Eastern Cement net profit rises 5% to SAR 122 mln in H1 2021

04/08/2021 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 122 million for H1 2021, a rise of 5% from SAR 116 million in the year-ago period.

The company attributed the rise in profit to higher sales value and quantity of cement and precast, along with higher income from investments and other income, in addition to lower selling expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	380.30	429.10	12.8 %
Gross Income	140.07	154.08	10.0 %
Operating Income	109.34	122.69	12.2 %
Net Income	115.71	121.74	5.2 %
Average Shares	86.00	86.00	-
EPS (Riyals)	1.35	1.42	5.2 %

In Q2 2021, the cement producer’s net profit after Zakat and tax increased more than twofold year-on-year (YoY) to SAR 62 million.

When compared to Q1 2021, net profit rose 3.3% on lower cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	146.27	212.40	45.2 %
Gross Income	46.41	80.58	73.6 %
Operating Income	31.30	64.04	104.6 %
Net Income	30.47	61.86	103.0 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.35	0.72	103.0 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	216.69	212.40	(2.0 %)
Gross Income	73.50	80.58	9.6 %
Operating Income	58.65	64.04	9.2 %
Net Income	59.88	61.86	3.3 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.70	0.72	3.3 %

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