Eastern Cement profit up 20% to SAR 128M in H1 2024; Q2 at SAR 61M

04/08/2024 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit of SAR 128 million in H1 2024, a rise of 20% from SAR 107 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	452.71	584.89	29.2 %
Gross Income	158.63	179.83	13.4 %
Operating Income	126.25	141.98	12.5 %
Net Income	106.90	128.37	20.1 %
Average Shares	86.00	86.00	-
EPS (Riyals)	1.24	1.49	20.1 %

The six-month net profit was propelled by an increase in revenue due to the rise in cement sales value and volume, and precast concrete sales.

The cement producer also reported lower losses from its share in the results of an associate. A decline in other expenses, increased gains from investments at fair value through profit or loss, and lower Zakat expenses also buoyed net profits.

The second-quarter net profit jumped 20% to SAR 61 million, compared to SAR 51 million in Q2 2023, thanks to better revenue and other income.

Net earnings dropped 10.1% from SAR 67.8 million in Q1 2024 hurt by a drop in revenue amid decreased cement and precast concrete sales volumes. Other expenses also went up.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	216.07	282.64	30.8 %
Gross Income	80.14	84.12	5.0 %
Operating Income	63.12	66.84	5.9 %
Net Income	51.33	60.50	17.9 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.60	0.70	17.9 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	302.25	282.64	(6.5 %)
Gross Income	95.71	84.12	(12.1 %)
Operating Income	75.14	66.84	(11.0 %)
Net Income	67.86	60.50	(10.8 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.79	0.70	(10.8 %)

Total shareholders’ equity, no minority interest, rose to SAR 2.43 billion as of June 30, 2024, from SAR 2.39 billion a year earlier.

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