Reported Earnings • May 05
First quarter 2026 earnings released: EPS: ر.س0.84 (vs ر.س0.72 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.84 (up from ر.س0.72 in 1Q 2025). Revenue: ر.س354.3m (up 19% from 1Q 2025). Net income: ر.س72.0m (up 16% from 1Q 2025). Profit margin: 20% (in line with 1Q 2025). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 24
Price target decreased by 11% to ر.س32.67 Down from ر.س36.87, the current price target is an average from 3 analysts. New target price is 43% above last closing price of ر.س22.89. Stock is down 33% over the past year. The company is forecast to post earnings per share of ر.س2.42 for next year compared to ر.س2.35 last year. Announcement • Apr 09
Eastern Province Cement Company, Annual General Meeting, May 07, 2026 Eastern Province Cement Company, Annual General Meeting, May 07, 2026, at 18:30 Arab Standard Time. Location: khobar Saudi Arabia New Risk • Apr 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 31
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ر.س2.35 (down from ر.س2.88 in FY 2024). Revenue: ر.س1.26b (up 4.2% from FY 2024). Net income: ر.س202.5m (down 18% from FY 2024). Profit margin: 16% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.2%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 30
Upcoming dividend of ر.س0.60 per share Eligible shareholders must have bought the stock before 06 April 2026. Payment date: 23 April 2026. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 6.7%. Within top quartile of Saudi dividend payers (5.8%). In line with average of industry peers (6.3%). Price Target Changed • Jan 29
Price target decreased by 11% to ر.س37.53 Down from ر.س42.02, the current price target is an average from 3 analysts. New target price is 53% above last closing price of ر.س24.60. Stock is down 31% over the past year. The company is forecast to post earnings per share of ر.س2.60 for next year compared to ر.س2.88 last year. Upcoming Dividend • Aug 18
Upcoming dividend of ر.س0.60 per share Eligible shareholders must have bought the stock before 25 August 2025. Payment date: 11 September 2025. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 6.0%. Within top quartile of Saudi dividend payers (5.4%). In line with average of industry peers (5.7%). Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: ر.س0.74 (vs ر.س0.70 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.74 (up from ر.س0.70 in 2Q 2024). Revenue: ر.س310.7m (up 9.9% from 2Q 2024). Net income: ر.س63.4m (up 4.7% from 2Q 2024). Profit margin: 20% (down from 21% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • Jul 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 10
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ر.س0.72 (down from ر.س0.79 in 1Q 2024). Revenue: ر.س298.5m (down 1.2% from 1Q 2024). Net income: ر.س62.1m (down 8.5% from 1Q 2024). Profit margin: 21% (down from 23% in 1Q 2024). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 6.5%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 14
Upcoming dividend of ر.س1.00 per share Eligible shareholders must have bought the stock before 21 April 2025. Payment date: 08 May 2025. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 4.7%. Lower than top quartile of Saudi dividend payers (5.2%). In line with average of industry peers (4.7%). Announcement • Apr 11
Eastern Province Cement Company, Annual General Meeting, May 11, 2025 Eastern Province Cement Company, Annual General Meeting, May 11, 2025, at 18:30 Arab Standard Time. Location: khobar Saudi Arabia Reported Earnings • Mar 27
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ر.س2.88 (up from ر.س2.30 in FY 2023). Revenue: ر.س1.21b (up 23% from FY 2023). Net income: ر.س247.9m (up 25% from FY 2023). Profit margin: 21% (in line with FY 2023). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ر.س0.48 (up from ر.س0.47 in 3Q 2023). Revenue: ر.س279.7m (up 15% from 3Q 2023). Net income: ر.س41.2m (flat on 3Q 2023). Profit margin: 15% (down from 17% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is expected to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Saudi Arabia are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 09
Consensus EPS estimates increase by 27% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ر.س2.34 to ر.س2.97. Revenue forecast unchanged at ر.س1.18b. Net income forecast to grow 7.2% next year vs 22% growth forecast for Basic Materials industry in Saudi Arabia. Consensus price target of ر.س41.02 unchanged from last update. Share price was steady at ر.س32.80 over the past week. Upcoming Dividend • Sep 09
