Najran Cement H1 2021 profit rises 28% to SAR 93.5 mln

Najran Cement H1 2021 profit rises 28% to SAR 93.5 mln

04/08/2021 Argaam Exclusive

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Najran Cement Co. posted a net profit after Zakat and tax of SAR 93.5 million for the first half of 2021, rising 28% from SAR 73.1 million in the same period a year earlier.

 

The company attributed the profit rise to higher sales and a decline in financing expenses.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 277.83 316.01 13.7 %
Gross Income 106.76 122.05 14.3 %
Operating Income 86.45 98.91 14.4 %
Net Income 73.08 93.45 27.9 %
Average Shares 170.00 170.00 -
EPS (Riyals) 0.43 0.55 27.9 %

The cement producer reported a net profit after Zakat and tax of SAR 32.7 million for Q2 2021, declining marginally from SAR 32.9 million in the year-ago period, backed by higher cost of sales per ton.

 

When compared to the previous quarter, net profit after Zakat and tax fell 46.1% on cyclical trend of lower cement demand due to Ramadan and Eid Al Fitr.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 121.45 131.58 8.3 %
Gross Income 50.33 46.66 (7.3 %)
Operating Income 40.40 35.05 (13.2 %)
Net Income 32.96 32.71 (0.8 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.19 0.19 (0.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 187.09 4.0 % 93.81 14.1 % 80.62 18.1 % 0.66
Q2 2012 154.08 (23.7 %) 63.67 (34.4 %) 26.58 (66.0 %) 0.16
Q3 2012 113.46 (28.8 %) 52.30 (43.9 %) 36.20 (56.6 %) 0.21
Q4 2012 158.72 1.4 % 67.71 226.3 % 58.83 1087.0 % 0.35
Q1 2013 216.62 15.8 % 102.86 9.7 % 87.54 8.6 % 0.51
Q2 2013 176.83 14.8 % 81.97 28.7 % 63.66 139.5 % 0.37
Q3 2013 111.83 (1.4 %) 36.63 (30.0 %) 26.56 (26.6 %) 0.16
Q4 2013 126.36 (20.4 %) 37.75 (44.2 %) 20.38 (65.4 %) 0.12
Q1 2014 168.68 (22.1 %) 75.07 (27.0 %) 53.69 (38.7 %) 0.32
Q2 2014 233.02 31.8 % 119.64 46.0 % 84.39 32.6 % 0.50
Q3 2014 173.59 55.2 % 80.01 118.4 % 41.16 55.0 % 0.24
Q4 2014 252.60 99.9 % 124.14 228.8 % 63.96 213.8 % 0.38
Q1 2015 304.23 80.4 % 159.97 113.1 % 92.00 71.3 % 0.54
Q2 2015 294.19 26.2 % 151.06 26.3 % 77.83 (7.8 %) 0.46
Q3 2015 211.89 22.1 % 91.15 13.9 % 32.07 (22.1 %) 0.19
Q4 2015 276.35 9.4 % 119.42 (3.8 %) 53.73 (16.0 %) 0.32
Q1 2016 224.43 (26.2 %) 84.99 (46.9 %) 61.34 (33.3 %) 0.36
Q2 2016 162.24 (44.9 %) 58.07 (61.6 %) 33.87 (56.5 %) 0.20
Q3 2016 119.69 (43.5 %) 29.62 (67.5 %) 15.62 (51.3 %) 0.09
Q4 2016 124.84 (54.8 %) 32.71 (72.6 %) 14.91 (72.2 %) 0.09
Q1 2017 111.39 (50.4 %) 27.57 (67.6 %) 11.22 (81.7 %) 0.07
Q2 2017 78.00 (51.9 %) 13.31 (77.1 %) (4.22) (112.5 %) (0.02)
