Eastern Cement net profit down 43% to SAR 91 mln in 9M 2022, Q3 drops 50% to SAR 19 mln

24/10/2022 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 91 million in the first nine months of 2022, compared to SAR 159 million in the year-ago period.

The profit drop was attributed to lower cement sales, higher selling, general and administrative (SG&A) expenses as well as lower profit share in affiliates.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	598.46	530.54	(11.3 %)
Gross Income	210.11	164.54	(21.7 %)
Operating Income	167.43	113.22	(32.4 %)
Net Income	159.46	95.32	(40.2 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	1.85	1.11	(40.2 %)

In Q3 2022, the net profit after Zakat and tax saw a 50% decline to SAR 19 million, from SAR 38 million in the year before.

Compared to Q2 2022, net profit fell 55.8% from SAR 43 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	169.36	173.99	2.7 %
Gross Income	56.03	51.24	(8.6 %)
Operating Income	44.74	34.53	(22.8 %)
Net Income	37.72	19.84	(47.4 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.44	0.23	(47.4 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	195.81	173.99	(11.1 %)
Gross Income	69.97	51.24	(26.8 %)
Operating Income	49.79	34.53	(30.6 %)
Net Income	49.16	19.84	(59.6 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.57	0.23	(59.6 %)

Shareholders’ equity, after minority interest, fell to SAR 2.328 billion as of Sept. 30, 2022, from SAR 2.391 billion in the year-earlier period.

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