Riyadh – Mubasher: Eastern Province Cement Company reported a 42.77% plunge in net profit after Zakat and tax to SAR 91 million during the first nine months (9M) of 2022, versus SAR 159 million in 9M-21.
Revenues plummeted by 11.20% year-on-year (YoY) to SAR 531 million in the January-September 2022 period, compared to SAR 598 million, according to the initial income statements.
The earnings per share (EPS) settled at SAR 1.05 in 9M-22, lower than SAR 1.85 in 9M-21.
During the third quarter (Q3) of 2022, Eastern Province Cement logged net profits after Zakat and tax worth SAR 19 million, an annual drop of 50% from SAR 38 million.
Meanwhile, the revenues grew by 2.96% YoY to SAR 174 million in Q3-22 from SAR 169 million.
On a quarterly basis, the company’s net profits after Zakat and tax in Q3-22 retreated by 55.81% from SAR 43 million in Q2-22, whereas the revenues declined by 11.22% from SAR 196 million.
In the first half (H1) of 2022, the Saudi firm generated SAR 72 million in net profit after Zakat and tax, down 40.98% from SAR 122 million in the year-ago period.
Last August, Eastern Province Cement disbursed cash dividends worth SAR 86 million, equivalent to SAR 1 per share, for H1-22.
