Saudi Cement net profit rises 13% in FY2019

Saudi Cement net profit rises 13% in FY2019

04/03/2020 Argaam Exclusive

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Saudi Cement Co. posted a net profit after Zakat and tax of SAR 451.4 million for fiscal year (FY) 2019, up 12.7% year-on-year (YoY), as compared to SAR 400.5 million from the year earlier.



Financials (M)

Item 2018 2019 Change‬
Revenues 1,119.56 1,441.63 28.8 %
Gross Income 537.99 649.79 20.8 %
Operating Income 416.80 490.99 17.8 %
Net Income 400.51 451.40 12.7 %
Average Shares 153.00 153.00 -
EPS (Riyals) 2.62 2.95 12.7 %

The increase was due to a rise in sales inspite of higher general and administrative expenses (G&As), increase in selling and distribution costs, higher charges of finance, lower profit share from associates, and decrease in other income.

 

In Q4 2019, the cement producer posted 15% rise in net profit to SAR 143.6 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 303.80 402.54 32.5 %
Gross Income 159.42 196.64 23.3 %
Operating Income 123.59 157.45 27.4 %
Net Income 124.83 143.60 15.0 %
Average Shares 153.00 153.00 -
EPS (Riyals) 0.82 0.94 15.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 410.89 17.2 % 205.89 12.5 % 176.58 16.2 % 1.15
Q2 2010 420.42 17.7 % 219.99 21.6 % 190.62 13.7 % 1.25
Q3 2010 327.10 6.3 % 163.93 10.7 % 140.28 13.9 % 0.92
Q4 2010 367.74 11.3 % 179.09 6.9 % 152.04 8.9 % 0.99
Q1 2011 423.13 3.0 % 243.65 18.3 % 210.85 19.4 % 1.38
Q2 2011 462.98 10.1 % 243.45 10.7 % 213.76 12.1 % 1.40
Q3 2011 387.26 18.4 % 224.21 36.8 % 195.26 39.2 % 1.28
Q4 2011 442.73 20.4 % 239.69 33.8 % 211.37 39.0 % 1.38
Q1 2012 639.29 51.1 % 352.60 44.7 % 325.56 54.4 % 2.13
Q2 2012 591.03 27.7 % 316.21 29.9 % 290.24 35.8 % 1.90
Q3 2012 433.14 11.8 % 238.40 6.3 % 209.45 7.3 % 1.37
Q4 2012 539.99 22.0 % 322.00 34.3 % 276.54 30.8 % 1.81
Q1 2013 612.75 (4.2 %) 374.11 6.1 % 340.30 4.5 % 2.22
Q2 2013 626.42 6.0 % 339.99 7.5 % 307.14 5.8 % 2.01
Q3 2013 455.13 5.1 % 260.41 9.2 % 229.06 9.4 % 1.50
Q4 2013 492.95 (8.7 %) 309.75 (3.8 %) 247.30 (10.6 %) 1.62
Q1 2014 534.76 (12.7 %) 326.08 (12.8 %) 286.05 (15.9 %) 1.87
Q2 2014 538.38 (14.1 %) 322.82 (5.0 %) 288.30 (6.1 %) 1.88
Q3 2014 425.74 (6.5 %) 264.43 1.5 % 231.72 1.2 % 1.51
Q4 2014 525.71 6.6 % 315.73 1.9 % 268.02 8.4 % 1.75
Q1 2015 550.88 3.0 % 339.26 4.0 % 303.10 6.0 % 1.98
Q2 2015 499.63 (7.2 %) 283.93 (12.0 %) 253.82 (12.0 %) 1.66
Q3 2015 398.31 (6.4 %) 232.75 (12.0 %) 207.57 (10.4 %) 1.36
Q4 2015 483.58 (8.0 %) 280.09 (11.3 %) 175.70 (34.4 %) 1.15
Q1 2016 506.93 (8.0 %) 295.22 (13.0 %) 262.57 (13.4 %) 1.72
Q2 2016 498.78 (0.2 %) 282.36 (0.6 %) 249.46 (1.7 %) 1.63
Q3 2016 375.05 (5.8 %) 232.19 (0.2 %) 202.28 (2.5 %) 1.32
Q4 2016 397.38 (17.8 %) 220.82 (21.2 %) 186.66 6.2 % 1.22
Q1 2017 346.35 (31.7 %) 191.19 (35.2 %) 164.70 (37.3 %) 1.08
Q2 2017 269.45 (46.0 %) 121.16 (57.1 %) 93.95 (62.3 %) 0.61
Q3 2017 250.19 (33.3 %) 115.58 (50.2 %) 87.35 (56.8 %) 0.57
Q4 2017 318.54 (19.8 %) 140.88 (36.2 %) 107.45 (42.4 %) 0.70
Q1 2018 330.46 (4.6 %) 169.32 (11.4 %) 142.23 (13.6 %) 0.93
Q2 2018 245.75 (8.8 %) 96.13 (20.7 %) 58.05 (38.2 %) 0.38
Q3 2018 239.55 (4.3 %) 113.12 (2.1 %) 75.41 (13.7 %) 0.49
Q4 2018 303.80 (4.6 %) 159.42 13.2 % 124.83 16.2 % 0.82
Q1 2019 390.36 18.1 % 181.04 6.9 % 132.44 (6.9 %) 0.87
Q2 2019 338.61 37.8 % 140.28 45.9 % 92.34 59.1 % 0.60
Q3 2019 310.12 29.5 % 131.84 16.5 % 83.02 10.1 % 0.54
Q4 2019 402.54 32.5 % 196.64 23.3 % 143.60 15.0 % 0.94
2019 1,441.63 28.8 % 649.79 20.8 % 451.40 12.7 % 2.95

