Eastern Province Cement Co sees 15% uptick in 9M net profit

Eastern Province Cement Co reported sales of SAR280m, up 15.2 per cent YoY, for the third quarter of 2024, according to data on the Saudi Exchange. The company attributed the higher sales to increased sales volumes and improved prices.

Gross profit rose by 25.8 per cent YoY to SAR78m in the 3Q24 while operating profit increased by 38.6 per cent to SAR61m. Net profit remained flat at SAR41m when compared with the year-ago period due to an impairment in investment in an associate.

January-September 2024
In the January-September 2024 period, Eastern Province Cement increased its revenue by 24.3 per cent to SAR865m when compared with the 9M23 as cement and precast sales were up and losses from associates and other expenses were reduced.

Gross profit increased by 17.3 per cent YoY to SSR258m while operating profit saw a 18.7 per cent increase to SAR203m. The company saw a 14.9 per cent advance in its net profit to SAR170m.