Financial Results : Eastern Cement 2024 net profit rises 27% to SAR 248M; Q4 at SAR 78M

Eastern Cement 2024 net profit rises 27% to SAR 248M; Q4 at SAR 78M

26/03/2025 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit of SAR 248 million in 2024, a 27% increase from SAR 196 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 995.67 1,210.65 21.6 %
Gross Income 293.17 373.73 27.5 %
Operating Income 224.71 297.49 32.4 %
Net Income 196.49 247.88 26.2 %
Average Shares 86.00 86.00 -
Earnings Per Share before unusual items (Riyals) 2.28 2.88 26.2 %
EPS (Riyal) 2.28 2.88 26.2 %

This was spurred by higher cement volumes and sales in addition to the quantities of precast sales.

 

The company also trimmed losses from the an associate company and cited lower other expenses, realized gains from the sale of investments at fair value through profit or loss and a decline in Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 300.05 346.03 15.3 %
Gross Income 72.87 115.73 58.8 %
Operating Income 54.21 94.85 75.0 %
Net Income 48.70 78.36 60.9 %
Average Shares 86.00 86.00 -
Earnings Per Share before unusual items (Riyal) 0.57 0.91 60.9 %
EPS (Riyal) 0.57 0.91 60.9 %

Q4 2024 net earnings stood at SAR 78 million, a 63% jump from SAR 48 million in Q4 2023.

 

Sequentially, the bottom line surged 89.5% from SAR 41.15 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 2.29 billion by Dec. 31, 2024, compared to SAR 2.38 billion a year earlier.

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