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Al Jouf Cement profits skyrocket 643% in Q3

Al Jouf Cement profits skyrocket 643% in Q3
The growth in quarterly earnings was helped by an increase in sales’ volume and value.
JOUF CEMENT
3091
-0.17% 11.48 -0.02

Riyadh – Mubasher: Al Jouf Cement Company’s third quarter (Q3) net profits leapt by 643.4% to SAR 8.22 million, compared with SAR 1.1 million in the corresponding period a year earlier.

The growth in quarterly earnings was helped by an increase in sales’ volume and value, coupled with a decrease in the cost of sales per ton as production rose. This came despite the addition of a provision for receivables and a rise in Zakat expense, according to a stock exchange statement on Thursday.

Revenue amounted to SAR 68.9 million in the July to September period, a yearly surge of 155.5%.

In the first nine months of the year, the net profit came in at SAR 30.7 million, up by 1,030% on a yearly basis.