Riyadh Cement H1 2023 profit up 53% to SAR 126.7 mln

24/08/2023 Argaam Exclusive

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Riyadh Cement Co. (RCC) posted a 53% rise in H1 2023 net profit to SAR 126.7 million from SAR 82.7 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	258.61	344.75	33.3 %
Gross Income	103.31	151.92	47.1 %
Operating Income	88.09	133.56	51.6 %
Net Income	82.68	126.65	53.2 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.69	1.06	53.2 %

The profit growth was driven by higher sales, despite the increase in general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬

Item	Q1 2023	Q2 2023	Change‬
Revenues	190.01	154.74	(18.6 %)
Gross Income	86.50	65.42	(24.4 %)
Operating Income	76.52	57.03	(25.5 %)
Net Income	73.36	53.29	(27.4 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.61	0.44	(27.4 %)

Total shareholders’ equity, no minority interest, reached SAR 1.71 billion as of June 30, 2023, up from SAR 1.65 billion a year earlier.

Historical Data
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	104.77	0.87
H1 2023	344.75	126.65	1.06

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	943.85	4.9 %	495.66	(4.3 %)	425.78	(4.4 %)	3.55
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	874.58	(7.3 %)	443.24	(10.6 %)	387.83	(8.9 %)	3.23
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	801.36	(8.4 %)	341.13	(23.0 %)	291.14	(24.9 %)	2.43
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	554.39	(30.8 %)	217.52	(36.2 %)	167.82	(42.4 %)	1.40
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-	-
2018	393.68	(29.0 %)	100.18	(53.9 %)	66.18	(60.6 %)	0.55
Q1 2019	141.82	-	44.12	-	36.36	-	0.30
Q2 2019	125.08	-	44.45	-	35.76	-	0.30
Q3 2019	-	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-	-
2019	594.00	50.9 %	229.88	129.5 %	190.04	187.2 %	1.58
Q1 2020	196.91	38.8 %	92.47	109.6 %	86.17	137.0 %	0.72
Q2 2020	101.97	(18.5 %)	42.58	(4.2 %)	35.16	(1.7 %)	0.29
Q3 2020	-	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-	-
2020	590.29	(0.6 %)	254.10	10.5 %	219.95	15.7 %	1.83
Q1 2021	-	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-	-
2021	671.07	13.7 %	266.55	4.9 %	213.73	(2.8 %)	1.78
Q1 2022	-	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-	-
2022	598.01	(10.9 %)	231.55	(13.1 %)	189.84	(11.2 %)	1.58
Q1 2023	190.01	-	86.50	-	73.36	-	0.61
Q2 2023	154.74	-	65.42	-	53.29	-	0.44

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	899.96	(10.1 %)	518.00	(2.8 %)	445.32	(3.4 %)	3.71
2014	943.85	4.9 %	495.66	(4.3 %)	425.78	(4.4 %)	3.55
2015	874.58	(7.3 %)	443.24	(10.6 %)	387.83	(8.9 %)	3.23
2016	801.36	(8.4 %)	341.13	(23.0 %)	291.14	(24.9 %)	2.43
2017	554.39	(30.8 %)	217.52	(36.2 %)	167.82	(42.4 %)	1.40
2018	393.68	(29.0 %)	100.18	(53.9 %)	66.18	(60.6 %)	0.55
2019	594.00	50.9 %	229.88	129.5 %	190.04	187.2 %	1.58
2020	590.29	(0.6 %)	254.10	10.5 %	219.95	15.7 %	1.83
2021	671.07	13.7 %	266.55	4.9 %	213.73	(2.8 %)	1.78
2022	598.01	(10.9 %)	231.55	(13.1 %)	189.84	(11.2 %)	1.58

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	52.52 %	61.47 %	45.11 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	50.68 %	60.39 %	44.34 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	42.57 %	54.38 %	36.33 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	39.24 %	47.94 %	30.27 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	25.45 %	41.08 %	16.81 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	38.70 %	49.72 %	31.99 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	43.05 %	55.76 %	37.26 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	39.72 %	48.12 %	31.59 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	38.72 %	49.83 %	31.75 %
Q1 2023	-	-	-
Q2 2023	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	38.72 %	49.83 %	31.75 %

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	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	31.11 %	-	25.64 %
Q2 2019	35.54 %	-	28.59 %
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	46.96 %	-	43.76 %
Q2 2020	41.76 %	-	34.48 %
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	45.52 %	53.35 %	38.61 %
Q2 2023	42.28 %	68.60 %	34.44 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	120.00	-	-	-
Q2 2019	120.00	-	-	14.02
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	120.00	-	-	-
Q2 2020	120.00	-	-	14.26
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	-	-	-	-
Q4 2022	-	-	-	-
Q1 2023	120.00	-	-	14.57
Q2 2023	120.00	-	-	14.27

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	120.00	1.58	1.58	13.96

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	2.20
Q2 2023	-	-	2.47

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	17.02	17.02	2.21
2021	18.53	18.68	2.38
2022	20.10	20.10	2.28

Business Segments (Million)

Compared With The

Period	Grey Cement	White Cement
Q1 2023	152.47	37.54
Q2 2023	120.14	34.60

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
2022	463.82	134.18

Financial Ratios

	Current
Market Cap (M Riyal)	3,060.00
Enterprise Value (EV) (M)	2,958.07
Shares Outstanding ((M))	120.00
Book Value (BV) ( Riyal)	14.00
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	16.21
Price/book	1.82

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Riyadh Cement H1 2023 profit up 53% to SAR 126.7 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

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Business Segments (Million)