Eastern Cement net profit down 26% to SAR 143.3 mln in 2022; Q4 rises to SAR 52.8 mln

19/03/2023 Argaam Exclusive

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Eastern Province Cement Co. reported a decline of 26% in net profit to SAR 143.3 million in 2022, from SAR 193 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	757.73	784.20	3.5 %
Gross Income	260.98	247.71	(5.1 %)
Operating Income	206.40	180.77	(12.4 %)
Net Income	192.85	143.30	(25.7 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	2.24	1.67	(25.7 %)

The profit decline was attributed to the higher precast cost of sales and higher general, administrative and selling expenses.

This is in addition to the lower share in net profit from associates, higher financing costs and other expenses as well as realizing an impairment of investment in an associate.

The cement producer reported an increase of 58% in net profit of SAR 52.78 million in Q4 2022 from SAR 33.39 million in the year-ago period.

Sequentially, the company’s net profit almost tripled from SAR 18.55 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	159.28	253.65	59.3 %
Gross Income	50.87	83.17	63.5 %
Operating Income	38.97	67.55	73.3 %
Net Income	33.39	47.98	43.7 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.39	0.56	43.7 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	173.99	253.65	45.8 %
Gross Income	51.24	83.17	62.3 %
Operating Income	34.53	67.55	95.6 %
Net Income	19.84	47.98	141.8 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.23	0.56	141.8 %

Total shareholders’ equity, no minority interest, fell to SAR 2.36 billion as of Dec. 31, 2022, from SAR 2.40 billion a year earlier.

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