Eastern Province Cement reports 7% profit decline in 2021

Eastern Province Cement Co. reported profit decline (after zakat and tax) of 7% to SR 201 million in 2021 from SR 217 million during 2020.

The company’s operational profit last year rose 3% to SR 214 million compared with SR 207 million the year before.

Gross profits of Eastern Province Cement surged 4% to SR 269 million in 2021 from SR 258 million in 2020, while profit per share (EPS) declined to SR 2.34 in 2021 from SR 2.53 in 2020.

The company’s lower profit was due to:

– Decrease in the income from investments.

– Decrease in share of profit in an associate.

– Decrease in other income.

– Higher losses of write off property, plant and equipment.

–   Higher Zakat expenses.