Upcoming dividend of ر.س0.60 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 03 October 2024. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Within top quartile of Saudi dividend payers (4.8%). In line with average of industry peers (5.1%). Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: ر.س0.70 (vs ر.س0.60 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.70 (up from ر.س0.60 in 2Q 2023). Revenue: ر.س282.6m (up 31% from 2Q 2023). Net income: ر.س60.5m (up 18% from 2Q 2023). Profit margin: 21% (down from 24% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 3.6% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Saudi Arabia are expected to grow by 6.5%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ر.س0.79 (vs ر.س0.65 in 1Q 2023) First quarter 2024 results: EPS: ر.س0.79 (up from ر.س0.65 in 1Q 2023). Revenue: ر.س302.2m (up 28% from 1Q 2023). Net income: ر.س67.9m (up 22% from 1Q 2023). Profit margin: 23% (in line with 1Q 2023). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 23
Price target decreased by 7.8% to ر.س43.84 Down from ر.س47.55, the current price target is an average from 5 analysts. New target price is 28% above last closing price of ر.س34.30. Stock is down 20% over the past year. The company is forecast to post earnings per share of ر.س2.24 for next year compared to ر.س2.30 last year. Major Estimate Revision • Apr 20
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ر.س1.88 to ر.س2.17. Revenue forecast unchanged at ر.س1.02b. Net income forecast to shrink 18% next year vs 18% decline forecast for Basic Materials industry in Saudi Arabia. Consensus price target down from ر.س47.55 to ر.س44.80. Share price was steady at ر.س35.30 over the past week. Price Target Changed • Apr 18
Price target decreased by 8.4% to ر.س44.80 Down from ر.س48.93, the current price target is an average from 4 analysts. New target price is 27% above last closing price of ر.س35.30. Stock is down 17% over the past year. The company is forecast to post earnings per share of ر.س2.17 for next year compared to ر.س2.30 last year. Reported Earnings • Mar 19
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ر.س2.30 (up from ر.س1.67 in FY 2022). Revenue: ر.س984.6m (up 26% from FY 2022). Net income: ر.س197.6m (up 38% from FY 2022). Profit margin: 20% (up from 18% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 79%. Earnings per share (EPS) also missed analyst estimates by 80%. Revenue is forecast to stay flat during the next 2 years compared to a 7.1% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Declared Dividend • Mar 13
Dividend of ر.س1.00 announced Shareholders will receive a dividend of ر.س1.00. Ex-date: 18th March 2024 Payment date: 4th April 2024 Dividend yield will be 4.3%, which is lower than the industry average of 4.6%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (89% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 06
Eastern Province Cement Company Approves Board Appointments Eastern Province Cement Company has named Mohammed Saad Butti Al Farraj as the chairman of the board for four years. Ibrahim Salem Mohammed Al Ruwais was announced as the Vice Chairman. The two officials assumed their roles for a new session, which commenced on 29 January 2024 and will end on 28 January 2028. It is worth highlighting that the company's board members approved the two appointments during their meeting that was held on 4 February 2024. Announcement • Dec 13
Eastern Province Cement Company, Annual General Meeting, Dec 10, 2023 Eastern Province Cement Company, Annual General Meeting, Dec 10, 2023, at 15:30 Coordinated Universal Time. Reported Earnings • Nov 16
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: ر.س0.48 (up from ر.س0.22 in 3Q 2022). Revenue: ر.س242.9m (up 40% from 3Q 2022). Net income: ر.س40.9m (up 121% from 3Q 2022). Profit margin: 17% (up from 11% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is expected to decline by 5.1% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Saudi Arabia are expected to grow by 8.2%. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Aug 14
Upcoming dividend of ر.س0.60 per share at 2.7% yield Eligible shareholders must have bought the stock before 21 August 2023. Payment date: 07 September 2023. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 2.7%. Lower than top quartile of Saudi dividend payers (4.1%). Lower than average of industry peers (3.9%). New Risk • Aug 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (250% cash payout ratio). Reported Earnings • Aug 09
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ر.س0.60 (up from ر.س0.50 in 2Q 2022). Revenue: ر.س216.1m (up 10% from 2Q 2022). Net income: ر.س51.3m (up 19% from 2Q 2022). Profit margin: 24% (up from 22% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 6.3%. Revenue is expected to decline by 8.4% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Saudi Arabia are expected to grow by 8.5%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • Aug 08
