Riyadh Cement’s net profit down 4% to SAR 211.7 mln in 2021

29/03/2022 Argaam Exclusive

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Riyadh Cement Co. reported a net profit after Zakat and tax of SAR 211.7 million in 2021, a 4% decline from SAR 220 million a year earlier.

The profit decline was attributed to higher general and administrative expenses and increased Zakat expenses in 2021, compared to the previous year, despite increase of sales value.

Financials (M)

Item	2020	2021	Change‬
Revenues	590.29	671.07	13.7 %
Gross Income	254.10	266.55	4.9 %
Operating Income	226.89	229.14	1.0 %
Net Income	219.95	213.73	(2.8 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.83	1.78	(2.8 %)

Shareholders’ equity, after minority interest, edged down 1.5% to SAR 1.671 billion in 2021, from SAR 1.696 billion in 2020.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2012	-	-	-	-	-	-
H2 2012	-	-	-	-	-	-
2012	1,000.68	14.4 %	532.87	29.6 %	497.19	32.3 %
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	899.96	(10.1 %)	518.00	(2.8 %)	491.50	(1.1 %)
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	943.85	4.9 %	495.66	(4.3 %)	461.05	(6.2 %)
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	874.58	(7.3 %)	443.24	(10.6 %)	408.91	(11.3 %)
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	801.36	(8.4 %)	341.13	(23.0 %)	310.82	(24.0 %)
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	554.39	(30.8 %)	217.52	(36.2 %)	186.52	(40.0 %)
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	393.68	(29.0 %)	100.18	(53.9 %)	80.48	(56.9 %)
H1 2019	125.08	-	44.45	-	37.72	-
H2 2019	-	-	-	-	-	-
2019	594.00	50.9 %	229.88	129.5 %	206.12	156.1 %
H1 2020	101.97	(18.5 %)	42.58	(4.2 %)	37.32	(1.1 %)
H2 2020	-	-	-	-	-	-
2020	590.29	(0.6 %)	254.10	10.5 %	226.89	10.1 %
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	671.07	13.7 %	266.55	4.9 %	229.14	1.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	1,000.68	14.4 %	532.87	29.6 %	497.19	32.3 %
2013	899.96	(10.1 %)	518.00	(2.8 %)	491.50	(1.1 %)
2014	943.85	4.9 %	495.66	(4.3 %)	461.05	(6.2 %)
2015	874.58	(7.3 %)	443.24	(10.6 %)	408.91	(11.3 %)
2016	801.36	(8.4 %)	341.13	(23.0 %)	310.82	(24.0 %)
2017	554.39	(30.8 %)	217.52	(36.2 %)	186.52	(40.0 %)
2018	393.68	(29.0 %)	100.18	(53.9 %)	80.48	(56.9 %)
2019	594.00	50.9 %	229.88	129.5 %	206.12	156.1 %
2020	590.29	(0.6 %)	254.10	10.5 %	226.89	10.1 %
2021	671.07	13.7 %	266.55	4.9 %	229.14	1.0 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2012	-	-	-	-	-	-
H2 2012	-	-	-	-	-	-
2012	460.83	28.1 %	3.84	-	460.83	3.84
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	445.32	(3.4 %)	3.71	-	445.32	3.71
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	425.78	(4.4 %)	3.55	-	425.78	3.55
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	387.83	(8.9 %)	3.23	-	387.83	3.23
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	291.14	(24.9 %)	2.43	-	291.14	2.43
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	167.82	(42.4 %)	1.40	-	167.82	1.40
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	66.18	(60.6 %)	0.55	-	66.18	0.55
H1 2019	35.76	-	0.30	-	35.76	0.30
H2 2019	-	-	-	-	-	-
2019	190.04	187.2 %	1.58	-	190.04	1.58
H1 2020	35.16	(1.7 %)	0.29	-	35.16	0.29
H2 2020	-	-	-	-	-	-
2020	219.95	15.7 %	1.83	-	219.95	1.83
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	213.73	(2.8 %)	1.78	1.75	211.98	1.77

