Al Jouf Cement profit up 43% to SAR 20.6M in H1 2024; Q2 at SAR 8.1M

08/08/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	138.23	160.01	15.8 %
Gross Income	45.12	56.24	24.7 %
Operating Income	35.17	47.69	35.6 %
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.

Current Quarter Comparison (M)

Compared With The

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	24.56	21.85	(11.0 %)
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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