Arabian Cement profit up 21% to SAR 128.8M in 9M 2024; Q3 at SAR 45.8M

Arabian Cement profit up 21% to SAR 128.8M in 9M 2024; Q3 at SAR 45.8M

28/10/2024 Argaam Exclusive

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Arabian Cement Co. reported a net profit of SAR 128.8 million for the first nine months of 2024, an increase of 21% from SAR 106.9 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 650.59 627.73 (3.5 %)
Gross Income 166.41 185.87 11.7 %
Operating Income 112.00 136.21 21.6 %
Net Income 106.85 128.84 20.6 %
Average Shares 100.00 100.00 -
EPS (Riyals) 1.07 1.29 20.6 %

The nine-month performance was buoyed by a rise in the parent company’s average selling prices, lower finance costs, a decline in the cost of goods sold, and reduced selling and distribution expenses.

 

The cement producer reported higher gains from dividends from financial assets at FVTPL, along with an increased profit share from associates.

 

However, this was offset by the year-on-year (YoY) sales drop in 9M 2024 due to subdued sales volumes of the company’s subsidiaries. The higher energy costs of the parent company, lower other income, and increased Zakat charges and income taxes also weighed on the nine-month results.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 213.71 224.94 5.3 %
Gross Income 52.86 68.07 28.8 %
Operating Income 33.93 52.05 53.4 %
Net Income 29.69 45.79 54.2 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.30 0.46 54.2 %

The third-quarter net earnings jumped 54% to SAR 45.8 million, compared to SAR 29.6 million in Q3 2023, thanks to improved sales mainly due to better average selling prices and decreased COGS of the company’s subsidiary.

 

On a quarterly basis, net earnings climbed 58.6% from SAR 28.8 million in Q2 2024 as revenue went up on a quarterly basis on better sales volumes as the previous quarter coincided with Eid Al-Fitr and Eid Al-Adha.

 

