Eastern Cement profit leaps 38% to SAR 197.6M in 2023; Q4 at SAR 49.8M

10/03/2024 Argaam Exclusive

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Eastern Province Cement Co.
33.70
(0.50) (1.46 %)

Eastern Province Cement Co. (EPCCO)

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Eastern Province Cement Co. reported a leap of 38% in net profit to SAR 197.6 million in 2023, from SAR 143.3 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 784.20 984.58 25.6 %
Gross Income 247.71 308.88 24.7 %
Operating Income 180.77 240.42 33.0 %
Net Income 143.30 197.63 37.9 %
Average Shares 86.00 86.00 -
EPS (Riyals) 1.67 2.30 37.9 %

The profit growth was attributed to a rise in cement and precast sales volumes. This is in addition to higher dividends, Murabaha income, and other income.

 

The cement producer reported an increase of 4% in net profit to SAR 49.8 million in Q4 2023, from SAR 47.98 million in the year-ago period.

 

Sequentially, the company’s net profit leapt 21.9% from SAR 40.89 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 253.65 288.96 13.9 %
Gross Income 83.17 88.58 6.5 %
Operating Income 67.55 69.92 3.5 %
Net Income 47.98 49.84 3.9 %
Average Shares 86.00 86.00 -
EPS (Riyals) 0.56 0.58 3.9 %

Total shareholders’ equity, no minority interest, grew to SAR 2.39 billion as of Dec. 31, 2023, from SAR 2.36 billion a year earlier.

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