Najran Cement 2021 profit falls 18% to SAR 165.6 mln, Q4 down 55% to SAR 36 mln

Najran Cement 2021 profit falls 18% to SAR 165.6 mln, Q4 down 55% to SAR 36 mln

28/02/2022 Argaam Exclusive

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Najran Cement Co. reported a net profit after Zakat and tax of SAR 165.6 million in 2021, down 18%, compared to SAR 200.9 million.



Financials (M)

Item 2020 2021 Change‬
Revenues 623.20 581.55 (6.7 %)
Gross Income 249.92 230.32 (7.8 %)
Operating Income 205.28 180.94 (11.9 %)
Net Income 200.94 165.55 (17.6 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 1.18 0.97 (17.6 %)

The decline in earnings is due to lower sales and recording a positive adjustment to last year’s Zakat provision, despite a decrease in finance expenses in the current year.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 186.41 139.66 (25.1 %)
Gross Income 81.14 58.97 (27.3 %)
Operating Income 67.26 43.22 (35.7 %)
Net Income 80.45 36.03 (55.2 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.47 0.21 (55.2 %)

The company’s Q4 2021 net profit after Zakat and tax declined 55% year-on-year to SAR 36 million.

 

Sequentially, net profit fell marginally from Q3 2021.

 

Total shareholders' equity, excluding minority interest, decreased to SAR 1.965 billion in 2021, compared to SAR 2.055 billion in 2020. 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 187.09 4.0 % 93.81 14.1 % 86.27 14.9 %
Q2 2012 154.08 (23.7 %) 63.67 (34.4 %) 52.73 (39.7 %)
Q3 2012 113.46 (28.8 %) 52.30 (43.9 %) 45.31 (48.3 %)
Q4 2012 158.72 1.4 % 67.71 226.3 % 60.67 452.3 %
Q1 2013 216.62 15.8 % 102.86 9.7 % 94.56 9.6 %
Q2 2013 176.83 14.8 % 81.97 28.7 % 75.16 42.5 %
Q3 2013 111.83 (1.4 %) 36.63 (30.0 %) 27.25 (39.9 %)
Q4 2013 126.36 (20.4 %) 37.75 (44.2 %) 28.97 (52.2 %)
Q1 2014 168.68 (22.1 %) 75.07 (27.0 %) 61.76 (34.7 %)
Q2 2014 233.02 31.8 % 119.64 46.0 % 93.48 24.4 %
Q3 2014 173.59 55.2 % 80.01 118.4 % 50.51 85.4 %
Q4 2014 252.60 99.9 % 124.14 228.8 % 74.49 157.1 %
Q1 2015 304.23 80.4 % 159.97 113.1 % 104.98 70.0 %
Q2 2015 294.19 26.2 % 151.06 26.3 % 91.32 (2.3 %)
Q3 2015 211.89 22.1 % 91.15 13.9 % 45.23 (10.5 %)
Q4 2015 276.35 9.4 % 119.42 (3.8 %) 67.73 (9.1 %)
Q1 2016 224.43 (26.2 %) 84.99 (46.9 %) 72.29 (31.1 %)
Q2 2016 162.24 (44.9 %) 58.07 (61.6 %) 44.94 (50.8 %)
Q3 2016 119.69 (43.5 %) 29.62 (67.5 %) 20.94 (53.7 %)
Q4 2016 124.84 (54.8 %) 32.71 (72.6 %) 21.95 (67.6 %)
Q1 2017 111.39 (50.4 %) 27.57 (67.6 %) 17.41 (75.9 %)
Q2 2017 78.00 (51.9 %) 13.31 (77.1 %) 3.89 (91.3 %)
Q3 2017 59.11 (50.6 %) (0.78) (102.6 %) (9.57) (145.7 %)
Q4 2017 97.74 (21.7 %) 6.82 (79.1 %) (3.84) (117.5 %)
Q1 2018 97.03 (12.9 %) 9.70 (64.8 %) (0.68) (103.9 %)
Q2 2018 55.31 (29.1 %) (13.48) (201.3 %) (22.91) (688.4 %)
Q3 2018 53.85 (8.9 %) (6.64) (746.3 %) (15.02) (56.9 %)
Q4 2018 72.23 (26.1 %) (3.54) (151.9 %) (10.61) (176.3 %)
Q1 2019 106.50 9.8 % 22.61 133.1 % 14.04 2161.5 %
Q2 2019 76.26 37.9 % 14.28 205.9 % 5.61 124.5 %
Q3 2019 97.23 80.6 % 29.92 550.9 % 21.96 246.2 %
Q4 2019 136.41 88.9 % 52.41 1580.0 % 43.71 512.1 %
Q1 2020 156.38 46.8 % 56.43 149.5 % 46.06 228.1 %
Q2 2020 121.45 59.3 % 50.33 252.5 % 40.40 620.3 %
Q3 2020 158.95 63.5 % 62.02 107.3 % 51.57 134.8 %
