Al Jouf sees double-digit rise in 3Q net profit, Saudi Arabia

Saudi-based Al Jouf Cement Co posted a 17 per cent YoY increase in its third-quarter net profit to SAR8.6m (US$2.29m), boosted by higher sale volumes.

Operating profit grew almost 19 per cent in annual terms to SAR2.5m. Gross profit rose 10 per cent to nearly SAR19.7m.

During January-September 2014, the company saw its net profit fall 14 per cent on an annual basis to SAR39.7m. Earnings per share (EPS) fell to SAR0.31 from SAR0.35.

Operating profit narrowed to SAR50.12m from SAR56.37m. Gross profit decreased 12.36 per cent to SAR71.88m. The decline is due to a sale volume drop and lower average prices resulting from the weak demand for cement during the reported period.