Riyadh – Mubasher: Al Jouf Cement Company announced the start of the liquidation procedures of Eastern Industrial Company, an affiliate firm.
Al Jouf currently holds a 10% stake in the company, with total investments amounting to SAR 136 million, which includes SAR 6 million in development expenses, according to a recent bourse filing.
Following the completion of the liquidation process, the cement producer anticipates a positive impact on its financial statements as it recovers its investments in the affiliate firm.
It is worth noting that the consolidated net profit of Al Jouf Cement surged 174.20% year-on-year (YoY) to SAR 84.71 million in 2023 from SAR 30.89 million.
