Eastern Cement profit leaps 38% to SAR 197.6M in 2023; Q4 at SAR 49.8M

10/03/2024 Argaam Exclusive

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Eastern Province Cement Co. reported a leap of 38% in net profit to SAR 197.6 million in 2023, from SAR 143.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	784.20	984.58	25.6 %
Gross Income	247.71	308.88	24.7 %
Operating Income	180.77	240.42	33.0 %
Net Income	143.30	197.63	37.9 %
Average Shares	86.00	86.00	-
Earnings Per Share before unusual items (Riyals)	1.82	2.51	37.6 %
EPS (Riyals)	1.67	2.30	37.9 %

The profit growth was attributed to a rise in cement and precast sales volumes. This is in addition to higher dividends, Murabaha income, and other income.

The cement producer reported an increase of 4% in net profit to SAR 49.8 million in Q4 2023, from SAR 47.98 million in the year-ago period.

Sequentially, the company’s net profit leapt 21.9% from SAR 40.89 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	253.65	288.96	13.9 %
Gross Income	83.17	88.58	6.5 %
Operating Income	67.55	69.92	3.5 %
Net Income	47.98	49.84	3.9 %
Average Shares	86.00	86.00	-
Earnings Per Share before unusual items (Riyals)	0.72	0.68	(4.8 %)
EPS (Riyals)	0.56	0.58	3.9 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	242.91	288.96	19.0 %
Gross Income	61.66	88.58	43.7 %
Operating Income	44.25	69.92	58.0 %
Net Income	40.89	49.84	21.9 %
Average Shares	86.00	86.00	-
Earnings Per Share before unusual items (Riyals)	0.48	0.68	43.6 %
EPS (Riyals)	0.48	0.58	21.9 %

Total shareholders’ equity, no minority interest, grew to SAR 2.39 billion as of Dec. 31, 2023, from SAR 2.36 billion a year earlier.

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