Umm Al-Qura Cement 9M 2024 profit rises to SAR 40.1M; Q3 at SAR 10M

Umm Al-Qura Cement 9M 2024 profit rises to SAR 40.1M; Q3 at SAR 10M

31/10/2024 Argaam Exclusive

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Umm Al-Qura Cement Co.'s net profit surged to SAR 40.1 million for the first nine months of 2024, from SAR 10.1 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 118.51 193.04 62.9 %
Gross Income 28.73 67.14 133.7 %
Operating Income 16.13 54.39 237.1 %
Net Income 10.05 40.05 298.5 %
Average Shares 55.00 55.00 -
EPS (Riyals) 0.18 0.73 298.5 %

The nine-month profit rise was spurred by improved revenue on higher sales volumes and value. The cement producer also cited better average selling prices and a return to normal cement production volumes.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 33.52 61.84 84.5 %
Gross Income 2.49 18.38 638.1 %
Operating Income (2.70) 14.27 628.7 %
Net Income 1.45 10.00 591.3 %
Average Shares 55.00 55.00 -
EPS (Riyals) 0.03 0.18 591.3 %

The third-quarter net profit saw a spike to SAR 10 million, from SAR 1.4 million in Q3 2023, thanks to higher revenue and average selling prices.

 

The net earnings, however, dropped by 35.8% from SAR 15.5 million in Q2 2024, as the topline declined on a quarterly basis on lower sales value and average selling price per ton.

 

Total shareholders’ equity, no minority interest, reached SAR 806.20 million by the end of September 2024, up from SAR 772.21 million in the year-earlier period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2023 47.16 (28.1 %) 15.25 (35.9 %) 11.63 (43.1 %)
Q2 2023 37.83 (36.4 %) 10.99 (38.5 %) 7.20 (48.0 %)
Q3 2023 33.52 (38.2 %) 2.49 (83.7 %) (2.70) (123.6 %)
Q4 2023 50.44 20.3 % 4.16 (70.0 %) (1.01) (109.6 %)
Q1 2024 64.68 37.2 % 23.63 55.0 % 19.51 67.7 %
Q2 2024 66.52 75.8 % 25.13 128.6 % 20.61 186.1 %
Q3 2024 61.84 84.5 % 18.38 638.1 % 14.27 628.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2023 6.78 (53.3 %) 0.12 - 6.78 0.12
Q2 2023 1.82 (79.0 %) 0.03 - 1.82 0.03
Q3 2023 1.45 (76.4 %) 0.03 8.76 (7.32) (0.13)
Q4 2023 (6.10) 3.4 % (0.11) - (6.10) (0.11)
Q1 2024 14.47 113.5 % 0.26 - 14.47 0.26
Q2 2024 15.58 753.9 % 0.28 - 15.58 0.28
Q3 2024 10.00 591.3 % 0.18 - 10.00 0.18

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 %
Q2 2024 25.75 % 41.32 % 7.73 %
Q3 2024 29.28 % 43.51 % 13.94 %


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
Q2 2024 55.00 0.46 0.30 14.48
Q3 2024 55.00 0.62 0.62 14.66

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
Q2 2024 36.25 55.34 1.16
Q3 2024 28.45 28.45 1.20

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 13.47 10.00 (25.7 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
OSOOL AND BAKHEET 9.03 10.00 10.7 %
Sico 17.90 10.00 (44.1) %


Financial Ratios
Current
Market Cap (M Riyal) 983.40
Enterprise Value (EV) (M) 1,239.90
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) 28.96
P/E (TTM) 28.96
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.
17.88
0.18 1.02 %

Umm Al-Qura Cement Co. (UACC)

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