Saturday, 13 April 2024

‎“Eastern Cement” profits decreased to SR143 mln during 2022, ‎by 26%‎

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Eastern Cement Company revealed a decline in net profit after zakat and tax during the year ending on December 31, 2022 to 143 million riyals, compared to 193 million riyals in the previous year, by 25.9%. This came after today’s announcement of the annual financial results ending in 2022 -12-31.

The operational profit amounted to 181 million riyals during the year ending on December 31, 2022, compared to 206 million riyals in the previous year, a decrease of 12%.

The total shareholders’ equity “without minority rights” amounted to 2.3 billion riyals in the current year, compared to 2.4 billion riyals in the previous year, a decline of 1.7%.

Earnings per share in the current year reached 1.67 riyals, compared to 2.24 riyals in the previous year.

The reason for the decrease is due to:

High cost of precast concrete sales

High general, administrative and selling expenses

Decreased share in the results of an associate company

High financing costs

Other expenses are high

Decrease in the value of investment in an associate company

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