Arabian Cement’s 2023 profit down 23% to SAR 139.6M; Q4 at SAR 32.8M

Arabian Cement’s 2023 profit down 23% to SAR 139.6M; Q4 at SAR 32.8M

10/03/2024 Argaam Exclusive

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Arabian Cement Co. reported a 23% fall in net profit to SAR 139.6 million in 2023, compared to SAR 181 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 970.95 875.76 (9.8 %)
Gross Income 274.63 207.07 (24.6 %)
Operating Income 193.45 135.41 (30.0 %)
Net Income 181.01 139.63 (22.9 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 1.81 1.40 (22.9 %)

The profit decline was attributed to a lower average selling price, despite the increase in sales volume for the local market and the decrease in marketing expenses.

 

The fourth-quarter net profit retreated 7% to SAR 32.8 million from SAR 35.12 million in the prior-year period.

 

Compared to Q3 2023, net profit grew by 10.3% from SAR 29.69 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 240.11 225.17 (6.2 %)
Gross Income 55.80 40.66 (27.1 %)
Operating Income 39.67 23.42 (41.0 %)
Net Income 35.12 32.78 (6.7 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.35 0.33 (6.7 %)

Total shareholders’ equity, after minority interest, declined to SAR 2.57 billion as of Dec. 31, 2023, from SAR 2.63 billion in the earlier-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 422.47 19.9 % 177.44 4.9 % 167.14 6.3 % 1.67
Q2 2014 480.55 28.7 % 227.74 57.3 % 199.80 60.3 % 2.00
Q3 2014 386.34 33.0 % 154.24 62.0 % 133.94 695.0 % 1.34
Q4 2014 430.23 23.3 % 171.18 28.5 % 144.55 235.5 % 1.45
Q1 2015 453.00 7.2 % 234.15 32.0 % 195.27 16.8 % 1.95
Q2 2015 446.57 (7.1 %) 189.93 (16.6 %) 161.94 (18.9 %) 1.62
Q3 2015 328.00 (15.1 %) 108.56 (29.6 %) 89.48 (33.2 %) 0.89
Q4 2015 414.99 (3.5 %) 190.94 11.5 % 153.46 6.2 % 1.53
Q1 2016 404.58 (10.7 %) 222.27 (5.1 %) 225.59 15.5 % 2.26
Q2 2016 363.32 (18.6 %) 162.81 (14.3 %) 141.00 (12.9 %) 1.41
Q3 2016 248.89 (24.1 %) 100.83 (7.1 %) 97.17 8.6 % 0.97
Q4 2016 240.11 (42.1 %) 65.66 (65.6 %) 24.05 (84.3 %) 0.24
Q1 2017 272.11 (32.7 %) 113.88 (48.8 %) 100.66 (55.4 %) 1.01
Q2 2017 222.37 (38.8 %) 53.01 (67.4 %) 35.52 (74.8 %) 0.36
Q3 2017 163.04 (34.5 %) 55.39 (45.1 %) 29.51 (69.6 %) 0.30
Q4 2017 248.23 3.4 % 127.19 93.7 % 97.04 303.5 % 0.97
Q1 2018 199.75 (26.6 %) 12.81 (88.8 %) (6.10) (106.1 %) (0.06)
Q2 2018 107.81 (51.5 %) (35.64) (167.2 %) (50.89) (243.3 %) (0.51)
Q3 2018 117.86 (27.7 %) 42.68 (22.9 %) 14.42 (51.1 %) 0.14
Q4 2018 175.30 (29.4 %) 17.99 (85.9 %) 16.31 (83.2 %) 0.16
Q1 2019 189.13 (5.3 %) 61.70 381.7 % 37.15 708.9 % 0.37
Q2 2019 164.65 52.7 % 64.39 280.6 % 37.34 173.4 % 0.37
Q3 2019 193.47 64.1 % 93.50 119.1 % 60.60 320.4 % 0.61
Q4 2019 234.72 33.9 % 96.13 434.3 % 73.63 351.5 % 0.74
Q1 2020 204.60 8.2 % 71.98 16.7 % 45.11 21.4 % 0.45
Q2 2020 139.56 (15.2 %) 30.95 (51.9 %) 7.61 (79.6 %) 0.08
Q3 2020 236.96 22.5 % 102.65 9.8 % 78.90 30.2 % 0.79
Q4 2020 290.80 23.9 % 96.95 0.9 % 53.33 (27.6 %) 0.53
Q1 2021 321.50 57.1 % 104.13 44.7 % 66.96 48.4 % 0.67
Q2 2021 232.98 66.9 % 62.97 103.5 % 33.52 340.8 % 0.34
Q3 2021 222.92 (5.9 %) 67.76 (34.0 %) 37.73 (52.2 %) 0.38
Q4 2021 255.80 (12.0 %) 74.08 (23.6 %) 23.31 (56.3 %) 0.23
