Al Jouf Cement turns to profit of SAR 30.9 mln in 2022; Q4 at SAR 23.1 mln

28/02/2023 Argaam Exclusive

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Al Jouf Cement Co. reported a net profit of SAR 30.9 million in 2022, against a loss of SAR 92.6 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	226.52	251.86	11.2 %
Gross Income	20.99	73.43	249.9 %
Operating Income	(62.16)	61.85	199.5 %
Net Income	(92.64)	30.89	133.3 %
Average Shares	108.70	108.70	-
EPS (Riyals)	(0.85)	0.28	133.3 %

The profit was driven by higher value and quantity of sales, in addition to the improvement in prices and lower costs.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	50.01	79.43	58.8 %
Gross Income	(43.31)	27.48	163.4 %
Operating Income	(108.55)	32.89	130.3 %
Net Income	(122.47)	23.14	118.9 %
Average Shares	108.70	108.70	-
EPS (Riyals)	(1.13)	0.21	118.9 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	74.14	79.43	7.1 %
Gross Income	19.16	27.48	43.4 %
Operating Income	13.84	32.89	137.7 %
Net Income	5.94	23.14	289.7 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.05	0.21	289.7 %

In Q4 2022, the company turned to a net profit of SAR 23.1 million against a loss of SAR 122.47 million in Q4 2021.

Sequentially, the company quadrupled its profit in Q4 compared to SAR 5.94 million in Q3 2022.

Shareholders’ equity, excluding minority interest, stood at SAR 1.13 billion as of Dec. 31, 2022, from SAR 1.10 billion a year earlier.

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