Al Jouf Cement profit surges to SAR 43.6 mln in H1 2023; Q2 at SAR 20.2 mln

13/08/2023 Argaam Exclusive

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Al Jouf Cement Co. posted a net profit of SAR 43.6 million in H1 2023, up from SAR 1.8 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	98.29	138.23	40.6 %
Gross Income	26.79	45.12	68.4 %
Operating Income	15.12	35.17	132.7 %
Net Income	1.82	14.36	689.6 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.02	0.13	689.6 %

The positive performance was driven by the increase in volume and average selling price. The company reported a fall in the cost of sales despite a rise in financing expenses due to high SAIBOR.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	49.48	67.96	37.3 %
Gross Income	12.87	20.78	61.4 %
Operating Income	7.23	15.66	116.7 %
Net Income	(1.73)	4.08	335.7 %
Average Shares	108.70	108.70	-
EPS (Riyals)	(0.02)	0.04	335.7 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	70.27	67.96	(3.3 %)
Gross Income	24.34	20.78	(14.6 %)
Operating Income	19.51	15.66	(19.8 %)
Net Income	10.27	4.08	(60.2 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.09	0.04	(60.2 %)

In Q2 2023, the company turned a profit of SAR 20.2 million against a loss of SAR 1.73 million in Q2 2022, driven by higher sales and increased selling prices of products.

Sequentially, net profit fell 14.2% from SAR 23.48 million in Q1 2023, attributed to lower sales volume in the local market due to the decrease of demand and increase of SAIBORdespite a decline in the cost of sale and export growth.

Shareholders’ equity, no minority interest, stood at SAR 1.17 billion as of June 30, 2023, compared to SAR 1.09 million a year earlier.

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