Saudi Al Jouf Cement’s net profit almost triples

Saudi Al Jouf Cement’s net profit almost triples
Published: 19 October 2011

Saudi Arabia’s Al Jouf Cement Co said its third-quarter net profit surged to SAR14.4m (US$3.8m), compared with SAR5m a year earlier, on higher sales and output.

Earnings per share for the first nine months of the year came in at SAR0.53, compared with losses per share of SAR0.02 a year earlier, it said in a statement posted on the Saudi bourse website.

The company, which started trading on the kingdom’s bourse in August last year, said its third-quarter operating profit stood at SAR16.6m, compared with SAR12.4m a year earlier.

In July, Jouf Cement said the Ministry of Commerce and Industry didn’t renew its export license. The company didn’t give a reason for the ministry’s move, but said it would increase its cement prices to offset the loss from the export ban.