Eastern Cement posts 39% profit jump to SAR 158 mln in 9M 2020

27/10/2020 Argaam Exclusive

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Eastern Province Cement Co. reported a 39% profit rise year-on-year (YoY) to SAR 158 million for the first nine months of 2020, driven by higher sales volumes, lower general and administrative expenses (G&As) and increased profit share from the company’s associate.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	513.80	539.40	5.0 %
Gross Income	148.01	188.76	27.5 %
Operating Income	102.08	149.79	46.7 %
Net Income	114.20	158.33	38.6 %
Average Shares	86.00	86.00	-
EPS (Riyals)	1.33	1.84	38.6 %

The third-quarter net profit after Zakat and tax increased by 19% YoY to SAR 43 million, due to lower cost of sales, decreased G&As and higher investment income.

On a sequential basis, net profit jumped by 43.3%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	173.84	159.10	(8.5 %)
Gross Income	50.72	48.69	(4.0 %)
Operating Income	37.35	40.45	8.3 %
Net Income	36.45	42.63	17.0 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.42	0.50	17.0 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	146.27	159.10	8.8 %
Gross Income	46.41	48.69	4.9 %
Operating Income	31.30	40.45	29.3 %
Net Income	30.47	42.63	39.9 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.35	0.50	39.9 %

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