Eastern Cement net profit jumps 49% to SAR 116 mln in H1 2020

28/07/2020 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 116 million in the first half of 2020, compared to a net profit of SAR 78 million a year earlier, driven by an increase in cement sales volume and value amid better demand.

The cement producer reported a decline in general, selling and marketing expenses, as well as an increase in the company's profit share from an associate.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	339.95	380.30	11.9 %
Gross Income	97.29	140.07	44.0 %
Operating Income	64.73	109.34	68.9 %
Net Income	77.76	115.71	48.8 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.90	1.35	48.8 %

In Q2 2020, the cement producer’s net profit after Zakat and tax decreased by 6% year-on-year (YoY) to SAR 30 million, on a decrease in precast cement sales, investment income and other income.

When compared to Q1 2020, net profit slumped 64.7% hit by a decline in cement and precast cement sales volume and value, due to the coincidence of the second quarter with Ramadan and the Eid holiday, and the impact of coronavirus outbreak on the markets.

Eastern Cement reported lower investment income, profit share from an associate, but recorded higher Zakat provision.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	158.76	146.27	(7.9 %)
Gross Income	39.50	46.41	17.5 %
Operating Income	23.59	31.30	32.7 %
Net Income	31.79	30.47	(4.1 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.37	0.35	(4.1 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	234.03	146.27	(37.5 %)
Gross Income	93.65	46.41	(50.4 %)
Operating Income	78.04	31.30	(59.9 %)
Net Income	85.24	30.47	(64.2 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.99	0.35	(64.2 %)

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