Eastern Cement profit down 7% to SAR 201 mln in 2021; Q4 falls 29% to SAR 41.5 mln

13/03/2022 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 201 million for 2021, a drop of 7% from SAR 217 million a year earlier.

The decline was driven by lower investment revenue, share from affiliates’ profit and other revenue, in addition to higher losses on disposal of property, plant and equipment and Zakat expenses.

Financials (M)

Item	2020	2021	Change‬
Revenues	742.43	757.73	2.1 %
Gross Income	258.05	260.98	1.1 %
Operating Income	207.25	206.40	(0.4 %)
Net Income	217.22	192.85	(11.2 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	2.53	2.24	(11.2 %)

The company’s Q4 2021 net profit after Zakat and tax fell 29% year-on-year (YoY) to SAR 41.5 million.

On a sequential basis, net profit rose 10% from SAR 37.7 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	203.03	159.28	(21.6 %)
Gross Income	69.29	50.87	(26.6 %)
Operating Income	57.46	38.97	(32.2 %)
Net Income	58.88	33.39	(43.3 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.68	0.39	(43.3 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	169.36	159.28	(6.0 %)
Gross Income	56.03	50.87	(9.2 %)
Operating Income	44.74	38.97	(12.9 %)
Net Income	37.72	33.39	(11.5 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.44	0.39	(11.5 %)

Total shareholders’ equity, after minority interest, fell to SAR 2.412 billion as of Dec. 31, 2021, from SAR 2.533 billion a year earlier.

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