Eastern Province Cement Co. reported a net profit of SAR 68 million in Q1 2024, an increase of 21%, from SAR 56 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 236.64 | 302.25 | 27.7 % |
| Gross Income | 78.49 | 95.71 | 21.9 % |
| Operating Income | 63.13 | 75.14 | 19.0 % |
| Net Income | 55.57 | 67.86 | 22.1 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.65 | 0.79 | 22.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 288.96 | 302.25 | 4.6 % |
| Gross Income | 88.58 | 95.71 | 8.0 % |
| Operating Income | 69.92 | 75.14 | 7.5 % |
| Net Income | 49.84 | 67.86 | 36.2 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.58 | 0.79 | 36.2 % |
The profit rise was supported by higher cement and precast sales volumes, lower other expenses and increased gains on investments at fair value through profit or loss.
On a quarterly basis, net earnings grew 36% from SAR 50 million in Q4 2023.
Shareholders’ equity, no minority interest, reached SAR 2.37 billion by March 31, 2024, compared to SAR 2.33 billion in a prior-year period.
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