Price target increased by 9.9% to ر.س48.23 Up from ر.س43.88, the current price target is an average from 3 analysts. New target price is 9.9% above last closing price of ر.س43.90. Stock is down 2.8% over the past year. The company is forecast to post earnings per share of ر.س2.27 for next year compared to ر.س1.67 last year. Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ر.س1.67 (down from ر.س2.34 in FY 2021). Revenue: ر.س784.2m (up 3.5% from FY 2021). Net income: ر.س143.3m (down 29% from FY 2021). Profit margin: 18% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 7.7%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Chairman Mohammed Saad Al-Farraj Al-Subaie was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: ر.س0.22 (vs ر.س0.44 in 3Q 2021) Third quarter 2022 results: EPS: ر.س0.22 (down from ر.س0.44 in 3Q 2021). Revenue: ر.س174.0m (up 2.7% from 3Q 2021). Net income: ر.س18.5m (down 51% from 3Q 2021). Profit margin: 11% (down from 22% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ر.س0.50 (vs ر.س0.72 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.50 (down from ر.س0.72 in 2Q 2021). Revenue: ر.س195.8m (down 7.8% from 2Q 2021). Net income: ر.س43.0m (down 31% from 2Q 2021). Profit margin: 22% (down from 29% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is forecast to grow 2.4%, compared to a 4.4% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 08
Upcoming dividend of ر.س1.00 per share Eligible shareholders must have bought the stock before 15 August 2022. Payment date: 30 August 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.9%. Within top quartile of Saudi dividend payers (4.4%). In line with average of industry peers (4.9%). Announcement • May 24
Eastern Province Cement Company Approves Dividends for the First and Second Half of 2021 Eastern Province Cement Company at its Ordinary General Assembly Meeting held on May 22, 2022 approved dividends that have been distributed to shareholders amounted to SAR 215,000,000 represents SAR (2.50) per share for the first and second half of 2021. Reported Earnings • May 13
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: ر.س0.34 (down from ر.س0.70 in 1Q 2021). Revenue: ر.س160.7m (down 26% from 1Q 2021). Net income: ر.س29.0m (down 52% from 1Q 2021). Profit margin: 18% (down from 28% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 8.6%, compared to a 3.9% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Eastern Province Cement Company to Report Q1, 2022 Results on May 11, 2022 Eastern Province Cement Company announced that they will report Q1, 2022 results on May 11, 2022 Price Target Changed • Apr 27
Price target increased to ر.س48.50 Up from ر.س30.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ر.س48.10. Stock is down 1.9% over the past year. The company is forecast to post earnings per share of ر.س2.55 for next year compared to ر.س2.34 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Chairman Mohammed Saad Al-Farraj Al-Subaie was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
Eastern Province Cement Company, Annual General Meeting, May 22, 2022 Eastern Province Cement Company, Annual General Meeting, May 22, 2022, at 15:30 Coordinated Universal Time. Agenda: To consider Voting on the Board of Directors' report for the fiscal year ended on 31/12/2021G; to consider Voting on the auditor's report of the company accounts for the fiscal year ended on 31/12/2021G; to consider Voting on payment of (SAR 2,900,000) as remuneration to the Board members for the fiscal year ended on 31/12/2021G; and to discuss on other matters. Upcoming Dividend • Apr 05
Upcoming dividend of ر.س1.10 per share Eligible shareholders must have bought the stock before 12 April 2022. Payment date: 26 April 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.4%. Within top quartile of Saudi dividend payers (4.1%). In line with average of industry peers (4.4%). Reported Earnings • Mar 15
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ر.س2.34 (down from ر.س2.53 in FY 2020). Revenue: ر.س757.7m (up 2.1% from FY 2020). Net income: ر.س200.9m (down 7.5% from FY 2020). Profit margin: 27% (down from 29% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 7.1%, compared to a 5.1% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 21% per year. Buying Opportunity • Jan 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be ر.س56.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% per annum over the last 3 years. Earnings per share has grown by 35% per annum over the last 3 years. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS ر.س0.44 (vs ر.س0.50 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ر.س169.4m (up 6.5% from 3Q 2020). Net income: ر.س37.7m (down 12% from 3Q 2020). Profit margin: 22% (down from 27% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 38% per year. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS ر.س0.72 (vs ر.س0.35 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ر.س212.4m (up 45% from 2Q 2020). Net income: ر.س61.9m (up 103% from 2Q 2020). Profit margin: 29% (up from 21% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 04
