Al-Jouf Cement’s 9M 2023 profit surges to SAR 72.6 mln; Q3 at SAR 29 mln

Al-Jouf Cement Co. reported a profit surge to SAR 72.6 million in the first nine months of 2023 from SAR 7.8 million a year earlier.

The nine-month performance was bolstered by higher sales value and average selling prices.

The decline in the cost of sales, in addition to gains of SAR 9.5 million resulting from the rescheduling of the debt owed to the Ministry of Industry and Mineral Resources also propelled Al-Jouf Cement’s profit.

On the other hand, financing expenses increased amid higher SAIBOR rates, compared to the first nine months of 2022.

In Q3 2023, net earnings skyrocketed to SAR 29 million from SAR 5.94 million in Q3 2022, thanks to better sales value and volume.

The cement producer also reported a decline in the cost of goods sold and recorded SAR 9.5 million gains from rescheduling a debt owed to the Ministry of Industry and Mineral Resources.

The cement producer’s net profit climbed 44% from SAR 20.15 million in Q2 2023 driven by higher sales value.

Total shareholders’ equity, after minority interest, rose to SAR 1.20 billion as of Sept. 30, 2023, up from SAR 1.10 billion in the prior-year period.

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