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
| 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.
| 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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