Arabian Cement net profit down 37% to SAR 41.9 mln in Q1 2022

Arabian Cement net profit down 37% to SAR 41.9 mln in Q1 2022

15/05/2022 Argaam Exclusive

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Arabian Cement Co. reported a net profit after Zakat and tax of SAR 41.9 million for Q1 2022, a decline of 37% from SAR 67 million in the year-earlier period.

 

This earnings fall was triggered by lower sales value and volume both locally and from Jordan’s operations, despite higher profit from associates.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 321.50 259.26 (19.4 %)
Gross Income 104.13 69.12 (33.6 %)
Operating Income 78.34 44.41 (43.3 %)
Net Income 66.96 41.90 (37.4 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.67 0.42 (37.4 %)

On a sequential basis, net profit surged by 79.7% from SAR 23.31 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, retreated 6.5% year-on-year (YoY) to SAR 2.792 billion in Q1 2022 from SAR 2.986 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 352.30 (0.8 %) 169.10 (3.0 %) 157.26 7.6 % 1.57
Q2 2013 373.42 1.1 % 144.75 (16.4 %) 124.65 73.3 % 1.25
Q3 2013 290.44 (14.0 %) 95.19 (3.4 %) 16.85 (80.6 %) 0.17
Q4 2013 348.97 13.2 % 133.24 46.2 % (106.67) (229.6 %) (1.07)
Q1 2014 422.47 19.9 % 177.44 4.9 % 167.14 6.3 % 1.67
Q2 2014 480.55 28.7 % 227.74 57.3 % 199.80 60.3 % 2.00
Q3 2014 386.34 33.0 % 154.24 62.0 % 133.94 695.0 % 1.34
Q4 2014 430.23 23.3 % 171.18 28.5 % 144.55 235.5 % 1.45
Q1 2015 453.00 7.2 % 234.15 32.0 % 195.27 16.8 % 1.95
Q2 2015 446.57 (7.1 %) 189.93 (16.6 %) 161.94 (18.9 %) 1.62
Q3 2015 328.00 (15.1 %) 108.56 (29.6 %) 89.48 (33.2 %) 0.89
Q4 2015 414.99 (3.5 %) 190.94 11.5 % 153.46 6.2 % 1.53
Q1 2016 404.58 (10.7 %) 222.27 (5.1 %) 225.59 15.5 % 2.26
Q2 2016 363.32 (18.6 %) 162.81 (14.3 %) 141.00 (12.9 %) 1.41
Q3 2016 248.89 (24.1 %) 100.83 (7.1 %) 97.17 8.6 % 0.97
Q4 2016 240.11 (42.1 %) 65.66 (65.6 %) 24.05 (84.3 %) 0.24
Q1 2017 272.11 (32.7 %) 113.88 (48.8 %) 100.66 (55.4 %) 1.01
Q2 2017 222.37 (38.8 %) 53.01 (67.4 %) 35.52 (74.8 %) 0.36
Q3 2017 163.04 (34.5 %) 55.39 (45.1 %) 29.51 (69.6 %) 0.30
Q4 2017 248.23 3.4 % 127.19 93.7 % 97.04 303.5 % 0.97
Q1 2018 199.75 (26.6 %) 12.81 (88.8 %) (6.10) (106.1 %) (0.06)
Q2 2018 107.81 (51.5 %) (35.64) (167.2 %) (50.89) (243.3 %) (0.51)
Q3 2018 117.86 (27.7 %) 42.68 (22.9 %) 14.42 (51.1 %) 0.14
Q4 2018 175.30 (29.4 %) 17.99 (85.9 %) 16.31 (83.2 %) 0.16
Q1 2019 189.13 (5.3 %) 61.70 381.7 % 37.15 708.9 % 0.37
