Eastern Province Cement Co. posted a net profit of SAR 56 million in Q1 2023, compared to SAR 26 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 160.74 | 236.64 | 47.2 % |
| Gross Income | 43.33 | 78.49 | 81.1 % |
| Operating Income | 28.90 | 63.13 | 118.5 % |
| Net Income | 26.32 | 55.57 | 111.1 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.31 | 0.65 | 111.1 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 253.65 | 236.64 | (6.7 %) |
| Gross Income | 83.17 | 78.49 | (5.6 %) |
| Operating Income | 67.55 | 63.13 | (6.5 %) |
| Net Income | 47.98 | 55.57 | 15.8 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.56 | 0.65 | 15.8 % |
The positive performance was driven by higher sales value and volumes of cement and precast. In addition, the company reported higher dividends, Murabaha income, as well as other income.
Sequentially, net profit rose 6.1% from SAR 52.78 million in Q4 2022 on higher other income.
Shareholders’ equity, no minority interest, stood at SAR 2.33 billion as of March 31, 2023, compared to SAR 2.35 billion a year earlier.
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