Financial Results : Eastern Cement’s Q1 2020 net profit jumps 84.7%

Eastern Cement’s Q1 2020 net profit jumps 84.7%

29/04/2020 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit of SAR 85 million for the first quarter of 2020, a jump by 84.7% year-on-year (YoY), compared to a net profit of SAR 46 million for the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 181.19 234.03 29.2 %
Gross Income 57.79 93.65 62.1 %
Operating Income 41.14 78.04 89.7 %
Net Income 45.97 85.24 85.4 %
Average Shares 86.00 86.00 -
EPS (Riyals) 0.53 0.99 85.4 %

The company attributed the rise in profits to higher sales value and volume due to improvement in local demand, lower general and administrative expenses (G&As) and selling and marketing costs, and increase in revenues from investments and shares in associates.

 

When compared to previous quarter, net profit rose 28.7% due to higher sales value and volume, lower G&As, and decrease in Zakat and other expenses.

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