Al Jouf Cement profit down 74% to SAR 7.8 mln in 9M 2022, Q3 up 44% to SAR 5.9 mln

25/10/2022 Argaam Exclusive

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Al Jouf Cement Co. reported a net profit after Zakat and tax of SAR 7.8 million in the first nine months of 2022, down 74%, compared to SAR 29.8 million in the year-ago period.

The profit drop was attributed to lower sales and higher financing costs, despite the increase in sales volume and value, as well as prices in September 2022.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	176.51	172.44	(2.3 %)
Gross Income	64.30	45.95	(28.5 %)
Operating Income	46.40	28.95	(37.6 %)
Net Income	29.83	7.76	(74.0 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.27	0.07	(74.0 %)

In Q3 2022, net profit after Zakat and tax increased 44% to SAR 5.9 million from SAR 4.1 million in the year before on higher volume and value of sales and increased prices in September 2022.

Compared to Q2 2022, the cement producer turned to profit against a loss of SAR 1.73 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	54.89	74.14	35.1 %
Gross Income	14.80	19.16	29.5 %
Operating Income	8.91	13.84	55.3 %
Net Income	4.14	5.94	43.5 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.04	0.05	43.5 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	49.48	74.14	49.8 %
Gross Income	12.87	19.16	48.8 %
Operating Income	7.23	13.84	91.5 %
Net Income	(1.73)	5.94	442.6 %
Average Shares	108.70	108.70	-
EPS (Riyals)	(0.02)	0.05	442.6 %

Total shareholders’ equity, after minority interest, fell to SAR 1.1 billion as of Sept. 30, 2022, from SAR 1.463 billion in the year-earlier period.

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