Al Jouf Cement Co's profit balloons 836.43% YoY in 9M23

Al Jouf Cement Co announced the initial consolidated financial results for the period ending 30 September 2023  on the Saudi Stock Exchange. The company saw its net income surge to SAR72.6m (US$19.36m) for the first nine months of 2023 (January-September), compared to SAR7.8m for the same period in 2022. This interprets into the expansion of profit 836.43 per cent YoY.

The sales/revenue jumped to SAR217m from SAR172m during this period and grew 26.3 per cent over the past period. The increase in the value of sales came as a result of the increase in the average selling price and the decrease in the cost of sales, in addition to gains amounting to SAR9.5m resulting from on scheduling the debt of the Ministry of Industry and Mineral Resources during the period, despite the increase in financing expenses.

Al Jouf Cement Co owns the most modern factories in the northwestern Saudi Arabia, located close to the Saudi-Jordanian and Iraqi borders by the Saudi standard specifications, and in conformity with the American and European specifications. The product has successfully passed all the tests required in Jordan and Iraq and by the Royal Jordanian Society, as well as the Iraqi Central Organization for Standardisation and quality control, for a production capacity of 5000tpd to meet the needs of its  customers inside and outside the Saudi Arabia, where the company is linked to a network of transport companies to fulfil the customers need.