Umm Al-Qura Cement 9M 2021 profit drops 32% to SAR 61.9 mln

Umm Al-Qura Cement 9M 2021 profit drops 32% to SAR 61.9 mln

27/10/2021 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit after Zakat and tax of SAR 61.9 million for the first nine months of 2021, a decrease of 32%, from SAR 91.4 million in the same period a year ago.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 246.62 211.26 (14.3 %)
Gross Income 120.17 91.21 (24.1 %)
Operating Income 111.07 81.38 (26.7 %)
Net Income 91.40 61.93 (32.2 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 1.66 1.13 (32.2 %)

The company attributed the profit drop to lower sales volumes and higher selling and marketing expenses, general and administrative expenses and Zakat expenses. This was partially offset by lower financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 87.61 56.96 (35.0 %)
Gross Income 41.62 22.40 (46.2 %)
Operating Income 38.55 19.11 (50.4 %)
Net Income 31.91 12.47 (60.9 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.58 0.23 (60.9 %)

The company’s net profit after Zakat and tax for Q3 2021 stood at SAR 12.5 million, declining by 61% year-on-year (YoY), due to lower sales volumes.

 

On a sequential basis, Q3 2021 net profit dropped 32.2% on higher financing costs.

 

Shareholder’s equity, excluding minority rights, in 9M 2021 stood at SAR 733 million, compared to SAR 694.2 million a year ago.