Q2 2019 164.65 52.7 % 64.39 280.6 % 37.34 173.4 % 0.37
Q3 2019 193.47 64.1 % 93.50 119.1 % 60.60 320.4 % 0.61
Q4 2019 234.72 33.9 % 96.13 434.3 % 73.63 351.5 % 0.74
Q1 2020 204.60 8.2 % 71.98 16.7 % 45.11 21.4 % 0.45
Q2 2020 139.56 (15.2 %) 30.95 (51.9 %) 7.61 (79.6 %) 0.08
Q3 2020 236.96 22.5 % 102.65 9.8 % 78.90 30.2 % 0.79
Q4 2020 290.80 23.9 % 96.95 0.9 % 53.33 (27.6 %) 0.53
Q1 2021 321.50 57.1 % 104.13 44.7 % 66.96 48.4 % 0.67
Q2 2021 232.98 66.9 % 62.97 103.5 % 33.52 340.8 % 0.34
Q3 2021 222.92 (5.9 %) 67.76 (34.0 %) 37.73 (52.2 %) 0.38
Q4 2021 255.80 (12.0 %) 74.08 (23.6 %) 23.31 (56.3 %) 0.23
Q1 2022 259.26 (19.4 %) 69.12 (33.6 %) 41.90 (37.4 %) 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 38.90 % 48.96 % 35.48 %
Q2 2013 36.71 % 48.19 % 33.95 %
Q3 2013 37.77 % 50.58 % 35.86 %
Q4 2013 39.72 % 49.70 % 36.49 %
Q1 2014 38.36 % 47.67 % 35.39 %
Q2 2014 41.08 % 49.41 % 36.86 %
Q3 2014 42.28 % 49.87 % 37.01 %
Q4 2014 42.49 % 49.49 % 37.53 %
Q1 2015 44.99 % 51.54 % 39.34 %
Q2 2015 43.67 % 50.08 % 37.92 %
Q3 2015 42.46 % 49.00 % 36.57 %
Q4 2015 44.05 % 50.66 % 37.45 %
Q1 2016 44.64 % 51.42 % 38.43 %
Q2 2016 45.31 % 52.52 % 39.17 %
Q3 2016 47.27 % 54.86 % 41.87 %
Q4 2016 43.88 % 52.01 % 37.40 %
Q1 2017 39.41 % 48.35 % 32.27 %
Q2 2017 33.90 % 43.39 % 26.17 %
Q3 2017 32.08 % 41.88 % 21.14 %
Q4 2017 38.58 % 47.57 % 29.01 %
Q1 2018 29.81 % 38.88 % 18.71 %
Q2 2018 22.22 % 33.28 % 9.68 %
Q3 2018 21.83 % 33.24 % 8.08 %
Q4 2018 6.30 % 20.29 % (4.37 %)
Q1 2019 14.70 % 29.90 % 2.88 %
Q2 2019 28.87 % 41.98 % 16.26 %
Q3 2019 32.88 % 44.20 % 20.95 %
Q4 2019 40.37 % 50.31 % 26.61 %
Q1 2020 40.88 % 49.84 % 27.09 %
Q2 2020 37.88 % 47.54 % 24.12 %
Q3 2020 36.98 % 46.35 % 25.08 %
Q4 2020 34.70 % 42.61 % 21.21 %
Q1 2021 33.85 % 39.96 % 20.91 %
Q2 2021 33.88 % 38.40 % 21.50 %
Q3 2021 31.06 % 34.96 % 17.93 %
Q4 2021 29.90 % 33.61 % 16.60 %
Q1 2022 28.21 % 32.26 % 15.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 100.00 3.99 4.85 30.77
Q2 2013 100.00 4.51 4.66 30.48
Q3 2013 100.00 3.81 4.75 29.71
Q4 2013 100.00 1.92 4.98 28.71
Q1 2014 100.00 2.02 5.08 30.36
Q2 2014 100.00 2.77 5.69 31.03
Q3 2014 100.00 3.94 6.06 30.57
Q4 2014 100.00 6.45 6.45 31.92
Q1 2015 100.00 6.74 6.89 33.57
Q2 2015 100.00 6.36 6.51 31.99
Q3 2015 100.00 5.91 6.06 30.44
Q4 2015 100.00 6.00 6.15 31.84
Q1 2016 100.00 6.30 6.13 34.16
Q2 2016 100.00 6.10 5.92 33.14
Q3 2016 100.00 6.17 5.99 31.85
Q4 2016 100.00 4.88 4.70 32.51
Q1 2017 100.00 3.63 3.63 33.08
