Al Jouf Cement provides clarification on H1 2022 financial statements

Logo of Al Jouf Cement Co.

Al Jouf Cement Co. provided today, Sept. 5 a clarification about the company’s financial statements, which state: “Subsequent to the date of the interim condensed consolidated financial statements, the court attached the Group's bank balances until they pay the claim amount”.

In a statement to Tadawul, the cement producer said this statement may have caused some misunderstanding among shareholders, after it was circulated in some media and social networks. The aforementioned ruling is not final and is not indicated by the legal advisor in the report sent to the external auditor.

Therefore, Al Jouf Cement affirms that there is no seizure imposed on its funds and it is maintaining its normal operations. The company paid SAR 5 million, representing 10% of the total loan owed to the Saudi Industrial Development Fund (SIDF) in August.

Al Jouf also affirmed its ability to repay the loan in full, adding that a plan will be mapped and submitted to SIDF before before the end of this month in this regard.

The company calls on all shareholders to obtain information from its sources and to communicate with the Shareholders Affairs Department in case they have any inquiries.