Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 181 million for fiscal year 2019, an increase of 158.6% year-on-year (YoY), as compared to SAR 70 million in the same period a year earlier.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 565.74 | 728.80 | 28.8 % |
| Gross Income | 131.16 | 217.96 | 66.2 % |
| Operating Income | 68.86 | 161.47 | 134.5 % |
| Net Income | 69.75 | 180.70 | 159.1 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.81 | 2.10 | 159.1 % |
The profit increase is attributed to higher sales revenue on an increase in sales volumes and improvement in selling prices, the company said in a Tadawul statement.
The company also cited an increase in investment income, a decrease in Zakat provisions, written-back credit loss provisions, as well as a reduction in losses from writing off properties, machinery and equipment.
The company also posted a net profit of SAR 66.8 million in Q4 2019, an increase of 158.8% YoY.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 153.44 | 215.00 | 40.1 % |
| Gross Income | 39.71 | 69.95 | 76.1 % |
| Operating Income | 24.01 | 59.39 | 147.4 % |
| Net Income | 25.56 | 66.49 | 160.1 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.30 | 0.77 | 160.1 % |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 173.84 | 215.00 | 23.7 % |
| Gross Income | 50.72 | 69.95 | 37.9 % |
| Operating Income | 37.35 | 59.39 | 59.0 % |
| Net Income | 36.45 | 66.49 | 82.4 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.42 | 0.77 | 82.4 % |
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