Qassim Cement Q1 2022 net profit dips 75% to SAR 25.1 mln

27/04/2022 Argaam Exclusive

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Qassim Cement Co. reported a slump of 75% in Q1 2022 net profit to SAR 25.1 million, compared to SAR 100.9 million in the year-earlier period, due to an increase in general and administrative expenses and decrease in other income, despite better sales value.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2021	Q1 2022	Change‬
Revenues	223.35	142.49	(36.2 %)
Gross Income	112.40	27.37	(75.6 %)
Operating Income	103.99	18.86	(81.9 %)
Net Income	100.87	25.08	(75.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.12	0.28	(75.1 %)

Item	Q4 2021	Q1 2022	Change‬
Revenues	131.33	142.49	8.5 %
Gross Income	3.81	27.37	618.7 %
Operating Income	8.45	18.86	123.1 %
Net Income	30.44	25.08	(17.6 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.34	0.28	(17.6 %)

On a sequential basis, net profit fell by 25.9% from SAR 33.83 million.

Shareholders' equity, after minority interest, declined by 5.2% to SAR 1.706 billion in Q1 2022, compared to SAR 1.801 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	290.78	1.0 %	182.58	7.0 %	168.46	6.3 %	1.87
Q2 2013	300.74	5.1 %	181.24	12.2 %	165.93	11.4 %	1.84
Q3 2013	218.10	2.4 %	133.28	10.0 %	114.70	3.8 %	1.27
Q4 2013	240.98	(7.7 %)	146.91	(8.5 %)	135.31	(5.4 %)	1.50
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
Q1 2014	272.87	(6.2 %)	169.75	(7.0 %)	159.05	(5.6 %)	1.77
Q2 2014	270.13	(10.2 %)	171.25	(5.5 %)	161.11	(2.9 %)	1.79
Q3 2014	189.86	(12.9 %)	116.64	(12.5 %)	109.03	(4.9 %)	1.21
Q4 2014	252.84	4.9 %	157.71	7.3 %	134.23	(0.8 %)	1.49
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26
Q1 2015	282.48	3.5 %	176.49	4.0 %	162.71	2.3 %	1.81
Q2 2015	264.15	(2.2 %)	167.76	(2.0 %)	168.08	4.3 %	1.87
Q3 2015	210.47	10.9 %	126.42	8.4 %	115.12	5.6 %	1.28
Q4 2015	266.80	5.5 %	159.02	0.8 %	140.53	4.7 %	1.56
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
Q1 2016	275.49	(2.5 %)	146.83	(16.8 %)	133.80	(17.8 %)	1.49
Q2 2016	220.02	(16.7 %)	120.90	(27.9 %)	113.90	(32.2 %)	1.27
Q3 2016	171.21	(18.7 %)	84.83	(32.9 %)	69.45	(39.7 %)	0.77
Q4 2016	185.33	(30.5 %)	96.44	(39.3 %)	87.92	(37.4 %)	0.98
2016	852.04	(16.8 %)	449.00	(28.7 %)	405.08	(30.9 %)	4.50
Q1 2017	191.12	(30.6 %)	88.18	(39.9 %)	80.16	(40.1 %)	0.89
Q2 2017	135.10	(38.6 %)	56.43	(53.3 %)	53.20	(53.3 %)	0.59
Q3 2017	130.75	(23.6 %)	53.34	(37.1 %)	51.24	(26.2 %)	0.57
Q4 2017	168.98	(8.8 %)	75.73	(21.5 %)	67.19	(23.6 %)	0.75
2017	625.95	(26.5 %)	273.68	(39.0 %)	251.79	(37.8 %)	2.80
Q1 2018	147.91	(22.6 %)	62.64	(29.0 %)	57.18	(28.7 %)	0.64
Q2 2018	88.05	(34.8 %)	22.01	(61.0 %)	18.38	(65.5 %)	0.20
Q3 2018	74.36	(43.1 %)	9.55	(82.1 %)	5.68	(88.9 %)	0.06
Q4 2018	115.40	(31.7 %)	46.16	(39.0 %)	39.56	(41.1 %)	0.44
2018	425.73	(32.0 %)	140.35	(48.7 %)	120.80	(52.0 %)	1.34
Q1 2019	153.40	3.7 %	64.82	3.5 %	56.27	(1.6 %)	0.63
Q2 2019	154.53	75.5 %	75.62	243.6 %	68.17	270.9 %	0.76
Q3 2019	190.18	155.7 %	96.33	909.1 %	90.17	1486.5 %	1.00
Q4 2019	293.69	154.5 %	189.68	310.9 %	144.09	264.2 %	1.60
2019	791.79	86.0 %	426.44	203.8 %	360.74	198.6 %	4.01
Q1 2020	261.75	70.6 %	152.84	135.8 %	111.17	97.6 %	1.24
Q2 2020	167.44	8.4 %	90.89	20.2 %	85.47	25.4 %	0.95
Q3 2020	231.58	21.8 %	120.65	25.3 %	110.11	22.1 %	1.22
Q4 2020	237.67	(19.1 %)	108.85	(42.6 %)	113.09	(21.5 %)	1.26
2020	898.42	13.5 %	473.23	11.0 %	419.84	16.4 %	4.66
Q1 2021	223.35	(14.7 %)	112.40	(26.5 %)	100.87	(9.3 %)	1.12
Q2 2021	197.81	18.1 %	100.09	10.1 %	100.18	17.2 %	1.11
Q3 2021	170.31	(26.5 %)	69.66	(42.3 %)	60.39	(45.2 %)	0.67
Q4 2021	131.33	(44.7 %)	3.81	(96.5 %)	30.44	(73.1 %)	0.34
2021	722.80	(19.5 %)	285.95	(39.6 %)	291.87	(30.5 %)	3.24
Q1 2022	142.49	(36.2 %)	27.37	(75.6 %)	25.08	(75.1 %)	0.28