Q1 2022 259.26 (19.4 %) 69.12 (33.6 %) 41.90 (37.4 %) 0.42
Q2 2022 231.01 (0.8 %) 67.93 7.9 % 45.03 34.3 % 0.45
Q3 2022 240.57 7.9 % 81.78 20.7 % 58.95 56.3 % 0.59
Q4 2022 240.11 (6.1 %) 55.80 (24.7 %) 35.12 50.7 % 0.35
Q1 2023 240.09 (7.4 %) 66.73 (3.4 %) 49.18 17.4 % 0.49
Q2 2023 196.79 (14.8 %) 46.82 (31.1 %) 27.98 (37.9 %) 0.28
Q3 2023 213.71 (11.2 %) 52.86 (35.4 %) 29.69 (49.6 %) 0.30
Q4 2023 225.17 (6.2 %) 40.66 (27.1 %) 32.78 (6.7 %) 0.33
2023 875.76 (9.8 %) 207.07 (24.6 %) 139.63 (22.9 %) 1.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 38.36 % 47.67 % 35.39 %
Q2 2014 41.08 % 49.41 % 36.86 %
Q3 2014 42.28 % 49.87 % 37.01 %
Q4 2014 42.49 % 49.49 % 37.53 %
Q1 2015 44.99 % 51.54 % 39.34 %
Q2 2015 43.67 % 50.08 % 37.92 %
Q3 2015 42.46 % 49.00 % 36.57 %
Q4 2015 44.05 % 50.66 % 37.45 %
Q1 2016 44.64 % 51.42 % 38.43 %
Q2 2016 45.31 % 52.52 % 39.17 %
Q3 2016 47.27 % 54.86 % 41.87 %
Q4 2016 43.88 % 52.01 % 37.40 %
Q1 2017 39.41 % 48.35 % 32.27 %
Q2 2017 33.90 % 43.39 % 26.17 %
Q3 2017 32.08 % 41.88 % 21.14 %
Q4 2017 38.58 % 47.57 % 29.01 %
Q1 2018 29.81 % 38.88 % 18.71 %
Q2 2018 22.22 % 33.28 % 9.68 %
Q3 2018 21.83 % 33.24 % 8.08 %
Q4 2018 6.30 % 20.29 % (4.37 %)
Q1 2019 14.70 % 29.90 % 2.88 %
Q2 2019 28.87 % 41.98 % 16.26 %
Q3 2019 32.88 % 44.20 % 20.95 %
Q4 2019 40.37 % 50.31 % 26.61 %
Q1 2020 40.88 % 49.84 % 27.09 %
Q2 2020 37.88 % 47.54 % 24.12 %
Q3 2020 36.98 % 46.35 % 25.08 %
Q4 2020 34.70 % 42.61 % 21.21 %
Q1 2021 33.85 % 39.96 % 20.91 %
Q2 2021 33.88 % 38.40 % 21.50 %
Q3 2021 31.06 % 34.96 % 17.93 %
Q4 2021 29.90 % 33.61 % 16.60 %
Q1 2022 28.21 % 32.26 % 15.08 %
Q2 2022 28.78 % 33.19 % 16.30 %
Q3 2022 29.69 % 34.42 % 18.16 %
Q4 2022 28.28 % 34.83 % 18.64 %
Q1 2023 28.60 % 36.31 % 19.78 %
Q2 2023 27.37 % 35.59 % 18.66 %
Q3 2023 24.95 % 33.44 % 15.94 %
Q4 2023 23.64 % 32.59 % 13.94 %
2023 23.64 % 32.59 % 13.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 100.00 2.02 5.08 30.36
Q2 2014 100.00 2.77 5.69 31.03
Q3 2014 100.00 3.94 6.06 30.57
Q4 2014 100.00 6.45 6.45 31.92
Q1 2015 100.00 6.74 6.89 33.57
Q2 2015 100.00 6.36 6.51 31.99
Q3 2015 100.00 5.91 6.06 30.44
Q4 2015 100.00 6.00 6.15 31.84
Q1 2016 100.00 6.30 6.13 34.16
Q2 2016 100.00 6.10 5.92 33.14
Q3 2016 100.00 6.17 5.99 31.85
Q4 2016 100.00 4.88 4.70 32.51
Q1 2017 100.00 3.63 3.63 33.08
Q2 2017 100.00 2.57 2.57 31.25
Q3 2017 100.00 1.90 1.90 30.48
Q4 2017 100.00 2.63 2.63 29.49
Q1 2018 100.00 1.56 1.56 29.46
Q2 2018 100.00 0.70 0.70 27.74
Q3 2018 100.00 0.54 0.54 27.75
Q4 2018 100.00 (0.26) (0.26) 27.91
Q1 2019 100.00 0.17 0.17 28.47
Q2 2019 100.00 1.05 1.05 27.91
Q3 2019 100.00 1.51 1.51 27.93
Q4 2019 100.00 2.09 2.08 28.83
Q1 2020 100.00 2.17 2.16 29.07
Q2 2020 100.00 1.87 1.86 28.14
Q3 2020 100.00 2.05 2.05 28.24
Q4 2020 100.00 1.85 1.85 28.73
Q1 2021 100.00 2.07 2.07 29.87
Q2 2021 100.00 2.33 2.33 28.94
Q3 2021 100.00 1.92 1.92 27.79
Q4 2021 100.00 1.62 1.72 27.50
Q1 2022 100.00 1.36 1.46 27.92
Q2 2022 100.00 1.48 1.58 26.59
Q3 2022 100.00 1.69 1.79 26.02
Q4 2022 100.00 1.81 1.81 26.35
Q1 2023 100.00 1.88 1.88 26.82
Q2 2023 100.00 1.71 1.71 26.08
Q3 2023 100.00 1.42 1.42 25.42
Q4 2023 100.00 1.40 1.22 25.73

