Eastern Cement Profits Fell to SR29 mln during 1Q, by 52%

The net profit after zakat and tax for the Eastern Province Cement Company (EPCCO) fell to SR29 mln during the first quarter, compared to SR60 million during the same quarter of the previous year, by 52%.

This came after announcing today the consolidated preliminary financial results for the period ending on 31.03.2022 (three months).

The operational profit amounted to SR32 million during the first quarter, compared to SR59 million during the same quarter of the previous year, a decrease of 46%.

The gross profit amounted to SR46 million during the first quarter, compared to SR74 million during the same quarter of the previous year, a decrease of 38%.

Profits per share during the current period amounted to SR0.34, compared to SR0.7 during the same period of the previous year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is the decreased in value and quantity of cement sales, decreased in income from investments, decreased in share of profit in an associate, decreased in other income.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is the increase in cost of revenue, increase in administrative and selling expenses, decrease in income from investments, decreased in share of profit in an associate and increase in other expenses.