Riyadh Cement profit edges down to SAR 188.8M in 2023
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Riyadh Cement Co. posted a marginal decrease of 0.6% in net profit to SAR 188.8 million for 2023, from SAR 189.8 million a year earlier, despite higher revenues on increased sales volumes.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 598.01 | 643.38 | 7.6 % |
| Gross Income | 231.55 | 236.90 | 2.3 % |
| Operating Income | 200.75 | 200.60 | (0.1 %) |
| Net Income | 189.84 | 188.77 | (0.6 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 1.58 | 1.57 | (0.6 %) |
The annual earnings were hurt by higher general and administrative expenses, as well as Zakat charges.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|
Shareholders’ equity, no minority interest, stood at SAR 1.679 billion as of Dec. 31, 2023, up from SAR 1.675 billion in the year-earlier period.
|
Riyadh Cement’s Interim Financials |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2019 |
266.90 |
72.13 |
0.60 |
|
H2 2019 |
327.10 |
117.92 |
0.98 |
|
H1 2020 |
298.88 |
121.33 |
1.01 |
|
H2 2020 |
291.41 |
98.62 |
0.82 |
|
H1 2021 |
401.44 |
160.39 |
1.34 |
|
H2 2021 |
269.63 |
53.34 |
0.44 |
|
H1 2022 |
258.61 |
82.68 |
0.69 |
|
H2 2022 |
339.40 |
107.16 |
0.89 |
|
H1 2023 |
344.75 |
126.65 |
1.06 |
|
H2 2023 |
298.63 |
62.12 |
0.52 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 190.01 | - | 86.50 | - | 76.52 | - |
| Q2 2023 | 154.74 | - | 65.42 | - | 57.03 | - |
| Q3 2023 | 127.15 | - | 29.83 | - | 20.28 | - |
| Q4 2023 | 171.48 | - | 55.14 | - | 46.76 | - |
| 2023 | 643.38 | 7.6 % | 236.90 | 2.3 % | 200.60 | (0.1 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 73.36 | - | 0.61 | - | 73.36 | 0.61 |
| Q2 2023 | 53.29 | - | 0.44 | - | 53.29 | 0.44 |
| Q3 2023 | 18.71 | - | 0.16 | - | 18.71 | 0.16 |
| Q4 2023 | 43.42 | - | 0.36 | - | 43.42 | 0.36 |
| 2023 | 188.77 | (0.6 %) | 1.57 | - | 188.77 | 1.57 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | 36.82 % | 51.67 % | 29.34 % |
| 2023 | 36.82 % | 47.81 % | 29.34 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 120.00 | - | - | 14.57 |
| Q2 2023 | 120.00 | - | - | 14.27 |
| Q3 2023 | 120.00 | - | - | 13.62 |
| Q4 2023 | 120.00 | 1.57 | 1.57 | 14.00 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | 2.20 |
| Q2 2023 | - | - | 2.47 |
| Q3 2023 | - | - | 2.33 |
| Q4 2023 | 21.74 | 21.74 | 2.44 |
Business Segments (Million)
Q4 2023
| Period | Grey Cement | White Cement |
|---|---|---|
| Q1 2023 | 152.47 | 37.54 |
| Q2 2023 | 120.14 | 34.60 |
| Q3 2023 | 88.73 | 38.42 |
| Q4 2023 | 121.59 | 49.89 |
| Current | |
| Market Cap (M Riyal) | 3,888.00 |
| Enterprise Value (EV) (M) | 3,753.31 |
| Shares Outstanding ((M)) | 120.00 |
| EPS ( Riyal) (TTM) | 2.27 |
| Book Value (BV) ( Riyal) | 14.16 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 15.71 |
| P/E (TTM) | 14.27 |
| Price/book | 2.29 |
| Return on Average Assets (%) (TTM) | - |
| Return on Average Equity (%) (TTM) | 16.4 |
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