Eastern Cement 9M 2024 profit rises to SAR 170M; Q3 at SAR 41M

03/11/2024 Argaam Exclusive

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Eastern Province Cement Co. posted a net profit of SAR 170 million for the first nine months of 2024, up from SAR 148 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	695.62	864.61	24.3 %
Gross Income	220.29	258.00	17.1 %
Operating Income	170.50	202.65	18.9 %
Net Income	147.79	169.52	14.7 %
Average Shares	86.00	86.00	-
EPS (Riyals)	1.72	1.97	14.7 %

The annual profit increase was driven by year-on-year (YoY) revenue growth from higher cement and precast concrete sales, reduced losses from an associate company’s results, lower other expenses, and higher gains from fair value investments through profit or loss.

The third-quarter net earnings remained stable YoY at SAR 41 million, despite the increase in revenues and gross income.

On a quarterly basis, net profit fell by 32.8% from SAR 61 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	242.91	279.72	15.2 %
Gross Income	61.66	78.17	26.8 %
Operating Income	44.25	60.66	37.1 %
Net Income	40.89	41.15	0.7 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.48	0.48	0.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	282.64	279.72	(1.0 %)
Gross Income	84.12	78.17	(7.1 %)
Operating Income	66.84	60.66	(9.2 %)
Net Income	60.50	41.15	(32.0 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.70	0.48	(32.0 %)

Total shareholders’ equity, no minority interest, advanced to SAR 2.42 billion as of Sept. 30, 2024, compared with SAR 2.35 billion a year earlier.

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