Eastern Cement net profit rises to SAR 159 mln in 9M 2021

28/10/2021 Argaam Exclusive

Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 159 million for the first nine months of 2021, slightly higher from SAR 158.3 million in the year-ago period.

 

The company attributed the rise in profit to higher sales value and quantity of cement and precast, along with an increase in other income.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 539.40 598.46 10.9 %
Gross Income 188.76 210.11 11.3 %
Operating Income 149.79 167.43 11.8 %
Net Income 158.33 159.46 0.7 %
Average Shares 86.00 86.00 -
EPS (Riyals) 1.84 1.85 0.7 %

The net profit after Zakat and tax fell 12% year-on-year (YoY) to SAR 38 million in Q3 2021, due to lower income from investments, along with a decrease in share of results from an associate.

 

The cement producer also noted higher other and Zakat expenses, and losses on the sale of property and equipment, during the quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 159.10 169.36 6.5 %
Gross Income 48.69 56.03 15.1 %
Operating Income 40.45 44.74 10.6 %
Net Income 42.63 37.72 (11.5 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 0.50 0.44 (11.5 %)

On a sequential basis, Q3 net profit dropped 38.6% from SAR 61.86 million.

 

Shareholders’ equity, after minority interest, decreased to SAR 2.391 billion as of Sept. 30, 2021, from SAR 2.431 billion a year earlier.

 

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Share Price

Eastern Province Cement Co.
33.95
0.15 0.44 %

Eastern Province Cement Co. (EPCCO)

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Financial Ratios
Current
Market Cap (M Riyal) 2,919.70
Enterprise Value (EV) (M) 2,697.90
Shares Outstanding ((M)) 86.00
EPS ( Riyal) (TTM) 2.55
Book Value (BV) ( Riyal) 28.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.60
P/E (TTM) 13.31
Price/book 1.20
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.2
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