Eastern Cement’s H1 2022 net profit declines 41% to SAR 72 mln; Q2 at SAR 43 mln

10/08/2022 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 72 million in H1 2022, a slump of 41%, compared to SAR 122 million in the prior-year period.

This was triggered by lower sales volumes and value, higher administrative and selling expenses, a decline in profit share from an associate and an increase in other costs

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	429.10	356.55	(16.9 %)
Gross Income	154.08	113.30	(26.5 %)
Operating Income	122.69	78.69	(35.9 %)
Net Income	121.74	75.48	(38.0 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	1.42	0.88	(38.0 %)

The company’s Q2 2022 net profit after Zakat and tax dropped 31% to SAR 43 million from SAR 62 million a year earlier, driven by lower sales volumes and value, and higher administrative and selling expenses.

On a sequential basis, net profit jumped by 48.3%, impacted by higher sales value.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	212.40	195.81	(7.8 %)
Gross Income	80.58	69.97	(13.2 %)
Operating Income	64.04	49.79	(22.3 %)
Net Income	61.86	49.16	(20.5 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.72	0.57	(20.5 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	160.74	195.81	21.8 %
Gross Income	43.33	69.97	61.5 %
Operating Income	28.90	49.79	72.3 %
Net Income	26.32	49.16	86.8 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.31	0.57	86.8 %

Total shareholders’ equity, excluding minority interest, stood at SAR 2.407 billion by the end of H1 2022, compared to SAR 2.461 billion in the year-earlier period.

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