Financial Results : Al Jouf Cement’s Q1 2024 net profit jumps 21% to SAR 12.5M

Al Jouf Cement’s Q1 2024 net profit jumps 21% to SAR 12.5M

16/05/2024 Argaam Exclusive

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Al Jouf Cement Co. posted a net profit rise of 21% to SAR 12.5 million in Q1 2024, from SAR 10.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 70.27 82.05 16.8 %
Gross Income 24.34 28.29 16.2 %
Operating Income 19.51 24.56 25.9 %
Net Income 10.27 12.45 21.2 %
Average Shares 108.70 108.70 -
EPS (Riyals) 0.09 0.11 21.2 %

The earnings rise was driven by a 16.7% year-on-year (YoY) increase in revenue to SAR 82 million on a rise in the company’s sales volumes and average selling prices.

 

On the other hand, the average selling cost increased due to higher fuel prices.

 

On a sequential basis, the cement producer’s net profit fell by 69.2% from SAR 40.4 million in Q4 2023. Al Jouf Cement was hurt by a quarter-on-quarter (QoQ) decline of 2% in topline amid lower sales volumes.

 

The company also reversed some provisions in Q4 2023.

 

Total shareholders’ equity, after minority interest, grew to SAR 1.23 billion as of March 31, 2024, from SAR 1.14 billion in the corresponding period a year ago.

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