Al Jouf Cement Co. posted a net profit of SAR 20.6 million in H1 2024, up 43% from SAR 14.4 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 138.23 | 160.01 | 15.8 % |
| Gross Income | 45.12 | 56.24 | 24.7 % |
| Operating Income | 36.46 | 44.55 | 22.2 % |
| Net Income | 14.36 | 20.58 | 43.3 % |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.13 | 0.19 | 43.3 % |
Revenues rose 16% year-on-year (YoY), driven by higher sales volume. However, the increase in financing costs and Zakat expenses weighed on the earnings, the cement producer said.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 67.96 | 77.96 | 14.7 % |
| Gross Income | 20.78 | 27.95 | 34.5 % |
| Operating Income | 15.66 | 21.85 | 39.5 % |
| Net Income | 4.08 | 8.13 | 98.9 % |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.04 | 0.07 | 98.9 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 82.05 | 77.96 | (5.0 %) |
| Gross Income | 28.29 | 27.95 | (1.2 %) |
| Operating Income | 22.70 | 21.85 | (3.8 %) |
| Net Income | 12.45 | 8.13 | (34.7 %) |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.11 | 0.07 | (34.7 %) |
In Q2 2024, the company’s profit almost doubled to SAR 8.1 million from SAR 4.1 million in Q2 2023, driven by higher sales despite the increase in average cost of sale impacted by higher fuel prices and financing cost.
Sequentially, net profit fell 34.7% from SAR 12.45 million in Q1 2024, attributed to lower sales due to Eid Al-Fitr and Eid Al-Adha holidays.
Shareholders’ equity, no minority interest, stood at SAR 1.24 billion as of June 30, 2024, compared to SAR 1.15 billion a year earlier.
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