Earnings Report /
Saudi Arabia

Eastern Cement: Strong results on higher volume and lower opex

  • Total selling quantities declined 7.3% yoy to 0.51mn tons in Q3 21 (-24.4% qoq)

  • Revenues increased 6.3% yoy (-20.3% qoq) to SAR169mn but was higher than our estimates of SAR156mn

  • Gross margins expanded by 106bps yoy to 33.1% in Q3 21 (38.2% in Q2 21), vs our estimates of 30.5%

Iyad Khalid Ghulam
Iyad Khalid Ghulam

Vice President, Senior Equity Research Analyst

SNB Capital
28 October 2021
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