Q3 2017 59.11 (50.6 %) (0.78) (102.6 %) (17.06) (209.2 %) (0.10)
Q4 2017 97.74 (21.7 %) 6.82 (79.1 %) (11.79) (179.1 %) (0.07)
Q1 2018 97.03 (12.9 %) 9.70 (64.8 %) (10.18) (190.7 %) (0.06)
Q2 2018 55.31 (29.1 %) (13.48) (201.3 %) (31.73) (651.2 %) (0.19)
Q3 2018 53.85 (8.9 %) (6.64) (746.3 %) (23.73) (39.1 %) (0.14)
Q4 2018 72.23 (26.1 %) (3.54) (151.9 %) (17.87) (51.5 %) (0.11)
Q1 2019 106.50 9.8 % 22.61 133.1 % 6.06 159.5 % 0.04
Q2 2019 76.26 37.9 % 14.28 205.9 % (2.59) 91.8 % (0.02)
Q3 2019 97.23 80.6 % 29.92 550.9 % 14.13 159.6 % 0.08
Q4 2019 136.41 88.9 % 52.41 1580.0 % 35.92 301.0 % 0.21
Q1 2020 156.38 46.8 % 56.43 149.5 % 40.12 562.4 % 0.24
Q2 2020 121.45 59.3 % 50.33 252.5 % 32.96 1371.6 % 0.19
Q3 2020 158.95 63.5 % 62.02 107.3 % 47.41 235.4 % 0.28
Q4 2020 186.41 36.7 % 81.14 54.8 % 80.45 124.0 % 0.47
Q1 2021 184.43 17.9 % 75.39 33.6 % 60.34 50.4 % 0.35
Q2 2021 131.58 8.3 % 46.66 (7.3 %) 32.71 (0.8 %) 0.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 43.26 % 50.20 % 35.21 %
Q2 2012 41.33 % 48.64 % 29.76 %
Q3 2012 37.72 % 45.27 % 24.28 %
Q4 2012 45.24 % 54.04 % 32.97 %
Q1 2013 44.57 % 52.88 % 32.53 %
Q2 2013 45.80 % 54.13 % 36.99 %
Q3 2013 43.55 % 51.59 % 35.63 %
Q4 2013 41.04 % 50.23 % 31.37 %
Q1 2014 39.65 % 50.02 % 28.15 %
Q2 2014 42.05 % 50.08 % 28.91 %
Q3 2014 44.53 % 50.30 % 28.45 %
Q4 2014 48.18 % 48.71 % 29.38 %
Q1 2015 50.21 % 46.69 % 29.22 %
Q2 2015 50.28 % 44.06 % 26.83 %
Q3 2015 49.52 % 42.01 % 25.01 %
Q4 2015 48.00 % 40.30 % 23.52 %
Q1 2016 44.36 % 40.03 % 22.34 %
Q2 2016 40.42 % 40.10 % 20.69 %
Q3 2016 37.32 % 41.46 % 21.02 %
Q4 2016 32.54 % 44.00 % 19.92 %
Q1 2017 28.56 % 42.68 % 14.59 %
Q2 2017 23.78 % 41.18 % 8.65 %
Q3 2017 19.50 % 39.32 % 1.30 %
Q4 2017 13.55 % 34.16 % (6.31 %)
Q1 2018 8.75 % 29.79 % (13.03 %)
Q2 2018 0.73 % 22.88 % (22.89 %)
Q3 2018 (1.18 %) 18.82 % (25.48 %)
Q4 2018 (5.01 %) 15.70 % (29.99 %)
Q1 2019 (0.36 %) 17.80 % (23.37 %)
Q2 2019 8.65 % 23.50 % (12.35 %)
Q3 2019 17.96 % 30.95 % (0.08 %)
Q4 2019 28.63 % 39.07 % 12.85 %
Q1 2020 32.82 % 41.76 % 18.78 %
Q2 2020 36.97 % 44.82 % 24.07 %
Q3 2020 38.59 % 45.16 % 27.29 %
Q4 2020 40.10 % 45.17 % 29.35 %
Q1 2021 41.29 % 45.75 % 31.19 %
Q2 2021 40.10 % 44.15 % 30.67 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 121.90 2.03 2.04 10.70
Q2 2012 170.00 1.15 1.15 10.65
Q3 2012 170.00 0.87 0.87 10.37
Q4 2012 170.00 1.19 1.19 10.71
Q1 2013 170.00 1.23 1.23 10.67
Q2 2013 170.00 1.45 1.45 11.05
Q3 2013 170.00 1.39 1.39 10.60
Q4 2013 170.00 1.17 1.17 10.71
Q1 2014 170.00 0.97 0.97 11.02
Q2 2014 170.00 1.09 1.09 11.52
