Al Jouf Cement Co. reported an over twofold increase in its 2023 net profit to SAR 84.7 million from SAR 30.9 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 251.86 | 301.49 | 19.7 % |
| Gross Income | 73.43 | 116.83 | 59.1 % |
| Operating Income | 61.85 | 91.86 | 48.5 % |
| Net Income | 30.89 | 84.71 | 174.2 % |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.28 | 0.78 | 174.2 % |
The annual profit surge was propelled by a rise in gross revenues to SAR 301.5 million, compared to SAR 251.9 million in 2022, thanks to better sales volumes and average selling prices.
The cement producer also reported lower production costs backed by continued operating efficiency efforts.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 79.43 | 83.74 | 5.4 % |
| Gross Income | 27.48 | (3.23) | (111.8 %) |
| Operating Income | 32.89 | (3.38) | (110.3 %) |
| Net Income | 23.14 | 12.09 | (47.8 %) |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.21 | 0.11 | (47.8 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 79.52 | 83.74 | 5.3 % |
| Gross Income | 36.94 | (3.23) | (108.7 %) |
| Operating Income | 30.80 | (3.38) | (111.0 %) |
| Net Income | 29.00 | 12.09 | (58.3 %) |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.27 | 0.11 | (58.3 %) |
In Q4 2023, the company’s net earnings fell by 48% to SAR 12.1 million from SAR 23.1 million in the prior-year period.
Similarly, the net profit dropped 58.3% from SAR 29 million in Q3 2023.
Total shareholders’ equity, after minority interest, grew to SAR 1.22 billion as of Dec. 31, 2023, from SAR 1.13 billion in the prior-year period.
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