Eastern Cement H1 2023 profit leaps 43% to SAR 107 mln; Q2 at SAR 51 mln

06/08/2023 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit of SAR 107 million for H1 2023, leaping 43% compared to SAR 75 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	356.55	452.71	27.0 %
Gross Income	113.30	158.63	40.0 %
Operating Income	78.69	126.25	60.5 %
Net Income	75.48	106.90	41.6 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.88	1.24	41.6 %

This was triggered by higher value and volumes of cement and precast sales, along with lower general, administrative, and selling expenses. The company also cited higher dividends and Murabaha income, in addition to a decline in share of the results of an associate, a decrease in investment in an associate, as well as lower other income.

The company’s Q2 2023 net profit rose 4% to SAR 51 million from SAR 49 million a year earlier, mainly due to higher value and volumes of cement and precast sales, as well as lower general, administrative, and selling expenses.

On a sequential basis, Q2 net profit fell 8.2% from SAR 55.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	195.81	216.07	10.4 %
Gross Income	69.97	80.14	14.5 %
Operating Income	49.79	63.12	26.8 %
Net Income	49.16	51.33	4.4 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.57	0.60	4.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	236.64	216.07	(8.7 %)
Gross Income	78.49	80.14	2.1 %
Operating Income	63.13	63.12	0.0 %
Net Income	55.57	51.33	(7.6 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.65	0.60	(7.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 2.39 billion by the end of H1 2023, down from SAR 2.40 billion in the year-earlier period.

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