Eastern Cement’s H1 2022 net profit declines 41% to SAR 72 mln; Q2 at SAR 43 mln

10/08/2022 Argaam Exclusive

Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 72 million in H1 2022, a slump of 41%, compared to SAR 122 million in the prior-year period.

 

This was triggered by lower sales volumes and value, higher administrative and selling expenses, a decline in profit share from an associate and an increase in other costs



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 429.10 356.55 (16.9 %)
Gross Income 154.08 113.30 (26.5 %)
Operating Income 122.69 78.69 (35.9 %)
Net Income 121.74 75.48 (38.0 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 1.42 0.88 (38.0 %)

The company’s Q2 2022 net profit after Zakat and tax dropped 31% to SAR 43 million from SAR 62 million a year earlier, driven by lower sales volumes and value, and higher administrative and selling expenses.

 

On a sequential basis, net profit jumped by 48.3%, impacted by higher sales value.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 212.40 195.81 (7.8 %)
Gross Income 80.58 69.97 (13.2 %)
Operating Income 64.04 49.79 (22.3 %)
Net Income 61.86 49.16 (20.5 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 0.72 0.57 (20.5 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 2.407 billion by the end of H1 2022, compared to SAR 2.461 billion in the year-earlier period.

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Share Price

Eastern Province Cement Co.
34.30
(0.10) (0.29 %)

Eastern Province Cement Co. (EPCCO)

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Financial Ratios
Current
Market Cap (M Riyal) 2,949.80
Enterprise Value (EV) (M) 2,728.00
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) 11.72
P/E (TTM) 13.45
Price/book 1.22
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.2
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