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×EPCCO net profit more than doubled in H1 2019
Eastern Province Cement Co. (EPCCO) reported a net profit after zakat and tax of SAR 78 million for the first half of 2019, more than double its profit than year earlier on higher sales revenue driven by improved average selling prices.
The earnings are also due to lower average cost of cement sold, lower general and administrative (G&A) expenses, higher income from investments, lower other expenses, and decrease in zakat provisions.
Financials Highlights (M)
| Item | 6m-2018 | 6m -2019 | Change |
|---|---|---|---|
| Revenues | 290.00 | 339.95 | 17.2 % |
| Gross Income | 70.00 | 97.29 | 39.0 % |
| Operating Income | 38.00 | 64.73 | 70.3 % |
| Net Income | 35.00 | 77.76 | 122.2 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyal) | 0.41 | 0.90 | 122.2 % |
The company’s Q2 net profit surged 68.4 percent YoY to SAR 32 million, attributed to higher sales revenue, lower G&A expenses, higher income from investments and lower zakat provision
Meanwhile, Q2 net profit fell 30.4 percent from the previous quarter on lower sales volumes and revenue, higher cost of cement sold, lower profit share from affiliates, lower other revenues and higher other expenses.
Average Analysts Estimates
| 2019 - Q2 (e) | 2019 - Q2 (a) | Change | |
| Average | 36.70 | 31.79 | (13.4 %) |
Estimates vs Actual Results
| Company | 2019 - Q2 (e) | 2019 - Q2 (a) | Difference |
| NCB Capital | 33.00 | 31.79 | 3.8 % |
| OBIC | 37.60 | 31.79 | 18.3 % |
| AlJazira Capital | 39.50 | 31.79 | 24.3 % |
Financials Highlights (M)
Business Segments
Valuation Data (Latest Share Price)
| P/E (TTM) | 24.76 |
| P/E Before Unusual Items (TTM) | 24.76 |
| P/BV | 1.26 |
| Dividend Yield | 3.62 % |
| Market Cap. (M) | 2,777.80 |
| Return on Average Assets | 4.40 % |
| Return on Average Equity | 5.10 % |
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