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - (3.42) -
Q2 2014 - - - - (3.27) -
Q3 2014 - - - - (6.90) -
Q4 2014 - - - - (3.72) -
Q1 2015 - - - - (3.65) (6.5 %)
Q2 2015 - - - - (3.00) 8.4 %
Q3 2015 - - - - (3.17) 54.1 %
Q4 2015 - - - - (5.35) (43.9 %)
Q1 2016 - - - - (3.52) 3.4 %
Q2 2016 - - - - (3.87) (29.2 %)
Q3 2016 0.43 - 0.26 - (3.91) (23.4 %)
Q4 2016 39.62 - 11.68 - 7.91 247.9 %
Q1 2017 51.70 - 24.49 - 22.12 728.0 %
Q2 2017 38.91 - 16.55 - 13.99 461.3 %
Q3 2017 44.09 10176.9 % 14.30 5487.1 % 10.62 371.3 %
Q4 2017 58.54 47.8 % 16.54 41.5 % 13.59 71.9 %
Q1 2018 56.54 9.4 % 20.28 (17.2 %) 16.18 (26.8 %)
Q2 2018 31.12 (20.0 %) 7.97 (51.9 %) 5.52 (60.5 %)
Q3 2018 33.71 (23.5 %) 6.06 (57.7 %) 1.99 (81.3 %)
Q4 2018 43.07 (26.4 %) 14.33 (13.4 %) 11.64 (14.3 %)
Q1 2019 63.53 12.4 % 30.33 49.6 % 27.81 71.8 %
Q2 2019 46.42 49.2 % 21.55 170.5 % 18.43 233.9 %
Q3 2019 63.96 89.8 % 28.14 364.5 % 25.13 1162.8 %
Q4 2019 82.03 90.4 % 39.08 172.8 % 35.20 202.3 %
Q1 2020 96.45 51.8 % 48.14 58.7 % 45.00 61.8 %
Q2 2020 62.56 34.8 % 30.42 41.1 % 27.53 49.4 %
Q3 2020 87.61 37.0 % 41.62 47.9 % 38.55 53.4 %
Q4 2020 86.71 5.7 % 37.86 (3.1 %) 33.38 (5.2 %)
Q1 2021 90.41 (6.3 %) 40.86 (15.1 %) 37.82 (15.9 %)
Q2 2021 63.90 2.1 % 27.95 (8.1 %) 24.45 (11.2 %)
Q3 2021 56.96 (35.0 %) 22.40 (46.2 %) 19.11 (50.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 (3.42) - (0.06) - (3.42) (0.06)
Q2 2014 (11.74) - (0.21) (8.47) (3.27) (0.06)
Q3 2014 (6.90) - (0.13) - (6.90) (0.13)
Q4 2014 (3.72) - (0.07) - (3.72) (0.07)
Q1 2015 (4.72) (37.8 %) (0.09) - (4.72) (0.09)
Q2 2015 (7.62) 35.1 % (0.14) - (7.62) (0.14)
Q3 2015 (1.73) 74.9 % (0.03) - (1.73) (0.03)
Q4 2015 (10.00) (169.1 %) (0.18) - (10.00) (0.18)
Q1 2016 (3.65) 22.5 % (0.07) - (3.65) (0.07)
Q2 2016 (4.35) 42.9 % (0.08) - (4.35) (0.08)
Q3 2016 (4.28) (146.8 %) (0.08) - (4.28) (0.08)
Q4 2016 1.85 118.5 % 0.03 (3.85) 5.70 0.10
Q1 2017 17.02 565.9 % 0.31 - 17.02 0.31
Q2 2017 8.46 294.5 % 0.15 - 8.46 0.15
Q3 2017 5.11 219.4 % 0.09 - 5.11 0.09
Q4 2017 35.11 1797.9 % 0.64 28.11 7.01 0.13
Q1 2018 10.17 (40.2 %) 0.18 - 10.17 0.18
Q2 2018 0.20 (97.6 %) 0.00 - 0.20 0.00
Q3 2018 (3.94) (177.1 %) (0.07) - (3.94) (0.07)
Q4 2018 3.69 (89.5 %) 0.07 - 3.69 0.07
Q1 2019 21.50 111.3 % 0.39 - 21.50 0.39
Q2 2019 12.29 6043.0 % 0.22 - 12.29 0.22
Q3 2019 18.94 581.2 % 0.34 - 18.94 0.34
Q4 2019 27.10 634.2 % 0.49 - 27.10 0.49
Q1 2020 38.51 79.2 % 0.70 - 38.51 0.70
Q2 2020 20.98 70.7 % 0.38 - 20.98 0.38
Q3 2020 31.91 68.5 % 0.58 - 31.91 0.58
Q4 2020 26.27 (3.1 %) 0.48 - 26.27 0.48
Q1 2021 31.04 (19.4 %) 0.56 - 31.04 0.56
Q2 2021 18.41 (12.2 %) 0.33 - 18.41 0.33
Q3 2021 12.47 (60.9 %) 0.23 - 12.47 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 59.67 % (3587.65 %) (5194.17 %)
Q4 2016 29.82 % 27.15 % (16.43 %)
Q1 2017 39.70 % 53.18 % 15.37 %
Q2 2017 40.55 % 60.88 % 20.59 %
Q3 2017 38.45 % 60.77 % 20.82 %
Q4 2017 37.19 % 58.90 % 19.46 %
Q1 2018 34.16 % 54.92 % 15.52 %
