Riyadh – The net profits after Zakat and tax of Eastern Province Cement Company hiked by 115.38% to SAR 56 million in the first quarter (Q1) of 2023 from SAR 26 million in Q1-22.

The Saudi firm registered SAR 237 million in revenue during Q1-23, an annual surge of 47.20% from SAR 161 million, according to interim financial results.

Earnings per share (EPS) hit SAR 0.65 as of 31 March 2023, versus SAR 0.31 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax increased by 5.66% from SAR 53 million in Q4-22, while the revenues declined by 6.69% from SAR 254 million.

During the 12-month period that ended on 31 December 2022, the company posted net profits after Zakat and tax valued at SAR 143 million, lower by 25.91% year-on-year (YoY) than SAR 193 million.

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