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
2016	852.04	(16.8 %)	449.00	(28.7 %)	405.08	(30.9 %)	4.50
2017	625.95	(26.5 %)	273.68	(39.0 %)	251.79	(37.8 %)	2.80
2018	425.73	(32.0 %)	140.35	(48.7 %)	120.80	(52.0 %)	1.34
2019	791.79	86.0 %	426.44	203.8 %	360.74	198.6 %	4.01
2020	898.42	13.5 %	473.23	11.0 %	419.84	16.4 %	4.66
2021	722.80	(19.5 %)	285.95	(39.6 %)	291.87	(30.5 %)	3.24

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	59.56 %	64.48 %	54.33 %
Q2 2013	60.59 %	65.49 %	55.18 %
Q3 2013	61.43 %	65.84 %	55.26 %
Q4 2013	61.30 %	65.93 %	55.52 %
2013	61.30 %	65.93 %	55.58 %
Q1 2014	61.12 %	65.81 %	55.33 %
Q2 2014	61.99 %	66.79 %	56.20 %
Q3 2014	62.08 %	67.53 %	57.05 %
Q4 2014	62.43 %	66.86 %	56.17 %
2014	62.43 %	66.86 %	56.19 %
Q1 2015	62.50 %	66.72 %	56.24 %
Q2 2015	62.53 %	66.60 %	56.86 %
Q3 2015	62.22 %	66.16 %	56.54 %
Q4 2015	61.50 %	66.18 %	56.53 %
2015	61.50 %	66.18 %	56.53 %
Q1 2016	59.00 %	63.77 %	54.08 %
Q2 2016	56.86 %	61.87 %	51.74 %
Q3 2016	54.80 %	59.80 %	49.03 %
Q4 2016	52.70 %	57.51 %	47.54 %
2016	52.70 %	57.51 %	47.54 %
Q1 2017	50.85 %	55.97 %	45.78 %
Q2 2017	47.73 %	53.17 %	42.58 %
Q3 2017	45.83 %	51.68 %	42.43 %
Q4 2017	43.72 %	50.13 %	40.23 %
2017	43.72 %	50.13 %	40.23 %
Q1 2018	42.58 %	49.42 %	39.26 %
Q2 2018	39.90 %	47.65 %	36.21 %
Q3 2018	35.45 %	44.20 %	30.97 %
Q4 2018	32.97 %	42.98 %	28.37 %
2018	32.97 %	42.98 %	28.37 %
Q1 2019	33.05 %	43.11 %	27.80 %
Q2 2019	39.41 %	48.00 %	34.09 %
Q3 2019	46.12 %	52.80 %	41.43 %
Q4 2019	53.86 %	57.13 %	48.59 %
2019	53.86 %	57.13 %	48.84 %
Q1 2020	57.15 %	59.07 %	48.84 %
Q2 2020	58.02 %	59.09 %	49.69 %
Q3 2020	58.05 %	59.03 %	49.63 %
Q4 2020	52.67 %	55.27 %	45.91 %
2020	52.67 %	55.27 %	45.91 %
Q1 2021	50.32 %	54.05 %	46.77 %
Q2 2021	49.64 %	54.03 %	47.18 %
Q3 2021	47.16 %	51.73 %	44.67 %
Q4 2021	39.56 %	46.70 %	40.38 %
2021	39.56 %	46.70 %	40.38 %
Q1 2022	31.30 %	39.22 %	33.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	58.59 %	63.56 %	53.53 %
2013	61.30 %	65.93 %	55.58 %
2014	62.43 %	66.86 %	56.19 %
2015	61.50 %	66.18 %	56.53 %
2016	52.70 %	57.51 %	47.54 %
2017	43.72 %	50.13 %	40.23 %
2018	32.97 %	42.98 %	28.37 %
2019	53.86 %	57.13 %	48.84 %
2020	52.67 %	55.27 %	45.91 %
2021	39.56 %	46.70 %	40.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	62.79 %	67.24 %	57.93 %
