Eastern Cement net profit rises to SAR 159 mln in 9M 2021

28/10/2021 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 159 million for the first nine months of 2021, slightly higher from SAR 158.3 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 an increase in other income.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	539.40	598.46	10.9 %
Gross Income	188.76	210.11	11.3 %
Operating Income	149.79	167.43	11.8 %
Net Income	158.33	159.46	0.7 %
Average Shares	86.00	86.00	-
EPS (Riyals)	1.84	1.85	0.7 %

The net profit after Zakat and tax fell 12% year-on-year (YoY) to SAR 38 million in Q3 2021, due to lower income from investments, along with a decrease in share of results from an associate.

The cement producer also noted higher other and Zakat expenses, and losses on the sale of property and equipment, during the quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	159.10	169.36	6.5 %
Gross Income	48.69	56.03	15.1 %
Operating Income	40.45	44.74	10.6 %
Net Income	42.63	37.72	(11.5 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.50	0.44	(11.5 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	212.40	169.36	(20.3 %)
Gross Income	80.58	56.03	(30.5 %)
Operating Income	64.04	44.74	(30.1 %)
Net Income	61.86	37.72	(39.0 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.72	0.44	(39.0 %)

On a sequential basis, Q3 net profit dropped 38.6% from SAR 61.86 million.

Shareholders’ equity, after minority interest, decreased to SAR 2.391 billion as of Sept. 30, 2021, from SAR 2.431 billion a year earlier.

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