Riyadh – Mubasher: Eastern Province Cement Company achieved a net profit after Zakat and tax of SAR 148 million in the first nine months (9M) of 2023, up by 55.79% from SAR 95 million in the same period of 2022.
The earnings per share (EPS) rose to SAR 1.72 in 9M-23, compared to SAR 1.11 in 9M-22, according to the preliminary financial statements.
The company also witnessed a 31.07% annual increase in revenue to SAR 696 million in January-September 2023 from SAR 531 million.
Financial Results for Q3
In the third quarter (Q3) of 2023, Eastern Province Cement posted a net profit after Zakat and tax of SAR 41 million, a jump of 105% from SAR 20 million in Q3-22.
The revenues increased by 39.66% to SAR 243 million in July-September 2023 when compared to SAR 174 million in the same quarter of 2022.
On a quarterly basis, the net profit in Q3-23 fell by 19.61% from SAR 51 million in Q2-23, while the revenues grew by 12.50% from SAR 216 million.
In Q1-23, the company achieved a net profit of SAR 56 million and revenues of SAR 237 million.
