Eastern Province Cement sees 20% rise in 1H net profit

Saudi cement producer Eastern Province Cement Co posted a sales revenue of SAR585m (US$156m) in the first six months of 2024, representing a 29.1 per cent increase from SAR453m in the 6M23. The advance has been attributed to higher cement and precast sales volumes and values. In addition, reduced losses from share results of an associated company, lower other expenses, enhanced gains from investments at fair value through profit or loss and decreased zakat expense supported the higher revenue.

In the 1H24 gross profit increased 13.2 per cent YoY to SAR180m from SAR159m while net profit was up 19.6 per cent YoY to SAR128m from SAR107m.

2Q24 results
For the second quarter of the year, the company saw 31 per cent increase in sales to SAR283m from SAR216mm in the year-ago period. However, QoQ the sales revenue slipped by 6.3 per cent from SAR302m.
Gross profit saw a five per cent uptick to SAR84m in the 2Q24 from SAR80m in the previous year’s equivalent period. Net profit also increased YoY to SAR61m from SAR51m but declined QoQ by 10.3 per cent.