Najran Cement Q1 2024 profit falls 26% to SAR 21.5M

Najran Cement Q1 2024 profit falls 26% to SAR 21.5M

19/05/2024 Argaam Exclusive

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Najran Cement Co. reported a net profit of SAR 21.5 million for Q1 2024, a 26% fall from SAR 29 million in the year-earlier period.


Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 143.68 138.13 (3.9 %)
Gross Income 45.32 40.13 (11.5 %)
Operating Income 35.22 28.33 (19.6 %)
Net Income 28.98 21.55 (25.7 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.17 0.13 (25.7 %)

The company reported decline in sales volumes amid higher cost of production, increased general and administrative expenses (G&As) and rising cost of finance.

 

On a quarterly basis, net earnings increased by 12.9% from SAR 19.08 million in Q4 2023, spurred by improved selling prices despite a decline in sales quantities.

 

Shareholders’ equity, excluding minority interest, reached SAR 2.02 billion by March 31, 2024, compared to SAR 2 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2022 127.69 1.4 % 41.37 (16.1 %) 30.92 (20.4 %)
Q4 2022 160.08 14.6 % 64.78 9.9 % 53.69 24.2 %
Q1 2023 143.68 2.7 % 45.32 18.3 % 35.22 34.8 %
Q2 2023 101.30 (6.2 %) 25.46 (17.3 %) 13.92 (16.7 %)
Q3 2023 113.84 (10.8 %) 32.37 (21.8 %) 20.89 (32.4 %)
Q4 2023 126.83 (20.8 %) 39.28 (39.4 %) 27.71 (48.4 %)
Q1 2024 138.13 (3.9 %) 40.13 (11.5 %) 28.33 (19.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 27.88 (22.7 %) 0.16 - 27.88 0.16
Q4 2022 48.39 34.3 % 0.28 - 48.39 0.28
Q1 2023 28.98 24.5 % 0.17 - 28.98 0.17
Q2 2023 7.36 (44.5 %) 0.04 - 7.36 0.04
Q3 2023 14.02 (49.7 %) 0.08 - 14.02 0.08
Q4 2023 19.07 (60.6 %) 0.11 - 19.07 0.11
Q1 2024 21.55 (25.7 %) 0.13 - 21.55 0.13

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 32.89 % 37.02 % 20.28 %
Q4 2022 32.72 % 37.78 % 21.06 %
Q1 2023 33.78 % 39.27 % 21.97 %
Q2 2023 33.21 % 39.39 % 21.14 %
Q3 2023 32.36 % 38.94 % 19.03 %
Q4 2023 29.33 % 36.84 % 14.30 %
Q1 2024 28.59 % 36.39 % 12.91 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 170.00 0.59 0.61 11.68
Q4 2022 170.00 0.66 0.66 11.62
Q1 2023 170.00 0.70 0.70 11.90
Q2 2023 170.00 0.66 0.66 11.59
Q3 2023 170.00 0.58 0.58 11.75
Q4 2023 170.00 0.41 0.41 11.78
Q1 2024 170.00 0.36 0.36 11.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 21.49 20.66 1.09
Q4 2022 18.17 18.17 1.04
Q1 2023 18.59 18.59 1.09
Q2 2023 21.35 21.35 1.22
Q3 2023 21.07 21.07 1.04
Q4 2023 27.96 27.96 0.97
Q1 2024 27.91 27.91 0.86

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 27.55 21.55 (21.8 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
United Securities Company 16.00 21.55 34.7 %
Sico 39.10 21.55 (44.9) %


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.
9.22
(0.02) (0.22 %)

Najran Cement Co. (NAJRAN CEMENT)

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