First quarter 2021 earnings released: EPS ر.س0.70 (vs ر.س0.99 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ر.س216.7m (down 7.4% from 1Q 2020). Net income: ر.س59.9m (down 30% from 1Q 2020). Profit margin: 28% (down from 36% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 05
Upcoming dividend of ر.س2.50 per share Eligible shareholders must have bought the stock before 12 April 2021. Payment date: 28 April 2021. Trailing yield: 4.3%. Lower than top quartile of Saudi dividend payers (4.5%). Lower than average of industry peers (5.0%). Announcement • Mar 15
Eastern Province Cement Co., Annual General Meeting, Apr 11, 2021 Eastern Province Cement Co., Annual General Meeting, Apr 11, 2021, at 16:00 Coordinated Universal Time. Location: Head office, Eastern Cement Tower, King Fahad Road, AL Rawabi Dist. Khobar Saudi Arabia Agenda: To consider voting on the Board of Directors' report for the fiscal year ended on December 31, 2020; to consider voting on the auditor's report of the company accounts for the fiscal year ended on December 31, 2020; to consider voting on the financial statements for the fiscal year ended on December 31, 2020; to consider voting on the Board’s recommendations to distribute dividends to the shareholders with a total amount of (SAR 215,000,000) for the fiscal year ended on December 31, 2020 the dividend per share is (SAR 2.50); to consider voting on discharging the members of the Board of Directors from liability for the fiscal year ended on December 31, 2020; to consider voting on payment of (SAR 1,800,000) as remuneration to the Board members for the fiscal year ended on December 31, 2020; and to consider other matters. Analyst Estimate Surprise Post Earnings • Mar 10
Revenue beats expectations Revenue exceeded analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 3.9%, compared to a 4.4% growth forecast for the Basic Materials industry in Saudi Arabia. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS ر.س2.53 (vs ر.س2.10 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.س742.4m (up 1.9% from FY 2019). Net income: ر.س217.2m (up 20% from FY 2019). Profit margin: 29% (up from 25% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 08
New 90-day high: ر.س47.00 The company is up 20% from its price of ر.س39.20 on 08 December 2020. The Saudi market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س26.11 per share. Announcement • Feb 02
Eastern Province Cement Co. Announces Board Changes Eastern Province Cement Co. announced that at its board meeting held on February 2, 2021, the company approved following resolutions: Appointment of Mr. Mohammed Saad Al-Farraj Al-Subaiei (Independent) as Board of Directors Chairman; Appointment of Mr. Ibrahim Salem Mohammed Al-Rwayes (Non-executive) as Deputy Chairman; Formation of the Remuneration and Nomination Committee from the following: Mr. Waleed Mohammed Abdullah Al-Jaafari (Independent); Mr. Ibrahim Salem Mohammed Al-Rwayes (Non-executive); Mrs. Shaikah Abdullah Ibrahim Al-Jubair (Non-executive); Mr. Ahmad Ibrahim Rashed Al-Shethri (Non-executive); and Formation of the Executive Committee from the following: Mr. Mohammed Saad Al-Farraj Al-Subaiei (Independent); Mr. Ibrahim Salem Mohammed Al-Rwayes (Non-executive); Mr. Waleed Mohammed Abdullah Al-Jaafari (Independent); Eng. Mohammed Waslallah Theaar Al-Harbi (Non-executive); Eng. Fahad Rashed Mohammed Al-Otaibi (CEO of the Company). Is New 90 Day High Low • Jan 15
New 90-day high: ر.س43.40 The company is up 17% from its price of ر.س37.00 on 15 October 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س26.11 per share. Is New 90 Day High Low • Dec 30
New 90-day high: ر.س40.85 The company is up 17% from its price of ر.س35.00 on 01 October 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س26.11 per share. Is New 90 Day High Low • Dec 12
New 90-day high: ر.س39.50 The company is up 16% from its price of ر.س34.15 on 10 September 2020. The Saudi market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س26.11 per share. Is New 90 Day High Low • Nov 18
New 90-day high: ر.س37.70 The company is up 9.0% from its price of ر.س34.45 on 20 August 2020. The Saudi market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س22.55 per share. Analyst Estimate Surprise Post Earnings • Nov 02
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) exceeded analyst estimates by 5.4%. Over the next year, revenue is expected to shrink by 1.6% compared to a 6.9% decline forecast for the Basic Materials industry in Saudi Arabia. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of ر.س224.8m, up 60% from the prior year. Total revenue was ر.س754.4m over the last 12 months, up 13% from the prior year. Is New 90 Day High Low • Oct 07
New 90-day high: ر.س36.10 The company is up 14% from its price of ر.س31.75 on 09 July 2020. The Saudi market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س22.51 per share.