The Eastern Province Cement Company “Eastern Cement” announced the preliminary financial results for the period ending on June 30, 2023, recording an increase in net profits by 4.01% to 51 million riyals at the end of the second quarter of this year, compared to profits of 49 million riyals achieved by the company during the same period of last year.
On a quarterly basis, the company’s profits declined by 8.93%, compared to a net profit of 56 million riyals in the first quarter of 2023.
The company said in a statement on “Tadawul Saudi Arabia”, today, Sunday, that the reason for the increase in net profit during the second quarter of 2023, on an annual basis, is due to the increase in the value and quantity of cement and precast concrete sales, the decrease in general, administrative and selling expenses, and the increase in dividends and revenues. Murabahat.
And she continued: “This was accompanied by a decrease in the share of the results of an associate company, a decrease in investment in an associate company, and a decrease in other income.”
She added that profits for the first half of 2023 increased by 42.67% to 107 million riyals, compared to profits of 75 million riyals in the comparative half of 2022.
2023-08-06 12:53:00
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