Eastern Province Cement sees revenue fall 11% YoY in 9M22

Saudi Arabia’s Eastern Province Cement Co (EPCCO) has posted revenue of SAR531m (US$141.6m) in the first nine months of 2022, down 11.3 per cent on the SAR598.5m seen in the same period a year earlier. Net profit after zakat and tax over the same timeframe fell 42.8 per cent from SAR159m to SAR91m.

The fall in profit was attributed to lower cement sales, higher selling, general and administrative expenses, along with a decline in the share of profit of associates, according to the company. Earnings per share over the 9M22 stood at SAR1.06, down from SAR1.85 in the 9M21.

In the third quarter of 2022 alone, net profit after zakat and tax saw a 50 per cent YoY decline to SAR19m, versus SAR38m in the 3Q21. However, 3Q revenue saw a 2.7 per cent uptick to SAR174m, compared to SAR169.36m in the same quarter in the previous year. Earnings per share in the 3Q22 came in at SAR0.22, compared to SAR0.44 in the 3Q21.

EPCCO currently runs two integrated cement plants, located in Al Mukalla (1.4Mta), Yemen, via the Arabian Yemen Cement Co Ltd and Al Khursaniyah (3.5Mta), in Saudi Arabia.