Arabian Cement’s 9M 2023 profit drops 27% to SAR 106.9 mln; Q3 at SAR 29.7 mln

Arabian Cement’s 9M 2023 profit drops 27% to SAR 106.9 mln; Q3 at SAR 29.7 mln

30/10/2023 Argaam Exclusive

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Arabian Cement Co. reported a 27% fall in net profit to SAR 106.9 million in the first nine months of 2023, compared to SAR 145.9 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 730.84 650.59 (11.0 %)
Gross Income 218.83 166.41 (24.0 %)
Operating Income 153.78 112.00 (27.2 %)
Net Income 145.89 106.85 (26.8 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 1.46 1.07 (26.8 %)

The profit drop was attributed to the parent company’s lower sales volume and value amid subdued demand in the local market. The cement producer also reported a decline in export sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 240.57 213.71 (11.2 %)
Gross Income 81.78 52.86 (35.4 %)
Operating Income 63.79 33.93 (46.8 %)
Net Income 58.95 29.69 (49.6 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.59 0.30 (49.6 %)

The third-quarter net profit plunged 50% to SAR 29.7 million from SAR 58.95 million in the prior-year period, due to lower sales value amid a decline in average selling prices.

 

By contrast, the company reported better sales volume.

 

Compared to Q2 2023, net profit grew by 6.1% from SAR 27.98 million, driven by increases sales volume and value despite lower average selling prices.

 

Total shareholders’ equity, after minority interest, declined to SAR 2.54 billion as of Sept. 30, 2023, from SAR 2.60 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

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 %


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

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

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 42.03 29.69 (29.4 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
SNB Capital 36.30 29.69 (18.2) %
Al Rajhi Capital 25.00 29.69 18.8 %
OSOOL AND BAKHEET 40.17 29.69 (26.1) %
AlJazira Capital 44.70 29.69 (33.6) %
Sico 48.00 29.69 (38.1) %
Hermes 58.00 29.69 (48.8) %


Financial Ratios
Current
Market Cap (M Riyal) 2,880.00
Enterprise Value (EV) (M) 2,870.28
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) 22.66
P/E (TTM) 19.91
Price/book 1.10
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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