Al Jouf Cement profit surges to SAR 43.6 mln in H1 2023; Q2 at SAR 20.2 mln

13/08/2023 Argaam Exclusive

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Al Jouf Cement Co.
11.34
(0.06) (0.53 %)

Al Jouf Cement Co. (JOUF CEMENT)

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Al Jouf Cement Co. posted a net profit of SAR 43.6 million in H1 2023, up from SAR 1.8 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 98.29 138.23 40.6 %
Gross Income 26.79 83.13 210.3 %
Operating Income 15.12 64.44 326.3 %
Net Income 1.82 43.62 2299.4 %
Average Shares 108.70 108.70 -
EPS (Riyals) 0.02 0.40 2299.4 %

The positive performance was driven by the increase in volume and average selling price. The company reported a fall in the cost of sales despite a rise in financing expenses due to high SAIBOR.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 49.48 67.96 37.3 %
Gross Income 12.87 40.96 218.1 %
Operating Income 7.23 31.72 339.0 %
Net Income (1.73) 20.15 1262.4 %
Average Shares 108.70 108.70 -
EPS (Riyals) (0.02) 0.19 1262.4 %

In Q2 2023, the company turned a profit of SAR 20.2 million against a loss of SAR 1.73 million in Q2 2022, driven by higher sales and increased selling prices of products. 

 

Sequentially, net profit fell 14.2% from SAR 23.48 million in Q1 2023, attributed to lower sales volume in the local market due to the decrease of demand and increase of SAIBORdespite a decline in the cost of sale and export growth. 

 

Shareholders’ equity, no minority interest, stood at SAR 1.17 billion as of June 30, 2023, compared to SAR 1.09 million a year earlier.

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