Umm Al-Qura Cement Q1 2024 profit up to SAR 14.5M

Umm Al-Qura Cement Q1 2024 profit up to SAR 14.5M

28/04/2024 Argaam Exclusive

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Umm Al-Qura Cement Co. reported a net profit of SAR 14.5 million for the three months ended March 31, 2024, an increase of more than twin-fold year-on-year (YoY) from SAR 6.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 47.16 64.68 37.2 %
Gross Income 15.25 23.63 55.0 %
Operating Income 11.63 19.51 67.7 %
Net Income 6.78 14.47 113.5 %
Average Shares 55.00 55.00 -
EPS (Riyals) 0.12 0.26 113.5 %

This was driven by higher sales volumes and value, as well as lower selling and distribution expenses and financing costs, with production returning to normal levels.

 

On a quarterly basis, the cement producer swung to a net profit of SAR 14.47 million from SAR 6.10 million in losses in Q4 2023, due to higher sales value, increased other revenue, and a slump in sales, distribution, and general and administrative expenses.

 

Total shareholders’ equity, after minority interest, reached SAR 780.54 million by March 31, 2024, compared to SAR 768.91 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q3 2023 33.52 (38.2 %) 2.49 (83.7 %) 1.45 (76.4 %) 0.03
Q4 2023 50.44 20.3 % 4.16 (70.0 %) (6.10) 3.4 % (0.11)
Q1 2024 64.68 37.2 % 23.63 55.0 % 14.47 113.5 % 0.26

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2023 26.54 % 50.01 % 4.30 %
Q4 2023 19.47 % 40.49 % (2.85 %)
Q1 2024 22.13 % 40.72 % 1.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 55.00 0.07 0.13 14.04
Q4 2023 55.00 0.07 (0.09) 13.93
Q1 2024 55.00 0.21 0.05 14.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 More than 100 More than 100 1.18
Q4 2023 More than 100 NEG 1.22
Q1 2024 69.92 More than 100 1.04

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 16.18 14.47 (10.6 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Sico 23.00 14.47 (37.1) %
OSOOL AND BAKHEET 9.36 14.47 54.6 %


Financial Ratios
Current
Market Cap (M Riyal) 896.50
Enterprise Value (EV) (M) 1,153.51
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.
16.30
(0.12) (0.73 %)

Umm Al-Qura Cement Co. (UACC)

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