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 32.58 12.95 2.17
Q2 2014 25.35 12.35 2.26
Q3 2014 21.56 14.02 2.78
Q4 2014 12.02 12.02 2.43
Q1 2015 11.19 10.94 2.24
Q2 2015 11.91 11.64 2.37
Q3 2015 9.49 9.26 1.84
Q4 2015 7.93 7.73 1.49
Q1 2016 7.24 7.45 1.34
Q2 2016 8.38 8.63 1.54
Q3 2016 6.22 6.40 1.20
Q4 2016 9.16 9.51 1.37
Q1 2017 10.47 10.47 1.15
Q2 2017 13.99 13.99 1.15
Q3 2017 17.84 17.84 1.11
Q4 2017 13.07 13.07 1.16
Q1 2018 22.71 22.71 1.20
Q2 2018 42.41 42.41 1.06
Q3 2018 35.99 35.99 0.71
Q4 2018 NEG NEG 0.80
Q1 2019 More than 100 More than 100 0.89
Q2 2019 24.71 24.71 0.93
Q3 2019 22.46 22.46 1.22
Q4 2019 17.63 17.69 1.28
Q1 2020 11.54 11.57 0.86
Q2 2020 14.09 14.14 0.94
Q3 2020 15.83 15.89 1.15
Q4 2020 19.93 19.93 1.28
Q1 2021 21.04 21.04 1.46
Q2 2021 19.51 19.51 1.57
Q3 2021 21.54 21.54 1.48
Q4 2021 23.40 22.04 1.37
Q1 2022 31.36 29.22 1.53
Q2 2022 22.77 21.33 1.27
Q3 2022 21.04 19.87 1.37
Q4 2022 18.54 18.54 1.27
Q1 2023 19.28 19.28 1.35
Q2 2023 23.13 23.13 1.52
Q3 2023 23.35 23.35 1.30
Q4 2023 24.67 28.22 1.34

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 41.76 32.78 (21.5 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
United Securities Company 36.00 32.78 (8.9) %
SNB Capital 42.80 32.78 (23.4) %
Hermes 51.00 32.78 (35.7) %
Sico 52.00 32.78 (37.0) %
OSOOL AND BAKHEET 72.82 32.78 (55.0) %
AlJazira Capital 19.70 32.78 66.4 %
Al Rajhi Capital 18.00 32.78 82.1 %


Financial Ratios
Current
Market Cap (M Riyal) 2,905.00
Enterprise Value (EV) (M) 2,895.28
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.45
Book Value (BV) ( Riyal) 26.20
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.86
P/E (TTM) 20.08
Price/book 1.11
Return on Average Assets (%) (TTM) 4.5
Return on Average Equity (%) (TTM) 5.5
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Share Price

Arabian Cement Co.
28.80
(0.10) (0.35 %)

Arabian Cement Co. (ACC)

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