Q2 2018 31.05 % 52.58 % 11.82 %
Q3 2018 28.26 % 50.21 % 7.47 %
Q4 2018 29.57 % 53.04 % 6.16 %
Q1 2019 34.23 % 57.65 % 12.51 %
Q2 2019 38.70 % 60.21 % 17.96 %
Q3 2019 43.48 % 63.28 % 26.00 %
Q4 2019 46.54 % 62.63 % 31.19 %
Q1 2020 47.40 % 61.52 % 33.53 %
Q2 2020 47.79 % 61.24 % 34.60 %
Q3 2020 48.46 % 60.92 % 36.06 %
Q4 2020 47.41 % 59.52 % 35.30 %
Q1 2021 46.06 % 58.38 % 33.67 %
Q2 2021 45.12 % 57.22 % 32.75 %
Q3 2021 43.32 % 56.60 % 29.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 55.00 - - -
Q2 2014 55.00 - - 9.59
Q3 2014 55.00 - - 9.47
Q4 2014 55.00 (0.47) (0.31) 9.49
Q1 2015 55.00 (0.49) (0.34) 9.41
Q2 2015 55.00 (0.42) (0.42) 9.27
Q3 2015 55.00 (0.32) (0.32) 9.24
Q4 2015 55.00 (0.44) (0.44) 9.14
Q1 2016 55.00 (0.42) (0.42) 9.08
Q2 2016 55.00 (0.36) (0.36) 9.00
Q3 2016 55.00 (0.41) (0.41) 8.92
Q4 2016 55.00 (0.19) (0.12) 8.95
Q1 2017 55.00 0.19 0.26 9.26
Q2 2017 55.00 0.42 0.49 9.41
Q3 2017 55.00 0.59 0.66 9.51
Q4 2017 55.00 1.19 0.68 10.15
Q1 2018 55.00 1.07 0.56 10.33
Q2 2018 55.00 0.92 0.41 10.33
Q3 2018 55.00 0.76 0.24 10.26
Q4 2018 55.00 0.18 0.18 10.33
Q1 2019 55.00 0.39 0.39 10.71
Q2 2019 55.00 0.61 0.61 10.94
Q3 2019 55.00 1.03 1.03 11.03
Q4 2019 55.00 1.45 1.45 11.52
Q1 2020 55.00 1.76 1.76 12.22
Q2 2020 55.00 1.92 1.92 12.34
Q3 2020 55.00 2.15 2.15 12.62
Q4 2020 55.00 2.14 2.14 13.10
Q1 2021 55.00 2.00 2.00 13.66
Q2 2021 55.00 1.96 1.96 13.59
Q3 2021 55.00 1.60 1.60 13.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - 3.56
Q3 2014 - - 4.89
Q4 2014 NEG NEG 3.85
Q1 2015 NEG NEG 4.44
Q2 2015 NEG NEG 4.26
Q3 2015 NEG NEG 3.36
Q4 2015 NEG NEG 2.97
Q1 2016 NEG NEG 2.76
Q2 2016 NEG NEG 2.65
Q3 2016 NEG NEG 1.80
Q4 2016 NEG NEG 2.00
Q1 2017 More than 100 74.48 2.06
Q2 2017 43.72 37.47 1.95
Q3 2017 28.50 25.48 1.77
Q4 2017 14.07 24.59 1.66
Q1 2018 14.92 28.55 1.54
Q2 2018 15.46 34.78 1.38
Q3 2018 15.33 47.38 1.13
Q4 2018 62.01 62.01 1.11
Q1 2019 30.77 30.77 1.12
Q2 2019 24.47 24.47 1.36
Q3 2019 16.83 16.83 1.57
Q4 2019 15.23 15.23 1.92
Q1 2020 10.22 10.22 1.47
Q2 2020 11.57 11.57 1.80
Q3 2020 12.65 12.65 2.16
Q4 2020 14.65 14.65 2.39
Q1 2021 15.17 15.17 2.23
Q2 2021 17.22 17.22 2.48
Q3 2021 17.65 17.65 2.12

Analysts Estimates (Million)

Item Q3 2021 (e) Q3 2021 (a) Change‬
Average 16.00 12.47 (22.0 %)

Estimates vs Actual (Million)

Item Q3 2021 (e) Q3 2021 (a) Change
OSOOL AND BAKHEET 16.00 12.47 (22.0) %


Financial Ratios
Current
Market Cap (M Riyal) 981.20
Enterprise Value (EV) (M) 1,237.70
Shares Outstanding ((M)) 55.00
EPS ( Riyal) (TTM) 0.62
Book Value (BV) ( Riyal) 14.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.90
P/E (TTM) 28.90
Price/book 1.22
Return on Average Assets (%) (TTM) 2.9
Return on Average Equity (%) (TTM) 4.3
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Share Price

Umm Al-Qura Cement Co.
17.84
(0.04) (0.22 %)

Umm Al-Qura Cement Co. (UACC)

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