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.
| 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.
| 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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