Al Jouf Cement deepens 2021 loss to SAR 151 mln; Q4 at SAR 182.3 mln

31/03/2022 Argaam Exclusive

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Al Jouf Cement Co. widened its net loss after Zakat and tax to SAR 151 million in 2021, an increase of 53% from SAR 98.5 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	252.00	226.52	(10.1 %)
Gross Income	73.28	20.99	(71.4 %)
Operating Income	48.03	(62.16)	(229.4 %)
Net Income	(98.54)	(92.64)	6.0 %
Average Shares	108.70	108.70	-
EPS (Riyals)	(0.91)	(0.85)	6.0 %

The higher losses were attributed to lower sales revenue amid a decline in average selling prices, despite improved exports and lower general and marketing expenses, in addition.

The company also recorded provisions of SAR 142 million in 2021.

In Q4 2021, the cement producer widened its net loss after Zakat and tax to SAR 182.3 million, from SAR 129.2 million in the year-ago period.

Sequentially, the company swung to net losses against a net profit of SAR 3.70 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	67.77	50.01	(26.2 %)
Gross Income	15.48	(43.31)	(379.7 %)
Operating Income	8.61	(108.55)	(1360.3 %)
Net Income	(129.22)	(122.47)	5.2 %
Average Shares	108.70	108.70	-
EPS (Riyals)	(1.19)	(1.13)	5.2 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	54.89	50.01	(8.9 %)
Gross Income	14.80	(43.31)	(392.7 %)
Operating Income	8.91	(108.55)	(1318.6 %)
Net Income	4.14	(122.47)	(3060.3 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.04	(1.13)	(3060.3 %)

Shareholders’ equity, after minority interest, dropped 12% to SAR 1.090 billion in 2021, from SAR 1.242 billion in 2020.

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