45M	—	—	-8.41M
Financing Activities
Financing Cash Flow	-22.56M	-122.00M	-25.03M	-34.58M	-70.10M
Common Dividends Paid	-45.00M	-90.00M	-45.00M	-90.00M	-90.00M
Long-Term Debt Issued	0.57B	1.30B	1.56B	0.97B	0.62B
Total Debt Issued	0.57B	1.30B	1.56B	0.97B	0.62B
Long-Term Debt Repaid	-0.48B	-1.29B	-1.49B	-0.92B	-0.60B
Total Debt Repaid	-0.48B	-1.29B	-1.49B	-0.92B	-0.60B
Net Debt Issued (Repaid)	90.18M	16.65M	76.99M	55.51M	20.29M
Other Financing Activities	-67.74M	-48.65M	-57.02M	-0.10M	-0.40M
Free Cash Flow & Returns
Free Cash Flow	19.69M	-98.57M	14.46M	26.33M	54.50M
Free Cash Flow Growth	—	—	-45.1%	-51.7%	-26.0%
Free Cash Flow Margin	+2.9%	-15.8%	+2.1%	+4.3%	+9.7%
Free Cash Flow Per Share	0.11	-0.55	0.08	0.15	0.30
Levered Free Cash Flow	-52.61M	-155.62M	-97.51M	4.72M	45.63M
Unlevered Free Cash Flow	-16.11M	-125.06M	-63.47M	22.08M	57.62M
Operating Cash Flow Growth	+27.6%	-34.2%	+30.3%	-22.8%	-15.2%
Net Cash Flow	-4.02M	-15.93M	25.04M	-0.42M	-9.51M
Foreign Exchange Rate Adjustments	-0.57M	1.17M	0.64M	-1.77M	-7.27M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	149.78M	117.36M	178.38M	136.94M	177.38M
Free Cash Flow	19.69M	-98.57M	14.46M	26.33M	54.50M
Capital Expenditures	-130.09M	-215.93M	-163.92M	-110.62M	-122.88M
Investing & Financing
Investing Cash Flow	-130.67M	-12.47M	-128.95M	-101.01M	-109.52M
Financing Cash Flow	-22.56M	-122.00M	-25.03M	-34.58M	-70.10M
Dividends Paid	-45.00M	-90.00M	-45.00M	-90.00M	-90.00M
Operating Activities
Operating Cash Flow	149.78M	117.36M	178.38M	136.94M	177.38M
Net Income	56.06M	100.80M	56.26M	112.02M	106.06M
Change in Accounts Payable	96.32M	25.79M	1.22M	24.24M	-2.97M
Change in Accounts Receivable	2.80M	15.88M	4.10M	11.85M	26.90M
Change in Inventory	-64.19M	-51.32M	14.14M	-138.08M	-35.65M
Change in Other Net Operating Assets	-60.91M	-36.69M	-20.32M	65.89M	24.58M
Change in Working Capital	-25.98M	-46.34M	-0.86M	-36.10M	12.87M
Other Operating Activities	65.64M	55.11M	90.11M	19.04M	9.26M
Provision & Write-off of Bad Debts	—	—	—	-1.52M	0.31M
Depreciation & Amortization	53.54M	51.59M	74.07M	73.01M	76.82M
Other Amortization	—	980.14K	—	—	—
Cash Interest Paid	—	48.53M	54.35M	—	—
Loss (Gain) on Equity Investments	—	—	-41.45M	-29.51M	-20.21M
Investing Activities
Investing Cash Flow	-130.67M	-12.47M	-128.95M	-101.01M	-109.52M
Capital Expenditures	-130.09M	-215.93M	-163.92M	-110.62M	-122.88M
Investment in Securities	—	206.25M	—	—	—
Other Investing Activities	—	—	36.34M	14.04M	13.29M
Sale (Purchase) of Intangibles	-0.60M	-4.11M	-2.84M	-4.44M	-0.52M
Sale of Property, Plant & Equipment	0.02M	1.32M	1.48M	—	0.59M
Loss (Gain) From Sale of Assets	-5.70K	-280.74K	109.62K	—	667.12K
Loss (Gain) on Sale of Investments	—	-45.45M	—	—	-8.41M
Financing Activities
Financing Cash Flow	-22.56M	-122.00M	-25.03M	-34.58M	-70.10M
Common Dividends Paid	-45.00M	-90.00M	-45.00M	-90.00M	-90.00M
Long-Term Debt Issued	0.57B	1.30B	1.56B	0.97B	0.62B
Total Debt Issued	0.57B	1.30B	1.56B	0.97B	0.62B
Long-Term Debt Repaid	-0.48B	-1.29B	-1.49B	-0.92B	-0.60B
Total Debt Repaid	-0.48B	-1.29B	-1.49B	-0.92B	-0.60B
Net Debt Issued (Repaid)	90.18M	16.65M	76.99M	55.51M	20.29M
Other Financing Activities	-67.74M	-48.65M	-57.02M	-0.10M	-0.40M
Free Cash Flow & Returns
Free Cash Flow	19.69M	-98.57M	14.46M	26.33M	54.50M
Free Cash Flow Growth	—	—	-45.1%	-51.7%	-26.0%
Free Cash Flow Margin	+2.9%	-15.8%	+2.1%	+4.3%	+9.7%
Free Cash Flow Per Share	0.11	-0.55	0.08	0.15	0.30
Levered Free Cash Flow	-52.61M	-155.62M	-97.51M	4.72M	45.63M
Unlevered Free Cash Flow	-16.11M	-125.06M	-63.47M	22.08M	57.62M
Operating Cash Flow Growth	+27.6%	-34.2%	+30.3%	-22.8%	-15.2%
Net Cash Flow	-4.02M	-15.93M	25.04M	-0.42M	-9.51M
Foreign Exchange Rate Adjustments	-0.57M	1.17M	0.64M	-1.77M	-7.27M