Northern Cement posts 71% YoY rise in 3Q net profit

Northern Cement Co (Jordan) has reported its 3Q24 unaudited financial results. The company reported consolidated sales of JOD43.279bn (US$61.042bn), representing a 16 per cent increase from JOD37.312bn in the 3Q23.

The cement producer also posted a consolidated net profit of JOD1.146bn in the 3Q24, up 71.3 per cent when compared with JOD668.981m in the year-ago period. The improved result is attributed to a significant rise in sales.

However, cost of sales rose to JOD37.621bn in the 3Q24 from JOD34.209bn in the 3Q23, as production volumes increased and associated costs rose. As a result, gross profit for the quarter climbed to JOD5.658bn from JOD3.103bn in the 3Q23. Escalating administrative costs also drove up operating expenses to JOD1.3bn in the 3Q24 from JOD3.103bn in the previous year’s equivalent quarter.