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 49.96 % 59.64 % 43.17 %
Q2 2010 50.47 % 59.49 % 42.87 %
Q3 2010 50.87 % 59.53 % 43.47 %
Q4 2010 50.38 % 58.59 % 43.22 %
Q1 2011 52.44 % 59.80 % 45.10 %
Q2 2011 52.51 % 59.80 % 45.35 %
Q3 2011 54.26 % 60.47 % 47.04 %
Q4 2011 55.42 % 61.26 % 48.44 %
Q1 2012 54.86 % 60.51 % 48.96 %
Q2 2012 54.98 % 60.04 % 49.62 %
Q3 2012 54.45 % 59.94 % 49.22 %
Q4 2012 55.79 % 60.94 % 50.00 %
Q1 2013 57.45 % 62.67 % 51.29 %
Q2 2013 57.61 % 62.66 % 51.23 %
Q3 2013 58.03 % 62.90 % 51.61 %
Q4 2013 58.72 % 63.38 % 51.38 %
Q1 2014 58.61 % 63.45 % 50.71 %
Q2 2014 60.31 % 65.26 % 51.98 %
Q3 2014 61.40 % 66.27 % 52.88 %
Q4 2014 60.71 % 65.63 % 53.05 %
Q1 2015 60.87 % 65.62 % 53.47 %
Q2 2015 60.11 % 65.26 % 52.78 %
Q3 2015 59.34 % 64.97 % 52.29 %
Q4 2015 58.79 % 64.64 % 52.08 %
Q1 2016 57.82 % 64.19 % 51.14 %
Q2 2016 57.77 % 64.19 % 50.94 %
Q3 2016 58.46 % 65.04 % 51.29 %
Q4 2016 57.96 % 65.13 % 50.67 %
Q1 2017 57.28 % 65.04 % 49.65 %
Q2 2017 55.13 % 64.08 % 46.65 %
Q3 2017 51.35 % 60.90 % 42.16 %
Q4 2017 48.02 % 57.56 % 38.28 %
Q1 2018 46.80 % 56.48 % 36.88 %
Q2 2018 45.58 % 54.48 % 34.51 %
Q3 2018 45.79 % 53.62 % 33.78 %
Q4 2018 48.05 % 55.18 % 35.77 %
Q1 2019 46.61 % 51.94 % 33.13 %
Q2 2019 46.68 % 51.15 % 33.40 %
Q3 2019 45.62 % 49.70 % 32.22 %
Q4 2019 45.07 % 48.88 % 31.31 %
2019 45.07 % 48.88 % 31.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 153.00 3.97 3.97 18.88
Q2 2010 153.00 4.12 4.12 20.12
Q3 2010 153.00 4.23 4.23 21.05
Q4 2010 153.00 4.31 4.31 22.03
Q1 2011 153.00 4.53 4.53 23.41
Q2 2011 153.00 4.69 4.69 18.80
Q3 2011 153.00 5.05 5.05 20.07
Q4 2011 153.00 5.43 5.43 21.45
Q1 2012 153.00 6.18 6.18 19.07
Q2 2012 153.00 6.68 6.68 17.46
Q3 2012 153.00 6.78 6.78 18.83
Q4 2012 153.00 7.20 7.20 20.64
Q1 2013 153.00 7.30 7.30 19.35
Q2 2013 153.00 7.41 7.41 17.86
Q3 2013 153.00 7.54 7.54 19.35
Q4 2013 153.00 7.35 7.35 20.97
Q1 2014 153.00 6.99 6.99 19.33
Q2 2014 153.00 6.87 6.87 17.38
Q3 2014 153.00 6.88 6.88 18.90
Q4 2014 153.00 7.02 7.02 20.65
Q1 2015 153.00 7.13 7.13 20.12
Q2 2015 153.00 6.91 6.91 18.77
Q3 2015 153.00 6.75 6.75 20.13
Q4 2015 153.00 6.15 6.58 21.28
Q1 2016 153.00 5.88 6.31 19.37
Q2 2016 153.00 5.85 6.28 18.25
Q3 2016 153.00 5.82 6.25 19.57
Q4 2016 153.00 5.89 5.89 20.85
Q1 2017 153.00 5.25 5.25 21.92
Q2 2017 153.00 4.23 4.23 17.54