Q3 2014 170.00 1.17 1.17 11.76
Q4 2014 170.00 1.43 1.43 12.13
Q1 2015 170.00 1.66 1.66 12.07
Q2 2015 170.00 1.62 1.62 12.53
Q3 2015 170.00 1.56 1.56 12.22
Q4 2015 170.00 1.50 1.50 12.52
Q1 2016 170.00 1.32 1.32 12.35
Q2 2016 170.00 1.06 1.06 11.95
Q3 2016 170.00 0.97 0.97 12.04
Q4 2016 170.00 0.74 0.74 12.10
Q1 2017 170.00 0.44 0.44 12.19
Q2 2017 170.00 0.22 0.22 12.16
Q3 2017 170.00 0.03 0.03 12.06
Q4 2017 170.00 (0.13) (0.13) 11.93
Q1 2018 170.00 (0.25) (0.25) 11.81
Q2 2018 170.00 (0.42) (0.42) 11.63
Q3 2018 170.00 (0.46) (0.46) 11.49
Q4 2018 170.00 (0.49) (0.49) 11.37
Q1 2019 170.00 (0.40) (0.40) 11.41
Q2 2019 170.00 (0.22) (0.22) 11.39
Q3 2019 170.00 0.00 0.00 11.48
Q4 2019 170.00 0.31 0.31 11.67
Q1 2020 170.00 0.52 0.52 11.90
Q2 2020 170.00 0.72 0.72 12.10
Q3 2020 170.00 0.92 0.92 12.38
Q4 2020 170.00 1.18 1.08 12.09
Q1 2021 170.00 1.30 1.19 11.70
Q2 2021 170.00 1.30 1.19 11.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 - - -
Q2 2012 18.87 18.87 2.04
Q3 2012 23.89 23.89 2.01
Q4 2012 15.89 15.89 1.77
Q1 2013 18.57 18.57 2.14
Q2 2013 18.57 18.57 2.44
Q3 2013 18.97 18.97 2.49
Q4 2013 20.76 20.76 2.26
Q1 2014 25.77 25.77 2.26
Q2 2014 27.68 27.68 2.61
Q3 2014 32.40 32.40 3.23
Q4 2014 18.48 18.48 2.18
Q1 2015 15.62 15.62 2.14
Q2 2015 16.13 16.13 2.08
Q3 2015 11.73 11.73 1.50
Q4 2015 9.71 9.71 1.17
Q1 2016 9.95 9.95 1.07
Q2 2016 12.45 12.45 1.11
Q3 2016 10.81 10.81 0.87
Q4 2016 16.12 16.12 0.99
Q1 2017 24.44 24.44 0.89
Q2 2017 45.30 45.30 0.82
Q3 2017 More than 100 More than 100 0.76
Q4 2017 NEG NEG 0.87
Q1 2018 NEG NEG 0.78
Q2 2018 NEG NEG 0.81
Q3 2018 NEG NEG 0.70
Q4 2018 NEG NEG 0.74
Q1 2019 NEG NEG 0.74
Q2 2019 NEG NEG 0.73
Q3 2019 NEG NEG 0.88
Q4 2019 37.99 37.99 1.03
Q1 2020 17.70 17.70 0.77
Q2 2020 14.91 14.91 0.89
Q3 2020 19.30 19.30 1.43
Q4 2020 15.43 16.95 1.51
Q1 2021 17.66 19.23 1.96
Q2 2021 18.59 20.25 2.03

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 35.55 32.71 (8.0 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
OSOOL AND BAKHEET 34.10 32.71 (4.1) %
Al Rajhi Capital 37.00 32.71 (11.6) %


Financial Ratios
Current
Market Cap (M Riyal) 1,535.10
Enterprise Value (EV) (M) 1,849.86
Shares Outstanding ((M)) 170.00
EPS ( Riyal) (TTM) 0.36
Book Value (BV) ( Riyal) 11.90
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.76
P/E (TTM) 24.76
Price/book 0.76
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.1
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Share Price

Najran Cement Co.
9.03
0.00 0.00 %

Najran Cement Co. (NAJRAN CEMENT)

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