City Cement’s 9M 2023 profit dips 16% to SAR 56.3 mln; Q3 at SAR 4.4 mln

City Cement’s 9M 2023 profit dips 16% to SAR 56.3 mln; Q3 at SAR 4.4 mln

01/11/2023 Argaam Exclusive

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City Cement Co. reported a 16% drop in net profit to SAR 56.3 million for the first nine months of 2023, compared to SAR 67.3 million. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 297.42 256.72 (13.7 %)
Gross Income 87.59 76.81 (12.3 %)
Operating Income 62.31 48.72 (21.8 %)
Net Income 67.26 56.30 (16.3 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.48 0.40 (16.3 %)

The lower profit was attributed to a decline in sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 100.08 70.68 (29.4 %)
Gross Income 28.44 12.99 (54.3 %)
Operating Income 20.61 2.92 (85.8 %)
Net Income 25.26 4.42 (82.5 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.18 0.03 (82.5 %)

In Q3 2023, net profit plummeted 83% to SAR 4.4 million from SAR 25.26 million in Q3 2022, due to lower sales volume and value.

 

The cement producer’s bottom line plunged 81.8% from SAR 24.29 million in Q2 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.74 billion as of Sept. 30, 2023, compared to SAR 1.77 billion a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 121.74 24.0 % 73.33 28.5 % 65.25 26.0 % 0.47
Q2 2014 127.62 (8.5 %) 71.26 (13.3 %) 62.24 (14.7 %) 0.44
Q3 2014 90.61 (7.1 %) 56.32 (0.1 %) 46.96 3.4 % 0.34
Q4 2014 114.88 16.8 % 55.70 (2.2 %) 47.30 (2.0 %) 0.34
Q1 2015 145.41 19.4 % 75.75 3.3 % 67.59 3.6 % 0.48
Q2 2015 145.59 14.1 % 78.57 10.3 % 68.25 9.7 % 0.49
Q3 2015 113.91 25.7 % 56.69 0.7 % 47.39 0.9 % 0.34
Q4 2015 155.62 35.5 % 69.41 24.6 % 58.63 23.9 % 0.42
Q1 2016 180.36 24.0 % 83.90 10.8 % 73.32 8.5 % 0.52
Q2 2016 167.36 15.0 % 74.74 (4.9 %) 64.16 (6.0 %) 0.46
Q3 2016 116.31 2.1 % 42.25 (25.5 %) 32.92 (30.5 %) 0.24
Q4 2016 137.86 (11.4 %) 55.18 (20.5 %) 45.91 (21.7 %) 0.33
Q1 2017 167.30 (7.2 %) 47.09 (43.9 %) 37.87 (48.3 %) 0.27
Q2 2017 117.04 (30.1 %) 20.75 (72.2 %) 12.36 (80.7 %) 0.09
Q3 2017 105.84 (9.0 %) 27.81 (34.2 %) 19.24 (41.6 %) 0.14
Q4 2017 145.22 5.3 % 32.82 (40.5 %) 23.83 (48.1 %) 0.17
Q1 2018 121.10 (27.6 %) 34.22 (27.3 %) 24.90 (34.2 %) 0.18
Q2 2018 70.07 (40.1 %) 19.43 (6.4 %) 9.88 (20.0 %) 0.07
Q3 2018 65.35 (38.3 %) 5.27 (81.1 %) (2.39) (112.4 %) (0.02)
Q4 2018 88.39 (39.1 %) 45.32 38.1 % 79.91 235.3 % 0.57
Q1 2019 137.10 13.2 % 51.29 49.9 % 41.42 66.3 % 0.30
Q2 2019 108.06 54.2 % 42.25 117.5 % 32.25 226.3 % 0.23
Q3 2019 127.96 95.8 % 56.22 966.9 % 50.52 2215.6 % 0.36
Q4 2019 158.26 79.1 % 81.36 79.5 % 65.90 (17.5 %) 0.47
Q1 2020 170.28 24.2 % 82.24 60.3 % 72.23 74.4 % 0.52
Q2 2020 108.87 0.7 % 46.96 11.2 % 38.04 18.0 % 0.27
Q3 2020 140.60 9.9 % 62.43 11.1 % 52.95 4.8 % 0.38
Q4 2020 152.99 (3.3 %) 65.33 (19.7 %) 57.27 (13.1 %) 0.41
Q1 2021 170.63 0.2 % 76.15 (7.4 %) 66.02 (8.6 %) 0.47
Q2 2021 119.83 10.1 % 57.72 22.9 % 49.71 30.7 % 0.36
Q3 2021 111.58 (20.6 %) 47.24 (24.3 %) 38.05 (28.1 %) 0.27
Q4 2021 94.70 (38.1 %) 26.76 (59.0 %) 6.51 (88.6 %) 0.05
Q1 2022 108.10 (36.6 %) 26.29 (65.5 %) 17.15 (74.0 %) 0.12
Q2 2022 89.24 (25.5 %) 32.87 (43.1 %) 24.84 (50.0 %) 0.18
Q3 2022 100.08 (10.3 %) 28.44 (39.8 %) 25.26 (33.6 %) 0.18
Q4 2022 133.96 41.5 % 57.85 116.1 % 47.75 634.1 % 0.34
Q1 2023 108.25 0.1 % 32.98 25.5 % 27.59 60.9 % 0.20
Q2 2023 77.79 (12.8 %) 30.84 (6.2 %) 24.29 (2.2 %) 0.17
Q3 2023 70.68 (29.4 %) 12.99 (54.3 %) 4.42 (82.5 %) 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 29.16 % 41.35 % 17.90 %
Q4 2022 33.71 % 44.57 % 25.71 %
Q1 2023 35.26 % 46.19 % 28.12 %
Q2 2023 35.73 % 46.91 % 28.75 %
Q3 2023 34.47 % 45.92 % 26.49 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 140.00 0.53 0.50 12.66
Q4 2022 140.00 0.82 0.79 12.99
Q1 2023 140.00 0.90 0.87 12.69
Q2 2023 140.00 0.89 0.86 12.86
Q3 2023 140.00 0.74 0.74 12.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 40.62 42.68 1.69
Q4 2022 24.35 25.25 1.54
Q1 2023 22.99 23.77 1.62
Q2 2023 28.58 29.56 1.98
Q3 2023 24.97 25.10 1.49

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 24.70 4.42 (82.1 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
AlJazira Capital 19.60 4.42 (77.5) %
OSOOL AND BAKHEET 22.09 4.42 (80.0) %
Hermes 24.00 4.42 (81.6) %
Sico 25.00 4.42 (82.3) %
U-Capital 32.80 4.42 (86.5) %


Financial Ratios
Current
Market Cap (M Riyal) 2,707.60
Enterprise Value (EV) (M) 2,336.07
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 0.69
Book Value (BV) ( Riyal) 12.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.20
P/E (TTM) 28.20
Price/book 1.54
Return on Average Assets (%) (TTM) 5.0
Return on Average Equity (%) (TTM) 5.4
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Share Price

City Cement Co.
19.34
0.02 0.10 %

City Cement Co. (CITY CEMENT)

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