Q2 2013	60.26 %	64.80 %	55.17 %
Q3 2013	61.11 %	64.97 %	52.38 %
Q4 2013	60.96 %	66.62 %	55.87 %
Q1 2014	62.21 %	66.89 %	57.37 %
Q2 2014	63.40 %	68.31 %	58.41 %
Q3 2014	61.43 %	68.49 %	56.16 %
Q4 2014	62.38 %	64.06 %	52.47 %
Q1 2015	62.48 %	66.38 %	57.60 %
Q2 2015	63.51 %	67.90 %	60.76 %
Q3 2015	60.06 %	66.18 %	54.69 %
Q4 2015	59.60 %	64.27 %	52.67 %
Q1 2016	53.30 %	57.47 %	48.57 %
Q2 2016	54.95 %	60.36 %	51.77 %
Q3 2016	49.55 %	55.86 %	40.56 %
Q4 2016	52.04 %	55.71 %	47.44 %
Q1 2017	46.14 %	51.27 %	41.94 %
Q2 2017	41.77 %	48.95 %	39.38 %
Q3 2017	40.80 %	49.39 %	39.19 %
Q4 2017	44.82 %	50.37 %	39.76 %
Q1 2018	42.35 %	48.80 %	38.66 %
Q2 2018	25.00 %	37.93 %	20.87 %
Q3 2018	12.84 %	28.43 %	7.64 %
Q4 2018	40.00 %	48.75 %	34.28 %
Q1 2019	42.26 %	48.96 %	36.68 %
Q2 2019	48.93 %	55.91 %	44.11 %
Q3 2019	50.65 %	55.82 %	47.41 %
Q4 2019	64.58 %	62.89 %	57.92 %
Q1 2020	58.39 %	59.02 %	42.47 %
Q2 2020	54.28 %	56.25 %	49.14 %
Q3 2020	52.10 %	56.17 %	47.55 %
Q4 2020	45.80 %	49.58 %	45.84 %
Q1 2021	50.32 %	54.94 %	45.16 %
Q2 2021	50.60 %	55.83 %	50.64 %
Q3 2021	40.90 %	45.76 %	35.46 %
Q4 2021	2.90 %	20.15 %	23.18 %
Q1 2022	19.21 %	25.92 %	17.60 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	90.00	6.34	6.34	20.31
Q2 2013	90.00	6.53	6.53	22.15
Q3 2013	90.00	6.58	6.57	20.68
Q4 2013	90.00	6.49	6.48	22.19
Q1 2014	90.00	6.39	6.35	20.44
Q2 2014	90.00	6.34	6.26	22.22
Q3 2014	90.00	6.27	6.17	20.43
Q4 2014	90.00	6.26	6.15	21.93
Q1 2015	90.00	6.30	6.22	20.72
Q2 2015	90.00	6.38	6.25	21.09
Q3 2015	90.00	6.45	6.34	20.87
Q4 2015	90.00	6.52	6.43	20.93
Q1 2016	90.00	6.19	6.11	20.42
Q2 2016	90.00	5.59	5.59	18.92
Q3 2016	90.00	5.09	5.09	19.69
Q4 2016	90.00	4.50	4.50	19.68
Q1 2017	90.00	3.90	3.90	19.57
Q2 2017	90.00	3.23	3.23	19.32
Q3 2017	90.00	3.03	3.03	19.23
Q4 2017	90.00	2.80	2.80	19.38
Q1 2018	90.00	2.54	2.54	19.22
Q2 2018	90.00	2.16	2.16	18.77
Q3 2018	90.00	1.65	1.65	18.48
Q4 2018	90.00	1.34	1.34	18.19
Q1 2019	90.00	1.33	1.33	18.82
Q2 2019	90.00	1.89	1.89	19.00
Q3 2019	90.00	2.82	2.82	19.25
Q4 2019	90.00	3.99	4.27	19.82
Q1 2020	90.00	4.60	4.88	19.96
Q2 2020	90.00	4.79	5.04	19.91
Q3 2020	90.00	5.01	5.26	20.13
Q4 2020	90.00	4.66	4.58	20.10
Q1 2021	90.00	4.55	4.47	20.02
Q2 2021	90.00	4.71	4.67	20.03
Q3 2021	90.00	4.16	4.12	19.71
Q4 2021	90.00	3.24	3.24	19.25
Q1 2022	90.00	2.40	2.40	18.96