Total shareholders’ equity, after minority interest, reached SAR 2.53 billion as of Sept. 30, 2024, down from SAR 2.54 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 453.00 7.2 % 234.15 32.0 % 215.07 29.5 %
Q2 2015 446.57 (7.1 %) 189.93 (16.6 %) 173.62 (18.5 %)
Q3 2015 328.00 (15.1 %) 108.56 (29.6 %) 96.81 (32.4 %)
Q4 2015 414.99 (3.5 %) 190.94 11.5 % 172.90 12.8 %
Q1 2016 404.58 (10.7 %) 222.27 (5.1 %) 205.74 (4.3 %)
Q2 2016 363.32 (18.6 %) 162.81 (14.3 %) 146.48 (15.6 %)
Q3 2016 248.89 (24.1 %) 100.83 (7.1 %) 87.85 (9.3 %)
Q4 2016 240.11 (42.1 %) 65.66 (65.6 %) 44.73 (74.1 %)
Q1 2017 272.11 (32.7 %) 113.88 (48.8 %) 98.79 (52.0 %)
Q2 2017 222.37 (38.8 %) 53.01 (67.4 %) 35.15 (76.0 %)
Q3 2017 163.04 (34.5 %) 55.39 (45.1 %) 43.02 (51.0 %)
Q4 2017 248.23 3.4 % 127.19 93.7 % 104.61 133.9 %
Q1 2018 199.75 (26.6 %) 12.81 (88.8 %) (6.07) (106.1 %)
Q2 2018 107.81 (51.5 %) (35.64) (167.2 %) (52.22) (248.6 %)
Q3 2018 117.86 (27.7 %) 42.68 (22.9 %) 25.93 (39.7 %)
Q4 2018 175.30 (29.4 %) 17.99 (85.9 %) 2.33 (97.8 %)
Q1 2019 189.13 (5.3 %) 61.70 381.7 % 48.70 902.6 %
Q2 2019 164.65 52.7 % 64.39 280.6 % 49.62 195.0 %
Q3 2019 193.47 64.1 % 93.50 119.1 % 80.43 210.1 %
Q4 2019 234.72 33.9 % 96.13 434.3 % 78.01 3243.6 %
Q1 2020 204.60 8.2 % 71.98 16.7 % 56.98 17.0 %
Q2 2020 139.56 (15.2 %) 30.95 (51.9 %) 14.94 (69.9 %)
Q3 2020 236.96 22.5 % 102.65 9.8 % 89.45 11.2 %
Q4 2020 290.80 23.9 % 96.95 0.9 % 69.45 (11.0 %)
Q1 2021 321.50 57.1 % 104.13 44.7 % 78.34 37.5 %
Q2 2021 232.98 66.9 % 62.97 103.5 % 37.62 151.8 %
Q3 2021 222.92 (5.9 %) 67.76 (34.0 %) 45.74 (48.9 %)
Q4 2021 255.80 (12.0 %) 74.08 (23.6 %) 43.51 (37.4 %)
Q1 2022 259.26 (19.4 %) 69.12 (33.6 %) 44.41 (43.3 %)
Q2 2022 231.01 (0.8 %) 67.93 7.9 % 45.59 21.2 %
Q3 2022 240.57 7.9 % 81.78 20.7 % 63.79 39.4 %
Q4 2022 240.11 (6.1 %) 55.80 (24.7 %) 39.67 (8.8 %)
Q1 2023 240.09 (7.4 %) 66.73 (3.4 %) 51.70 16.4 %
Q2 2023 196.79 (14.8 %) 46.82 (31.1 %) 26.37 (42.2 %)
Q3 2023 213.71 (11.2 %) 52.86 (35.4 %) 33.93 (46.8 %)
Q4 2023 225.17 (6.2 %) 40.66 (27.1 %) 23.42 (41.0 %)
Q1 2024 227.57 (5.2 %) 69.16 3.6 % 53.05 2.6 %
Q2 2024 175.22 (11.0 %) 48.64 3.9 % 31.11 18.0 %
Q3 2024 224.94 5.3 % 68.07 28.8 % 52.05 53.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 195.27 16.8 % 1.95 (15.00) 210.27 2.10
Q2 2015 161.94 (18.9 %) 1.62 - 161.94 1.62
Q3 2015 89.48 (33.2 %) 0.89 - 89.48 0.89
Q4 2015 153.46 6.2 % 1.53 - 153.46 1.53
Q1 2016 225.59 15.5 % 2.26 17.76 207.83 2.08
Q2 2016 141.00 (12.9 %) 1.41 - 141.00 1.41
Q3 2016 97.17 8.6 % 0.97 - 97.17 0.97
Q4 2016 24.05 (84.3 %) 0.24 - 24.05 0.24
Q1 2017 100.66 (55.4 %) 1.01 - 100.66 1.01
Q2 2017 35.52 (74.8 %) 0.36 - 35.52 0.36
Q3 2017 29.51 (69.6 %) 0.30 - 29.51 0.30
Q4 2017 97.04 303.5 % 0.97 - 97.04 0.97
Q1 2018 (6.10) (106.1 %) (0.06) - (6.10) (0.06)
Q2 2018 (50.89) (243.3 %) (0.51) - (50.89) (0.51)
Q3 2018 14.42 (51.1 %) 0.14 - 14.42 0.14
Q4 2018 16.31 (83.2 %) 0.16 - 16.31 0.16
Q1 2019 37.15 708.9 % 0.37 - 37.15 0.37
Q2 2019 37.34 173.4 % 0.37 - 37.34 0.37
Q3 2019 60.60 320.4 % 0.61 - 60.60 0.61
Q4 2019 73.63 351.5 % 0.74 0.65 72.98 0.73
Q1 2020 45.11 21.4 % 0.45 - 45.11 0.45
Q2 2020 7.61 (79.6 %) 0.08 - 7.61 0.08
Q3 2020 78.90 30.2 % 0.79 - 78.90 0.79
Q4 2020 53.33 (27.6 %) 0.53 - 53.33 0.53
Q1 2021 66.96 48.4 % 0.67 - 66.96 0.67
Q2 2021 33.52 340.8 % 0.34 - 33.52 0.34
Q3 2021 37.73 (52.2 %) 0.38 - 37.73 0.38
Q4 2021 23.31 (56.3 %) 0.23 (10.00) 33.31 0.33
Q1 2022 41.90 (37.4 %) 0.42 - 41.90 0.42
Q2 2022 45.03 34.3 % 0.45 - 45.03 0.45
Q3 2022 58.95 56.3 % 0.59 - 58.95 0.59
Q4 2022 35.12 50.7 % 0.35 - 35.12 0.35
Q1 2023 49.18 17.4 % 0.49 - 49.18 0.49
Q2 2023 27.98 (37.9 %) 0.28 - 27.98 0.28
Q3 2023 29.69 (49.6 %) 0.30 - 29.69 0.30
Q4 2023 32.78 (6.7 %) 0.33 17.55 15.23 0.15
Q1 2024 54.19 10.2 % 0.54 - 54.19 0.54
Q2 2024 28.87 3.2 % 0.29 - 28.87 0.29
Q3 2024 45.79 54.2 % 0.46 - 45.79 0.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 24.27 % 33.73 % 14.72 %
Q2 2024 25.11 % 35.83 % 15.20 %
Q3 2024 26.56 % 37.89 % 16.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 100.00 1.45 1.27 26.20
Q2 2024 100.00 1.46 1.28 25.69
Q3 2024 100.00 1.62 1.44 25.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 21.95 24.98 1.21
Q2 2024 19.89 22.62 1.13
Q3 2024 15.93 17.87 1.02

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 43.50 45.79 5.25 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Hermes 45.00 45.79 1.7 %
Al Rajhi Capital 44.00 45.79 4.1 %
United Securities Company 49.00 45.79 (6.6) %
SNB Capital 41.30 45.79 10.9 %
Sico 51.40 45.79 (10.9) %
AlJazira Capital 30.30 45.79 51.1 %


Financial Ratios
Current
Market Cap (M Riyal) 2,680.00
Enterprise Value (EV) (M) 2,793.41
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.62
Book Value (BV) ( Riyal) 25.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.60
P/E (TTM) 16.58
Price/book 1.06
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 6.4
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Share Price

Arabian Cement Co.
26.70
(0.30) (1.11 %)

Arabian Cement Co. (ACC)

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