City Cement net profit drops 64% to SAR 42 mln in H1 2022, Q2 down to SAR 25 mln

City Cement net profit drops 64% to SAR 42 mln in H1 2022, Q2 down to SAR 25 mln

09/08/2022 Argaam Exclusive

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City Cement Co.’s net profit after Zakat and tax slumped 64% to SAR 42 million in H1 2022, from SAR 116 million in the year-earlier period, due to lower sales value and volume.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 290.45 197.34 (32.1 %)
Gross Income 133.87 59.15 (55.8 %)
Operating Income 116.85 41.70 (64.3 %)
Net Income 115.73 41.99 (63.7 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.83 0.30 (63.7 %)

Q2 2022 net profit after Zakat and tax plunged 50% year-on-year (YoY) to SAR 25 million, the cement producer said.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 119.83 89.24 (25.5 %)
Gross Income 57.72 32.87 (43.1 %)
Operating Income 50.31 24.23 (51.8 %)
Net Income 49.71 24.84 (50.0 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.36 0.18 (50.0 %)

On a sequential basis, Q2 2022 net profit rose 44.8% from SAR 17.15 million.

 

Shareholders’ equity, after minority interest, stood at SAR 1.802 billion as of June 30, 2022, from SAR 1.890 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 98.18 (26.0 %) 57.06 (34.9 %) 54.48 (35.8 %)
Q2 2013 139.44 6.2 % 82.16 (0.4 %) 78.93 0.8 %
Q3 2013 97.49 12.0 % 56.39 (2.0 %) 51.46 (5.3 %)
Q4 2013 98.32 26.8 % 56.96 7.7 % 52.83 8.3 %
Q1 2014 121.74 24.0 % 73.33 28.5 % 68.24 25.2 %
Q2 2014 127.62 (8.5 %) 71.26 (13.3 %) 65.20 (17.4 %)
Q3 2014 90.61 (7.1 %) 56.32 (0.1 %) 50.54 (1.8 %)
Q4 2014 114.88 16.8 % 55.70 (2.2 %) 49.52 (6.3 %)
Q1 2015 145.41 19.4 % 75.75 3.3 % 70.58 3.4 %
Q2 2015 145.59 14.1 % 78.57 10.3 % 71.07 9.0 %
Q3 2015 113.91 25.7 % 56.69 0.7 % 49.88 (1.3 %)
Q4 2015 155.62 35.5 % 69.41 24.6 % 62.47 26.1 %
Q1 2016 180.36 24.0 % 83.90 10.8 % 77.18 9.4 %
Q2 2016 167.36 15.0 % 74.74 (4.9 %) 67.77 (4.7 %)
Q3 2016 116.31 2.1 % 42.25 (25.5 %) 36.84 (26.1 %)
Q4 2016 137.86 (11.4 %) 55.18 (20.5 %) 48.97 (21.6 %)
Q1 2017 167.30 (7.2 %) 47.09 (43.9 %) 39.99 (48.2 %)
Q2 2017 117.04 (30.1 %) 20.75 (72.2 %) 13.52 (80.0 %)
Q3 2017 105.84 (9.0 %) 27.81 (34.2 %) 21.01 (43.0 %)
Q4 2017 145.22 5.3 % 32.82 (40.5 %) 26.88 (45.1 %)
Q1 2018 121.10 (27.6 %) 34.22 (27.3 %) 26.67 (33.3 %)
Q2 2018 70.07 (40.1 %) 19.43 (6.4 %) 12.01 (11.2 %)
Q3 2018 65.35 (38.3 %) 5.27 (81.1 %) (1.16) (105.5 %)
Q4 2018 88.39 (39.1 %) 45.32 38.1 % 35.61 32.5 %
Q1 2019 137.10 13.2 % 51.29 49.9 % 42.12 57.9 %
Q2 2019 108.06 54.2 % 42.25 117.5 % 33.19 176.5 %
Q3 2019 127.96 95.8 % 56.22 966.9 % 47.78 4233.6 %
Q4 2019 158.26 79.1 % 81.36 79.5 % 71.94 102.0 %
Q1 2020 170.28 24.2 % 82.24 60.3 % 72.11 71.2 %
Q2 2020 108.87 0.7 % 46.96 11.2 % 38.26 15.3 %
Q3 2020 140.60 9.9 % 62.43 11.1 % 53.54 12.0 %
Q4 2020 152.99 (3.3 %) 65.33 (19.7 %) 55.90 (22.3 %)
Q1 2021 170.63 0.2 % 76.15 (7.4 %) 66.53 (7.7 %)
Q2 2021 119.83 10.1 % 57.72 22.9 % 50.31 31.5 %
Q3 2021 111.58 (20.6 %) 47.24 (24.3 %) 38.99 (27.2 %)
Q4 2021 94.70 (38.1 %) 26.76 (59.0 %) 18.29 (67.3 %)
Q1 2022 108.10 (36.6 %) 26.29 (65.5 %) 17.47 (73.7 %)
Q2 2022 89.24 (25.5 %) 32.87 (43.1 %) 24.23 (51.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 51.79 (37.9 %) 0.37 - 51.79 0.37
Q2 2013 72.94 (5.2 %) 0.52 - 72.94 0.52
Q3 2013 45.42 16.4 % 0.32 - 45.42 0.32
Q4 2013 48.28 11.1 % 0.34 - 48.28 0.34
Q1 2014 65.25 26.0 % 0.47 - 65.25 0.47
Q2 2014 62.24 (14.7 %) 0.44 - 62.24 0.44
Q3 2014 46.96 3.4 % 0.34 - 46.96 0.34
Q4 2014 47.30 (2.0 %) 0.34 - 47.30 0.34
Q1 2015 67.59 3.6 % 0.48 - 67.59 0.48
Q2 2015 68.25 9.7 % 0.49 - 68.25 0.49
