Saudi: Al Jouf Cement’s net profits in H1-23 jump 2,299% on higher sales

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Riyadh – Al Jouf Cement Company witnessed an annual leap of 2,299.12% in net profit after Zakat and tax to SAR 43.62 million during the first half (H1) of 2023, compared with SAR 1.81 million.

The earnings per share (EPS) stood at SAR 0.19 in H1-23, against a loss per share of SAR 0.02 in H1-22, according to the income statement.

Al Jouf Cement attributed the year-on-year (YoY) growth in H1-23 net profit to higher revenues. The sales reached SAR 138.22 million during January-June 2023, a rise of 40.63% from SAR 98.29 million.

Financial Results for Q2-23

During the second quarter (Q2) of 2023, the cement manufacturer turned profitable at SAR 20.14 million against net losses of SAR 1.73 million.

The revenues soared by 37.34% to SAR 67.95 million in Q2-23 when compared with SAR 49.47 million in Q2-22.

On a quarterly basis, the net profits in Q2-23 were 14.19% lower than the value in Q1-23 and the revenues declined by 3.29%.

In Q1-23, the listed company posted net profits worth SAR 23.47 million and revenues amounting to SAR 70.27 million.