Al Jouf Cement reports 41% YoY increase in revenue

Al Jouf Cement has reported revenue of SAR138.23m in the first half of 2023, marking a 40.6 per cent increase compared to the same period a year earlier. Net profit over the same period improved from SAR1.8m to SAR43.6m, driven by an increase in volumes and average selling prices. Earnings per share advanced from SAR0.02 in the 1H22 to SAR0.40 in the corresponding period the following year.

In the second quarter of 2023, revenue stood at SAR67.96m, up 37.3 per cent YoY from the SAR49.48m reported in the 2Q22. Net profit in the 2Q23 came in at SAR20.2m, against a loss of SAR1.73m in the 2Q22, driven again by higher sales and increased selling prices of products.

Sequentially, net profit fell 14.2 per cent from the SAR23.48m reported in the first quarter of 2023. According to the company, this was attributed to lower sales volumes in the local market. Earnings per share in the 2Q23 were SAR0.19, versus a loss of SAR0.02 in the 2Q22.