Financial Results : Eastern Cement net profit plunges 52% to SAR 29 mln in Q1 2022

Eastern Cement net profit plunges 52% to SAR 29 mln in Q1 2022

11/05/2022 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 29 million for Q1 2022, a drop of 52% from SAR 60 million in the corresponding period last year, due to lower cement sales value and volume.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 216.69 160.74 (25.8 %)
Gross Income 73.50 43.33 (41.0 %)
Operating Income 58.65 28.90 (50.7 %)
Net Income 59.88 26.32 (56.0 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 0.70 0.31 (56.0 %)

The company also noted a decrease in income from investments, lower profit share in an associate and a decline in other income.

 

When compared to Q4 2021, the company’s net profit after Zakat and tax fell 29.3% from SAR 41 million, due to higher cost of revenue and other expenses.

 

Shareholders’ equity, excluding minority interest, slipped to SAR 2.370 billion by the end of Q1 2022, compared to SAR 2.609 billion in the year-ago period.

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