Al-Jouf Cement 9M 2024 profit down to SAR 30.6M; Q3 at SAR 10M

10/11/2024 Argaam Exclusive

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Al Jouf Cement Co. posted a profit decline in the first nine months of 2024 to SAR 30.6 million, compared to SAR 44.2 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	217.75	234.94	7.9 %
Gross Income	82.11	77.63	(5.5 %)
Operating Income	68.15	56.79	(16.7 %)
Net Income	44.24	30.61	(30.8 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.41	0.28	(30.8 %)

The drop is attributed to declined export sales, as well as an increase in fuel prices and administrative expenses for rescheduling credit facilities.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	79.52	74.93	(5.8 %)
Gross Income	36.99	21.39	(42.2 %)
Operating Income	31.68	12.24	(61.4 %)
Net Income	29.89	10.04	(66.4 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.27	0.09	(66.4 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	77.96	74.93	(3.9 %)
Gross Income	27.95	21.39	(23.5 %)
Operating Income	21.85	12.24	(44.0 %)
Net Income	8.13	10.04	23.5 %
Average Shares	108.70	108.70	-
EPS (Riyals)	0.07	0.09	23.5 %

In Q3 2024, net profit retreated 66.4% to SAR 10.04 million from SAR 29.89 million in Q3 2023.

However, compared to Q2 2023, the bottom line jumped 23.5% from SAR 7.13 million.

Shareholders’ equity, no minority interest, reached SAR 1.25 billion as of Sept. 30, 2024, up from SAR 1.18 billion a year earlier.

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