Eastern Province Cement Company boosts gains

Eastern Province Cement Company (EPCC) has announced a net profit of SR 109 million for Q1 2013 compared to SR 104 million for the corresponding quarter of the previous year, an increase of 4.8 percent, and compared to SR 106 million for the previous quarter, an increase of 2.8 percent.
According to its interim financial results for the three-month period ended March 31, the company’s gross profit for the first quarter reached SR 115 million, compared to SR 124 million for the corresponding quarter of the previous year, a decrease of 7.3 percent.
Operating profit for the first quarter is SR 104 million, compared to SR 111 million for the corresponding quarter of the previous year, a decrease of 6.3 percent.
Earning per share during the three months is SR 1.27 compared to SR 1.21 for the same period of the previous year.
The increase of net profit for the current period compared to the same period of the previous year is attributed to enhancement of the result of one of associated companies and increase of other incomes.
The increase of net profit for the current period compared to the previous quarter is attributed to increase in sales volume and decrease in general and administrative expenses.
After EPCC acquired Prainsa Saudi for precast concrete, Prainsa has now become a branch of EPCC.
Accordingly, the financial statements of both companies were aggregated during the first quarter of 2013.