Al Jouf Cement’s net profit rises 2% to SAR 31.2 mln in 9M 2021

11/11/2021 Argaam Exclusive

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Al Jouf Cement Co. reported a net profit after Zakat and tax of SAR 31.2 million for the first nine months of 2021, an increase of 2%, from SAR 30.7 million in year-earlier period.

This profit increase was driven by higher export sales and lower cost of sales per ton.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	184.24	176.51	(4.2 %)
Gross Income	57.80	64.30	11.3 %
Operating Income	39.42	46.40	17.7 %
Net Income	30.68	29.83	(2.8 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.28	0.27	(2.8 %)

Q3 2021 net profit after Zakat and tax dropped 55% year-on-year (YoY) to SAR 3.7 million, on subdued sales, lower average selling prices, and higher financing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	68.94	54.89	(20.4 %)
Gross Income	18.41	14.80	(19.6 %)
Operating Income	12.69	8.91	(29.8 %)
Net Income	8.22	4.14	(49.7 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.08	0.04	(49.7 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	53.74	54.89	2.1 %
Gross Income	19.25	14.80	(23.1 %)
Operating Income	13.12	8.91	(32.1 %)
Net Income	7.69	4.14	(46.2 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.07	0.04	(46.2 %)

On a sequential basis, third-quarter net profit after Zakat and tax tumbled 54%.

Total shareholders’ equity (excluding minority interest) fell 6.5% YoY to SAR 1.46 billion for the nine-month period.

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