Umm Al-Qura Cement H1 2023 profit drops 63% to SAR 8.6 mln; Q2 at SAR 1.8 mln

Umm Al-Qura Cement H1 2023 profit drops 63% to SAR 8.6 mln; Q2 at SAR 1.8 mln

09/08/2023 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit of SAR 8.6 million for H1 2023, a slump of 63% compared to SAR 23.2 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 125.08 84.99 (32.1 %)
Gross Income 41.67 26.24 (37.0 %)
Operating Income 34.30 18.83 (45.1 %)
Net Income 23.18 8.60 (62.9 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.42 0.16 (62.9 %)

The profit decline was due to decreased sales value on lower sales volume, along with the financial impact of the technical malfunction in one of the components of the cement mill No (1). The company also cited an increase in general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 59.48 37.83 (36.4 %)
Gross Income 17.86 10.99 (38.5 %)
Operating Income 13.85 7.20 (48.0 %)
Net Income 8.68 1.83 (79.0 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.16 0.03 (79.0 %)

The cement producer’s Q2 2023 net profit dropped 79% to SAR 1.8 million from SAR 8.68 million a year earlier, driven by lower value of sales, as well as increased general and administrative.

 

On a sequential basis, Q2 net profit dropped by 73.1% from SAR 6.78 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 770.75 million by the end of H1 2023, compared to SAR 9.44 million in the year-earlier period. 

View More Financial Results

 

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 - - - - (3.42) - (0.06)
Q2 2014 - - - - (11.74) - (0.21)
Q3 2014 - - - - (6.90) - (0.13)
Q4 2014 - - - - (3.72) - (0.07)
Q1 2015 - - - - (4.72) (37.8 %) (0.09)
Q2 2015 - - - - (7.62) 35.1 % (0.14)
Q3 2015 - - - - (1.73) 74.9 % (0.03)
Q4 2015 - - - - (10.00) (169.1 %) (0.18)
Q1 2016 - - - - (3.65) 22.5 % (0.07)
Q2 2016 - - - - (4.35) 42.9 % (0.08)
Q3 2016 0.43 - 0.26 - (4.28) (146.8 %) (0.08)
Q4 2016 39.62 - 11.68 - 1.85 118.5 % 0.03
Q1 2017 51.70 - 24.49 - 17.02 565.9 % 0.31
Q2 2017 38.91 - 16.55 - 8.46 294.5 % 0.15
Q3 2017 44.09 10176.9 % 14.30 5487.1 % 5.11 219.4 % 0.09
Q4 2017 58.54 47.8 % 16.54 41.5 % 35.11 1797.9 % 0.64
Q1 2018 56.54 9.4 % 20.28 (17.2 %) 10.17 (40.2 %) 0.18
Q2 2018 31.12 (20.0 %) 7.97 (51.9 %) 0.20 (97.6 %) 0.00
Q3 2018 33.71 (23.5 %) 6.06 (57.7 %) (3.94) (177.1 %) (0.07)
Q4 2018 43.07 (26.4 %) 14.33 (13.4 %) 3.69 (89.5 %) 0.07
Q1 2019 63.53 12.4 % 30.33 49.6 % 21.50 111.3 % 0.39
Q2 2019 46.42 49.2 % 21.55 170.5 % 12.29 6043.0 % 0.22
Q3 2019 63.96 89.8 % 28.14 364.5 % 18.94 581.2 % 0.34
Q4 2019 82.03 90.4 % 39.08 172.8 % 27.10 634.2 % 0.49
Q1 2020 96.45 51.8 % 48.14 58.7 % 38.51 79.2 % 0.70
Q2 2020 62.56 34.8 % 30.42 41.1 % 20.98 70.7 % 0.38
Q3 2020 87.61 37.0 % 41.62 47.9 % 31.91 68.5 % 0.58
Q4 2020 86.71 5.7 % 37.86 (3.1 %) 26.27 (3.1 %) 0.48
Q1 2021 90.41 (6.3 %) 40.86 (15.1 %) 31.04 (19.4 %) 0.56
Q2 2021 63.90 2.1 % 27.95 (8.1 %) 18.41 (12.2 %) 0.33
Q3 2021 56.96 (35.0 %) 22.40 (46.2 %) 12.47 (60.9 %) 0.23
Q4 2021 67.58 (22.1 %) 27.93 (26.2 %) 19.51 (25.7 %) 0.35
Q1 2022 65.60 (27.4 %) 23.80 (41.7 %) 14.51 (53.3 %) 0.26
Q2 2022 59.48 (6.9 %) 17.86 (36.1 %) 8.68 (52.9 %) 0.16
Q3 2022 54.22 (4.8 %) 15.32 (31.6 %) 6.12 (50.9 %) 0.11
Q4 2022 41.92 (38.0 %) 13.84 (50.4 %) (6.31) (132.4 %) (0.11)
Q1 2023 47.16 (28.1 %) 15.25 (35.9 %) 6.78 (53.3 %) 0.12
Q2 2023 37.83 (36.4 %) 10.99 (38.5 %) 1.83 (79.0 %) 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 30.71 % 49.85 % 13.41 %
Q2 2023 30.59 % 52.20 % 11.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 55.00 0.28 0.49 13.98
Q2 2023 55.00 0.15 0.37 14.01

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 57.95 32.53 1.15
Q2 2023 More than 100 52.14 1.38

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 2.00 1.83 (8.8 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
OSOOL AND BAKHEET 2.00 1.83 (8.8) %


Financial Ratios
Current
Market Cap (M Riyal) 895.40
Enterprise Value (EV) (M) 1,152.41
Shares Outstanding ((M)) 55.00
EPS ( Riyal) (TTM) 0.21
Book Value (BV) ( Riyal) 14.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.15
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 1.5
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Share Price

Umm Al-Qura Cement Co.
16.28
(0.14) (0.85 %)

Umm Al-Qura Cement Co. (UACC)

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