Saudi: Eastern Province Cement logs $34.13mln profits in H1-24

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Riyadh – Eastern Province Cement Company posted a 19.62% year-on-year (YoY) leap in net profit to SAR 128 million during the first half (H1) of 2024, compared to SAR 107 million.

The revenues amounted to SAR 585 million in H1-24, marking an annual rise of 29.13% from SAR 453 million, according to the interim financial results.

Earnings per share (EPS) climbed to SAR 1.49 as of 30 June 2024 from SAR 1.24 in the year-ago period.

Income Results for Q2-24

In the second quarter (Q2) of 2024, the net profits stood at SAR 61 million, up 19.60% YoY from SAR 51 million.

Revenues climbed by 31.01% to SAR 283 million in the three-month period that ended on 30 June 2024 from SAR 216 million in Q2-23.

Quarter-on-quarter (QoQ), the profits in Q2-24 shrank by 10.29% from SAR 68 million in Q1-24, while the revenues declined by 6.29% from SAR 302 million.

Dividends

The board members approved cash dividends amounting to SAR 51.60 million, representing 6% of the share nominal value, for H1-24.

The company will disburse a dividend of SAR 0.60 per share for 86 million eligible shares.

Eligibility and payment dates for the dividends will be 15 September and 3 October 2024, respectively.