Al Jouf Cement inks $27.7mln agreement for NEOM projects

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Al Jouf Cement Company signed a SAR 104.19 million contract, on 23 July 2024, to sell cement to Webuild SpA for NEOM projects.

The joint deal holds a tenor of 41 months from the date of signing, according to a bourse disclosure.

Al Jouf Cement highlighted that the financial impact will reflect positively on its financial statements from the third quarter (Q3) of 2024 until the end of the contract period.

The company penned a deal with Saudi Awwal Bank (SAB) to reschedule SAR 154.45 million Islamic facilities to back its operations.

In the first quarter (Q1) of 2024, the cement manufacturer recorded a 21.22% higher consolidated net profit at SAR 12.45 million, compared to SAR 10.27 million in Q1-23.