Q3 2015 47.39 0.9 % 0.34 - 47.39 0.34
Q4 2015 58.63 23.9 % 0.42 - 58.63 0.42
Q1 2016 73.32 8.5 % 0.52 - 73.32 0.52
Q2 2016 64.16 (6.0 %) 0.46 - 64.16 0.46
Q3 2016 32.92 (30.5 %) 0.24 - 32.92 0.24
Q4 2016 45.91 (21.7 %) 0.33 - 45.91 0.33
Q1 2017 37.87 (48.3 %) 0.27 - 37.87 0.27
Q2 2017 12.36 (80.7 %) 0.09 - 12.36 0.09
Q3 2017 19.24 (41.6 %) 0.14 - 19.24 0.14
Q4 2017 23.83 (48.1 %) 0.17 - 23.83 0.17
Q1 2018 24.90 (34.2 %) 0.18 - 24.90 0.18
Q2 2018 9.88 (20.0 %) 0.07 - 9.88 0.07
Q3 2018 (2.39) (112.4 %) (0.02) - (2.39) (0.02)
Q4 2018 79.91 235.3 % 0.57 47.96 31.95 0.23
Q1 2019 41.42 66.3 % 0.30 - 41.42 0.30
Q2 2019 32.25 226.3 % 0.23 - 32.25 0.23
Q3 2019 50.52 2215.6 % 0.36 - 50.52 0.36
Q4 2019 65.90 (17.5 %) 0.47 - 65.90 0.47
Q1 2020 72.23 74.4 % 0.52 - 72.23 0.52
Q2 2020 38.04 18.0 % 0.27 - 38.04 0.27
Q3 2020 52.95 4.8 % 0.38 - 52.95 0.38
Q4 2020 57.27 (13.1 %) 0.41 - 57.27 0.41
Q1 2021 66.02 (8.6 %) 0.47 - 66.02 0.47
Q2 2021 49.71 30.7 % 0.36 - 49.71 0.36
Q3 2021 38.05 (28.1 %) 0.27 - 38.05 0.27
Q4 2021 6.50 (88.6 %) 0.05 - 6.50 0.05
Q1 2022 17.15 (74.0 %) 0.12 - 17.15 0.12
Q2 2022 24.84 (50.0 %) 0.18 - 24.84 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 63.44 % 72.62 % 57.24 %
Q2 2013 62.07 % 71.13 % 55.08 %
Q3 2013 60.22 % 68.78 % 55.23 %
Q4 2013 58.27 % 67.26 % 50.39 %
Q1 2014 58.83 % 67.19 % 50.74 %
Q2 2014 57.94 % 66.43 % 49.69 %
Q3 2014 58.83 % 67.51 % 50.82 %
Q4 2014 56.42 % 63.87 % 48.75 %
Q1 2015 54.13 % 61.44 % 46.83 %
Q2 2015 53.65 % 62.03 % 46.35 %
Q3 2015 51.31 % 61.39 % 44.35 %
Q4 2015 50.03 % 62.11 % 43.15 %
Q1 2016 48.46 % 61.81 % 41.58 %
Q2 2016 46.13 % 60.16 % 39.45 %
Q3 2016 43.62 % 58.35 % 36.96 %
Q4 2016 42.55 % 57.82 % 35.94 %
Q1 2017 37.24 % 52.96 % 30.72 %
Q2 2017 30.69 % 47.94 % 23.97 %
Q3 2017 28.56 % 45.89 % 21.85 %
Q4 2017 24.00 % 40.99 % 17.43 %
Q1 2018 23.63 % 40.18 % 16.42 %
Q2 2018 25.84 % 42.07 % 17.61 %
Q3 2018 22.84 % 38.58 % 14.00 %
Q4 2018 30.22 % 44.88 % 18.66 %
Q1 2019 33.61 % 47.61 % 22.41 %
Q2 2019 36.13 % 48.68 % 25.88 %
Q3 2019 42.27 % 52.93 % 33.83 %
Q4 2019 43.49 % 52.00 % 35.77 %
Q1 2020 46.42 % 54.07 % 39.13 %
Q2 2020 47.19 % 54.84 % 40.10 %
Q3 2020 47.23 % 54.19 % 39.64 %
Q4 2020 44.87 % 52.62 % 38.50 %
Q1 2021 43.78 % 51.61 % 37.39 %
Q2 2021 44.80 % 52.56 % 38.69 %
Q3 2021 44.40 % 53.03 % 38.03 %
Q4 2021 41.85 % 51.68 % 32.27 %
Q1 2022 36.39 % 47.74 % 25.66 %
Q2 2022 32.99 % 44.81 % 21.44 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 140.00 1.51 1.61 14.48
Q2 2013 140.00 1.48 1.58 15.00
Q3 2013 140.00 1.53 1.63 15.32
Q4 2013 140.00 1.56 1.56 14.31
Q1 2014 140.00 1.66 1.66 14.77
Q2 2014 140.00 1.58 1.58 14.88
Q3 2014 140.00 1.59 1.59 15.21
Q4 2014 140.00 1.58 1.58 14.19
Q1 2015 140.00 1.60 1.60 14.67
Q2 2015 140.00 1.64 1.64 15.16
Q3 2015 140.00 1.65 1.65 15.50
Q4 2015 140.00 1.73 1.73 14.56
Q1 2016 140.00 1.77 1.77 15.08
Q2 2016 140.00 1.74 1.74 15.17
Q3 2016 140.00 1.64 1.64 14.39
Q4 2016 140.00 1.55 1.55 14.71
Q1 2017 140.00 1.29 1.29 14.98
Q2 2017 140.00 0.92 0.92 14.73
Q3 2017 140.00 0.82 0.82 14.87
Q4 2017 140.00 0.67 0.67 15.04
Q1 2018 140.00 0.57 0.57 15.22
Q2 2018 140.00 0.56 0.56 14.76
Q3 2018 140.00 0.40 0.40 14.75
Q4 2018 140.00 0.80 0.46 15.30
Q1 2019 140.00 0.92 0.58 15.58
Q2 2019 140.00 1.08 0.74 15.27
Q3 2019 140.00 1.46 1.12 15.63
Q4 2019 140.00 1.36 1.36 16.12
Q1 2020 140.00 1.58 1.58 16.55
Q2 2020 140.00 1.62 1.62 16.80
Q3 2020 140.00 1.64 1.64 17.17
Q4 2020 140.00 1.57 1.57 13.18
Q1 2021 140.00 1.53 1.53 13.15
Q2 2021 140.00 1.61 1.61 13.51
Q3 2021 140.00 1.51 1.51 13.03
Q4 2021 140.00 1.14 1.14 13.07
Q1 2022 140.00 0.80 0.80 12.70
Q2 2022 140.00 0.62 0.62 12.88

