Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 159 million for the first nine months of 2021, slightly higher from SAR 158.3 million in the year-ago period.
The company attributed the rise in profit to higher sales value and quantity of cement and precast, along with an increase in other income.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 539.40 | 598.46 | 10.9 % |
| Gross Income | 188.76 | 210.11 | 11.3 % |
| Operating Income | 149.79 | 167.43 | 11.8 % |
| Net Income | 158.33 | 159.46 | 0.7 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 1.84 | 1.85 | 0.7 % |
The net profit after Zakat and tax fell 12% year-on-year (YoY) to SAR 38 million in Q3 2021, due to lower income from investments, along with a decrease in share of results from an associate.
The cement producer also noted higher other and Zakat expenses, and losses on the sale of property and equipment, during the quarter.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 159.10 | 169.36 | 6.5 % |
| Gross Income | 48.69 | 56.03 | 15.1 % |
| Operating Income | 40.45 | 44.74 | 10.6 % |
| Net Income | 42.63 | 37.72 | (11.5 %) |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.50 | 0.44 | (11.5 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 212.40 | 169.36 | (20.3 %) |
| Gross Income | 80.58 | 56.03 | (30.5 %) |
| Operating Income | 64.04 | 44.74 | (30.1 %) |
| Net Income | 61.86 | 37.72 | (39.0 %) |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.72 | 0.44 | (39.0 %) |
On a sequential basis, Q3 net profit dropped 38.6% from SAR 61.86 million.
Shareholders’ equity, after minority interest, decreased to SAR 2.391 billion as of Sept. 30, 2021, from SAR 2.431 billion a year earlier.
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