Q2 2017 100.00 2.57 2.57 31.25
Q3 2017 100.00 1.90 1.90 30.48
Q4 2017 100.00 2.63 2.63 29.49
Q1 2018 100.00 1.56 1.56 29.46
Q2 2018 100.00 0.70 0.70 27.74
Q3 2018 100.00 0.54 0.54 27.75
Q4 2018 100.00 (0.26) (0.26) 27.91
Q1 2019 100.00 0.17 0.17 28.47
Q2 2019 100.00 1.05 1.05 27.91
Q3 2019 100.00 1.51 1.51 27.93
Q4 2019 100.00 2.09 2.08 28.83
Q1 2020 100.00 2.17 2.16 29.07
Q2 2020 100.00 1.87 1.86 28.14
Q3 2020 100.00 2.05 2.05 28.24
Q4 2020 100.00 1.85 1.85 28.73
Q1 2021 100.00 2.07 2.07 29.87
Q2 2021 100.00 2.33 2.33 28.94
Q3 2021 100.00 1.92 1.92 27.79
Q4 2021 100.00 1.62 1.72 27.50
Q1 2022 100.00 1.36 1.46 27.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 11.34 9.31 1.47
Q2 2013 12.01 11.64 1.78
Q3 2013 14.64 11.75 1.88
Q4 2013 26.76 10.32 1.79
Q1 2014 32.58 12.95 2.17
Q2 2014 25.35 12.35 2.26
Q3 2014 21.56 14.02 2.78
Q4 2014 12.02 12.02 2.43
Q1 2015 11.19 10.94 2.24
Q2 2015 11.91 11.64 2.37
Q3 2015 9.49 9.26 1.84
Q4 2015 7.93 7.73 1.49
Q1 2016 7.24 7.45 1.34
Q2 2016 8.38 8.63 1.54
Q3 2016 6.22 6.40 1.20
Q4 2016 9.16 9.51 1.37
Q1 2017 10.47 10.47 1.15
Q2 2017 13.99 13.99 1.15
Q3 2017 17.84 17.84 1.11
Q4 2017 13.07 13.07 1.16
Q1 2018 22.71 22.71 1.20
Q2 2018 42.41 42.41 1.06
Q3 2018 35.99 35.99 0.71
Q4 2018 NEG NEG 0.80
Q1 2019 More than 100 More than 100 0.89
Q2 2019 24.71 24.71 0.93
Q3 2019 22.46 22.46 1.22
Q4 2019 17.63 17.69 1.28
Q1 2020 11.54 11.57 0.86
Q2 2020 14.09 14.14 0.94
Q3 2020 15.83 15.89 1.15
Q4 2020 19.93 19.93 1.28
Q1 2021 21.04 21.04 1.46
Q2 2021 19.51 19.51 1.57
Q3 2021 21.54 21.54 1.48
Q4 2021 23.40 22.04 1.37
Q1 2022 31.36 29.22 1.53

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 42.33 41.90 (1.0 %)

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
OSOOL AND BAKHEET 42.60 41.90 (1.6) %
SNB Capital 47.00 41.90 (10.8) %
AlJazira Capital 36.40 41.90 15.1 %
Hermes 35.00 41.90 19.7 %
Sico 68.00 41.90 (38.4) %
Al Rajhi Capital 25.00 41.90 67.6 %


Financial Ratios
Current
Market Cap (M Riyal) 2,885.00
Enterprise Value (EV) (M) 2,875.28
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.45
Book Value (BV) ( Riyal) 26.20
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.70
P/E (TTM) 19.95
Price/book 1.10
Return on Average Assets (%) (TTM) 4.5
Return on Average Equity (%) (TTM) 5.5
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Share Price

Arabian Cement Co.
28.95
0.05 0.17 %

Arabian Cement Co. (ACC)

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