Al Jouf Cement H1 2022 net profit down 92% to SAR 1.82 mln; Q2 losses at SAR 1.73 mln

25/08/2022 Argaam Exclusive

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Al Jouf Cement Co.’s net profit after Zakat and tax fell 92% to SAR 1.82 million in H1 2022, compared to SAR 25.7 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	121.63	98.29	(19.2 %)
Gross Income	49.50	26.79	(45.9 %)
Operating Income	37.49	15.12	(59.7 %)
Net Income	25.69	1.82	(92.9 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.24	0.02	(92.9 %)

The profit decline was attributed to decreased sales volume and value, in addition to lower domestic cement selling prices.

In Q2 2022, the cement producer turned to a net loss after Zakat and tax of SAR 1.73 million, from a profit of SAR 7.69 million in the corresponding period of 2021.

Sequentially, Al Jouf Cement also turned to losses from a net profit of SAR 3.55 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	53.74	49.48	(7.9 %)
Gross Income	19.25	12.87	(33.1 %)
Operating Income	13.12	7.23	(44.9 %)
Net Income	7.69	(1.73)	(122.5 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.07	(0.02)	(122.5 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	48.81	49.48	1.4 %
Gross Income	13.92	12.87	(7.5 %)
Operating Income	7.89	7.23	(8.4 %)
Net Income	3.55	(1.73)	(148.8 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.03	(0.02)	(148.8 %)

Total shareholders’ equity, after minority interest, reached SAR 1.094 billion by the end of the six-month period, from SAR 1.268 billion a year earlier.

Accumulated losses stood at SAR 340.861 million, or 23.84% of the cement producer’s capital as of June 30, 2022.

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