Umm Al-Qura Cement net profit down 72% to SAR 23 mln in 2022; Q4 losses at SAR 5.5 mln

Umm Al-Qura Cement net profit down 72% to SAR 23 mln in 2022; Q4 losses at SAR 5.5 mln

20/03/2023 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a decline of 72% in net profit to SAR 23 million in 2022, from SAR 81.4 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 278.83 221.22 (20.7 %)
Gross Income 119.14 70.83 (40.6 %)
Operating Income 105.62 56.20 (46.8 %)
Net Income 81.44 22.99 (71.8 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 1.48 0.42 (71.8 %)

The profit decline was attributed to lower value and volume of sales, higher cost of sales per ton, selling and marketing expenses, as well as general and administrative expenses.

 

This was in addition to other non-recurring events during the year such as the financial penalty by a government agency, valued at SAR 10 million which was related to previous years, besides a major technical failure that occurred to a primary component of cement mill No. (1).

 

The decrease was partially offset by lower financing cost and an increase in other revenues.

 

The cement producer reported a net loss of SAR 5.5 million in Q4 2022 against a profit of SAR 19.5 million in the year-ago period.

 

Sequentially, the company turned to loss from a profit of SAR 6.27 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 67.58 41.92 (38.0 %)
Gross Income 27.93 13.84 (50.4 %)
Operating Income 24.24 10.46 (56.9 %)
Net Income 19.51 (6.31) (132.4 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.35 (0.11) (132.4 %)

Total shareholders’ equity, excluding minority interest, rose to SAR 762.14 million as of Dec. 31, 2022, from SAR 752.50 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2021 67.58 (22.1 %) 27.93 (26.2 %) 24.24 (27.4 %)
Q1 2022 65.60 (27.4 %) 23.80 (41.7 %) 20.45 (45.9 %)
Q2 2022 59.48 (6.9 %) 17.86 (36.1 %) 13.85 (43.3 %)
Q3 2022 54.22 (4.8 %) 15.32 (31.6 %) 11.44 (40.1 %)
Q4 2022 41.92 (38.0 %) 13.84 (50.4 %) 10.46 (56.9 %)
2022 221.22 (20.7 %) 70.83 (40.6 %) 56.20 (46.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2021 19.51 (25.7 %) 0.35 - 19.51 0.35
Q1 2022 14.51 (53.3 %) 0.26 - 14.51 0.26
Q2 2022 8.68 (52.9 %) 0.16 - 8.68 0.16
Q3 2022 6.12 (50.9 %) 0.11 - 6.12 0.11
Q4 2022 (6.31) (132.4 %) (0.11) (11.93) 5.61 0.10
2022 22.99 (71.8 %) 0.42 (11.93) 34.91 0.63

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2021 42.73 % 57.22 % 29.21 %
Q1 2022 40.19 % 55.97 % 25.55 %
Q2 2022 36.86 % 52.69 % 22.10 %
Q3 2022 34.40 % 50.11 % 19.77 %
Q4 2022 32.02 % 49.67 % 15.78 %
2022 32.02 % 49.67 % 15.78 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2021 55.00 1.48 1.48 13.68
Q1 2022 55.00 1.18 1.18 13.95
Q2 2022 55.00 1.00 1.00 13.87
Q3 2022 55.00 0.89 0.89 13.99
Q4 2022 55.00 0.42 0.63 13.86

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2021 15.91 15.91 1.72
Q1 2022 23.13 23.13 1.96
Q2 2022 21.73 21.73 1.57
Q3 2022 23.26 23.26 1.48
Q4 2022 39.95 26.31 1.21

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 1.07 (6.31) (692.8 %)

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
OSOOL AND BAKHEET (1.87) (6.31) (237.6) %
Sico 4.00 (6.31) (257.8) %

Current
Market Cap (M Riyal) 987.80
Enterprise Value (EV) (M) 1,244.30
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) 29.09
P/E (TTM) 29.09
Price/book 1.23
Return on Average Assets (%) (TTM) 2.9
Return on Average Equity (%) (TTM) 4.3

Share Price

17.98
0.10 0.56 %

Umm Al-Qura Cement Co. (UACC)


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