Riyadh – Mubasher: Eastern Province Cement Company reported a net profit after zakat and tax worth SAR 36 million over the third quarter of 2019, 300% higher than SAR 9 million in the same quarter in 2018.
Sales grew by 42.6% to SAR 174 million in the same quarter in 2019 compared to SAR 122 million in Q3-18, according to a bourse filing on Tuesday.
During the first nine months of 2019, the net profit after zakat and tax totalled SAR 114 million, 159.09% higher than EGP 44 million a year earlier.
Meanwhile, sales surged by 159.09% to SAR 114 million in the January-September 2019 period from SAR 44 million a year earlier.
Earnings per share (EPS) reached SAR 1.33 in the first nine months of 2019, compared to SAR 0.51 in the same period a year ago.
The rise in profit was attributed to higher cement sales due to the improved local demand, in addition to lower selling and marketing expenses.
The increase was also due to higher revenues from investments and lower other expenses.
During the first six months of 2019, Eastern Cement’s profit jumped to SAR 78 million, compared to SAR 35 million in the year-ago period.
