Financial Results : Eastern Cement profit rises to SAR 56 mln in Q1 2023

Eastern Cement profit rises to SAR 56 mln in Q1 2023

09/05/2023 Argaam Exclusive

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Eastern Province Cement Co. posted a net profit of SAR 56 million in Q1 2023, compared to SAR 26 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 160.74 236.64 47.2 %
Gross Income 43.33 78.49 81.1 %
Operating Income 28.90 63.13 118.5 %
Net Income 26.32 55.57 111.1 %
Average Shares 86.00 86.00 -
EPS (Riyals) 0.31 0.65 111.1 %

The positive performance was driven by higher sales value and volumes of cement and precast. In addition, the company reported higher dividends, Murabaha income, as well as other income.

 

Sequentially, net profit rose 6.1% from SAR 52.78 million in Q4 2022 on higher other income.

 

Shareholders’ equity, no minority interest, stood at SAR 2.33 billion as of March 31, 2023, compared to SAR 2.35 billion a year earlier.

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