‎“Al-Jouf Cement” achieved a net profit of SR24.7 mln during Q4‎

Al-Jouf Cement Company recorded a net profit after zakat and tax during the fourth quarter of 24.7 million riyals, compared to losses of 179 million riyals in the same quarter of last year. This came after the announcement today of the preliminary financial results for the period ending on 12-31-2022. (twelve months).

The operational profit amounted to 27.5 million riyals in the fourth quarter, compared to losses of 46 million riyals in the same quarter of the previous year.

The net profit after zakat and tax during the 12-month period amounted to 32.5 million riyals, compared to losses of 149 million riyals in the same period of the year before last.

Earnings per share in the current period amounted to 0.3 riyals, compared to losses of 1.37 riyals in the same period last year.

Net income amounted to 24.7 million Saudi riyals for the fourth quarter of 2022, compared to a net loss of (178.6) million Saudi riyals for the same quarter of 2021. The increase in net income was due to an increase in the value and quantity of sales, in addition to improved prices and lower costs. The company recorded additional provisions in the corresponding quarter of the year 2021.

Net income also amounted to 24.7 million Saudi riyals for the fourth quarter of 2022, compared to 5.9 million Saudi riyals for the third quarter of 2022. The increase in net income was due to an increase in the value and quantity of sales in addition to a decrease in costs and an increase in other revenues.

Net income amounted to 32.5 million Saudi riyals for the current period of 2022, compared to a net loss of (148.8) million Saudi riyals for the same period of 2021. The increase in net income was due to an increase in the value and quantity of sales, in addition to the improvement in prices and lower costs. The company recorded additional provisions in the corresponding quarter of the year 2021.

As indicated in Note No. 4 on the interim condensed consolidated financial statements, the group prepared a study for the decline in the value of real estate, machinery and equipment as of December 31, 2021, whose value on that date was 1,715 million Saudi riyals, with the help of an external consultant, and this study resulted A decrease in the value of real estate, plant and equipment in the amount of 63.2 million Saudi riyals was charged to profit or loss during the year ending on December 31, 2021. We were unable to complete the examination procedures to ensure the validity of the assumptions and estimates used by the management and the external consultant when calculating the drop amount. Accordingly, we were unable to determine whether there was a need to make any adjustments to these amounts.