Al Jouf Cement profit soars to SAR 84.7M in 2023; Q4 drops to SAR 12.1M

24/03/2024 Argaam Exclusive

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Al Jouf Cement Co. reported an over twofold increase in its 2023 net profit to SAR 84.7 million from SAR 30.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	251.86	301.49	19.7 %
Gross Income	73.43	116.83	59.1 %
Operating Income	61.85	91.86	48.5 %
Net Income	30.89	84.71	174.2 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.28	0.78	174.2 %

The annual profit surge was propelled by a rise in gross revenues to SAR 301.5 million, compared to SAR 251.9 million in 2022, thanks to better sales volumes and average selling prices.

The cement producer also reported lower production costs backed by continued operating efficiency efforts.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	79.43	83.74	5.4 %
Gross Income	27.48	(3.23)	(111.8 %)
Operating Income	32.89	(3.38)	(110.3 %)
Net Income	23.14	12.09	(47.8 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.21	0.11	(47.8 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	79.52	83.74	5.3 %
Gross Income	36.99	(3.23)	(108.7 %)
Operating Income	31.68	(3.38)	(110.7 %)
Net Income	29.89	12.09	(59.6 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.27	0.11	(59.6 %)

In Q4 2023, the company’s net earnings fell by 48% to SAR 12.1 million from SAR 23.1 million in the prior-year period.

Similarly, the net profit dropped 58.3% from SAR 29 million in Q3 2023.

Total shareholders’ equity, after minority interest, grew to SAR 1.22 billion as of Dec. 31, 2023, from SAR 1.13 billion in the prior-year period.

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