Eastern Cement posts SAR 181 mln net profit in FY2019

18/03/2020 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 181 million for fiscal year 2019, an increase of 158.6% year-on-year (YoY), as compared to SAR 70 million in the same period a year earlier.

Financials (M)

Item	2018	2019	Change‬
Revenues	565.74	728.80	28.8 %
Gross Income	131.16	217.96	66.2 %
Operating Income	68.86	161.47	134.5 %
Net Income	69.75	180.70	159.1 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.81	2.10	159.1 %

The profit increase is attributed to higher sales revenue on an increase in sales volumes and improvement in selling prices, the company said in a Tadawul statement.

The company also cited an increase in investment income, a decrease in Zakat provisions, written-back credit loss provisions, as well as a reduction in losses from writing off properties, machinery and equipment.

The company also posted a net profit of SAR 66.8 million in Q4 2019, an increase of 158.8% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	153.44	215.00	40.1 %
Gross Income	39.71	69.95	76.1 %
Operating Income	24.01	59.39	147.4 %
Net Income	25.56	66.49	160.1 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.30	0.77	160.1 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	173.84	215.00	23.7 %
Gross Income	50.72	69.95	37.9 %
Operating Income	37.35	59.39	59.0 %
Net Income	36.45	66.49	82.4 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.42	0.77	82.4 %

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