Eastern Province Cement sees 21.5% higher profits in Q1-24

Eastern Province Cement sees 21.5% higher profits in Q1-24

Riyadh – Mubasher: Eastern Province Cement Company increased by 21.42% year-on-year (YoY) to SAR 68 million in the first quarter (Q1) of 2024 from SAR 56 million.

The Saudi firm posted revenues amounting to SAR 302 million in the January-March 2024 period, an annual leap of 27.42% from SAR 237 million, according to the interim financials.

The earnings per share (EPS) hit SAR 0.79 in the first three months (3M) of 2024, up YoY from SAR 0.65.

On a quarterly basis, the Q1-24 net profits jumped by 36% from SAR 50 million in Q4-23, while the revenues rose by 4.49% from SAR 289 million.

During the 12-month period that ended on 31 December 2023, Eastern Province Cement registered SAR 198 million in net profit, higher by 38.46% than SAR 143 million in 2022.