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Al Jouf Cement’s profits fall 73.5% in Q1-22 initial financials; accumulated losses unveiled

Al Jouf Cement’s profits fall 73.5% in Q1-22 initial financials; accumulated losses unveiled
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JOUF CEMENT
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Riyadh – Mubasher: Al Jouf Cement Company has generated SAR 5.55 million in net profit after Zakat and tax during the first quarter (Q1) of 2022, down 73.55% from SAR 20.98 million in Q1-21.

The company’s revenues stood at SAR 48.81 million in the January-March 2022 period, an annual drop of 28.09% from SAR 67.88 million, according to the interim financial results.

In addition, the earnings per share (EPS) fell to SAR 0.04 in Q1-22 from SAR 0.15 in Q1-21.

On a quarterly basis, the revenues in Q1-22 went down by 2.38% from SAR 50 million in Q4-21, while the Saudi listed firm turned profitable against net losses of SAR 182.20 million in Q4-21.

Meanwhile, the accumulated losses totalled SAR 337.56 million in Q1-22, accounting for 23.61% of the SAR 1.43 billion capital.

Last year, Al Jouf Cement incurred net losses after Zakat and tax worth SAR 150.97 million, higher by 53.20% than SAR 98.54 million in 2020.