Riyadh Cement profit rises 6% to SAR 134.5M in H1 2024; Q2 at SAR 64.4M

07/08/2024 Argaam Exclusive

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Riyadh Cement Co. posted a 6% increase in H1 2024 net profit to SAR 134.5 million from SAR 126.7 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	344.75	352.55	2.3 %
Gross Income	151.92	156.09	2.7 %
Operating Income	133.55	137.11	2.7 %
Net Income	126.65	134.53	6.2 %
Average Shares	120.00	120.00	-
EPS (Riyals)	1.06	1.12	6.2 %

The profit growth in the six-month period was driven by higher sales on a rise in selling prices despite lower sales volume. In addition, the company posted an increase in sales and other revenues, despite higher Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	154.74	163.65	5.8 %
Gross Income	65.42	79.34	21.3 %
Operating Income	57.03	69.22	21.4 %
Net Income	53.29	64.42	20.9 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.44	0.54	20.9 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	188.89	163.65	(13.4 %)
Gross Income	76.76	79.34	3.4 %
Operating Income	67.89	69.22	2.0 %
Net Income	70.10	64.42	(8.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.58	0.54	(8.1 %)

The company's Q2 2024 net earnings leapt 21% to SAR 64.4 million, compared with SAR 53.24 million a year earlier, driven by higher sales prices despite lower sales volume.

On a quarter-on-quarter basis, Q2 net earnings fell 8.1% from SAR 70.10 million in Q1 2024.

Shareholders’ equity, no minority interest, rose to SAR 1.72 billion as of June 30, 2024, from SAR 1.71 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	874.58	(7.3 %)	443.24	(10.6 %)	408.91	(11.3 %)
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	801.36	(8.4 %)	341.13	(23.0 %)	310.82	(24.0 %)
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	554.39	(30.8 %)	217.52	(36.2 %)	186.52	(40.0 %)
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	393.68	(29.0 %)	100.18	(53.9 %)	80.48	(56.9 %)
Q1 2019	141.82	-	44.12	-	39.16	-
Q2 2019	125.08	-	44.45	-	37.72	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	594.00	50.9 %	229.88	129.5 %	206.12	156.1 %
Q1 2020	196.91	38.8 %	92.47	109.6 %	87.47	123.4 %
Q2 2020	101.97	(18.5 %)	42.58	(4.2 %)	37.32	(1.1 %)
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	590.29	(0.6 %)	254.10	10.5 %	226.89	10.1 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	671.07	13.7 %	266.55	4.9 %	229.14	1.0 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	598.01	(10.9 %)	231.55	(13.1 %)	200.75	(12.4 %)
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 %)
Q1 2024	188.89	(0.6 %)	76.76	(11.3 %)	67.89	(11.3 %)
Q2 2024	163.65	5.8 %	79.34	21.3 %	69.22	21.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2022	598.01	(10.9 %)	231.55	(13.1 %)	200.75	(12.4 %)
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 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	387.83	(8.9 %)	3.23	-	387.83	3.23
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	291.14	(24.9 %)	2.43	-	291.14	2.43
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	167.82	(42.4 %)	1.40	-	167.82	1.40
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	66.18	(60.6 %)	0.55	-	66.18	0.55
Q1 2019	36.36	-	0.30	-	36.36	0.30
Q2 2019	35.76	-	0.30	-	35.76	0.30
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	190.04	187.2 %	1.58	-	190.04	1.58
Q1 2020	86.17	137.0 %	0.72	-	86.17	0.72
Q2 2020	35.16	(1.7 %)	0.29	-	35.16	0.29
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	219.95	15.7 %	1.83	-	219.95	1.83
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	213.73	(2.8 %)	1.78	1.75	211.98	1.77
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	189.84	(11.2 %)	1.58	-	189.84	1.58
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
Q1 2024	70.10	(4.4 %)	0.58	-	70.10	0.58
Q2 2024	64.42	20.9 %	0.54	-	64.42	0.54

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	189.84	(11.2 %)	1.58	-	189.84	1.58
2023	188.77	(0.6 %)	1.57	-	188.77	1.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	-	-	-
Q3 2023	-	-	-
Q4 2023	36.82 %	51.67 %	29.34 %
2023	36.82 %	47.81 %	29.34 %
Q1 2024	35.37 %	50.81 %	28.89 %
Q2 2024	37.02 %	48.48 %	30.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	36.82 %	47.81 %	29.34 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	23.46 %	35.90 %	14.71 %
Q4 2023	32.16 %	46.24 %	25.32 %
Q1 2024	40.63 %	50.42 %	37.11 %
Q2 2024	48.48 %	58.35 %	39.37 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2023	120.00	-	-	13.62
Q4 2023	120.00	1.57	1.57	14.00
Q1 2024	120.00	1.55	1.55	14.58
Q2 2024	120.00	1.64	1.64	14.37

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	120.00	1.57	1.57	14.00

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2023	-	-	2.33
Q4 2023	21.74	21.74	2.44
Q1 2024	18.43	18.43	1.95
Q2 2024	15.50	15.50	1.77

Period	P/E	Adjusted P/E	Price/book
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
2023	21.74	21.74	2.44

Business Segments (Million)

Compared With The

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
Q1 2024	149.62	39.27
Q2 2024	132.48	31.17

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
2023	482.93	160.45

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	68.70	64.42	(6.2 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
AlJazira Capital	61.00	64.42	5.6 %
Al Rajhi Capital	61.00	64.42	5.6 %
United Securities Company	59.00	64.42	9.2 %
Riyad Capital	75.00	64.42	(14.1) %
SNB Capital	87.50	64.42	(26.4) %

Financial Ratios

	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

Riyadh Cement Co. (RIYADH CEMENT)

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Riyadh Cement profit rises 6% to SAR 134.5M in H1 2024; Q2 at SAR 64.4M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Riyadh Cement Co. (RIYADH CEMENT)

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Riyadh Cement profit rises 6% to SAR 134.5M in H1 2024; Q2 at SAR 64.4M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Riyadh Cement Co. (RIYADH CEMENT)

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Business Segments (Million)