Financial Results : Eastern Cement reports 22% profit growth to SAR 67.9M in Q1 2024

Eastern Cement reports 22% profit growth to SAR 67.9M in Q1 2024

06/05/2024 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit of SAR 67.9 million in Q1 2024, an increase of 22%, from SAR 55.6 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 236.64 302.25 27.7 %
Gross Income 78.49 95.71 21.9 %
Operating Income 63.13 75.14 19.0 %
Net Income 55.57 67.86 22.1 %
Average Shares 86.00 86.00 -
EPS (Riyals) 0.65 0.79 22.1 %

The profit rise was supported by higher cement and precast sales volumes, lower other expenses and increased gains on investments at fair value through profit or loss.

 

On a quarterly basis, net earnings grew 36.2% from SAR 49.84 million in Q4 2023.

 

Shareholders’ equity, no minority interest, reached SAR 2.37 billion by March 31, 2024, compared to SAR 2.33 billion in a prior-year period.

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