Eastern Province Cement records 300% increase in net profit

Saudi Arabia’s Eastern Province Cement Co has reported a 300 per cent increase in net profit to SAR36m (US$9.6m) in the 3Q19, compared with SAR9m in the year-ago period. Sales also advanced 42.6 per cent YoY to SAR174m from SAR122m.

During the first nine months of 2019, net profit surged 159.1 per cent YoY to SAR114m from SAR114m in the 9M18.

The increase in profit has been attributed to higher cement sales from strong local demand, alongside lower selling and marketing expenses.