Najran Cement’s H1 2022 profit dips 61% to SAR 36.5 mln, Q2 down 60% to SAR 13.3 mln

Najran Cement’s H1 2022 profit dips 61% to SAR 36.5 mln, Q2 down 60% to SAR 13.3 mln

01/08/2022 Argaam Exclusive

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Najran Cement Co. reported a net profit after Zakat and tax of SAR 36.5 million for the first half of 2022, falling 61% from SAR 93.5 million in the previous year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 316.01 247.92 (21.5 %)
Gross Income 122.05 69.11 (43.4 %)
Operating Income 98.91 42.83 (56.7 %)
Net Income 93.45 36.54 (60.9 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.55 0.21 (60.9 %)

The profit decline was due to a drop in sales and the higher cost of production.

 

The cement producer reported a net profit after Zakat and tax of SAR 13.3 million in Q2 2022, a decline of 60%, compared to SAR 32.7 million in the same period last year, hit by lower sales, as well as a rise in production input costs, and selling and marketing expenses.

 

On a sequential basis, net profit fell 43% from SAR 23.3 million in Q1 2022 on lower cement demand during Ramadan and Eid Al-Fitr season as well as higher general and administrative (G&A) expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 131.58 108.05 (17.9 %)
Gross Income 46.66 30.80 (34.0 %)
Operating Income 35.05 16.71 (52.3 %)
Net Income 32.71 13.26 (59.5 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.19 0.08 (59.5 %)

Total shareholders’ equity, after minority interest, dropped 3.1% to SAR 1.959 billion as of June 30, 2022, from SAR 2.021 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2022 139.87 (24.2 %) 38.31 (49.2 %) 26.13 (58.8 %)
Q2 2022 108.05 (17.9 %) 30.80 (34.0 %) 16.71 (52.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2022 23.29 (61.4 %) 0.14 - 23.29 0.14
Q2 2022 13.26 (59.5 %) 0.08 - 13.26 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2022 35.99 % 40.46 % 24.61 %
Q2 2022 34.55 % 38.78 % 21.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2022 170.00 0.75 0.78 11.45
Q2 2022 170.00 0.64 0.66 11.53

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2022 26.01 25.22 1.71
Q2 2022 23.10 22.27 1.28

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 19.67 13.26 (32.6 %)

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
OSOOL AND BAKHEET 13.00 13.26 2.0 %
Al Rajhi Capital 10.00 13.26 32.6 %
Sico 36.00 13.26 (63.2) %


Financial Ratios
Current
Market Cap (M Riyal) 1,572.50
Enterprise Value (EV) (M) 1,889.09
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) 23.81
P/E (TTM) 23.81
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.
9.25
0.01 0.11 %

Najran Cement Co. (NAJRAN CEMENT)

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