Eastern Province Cement Co. reported a net profit of SAR 147.8 million for the first nine months of 2023, an increase of 55% from SAR 95.3 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 530.54 | 695.62 | 31.1 % |
| Gross Income | 164.54 | 220.29 | 33.9 % |
| Operating Income | 113.22 | 170.50 | 50.6 % |
| Net Income | 95.32 | 147.79 | 55.0 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 1.11 | 1.72 | 55.0 % |
The profit increase was spurred by increased cement and precast sales, higher dividends and Murabaha income.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 173.99 | 242.91 | 39.6 % |
| Gross Income | 51.24 | 61.66 | 20.3 % |
| Operating Income | 34.53 | 44.25 | 28.1 % |
| Net Income | 19.84 | 40.89 | 106.1 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.23 | 0.48 | 106.1 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 216.07 | 242.91 | 12.4 % |
| Gross Income | 80.14 | 61.66 | (23.1 %) |
| Operating Income | 63.12 | 44.25 | (29.9 %) |
| Net Income | 51.33 | 40.89 | (20.3 %) |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.60 | 0.48 | (20.3 %) |
Q3 2023 net earnings increased by nearly two-fold year-on-year (YoY) to SAR 40.9 million, on an increase in the cement and precast sales, higher dividends and Murabaha income.
On a quarterly basis, net profit decreased 20.3% from SAR 51.33 million.
Total shareholders’ equity, after minority interest, stood at SAR 2.35 billion as of Sept. 30, 2023, compared to SAR 2.32 billion a year earlier.
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