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 11.66 10.92 1.22
Q2 2013 14.42 13.49 1.42
Q3 2013 16.84 15.79 1.68
Q4 2013 14.71 14.71 1.60
Q1 2014 14.04 14.04 1.57
Q2 2014 18.41 18.41 1.96
Q3 2014 18.63 18.63 1.95
Q4 2014 14.36 14.36 1.60
Q1 2015 13.78 13.78 1.50
Q2 2015 14.36 14.36 1.56
Q3 2015 10.86 10.86 1.15
Q4 2015 8.71 8.71 1.03
Q1 2016 7.72 7.72 0.91
Q2 2016 8.74 8.74 1.00
Q3 2016 7.32 7.32 0.83
Q4 2016 9.89 9.89 1.04
Q1 2017 9.69 9.69 0.84
Q2 2017 12.56 12.56 0.79
Q3 2017 12.44 12.44 0.69
Q4 2017 17.74 17.74 0.79
Q1 2018 19.78 19.78 0.75
Q2 2018 20.21 20.21 0.76
Q3 2018 24.50 24.50 0.67
Q4 2018 11.48 20.04 0.60
Q1 2019 12.28 19.56 0.73
Q2 2019 12.04 17.63 0.85
Q3 2019 10.36 13.54 0.97
Q4 2019 13.18 13.18 1.11
Q1 2020 7.96 7.96 0.76
Q2 2020 9.97 9.97 0.96
Q3 2020 12.11 12.11 1.15
Q4 2020 16.25 16.25 1.94
Q1 2021 16.95 16.95 1.97
Q2 2021 18.68 18.68 2.23
Q3 2021 17.65 17.65 2.04
Q4 2021 19.69 19.69 1.72
Q1 2022 34.87 34.87 2.19
Q2 2022 33.97 33.97 1.63

Business Segments (Million)

Compared With The
Period Cement sales. Revenue from environmental services.
Q1 2022 108.10 0.13
Q2 2022 89.24 1.66

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 16.76 24.84 48.24 %

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
AlJazira Capital 21.30 24.84 16.6 %
Sico 16.00 24.84 55.3 %
Hermes 15.00 24.84 65.6 %
OSOOL AND BAKHEET 14.73 24.84 68.6 %


Financial Ratios
Current
Market Cap (M Riyal) 2,629.20
Enterprise Value (EV) (M) 2,235.40
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 0.92
Book Value (BV) ( Riyal) 12.52
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.42
P/E (TTM) 20.42
Price/book 1.50
Return on Average Assets (%) (TTM) 7.0
Return on Average Equity (%) (TTM) 7.1
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Share Price

City Cement Co.
18.78
0.08 0.43 %

City Cement Co. (CITY CEMENT)

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