Q4 2020 186.41 36.7 % 81.14 54.8 % 67.26 53.9 %
Q1 2021 184.43 17.9 % 75.39 33.6 % 63.46 37.8 %
Q2 2021 131.58 8.3 % 46.66 (7.3 %) 35.05 (13.2 %)
Q3 2021 125.89 (20.8 %) 49.30 (20.5 %) 38.82 (24.7 %)
Q4 2021 139.66 (25.1 %) 58.97 (27.3 %) 43.22 (35.7 %)
2021 581.55 (6.7 %) 230.32 (7.8 %) 180.94 (11.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 80.62 18.1 % 0.66 - 80.62 0.66
Q2 2012 26.58 (66.0 %) 0.16 - 26.58 0.16
Q3 2012 36.20 (56.6 %) 0.21 - 36.20 0.21
Q4 2012 58.83 1087.0 % 0.35 - 58.83 0.35
Q1 2013 87.54 8.6 % 0.51 - 87.54 0.51
Q2 2013 63.66 139.5 % 0.37 - 63.66 0.37
Q3 2013 26.56 (26.6 %) 0.16 - 26.56 0.16
Q4 2013 20.38 (65.4 %) 0.12 - 20.38 0.12
Q1 2014 53.69 (38.7 %) 0.32 - 53.69 0.32
Q2 2014 84.39 32.6 % 0.50 - 84.39 0.50
Q3 2014 41.16 55.0 % 0.24 - 41.16 0.24
Q4 2014 63.96 213.8 % 0.38 - 63.96 0.38
Q1 2015 92.00 71.3 % 0.54 - 92.00 0.54
Q2 2015 77.83 (7.8 %) 0.46 - 77.83 0.46
Q3 2015 32.07 (22.1 %) 0.19 - 32.07 0.19
Q4 2015 53.73 (16.0 %) 0.32 - 53.73 0.32
Q1 2016 61.34 (33.3 %) 0.36 - 61.34 0.36
Q2 2016 33.87 (56.5 %) 0.20 - 33.87 0.20
Q3 2016 15.62 (51.3 %) 0.09 - 15.62 0.09
Q4 2016 14.91 (72.2 %) 0.09 - 14.91 0.09
Q1 2017 11.22 (81.7 %) 0.07 - 11.22 0.07
Q2 2017 (4.22) (112.5 %) (0.02) - (4.22) (0.02)
Q3 2017 (17.06) (209.2 %) (0.10) - (17.06) (0.10)
Q4 2017 (11.79) (179.1 %) (0.07) - (11.79) (0.07)
Q1 2018 (10.18) (190.7 %) (0.06) - (10.18) (0.06)
Q2 2018 (31.73) (651.2 %) (0.19) - (31.73) (0.19)
Q3 2018 (23.73) (39.1 %) (0.14) - (23.73) (0.14)
Q4 2018 (17.87) (51.5 %) (0.11) - (17.87) (0.11)
Q1 2019 6.06 159.5 % 0.04 - 6.06 0.04
Q2 2019 (2.59) 91.8 % (0.02) - (2.59) (0.02)
Q3 2019 14.13 159.6 % 0.08 - 14.13 0.08
Q4 2019 35.92 301.0 % 0.21 - 35.92 0.21
Q1 2020 40.12 562.4 % 0.24 - 40.12 0.24
Q2 2020 32.96 1371.6 % 0.19 - 32.96 0.19
Q3 2020 47.41 235.4 % 0.28 - 47.41 0.28
Q4 2020 80.45 124.0 % 0.47 18.05 62.40 0.37
Q1 2021 60.34 50.4 % 0.35 - 60.34 0.35
Q2 2021 32.71 (0.8 %) 0.19 - 32.71 0.19
Q3 2021 36.07 (23.9 %) 0.21 - 36.07 0.21
Q4 2021 36.03 (55.2 %) 0.21 (4.04) 40.07 0.24
2021 165.55 (17.6 %) 0.97 (4.04) 169.59 1.00

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 %
Q3 2021 40.19 % 44.43 % 30.48 %
Q4 2021 39.60 % 43.75 % 29.09 %
2021 39.60 % 43.82 % 29.16 %


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
Q3 2021 170.00 1.23 1.13 11.36
Q4 2021 170.00 0.97 1.00 11.56

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
Q3 2021 18.27 19.99 1.98
Q4 2021 18.59 18.15 1.56

Analysts Estimates (Million)

Item Q4 2021 (e) Q4 2021 (a) Change‬
Average 46.57 36.03 (22.6 %)

Estimates vs Actual (Million)

Item Q4 2021 (e) Q4 2021 (a) Change
OSOOL AND BAKHEET 40.70 36.03 (11.5) %
Al Rajhi Capital 41.00 36.03 (12.1) %
Sico 58.00 36.03 (37.9) %


Financial Ratios
Current
Market Cap (M Riyal) 1,569.10
Enterprise Value (EV) (M) 1,885.69
Shares Outstanding ((M)) 170.00
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 12.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.76
P/E (TTM) 23.76
Price/book 0.77
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 3.3
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Share Price

Najran Cement Co.
9.23
(0.01) (0.11 %)

Najran Cement Co. (NAJRAN CEMENT)

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