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

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 %)

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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