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	90.00	6.23	6.23	21.96
2013	90.00	6.50	6.49	22.19
2014	90.00	6.26	6.15	21.93
2015	90.00	6.52	6.43	20.93
2016	90.00	4.50	4.50	19.68
2017	90.00	2.80	2.80	19.38
2018	90.00	1.34	1.34	18.19
2019	90.00	4.01	4.30	19.82
2020	90.00	4.66	4.58	20.10
2021	90.00	3.24	3.24	19.25

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	15.15	15.15	4.73
Q2 2013	15.47	15.47	4.56
Q3 2013	15.64	15.65	4.97
Q4 2013	16.93	16.96	4.95
Q1 2014	17.40	17.51	5.44
Q2 2014	19.26	19.49	5.49
Q3 2014	20.07	20.40	6.16
Q4 2014	17.49	17.80	4.99
Q1 2015	17.94	18.18	5.46
Q2 2015	18.33	18.71	5.54
Q3 2015	15.53	15.78	4.80
Q4 2015	13.21	13.38	4.11
Q1 2016	12.19	12.36	3.70
Q2 2016	14.31	14.31	4.23
Q3 2016	13.04	13.04	3.37
Q4 2016	18.35	18.35	4.20
Q1 2017	15.94	15.94	3.18
Q2 2017	18.99	18.99	3.18
Q3 2017	17.93	17.93	2.82
Q4 2017	19.76	19.76	2.85
Q1 2018	20.91	20.91	2.77
Q2 2018	22.17	22.17	2.55
Q3 2018	24.69	24.69	2.20
Q4 2018	30.75	30.75	2.27
Q1 2019	36.33	36.33	2.57
Q2 2019	30.36	30.36	3.01
Q3 2019	23.14	23.14	3.39
Q4 2019	20.37	19.00	4.10
Q1 2020	14.14	13.30	3.26
Q2 2020	15.39	14.62	3.70
Q3 2020	18.12	17.25	4.51
Q4 2020	21.33	21.71	4.95
Q1 2021	22.97	23.39	5.22
Q2 2021	22.41	22.63	5.27
Q3 2021	24.50	24.78	5.17
Q4 2021	28.67	28.67	4.83
Q1 2022	43.08	43.08	5.45

Period	P/E	Adjusted P/E	Price/book
2012	15.87	15.87	4.50
2013	16.91	16.95	4.95
2014	17.49	17.80	4.99
2015	13.21	13.38	4.11
2016	18.35	18.35	4.20
2017	19.76	19.76	2.85
2018	30.75	30.75	2.27
2019	20.26	18.90	4.10
2020	21.33	21.71	4.95
2021	28.67	28.67	4.83

Business Segments (Million)

Compared With The

Period	Cement	Ready mixed concrete
Q3 2012	202.97	9.92
Q4 2012	248.60	12.46
Q1 2013	275.43	15.35
Q2 2013	284.96	15.78
Q3 2013	207.91	10.19
Q4 2013	228.09	12.89
Q1 2014	256.58	16.29
Q2 2014	256.32	13.81
Q3 2014	180.85	9.01
Q4 2014	239.95	12.88
Q1 2015	268.19	14.29
Q3 2019	190.17	-
Q4 2019	293.69	-
Q1 2020	261.75	-
Q2 2020	167.44	-
Q3 2020	231.58	-
Q4 2020	237.67	-
Q1 2021	223.35	-
Q2 2021	197.81	-
Q3 2021	170.31	-
Q4 2021	131.33	-
Q1 2022	142.49	-

Period	Cement	Ready mixed concrete
2012	1,002.03	45.88
2013	996.40	54.21
2014	933.71	51.98
2019	791.79	-
2020	898.42	-
2021	722.80	-

Analysts Estimates (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change‬
Average	39.83	25.08	(37.0 %)

Estimates vs Actual (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change
SNB Capital	27.00	25.08	(7.1) %
Riyad Capital	27.00	25.08	(7.1) %
AlJazira Capital	28.20	25.08	(11.0) %
OSOOL AND BAKHEET	31.64	25.08	(20.7) %
Al Rajhi Capital	34.00	25.08	(26.2) %
Sico	59.00	25.08	(57.5) %
Hermes	72.00	25.08	(65.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,169.19
Enterprise Value (EV) (M)	5,640.15
Shares Outstanding ((M))	110.56
EPS ( Riyal) (TTM)	1.53
Book Value (BV) ( Riyal)	17.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	38.26
P/E (TTM)	38.26
Price/book	3.87
Return on Average Assets (%) (TTM)	8.4
Return on Average Equity (%) (TTM)	9.9

Qassim Cement Co. (QACCO)

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Qassim Cement Q1 2022 net profit dips 75% to SAR 25.1 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Qassim Cement Co. (QACCO)

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Qassim Cement Q1 2022 net profit dips 75% to SAR 25.1 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2022

Revenue by Business Segment (Latest) 2022 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Qassim Cement Co. (QACCO)

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Business Segments (Million)