Al Jouf Cement signs contract for NEOM City cement supply

Al Jouf Cement Co has signed a SAR104.19m (US$27.7m) contract to sell cement to Webuild SpA for NEOM construction projects. The joint deal will last 41-months from the date of signing, according to a bourse disclosure.

Al Jouf Cement highlighted that the financial impact will reflect positively on its financial statements from the 3Q24 until the end of the contract period.

Zawya states that the cement producer also signed a deal with Saudi Awwal Bank (SAB) to reschedule SAR154.45m Islamic facilities to back its operations.

In the 1Q24 the cement manufacturer recorded a 21.22 per cent higher consolidated net profit at SAR12.45m, compared to SAR10.27m in 1Q23, reports Zawya.