Saudi Cement H1 2021 profit drops 8% to SAR 205.8 mln

Saudi Cement H1 2021 profit drops 8% to SAR 205.8 mln

10/08/2021 Argaam Exclusive

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Saudi Cement Co. reported a net profit after Zakat and tax of SAR 205.8 million for the first half of 2021, declining by 8% from SAR 224.2 million a year earlier.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 747.81 777.19 3.9 %
Gross Income 326.45 312.34 (4.3 %)
Operating Income 240.69 216.64 (10.0 %)
Net Income 224.20 205.79 (8.2 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 1.47 1.35 (8.2 %)

The company attributed the profit drop to lower selling prices and other revenues, and higher selling and distribution expenses.

 

This was partially offset by the increase in sales volume and share in net results of associates, along with lower financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 297.45 348.12 17.0 %
Gross Income 123.67 138.70 12.2 %
Operating Income 82.92 91.96 10.9 %
Net Income 75.70 86.37 14.1 %
Average Shares 153.00 153.00 -
EPS (Riyals) 0.49 0.56 14.1 %

The second-quarter net profit after Zakat and tax rose 14% year-on-year (YoY) to SAR 86.4 million, due to higher sales and lower financial charges.

 

On a quarterly basis, net profit plunged 27.6%, due to lower sales during the holy month of Ramadan and Eid Al-Fitr, in addition to higher financial charges.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2020 450.36 15.4 % 202.77 12.0 % 148.51 12.1 % 0.97
Q2 2020 297.45 (12.2 %) 123.67 (11.8 %) 75.70 (18.0 %) 0.49
Q3 2020 386.81 24.7 % 163.18 23.8 % 107.64 29.7 % 0.70
Q4 2020 435.01 8.1 % 176.75 (10.1 %) 124.12 (13.6 %) 0.81
Q1 2021 429.07 (4.7 %) 173.63 (14.4 %) 119.42 (19.6 %) 0.78
Q2 2021 348.12 17.0 % 138.70 12.2 % 86.37 14.1 % 0.56

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2020 44.72 % 48.26 % 31.13 %
Q2 2020 44.84 % 48.72 % 30.87 %
Q3 2020 44.64 % 47.79 % 30.93 %
Q4 2020 42.45 % 44.85 % 29.05 %
Q1 2021 41.16 % 43.35 % 27.57 %
Q2 2021 40.79 % 42.52 % 27.36 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2020 153.00 3.06 3.06 18.81
Q2 2020 153.00 2.95 2.95 15.81
Q3 2020 153.00 3.11 3.11 16.51
Q4 2020 153.00 2.98 2.98 17.33
Q1 2021 153.00 2.79 2.79 18.11
Q2 2021 153.00 2.86 2.86 15.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2020 16.04 16.04 2.60
Q2 2020 17.99 17.99 3.35
Q3 2020 18.70 18.70 3.52
Q4 2020 20.64 20.64 3.55
Q1 2021 23.80 23.80 3.67
Q2 2021 22.24 22.24 4.20

Business Segments (Million)

Compared With The
Period Cement Clinker

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 88.56 86.37 (2.5 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
SNB Capital 90.00 86.37 (4.0) %
OSOOL AND BAKHEET 90.20 86.37 (4.2) %
AlJazira Capital 82.60 86.37 4.6 %
Al Rajhi Capital 79.00 86.37 9.3 %
Riyad Capital 101.00 86.37 (14.5) %


Financial Ratios
Current
Market Cap (M Riyal) 6,785.55
Enterprise Value (EV) (M) 6,940.61
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) 18.29
P/E (TTM) 18.29
Price/book 2.99
Return on Average Assets (%) (TTM) 11.3
Return on Average Equity (%) (TTM) 15.8
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Share Price

Saudi Cement Co.
44.35
(0.35) (0.78 %)

Saudi Cement Co. (SAUDI CEMENT)

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