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	460.83	28.1 %	3.84	-	460.83	3.84
2013	445.32	(3.4 %)	3.71	-	445.32	3.71
2014	425.78	(4.4 %)	3.55	-	425.78	3.55
2015	387.83	(8.9 %)	3.23	-	387.83	3.23
2016	291.14	(24.9 %)	2.43	-	291.14	2.43
2017	167.82	(42.4 %)	1.40	-	167.82	1.40
2018	66.18	(60.6 %)	0.55	-	66.18	0.55
2019	190.04	187.2 %	1.58	-	190.04	1.58
2020	219.95	15.7 %	1.83	-	219.95	1.83
2021	213.73	(2.8 %)	1.78	1.75	211.98	1.77

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2012	-	-	-
H2 2012	-	-	-
2012	53.25 %	60.60 %	46.05 %
H1 2013	-	-	-
H2 2013	-	-	-
2013	57.56 %	67.11 %	49.48 %
H1 2014	-	-	-
H2 2014	-	-	-
2014	52.52 %	61.47 %	45.11 %
H1 2015	-	-	-
H2 2015	-	-	-
2015	50.68 %	60.39 %	44.34 %
H1 2016	-	-	-
H2 2016	-	-	-
2016	42.57 %	54.38 %	36.33 %
H1 2017	-	-	-
H2 2017	-	-	-
2017	39.24 %	47.94 %	30.27 %
H1 2018	-	-	-
H2 2018	-	-	-
2018	25.45 %	41.08 %	16.81 %
H1 2019	-	-	-
H2 2019	-	-	-
2019	38.70 %	49.72 %	31.99 %
H1 2020	-	-	-
H2 2020	-	-	-
2020	43.05 %	55.76 %	37.26 %
H1 2021	-	-	-
H2 2021	-	-	-
2021	39.72 %	48.12 %	31.59 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	53.25 %	60.60 %	46.05 %
2013	57.56 %	67.11 %	49.48 %
2014	52.52 %	61.47 %	45.11 %
2015	50.68 %	60.39 %	44.34 %
2016	42.57 %	54.38 %	36.33 %
2017	39.24 %	47.94 %	30.27 %
2018	25.45 %	41.08 %	16.81 %
2019	38.70 %	49.72 %	31.99 %
2020	43.05 %	55.76 %	37.26 %
2021	39.72 %	48.12 %	31.59 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2012	-	-	-
H2 2012	-	-	-
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	35.54 %	-	28.59 %
H2 2019	-	-	-
H1 2020	41.76 %	-	34.48 %
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2012	-	-	-	-
H2 2012	-	-	-	-
H1 2013	-	-	-	-
H2 2013	-	-	-	-
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	120.00	-	-	14.02
H2 2019	-	-	-	-
H1 2020	120.00	-	-	14.26
H2 2020	-	-	-	-
H1 2021	-	-	-	-
H2 2021	-	-	-	-

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	120.00	3.84	3.84	14.49
2013	120.00	3.71	3.71	14.69
2014	120.00	3.55	3.55	14.73
2015	120.00	3.23	3.23	14.45
2016	120.00	2.43	2.43	14.11
2017	120.00	1.40	1.40	13.86
2018	120.00	0.55	0.55	13.92
2019	120.00	1.58	1.58	14.52
2020	120.00	1.83	1.83	14.14
2021	120.00	1.78	1.77	13.85

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2012	-	-	-
H2 2012	-	-	-
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	17.02	17.02	2.21
2021	18.53	18.68	2.38

Business Segments (Million)

Compared With The

Period	Grey Cement	White Cement

Period	Grey Cement	White Cement
2014	755.02	188.83
2015	689.12	185.46
2016	661.42	139.94
2017	439.28	115.11
2018	275.75	117.93
2019	482.66	111.34
2020	470.73	119.56
2021	547.49	123.57

Financial Ratios

	Current
Market Cap (M Riyal)	3,888.00
Enterprise Value (EV) (M)	3,786.07
Shares Outstanding ((M))	120.00
Book Value (BV) ( Riyal)	14.00
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.60
Price/book	2.31

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Riyadh Cement’s net profit down 4% to SAR 211.7 mln in 2021

View other reports

Financials (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) 2021

Revenue by Business Segment (Latest) 2021 Q4

Financial Ratios

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Business Segments (Million)