Al Jouf Cement Co. reported a net profit of SAR 23.5 million in Q1 2023, leaping from SAR 3.6 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 48.81 | 70.27 | 44.0 % |
| Gross Income | 13.92 | 42.17 | 203.0 % |
| Operating Income | 7.89 | 32.72 | 314.6 % |
| Net Income | 3.55 | 23.48 | 561.1 % |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.03 | 0.22 | 561.1 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 79.43 | 70.27 | (11.5 %) |
| Gross Income | 27.48 | 42.17 | 53.5 % |
| Operating Income | 32.89 | 32.72 | (0.5 %) |
| Net Income | 23.14 | 23.48 | 1.5 % |
| Average Shares | 108.70 | 108.70 | - |
| EPS (Riyals) | 0.21 | 0.22 | 1.5 % |
The improved results were due to higher sales volume and value, increase in average selling prices and lower cost of sales.
This was despite an increase in financing expenses due to higher SAIBOR compared to a year earlier.
Sequentially, the cement producer's Q1 2023 earnings grew 1.5% from SAR 23.14 million, due to higher average selling prices and lower cost of sales despite the decrease in sales value during the period.
Total shareholders’ equity, excluding minority interest, reached SAR 1.15 billion as of March 31, 2023, from SAR 1.09 billion in a year-earlier period.
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