Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 201 million for 2021, a drop of 7% from SAR 217 million a year earlier.
The decline was driven by lower investment revenue, share from affiliates’ profit and other revenue, in addition to higher losses on disposal of property, plant and equipment and Zakat expenses.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 742.43 | 757.73 | 2.1 % |
| Gross Income | 258.05 | 260.98 | 1.1 % |
| Operating Income | 207.25 | 206.40 | (0.4 %) |
| Net Income | 217.22 | 192.85 | (11.2 %) |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 2.53 | 2.24 | (11.2 %) |
The company’s Q4 2021 net profit after Zakat and tax fell 29% year-on-year (YoY) to SAR 41.5 million.
On a sequential basis, net profit rose 10% from SAR 37.7 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 203.03 | 159.28 | (21.6 %) |
| Gross Income | 69.29 | 50.87 | (26.6 %) |
| Operating Income | 57.46 | 38.97 | (32.2 %) |
| Net Income | 58.88 | 33.39 | (43.3 %) |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.68 | 0.39 | (43.3 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 169.36 | 159.28 | (6.0 %) |
| Gross Income | 56.03 | 50.87 | (9.2 %) |
| Operating Income | 44.74 | 38.97 | (12.9 %) |
| Net Income | 37.72 | 33.39 | (11.5 %) |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.44 | 0.39 | (11.5 %) |
Total shareholders’ equity, after minority interest, fell to SAR 2.412 billion as of Dec. 31, 2021, from SAR 2.533 billion a year earlier.
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