Eastern Province Cement Co has posted net income of SAR68m (US$18.13m) in the opening quarter of 2024, up 21.4 per cent YoY. Cement sales over the three-month period came in at 630,000t, on a par with the same period a year earlier but up seven per cent on the 4Q23. Selling prices averaged above SAR300(US$80)/t for the second consecutive quarter, reports Aljazira Capital.
Revenue for the quarter stood at SAR302m, marking a 27.6 per cent expansion on the 1Q23, driven by improved revenues from the cement and precast segments. Gross profit was reported at SAR96m, up 22.3 per cent YoY, mainly due to a higher top line. Operating profit came in at SAR75m, up 18.8 per cent on the SAR63.1m seen in the opening quarter of 2023.
