Riyadh Cement 9M 2024 net profit grows to SAR 229.1M, SAR 94.6M in Q3
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Riyadh Cement Co. posted SAR 229.1 million in net profit for the first nine months of 2024, a rise of 58% from SAR 145.4 million in 9M 2023.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 471.90 | 555.55 | 17.7 % |
| Gross Income | 181.76 | 240.01 | 32.0 % |
| Operating Income | 153.83 | 210.32 | 36.7 % |
| Net Income | 145.36 | 229.11 | 57.6 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 1.21 | 1.91 | 57.6 % |
The year-on-year (YoY) profit hike was spurred by an increase in selling prices and sales value for the nine-month period, as well as a rise in other revenues.
In Q3 2024, the cement producer saw a more than five-fold leap to SAR 94.6 million, from SAR 18.71 million a year ago, thanks to improved sales volumes and selling prices. This came despite the increased Zakat expenses.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 127.15 | 203.01 | 59.7 % |
| Gross Income | 29.83 | 83.91 | 181.3 % |
| Operating Income | 20.28 | 73.20 | 261.0 % |
| Net Income | 18.71 | 94.58 | 405.5 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.16 | 0.79 | 405.5 % |
Sequentially, the bottom line surged by 46.8% from SAR 64.42 million in Q2 2024.
Shareholders’ equity (no minority interest) amounted to SAR 1.69 billion by the end of September 2024, soaring from SAR 1.63 billion in prior-year period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| Q3 2024 | 203.01 | 59.7 % | 83.91 | 181.3 % | 73.20 | 261.0 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 70.10 | (4.4 %) | 0.58 | - | 70.10 | 0.58 |
| Q2 2024 | 64.42 | 20.9 % | 0.54 | - | 64.42 | 0.54 |
| Q3 2024 | 94.58 | 405.5 % | 0.79 | 25.05 | 69.53 | 0.58 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 35.37 % | 50.81 % | 28.89 % |
| Q2 2024 | 37.02 % | 48.48 % | 30.20 % |
| Q3 2024 | 40.60 % | 50.81 % | 34.04 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 120.00 | 1.55 | 1.55 | 14.58 |
| Q2 2024 | 120.00 | 1.64 | 1.64 | 14.37 |
| Q3 2024 | 120.00 | 2.27 | 2.06 | 14.16 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 18.43 | 18.43 | 1.95 |
| Q2 2024 | 15.50 | 15.50 | 1.77 |
| Q3 2024 | 11.84 | 13.04 | 1.90 |
Business Segments (Million)
Q3 2024
| Period | Grey Cement | White Cement |
|---|---|---|
| Q1 2024 | 149.62 | 39.27 |
| Q2 2024 | 132.48 | 31.17 |
| Q3 2024 | 158.66 | 44.34 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 81.42 | 94.58 | 16.16 % |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 91.00 | 94.58 | 3.9 % |
| AlJazira Capital | 87.30 | 94.58 | 8.3 % |
| Riyad Capital | 83.00 | 94.58 | 14.0 % |
| SNB Capital | 81.80 | 94.58 | 15.6 % |
| United Securities Company | 64.00 | 94.58 | 47.8 % |
| 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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