Eastern Province Cement
| Name | Eastern Province Cement | |
| Sector | Manufacturing - Cement and allied products | |
| Trading | Tadawul | |
| RIC Code | 3080.SE | |
| Location | SAUDI ARABIA |
Profile and Background
Eastern Province Cement Company was founded in 1982, originally under the name of the Saudi-Kuwaiti Cement Company, with paid-in capital of SR 645 million ($172 million). Its name was changed in 1994 following the acquisition at the end of the previous year of the 45 per cent stake held by Kuwaiti shareholders.
It is now 70 per cent owned by private Saudi investors and 30 per cent by government agencies. The company is based in Dammam and operates a cement plant at Ras al-Khafji, a town on the Saudi side of the neutral zone between Kuwait and Saudi Arabia that was seriously damaged during the Gulf war.
The plant has a capacity of 6,300 tonnes a day of cement.Net profits of SR 200.7 million ($53.5 million) were recorded in 1997, a 27 per cent decline on the SR 274.3 million ($73.1 million) reported in 1996.
Net sales revenues fell by 26 per cent to SR 211.6 million ($56.4 million) from SR 286.9 million ($76.5 million). Despite the decline in earnings, Eastern Province Cement announced a 30 per cent cash dividend to shareholders, only 5 per cent less than the dividends of 1995 and 1996.
Total assets contracted marginally in 1997 to SR 1,326 million ($353.8 million) and shareholders' equity was unchanged at SR 1,067 million ($284.5 million) at the end of the year. In the first half of 1998, the company produced 889,000 tonnes of cement and 1.
1 million tonnes of clinker, ranking it fifth among local cement companies in terms of production. Analysts say the drop in output is the direct result of a sharp contraction in domestic demand and only limited penetration of foreign markets.
Lower output and the declining price of cement, due to oversupply, had a considerable impact on Eastern Province Cement's financial performance. However, sales revenues rose by 22 per cent to SR 385.1 million ($103 million).
It is now 70 per cent owned by private Saudi investors and 30 per cent by government agencies. The company is based in Dammam and operates a cement plant at Ras al-Khafji, a town on the Saudi side of the neutral zone between Kuwait and Saudi Arabia that was seriously damaged during the Gulf war.
The plant has a capacity of 6,300 tonnes a day of cement.Net profits of SR 200.7 million ($53.5 million) were recorded in 1997, a 27 per cent decline on the SR 274.3 million ($73.1 million) reported in 1996.
Net sales revenues fell by 26 per cent to SR 211.6 million ($56.4 million) from SR 286.9 million ($76.5 million). Despite the decline in earnings, Eastern Province Cement announced a 30 per cent cash dividend to shareholders, only 5 per cent less than the dividends of 1995 and 1996.
Total assets contracted marginally in 1997 to SR 1,326 million ($353.8 million) and shareholders' equity was unchanged at SR 1,067 million ($284.5 million) at the end of the year. In the first half of 1998, the company produced 889,000 tonnes of cement and 1.
1 million tonnes of clinker, ranking it fifth among local cement companies in terms of production. Analysts say the drop in output is the direct result of a sharp contraction in domestic demand and only limited penetration of foreign markets.
Lower output and the declining price of cement, due to oversupply, had a considerable impact on Eastern Province Cement's financial performance. However, sales revenues rose by 22 per cent to SR 385.1 million ($103 million).
Shareholding Groups
| Individuals | N/A |
| Institutions | N/A |
| Floating | N/A |
| Government | 30% |
Stock Performance
Market Information
| Stock | Saudi_Arabia Index | |
| Last Closing | SAR 71 | 3424.18 |
| YTD % |  0.594% |  0% |
| Weekly % | 1.194% | 5.55% |
| Year High | SAR 86.46 | 9083.39 |
| Year Low | SAR 64.22 | 3296.01 |
| 52 Week High | SAR 170.16 | 4532.55 |
| 52 Week Low | SAR 66.22 | 2983.01 |
| BETA | 0.5901 | |
| Outstanding Shares | 86,000,000 | |
| Market Cap | SAR 6,106,000,000 | |
| Market Cap in $ | USD $1,628,266,667 | |
| % of Saudi_Arabia Market | 0.50% | |
| % of Sector | 1.41% | |
| Rank by Cap | 30 |
Key Figures in '000 SAR
| 2004 | 2003 | 2002 | |
| Total Assets | 1,582,827 | 1,403,290 | 1,352,781 |
| Shareholder's Equity | 1,206,444 | 1,063,335 | 1,040,126 |
| NIAT | 269,912 | 250,757 | 237,148 |
| Dividends | N/A | 225,750 | 219,300 |
Financial Ratios
| 2004 | 2003 | 2002 | |
| Assets Growth | 12.79% | 3.73% | 2.85% |
| Earning Growth | 7.64% | 5.74% | 13.88% |
| ROaA | 18.08% | 18.20% | 17.78% |
| ROaE | 23.78% | 23.84% | 22.98% |
| No. Of Shares | 12,900,000 | 12,900,000 | 12,900,000 |
| EPS | 20.92 | 19.44 | 18.38 |
| EPS Growth | 7.64% | 5.74% | 13.88% |
| Payout Ratio | N/A | 90.027 | 92.474 |
Valuation Ratios
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| PE | |
| PB | |
| DVPS | |
| Div Yield | |
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