IssuerAnnouncementDetailsV2Portlet
ActionsAl Jouf Cement Co. announces its Interim Financial consolidated results for the Period Ending on 31-03-2024 ( Three Months )
Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
---|---|---|---|---|---|
Sales/Revenue | 82,044,584 | 70,270,824 | 16.754 | 83,743,772 | -2.029 |
Gross Profit (Loss) | 28,289,466 | 24,334,900 | 16.25 | 34,723,545 | -18.529 |
Operational Profit (Loss) | 22,703,285 | 20,804,978 | 9.124 | 25,025,877 | -9.28 |
Net profit (Loss) | 12,450,956 | 10,271,267 | 21.221 | 40,469,551 | -69.233 |
Total Comprehensive Income | 12,450,956 | 10,271,267 | 21.221 | 40,333,025 | -69.129 |
All figures are in (Actual) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
---|---|---|---|
Total Share Holders Equity (After Deducting the Minority Equity) | 1,233,300,715 | 1,146,545,708 | 7.566 |
Profit (Loss) per Share | 0.11 | 0.09 | |
All figures are in (Actual) Saudi Arabia, Riyals |
Element List | Percentage of the capital (%) | Amount | |
---|---|---|---|
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
All figures are in (Actual) Saudi Arabia, Riyals |
Element List | Explanation |
---|---|
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Total revenues amounted to 82.0 million riyals for the current quarter, compared to total revenues of 70.3 million riyals for the same quarter of last year. An increase of 16.7% has been recorded due to the increase in sales volume and average selling price. |
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income amounted to 12.5 million riyals, compared to net income of 10.3 million riyals for the same quarter of last year. An increase of 21.2% was recorded. The reasons for the increase in net income are increase in sales volume and average selling prices, despite the increase in the average selling cost as a result of the increase in fuel prices. |
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Total revenues amounted to 82.0 million riyals for the current quarter, compared to total revenues of 83.7 million for the last quarter, a decrease of 2% has been recorded as a result of the decrease in sales volume. |
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net income amounted to 12.5 million riyals compared to net income of 40.5 million riyals for the last quarter, a decrease of 69.2% as a result of the decrease in the value of sales from the previous quarter in addition to the reversal of some provisions in the previous quarter |
Statement of the type of external auditor's report | Unmodified conclusion |
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | "Something else The Group’s interim condensed and consolidated financial statements for the three-month period ended on March 31, 2023 were reviewed by another auditor, who expressed a qualified opinion on the financial statements on May 29, 2023. The previous auditor’s reservation was related to completion of migration of the costing system from manual work to the enterprise resource planning system (ERP) by the Group’s management, during the three-month period ended March 31, 2023, . As part of the transition process, the management hired a consulting party to recalculate the standard cost and the actual cost during the period. Based on the consultant’s report, management increased inventory balance as of March 31, 2023 by an amount of 18.7 million Saudi riyals and reduced cost of sales by the same amount during the three-month period ended on that date. The previous auditor was unable to check the compliance of these adjustments with the requirements of IAS 2 “Inventory” as he was not provided with the calculation details. As indicated in Note No. (19), to comply with the requirements of International Accounting Standard (2), the management subsequently recalculated the regular distribution of fixed and variable overhead production expenses that were incurred to convert raw materials into semi finished and finished inventory and its impact on the cost of goods sold since the beginning of the year. The management has adjusted their comparative figures for the period ended on March 31, 2023 accordingly, and therefore the reservation related to this matter has been removed. |
Reclassification of Comparison Items | Some comparative figures have been reclassified to be consistent with the classification used in the current quarter ending March 31, 2024. |
Additional Information | Earnings before depreciation, amortization, financing expenses and zakat (EBITDA) for the current quarter amounted to 34.2 million riyals, compared to 31.8 million riyals for the same quarter of last year, an increase of 7.5% has been recorded. Comparing current quarter EBITDA with 34.9 million riyals for the previous quarter, a decrease of 2% has been recorded |
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