Q3 2017 153.00 3.48 3.48 18.11
Q4 2017 153.00 2.96 2.96 18.81
Q1 2018 153.00 2.82 2.82 19.74
Q2 2018 153.00 2.58 2.58 16.87
Q3 2018 153.00 2.50 2.50 17.36
Q4 2018 153.00 2.62 2.62 18.22
Q1 2019 153.00 2.55 2.55 19.08
Q2 2019 153.00 2.78 2.78 16.43
Q3 2019 153.00 2.83 2.83 16.97
Q4 2019 153.00 2.95 2.95 17.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 12.27 12.27 2.58
Q2 2010 10.78 10.78 2.21
Q3 2010 10.47 10.47 2.10
Q4 2010 11.55 11.55 2.26
Q1 2011 11.63 11.63 2.25
Q2 2011 13.66 13.66 3.41
Q3 2011 12.54 12.54 3.15
Q4 2011 13.25 13.25 3.36
Q1 2012 13.67 13.67 4.43
Q2 2012 13.51 13.51 5.17
Q3 2012 12.99 12.99 4.67
Q4 2012 13.19 13.19 4.60
Q1 2013 12.33 12.33 4.65
Q2 2013 13.63 13.63 5.66
Q3 2013 14.33 14.33 5.58
Q4 2013 13.82 13.82 4.84
Q1 2014 15.23 15.23 5.51
Q2 2014 16.78 16.78 6.63
Q3 2014 16.59 16.59 6.04
Q4 2014 13.63 13.63 4.63
Q1 2015 12.58 12.58 4.46
Q2 2015 14.00 14.00 5.15
Q3 2015 10.63 10.63 3.56
Q4 2015 10.56 9.86 3.05
Q1 2016 10.73 9.99 3.26
Q2 2016 10.80 10.05 3.46
Q3 2016 9.55 8.89 2.84
Q4 2016 12.09 12.09 3.42
Q1 2017 11.40 11.40 2.73
Q2 2017 12.27 12.27 2.96
Q3 2017 12.03 12.03 2.31
Q4 2017 16.00 16.00 2.52
Q1 2018 19.93 19.93 2.84
Q2 2018 19.23 19.23 2.94
Q3 2018 17.89 17.89 2.58
Q4 2018 18.55 18.55 2.67
Q1 2019 22.91 22.91 3.07
Q2 2019 25.23 25.23 4.27
Q3 2019 25.18 25.18 4.20
Q4 2019 23.76 23.76 3.93

Business Segments (Million)

Compared With The
Period Cement Clinker

Analysts Estimates (Million)

Item Q4 2019 (e) Q4 2019 (a) Change‬
Average 118.94 143.60 20.73 %

Estimates vs Actual (Million)

Item Q4 2019 (e) Q4 2019 (a) Change
OSOOL AND BAKHEET 143.60 143.60 0.0 %
AlJazira Capital 129.10 143.60 11.2 %
Riyad Capital 118.00 143.60 21.7 %
Al Rajhi Capital 107.00 143.60 34.2 %
SNB Capital 97.00 143.60 48.0 %


Financial Ratios
Current
Market Cap (M Riyal) 6,823.80
Enterprise Value (EV) (M) 6,978.86
Shares Outstanding ((M)) 153.00
EPS ( Riyal) (TTM) 2.42
Book Value (BV) ( Riyal) 14.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.39
P/E (TTM) 18.39
Price/book 3.00
Return on Average Assets (%) (TTM) 11.3
Return on Average Equity (%) (TTM) 15.8
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Share Price

Saudi Cement Co.
44.60
(0.10) (0.22 %)

Saudi Cement Co. (SAUDI CEMENT)

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