Eastern Cement’s net profit up 20% to SAR 217 mln in 2020

07/03/2021 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 217 million for 2020, a 20% increase from a net profit of SAR 180.7 million in 2019.

The company attributed the profit rise to an increase in quantity and value of cement sales, lower cost of sales and administrative and general expenses, as well as higher share of the results of an associate and other revenues.

Financials (M)

Item	2019	2020	Change‬
Revenues	728.80	742.43	1.9 %
Gross Income	217.96	258.05	18.4 %
Operating Income	161.47	207.25	28.4 %
Net Income	180.70	217.22	20.2 %
Average Shares	86.00	86.00	-
EPS (Riyals)	2.10	2.53	20.2 %

The cement producer reported a net profit after Zakat and tax of SAR 58.7 million in Q4 2020, a 12% year-on-year (YoY) decline.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	215.00	203.03	(5.6 %)
Gross Income	69.95	69.29	(0.9 %)
Operating Income	59.39	57.46	(3.2 %)
Net Income	66.49	58.88	(11.4 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.77	0.68	(11.4 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	159.10	203.03	27.6 %
Gross Income	48.69	69.29	42.3 %
Operating Income	40.45	57.46	42.0 %
Net Income	42.63	58.88	38.1 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.50	0.68	38.1 %

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