Eastern Cement’s H1 2022 net profit declines 41% to SAR 72 mln; Q2 at SAR 43 mln

Eastern Cement’s H1 2022 net profit declines 41% to SAR 72 mln; Q2 at SAR 43 mln

10/08/2022 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 72 million in H1 2022, a slump of 41%, compared to SAR 122 million in the prior-year period.

 

This was triggered by lower sales volumes and value, higher administrative and selling expenses, a decline in profit share from an associate and an increase in other costs



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 429.10 356.55 (16.9 %)
Gross Income 154.08 113.30 (26.5 %)
Operating Income 122.69 78.69 (35.9 %)
Net Income 121.74 75.48 (38.0 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 1.42 0.88 (38.0 %)

The company’s Q2 2022 net profit after Zakat and tax dropped 31% to SAR 43 million from SAR 62 million a year earlier, driven by lower sales volumes and value, and higher administrative and selling expenses.

 

On a sequential basis, net profit jumped by 48.3%, impacted by higher sales value.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 212.40 195.81 (7.8 %)
Gross Income 80.58 69.97 (13.2 %)
Operating Income 64.04 49.79 (22.3 %)
Net Income 61.86 49.16 (20.5 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 0.72 0.57 (20.5 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 2.407 billion by the end of H1 2022, compared to SAR 2.461 billion in the year-earlier period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 237.85 (0.2 %) 114.81 (7.1 %) 103.37 (7.0 %)
Q2 2013 203.39 (4.4 %) 80.49 (26.1 %) 68.59 (31.3 %)
Q3 2013 174.92 (0.1 %) 79.00 (11.7 %) 68.78 (14.6 %)
Q4 2013 212.57 (7.1 %) 74.04 (25.0 %) 57.12 (31.2 %)
Q1 2014 214.60 (9.8 %) 92.28 (19.6 %) 76.21 (26.3 %)
Q2 2014 217.73 7.1 % 94.15 17.0 % 80.60 17.5 %
Q3 2014 193.08 10.4 % 73.56 (6.9 %) 59.37 (13.7 %)
Q4 2014 219.70 3.4 % 92.72 25.2 % 78.20 36.9 %
Q1 2015 254.48 18.6 % 108.33 17.4 % 90.05 18.1 %
Q2 2015 254.15 16.7 % 108.12 14.8 % 91.80 13.9 %
Q3 2015 192.12 (0.5 %) 82.94 12.8 % 67.99 14.5 %
Q4 2015 239.22 8.9 % 94.51 1.9 % 80.36 2.8 %
Q1 2016 245.29 (3.6 %) 95.34 (12.0 %) 75.61 (16.0 %)
Q2 2016 207.53 (18.3 %) 66.52 (38.5 %) 50.47 (45.0 %)
Q3 2016 172.19 (10.4 %) 60.22 (27.4 %) 37.80 (44.4 %)
Q4 2016 231.59 (3.2 %) 68.47 (27.6 %) 54.28 (32.5 %)
Q1 2017 202.27 (17.5 %) 60.26 (36.8 %) 39.91 (47.2 %)
Q2 2017 159.38 (23.2 %) 41.24 (38.0 %) 28.12 (44.3 %)
Q3 2017 122.10 (29.1 %) 32.73 (45.7 %) 18.13 (52.0 %)
Q4 2017 156.87 (32.3 %) 31.06 (54.6 %) 13.15 (75.8 %)
Q1 2018 138.65 (31.5 %) 32.45 (46.2 %) 17.14 (57.0 %)
Q2 2018 151.62 (4.9 %) 37.73 (8.5 %) 20.69 (26.4 %)
Q3 2018 122.03 (0.1 %) 21.27 (35.0 %) 7.01 (61.3 %)
Q4 2018 153.44 (2.2 %) 39.71 27.8 % 24.01 82.5 %
Q1 2019 181.19 30.7 % 57.79 78.1 % 41.14 140.0 %
Q2 2019 158.76 4.7 % 39.50 4.7 % 23.59 14.0 %
Q3 2019 173.84 42.5 % 50.72 138.5 % 37.35 432.6 %
Q4 2019 215.00 40.1 % 69.95 76.1 % 59.39 147.4 %
Q1 2020 234.03 29.2 % 93.65 62.1 % 78.04 89.7 %
Q2 2020 146.27 (7.9 %) 46.41 17.5 % 31.30 32.7 %
Q3 2020 159.10 (8.5 %) 48.69 (4.0 %) 40.45 8.3 %
Q4 2020 203.03 (5.6 %) 69.29 (0.9 %) 57.46 (3.2 %)
Q1 2021 216.69 (7.4 %) 73.50 (21.5 %) 58.65 (24.9 %)
Q2 2021 212.40 45.2 % 80.58 73.6 % 64.04 104.6 %
Q3 2021 169.36 6.5 % 56.03 15.1 % 44.74 10.6 %
Q4 2021 159.28 (21.6 %) 50.87 (26.6 %) 38.97 (32.2 %)
Q1 2022 160.74 (25.8 %) 43.33 (41.0 %) 28.90 (50.7 %)
Q2 2022 195.81 (7.8 %) 69.97 (13.2 %) 49.79 (22.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 109.45 5.2 % 1.27 - 109.45 1.27
Q2 2013 77.42 (25.0 %) 0.90 - 77.42 0.90
Q3 2013 67.65 (19.2 %) 0.79 - 67.65 0.79
Q4 2013 54.63 (42.9 %) 0.64 - 54.63 0.64
Q1 2014 156.73 43.2 % 1.82 80.70 76.03 0.88
Q2 2014 81.64 5.4 % 0.95 0.00 81.63 0.95
Q3 2014 55.94 (17.3 %) 0.65 - 55.94 0.65
Q4 2014 79.25 45.0 % 0.92 - 79.25 0.92
Q1 2015 84.94 (45.8 %) 0.99 - 84.94 0.99
Q2 2015 92.77 13.6 % 1.08 - 92.77 1.08
Q3 2015 66.73 19.3 % 0.78 - 66.73 0.78
Q4 2015 87.86 10.9 % 1.02 1.83 86.03 1.00
Q1 2016 86.18 1.5 % 1.00 - 86.18 1.00
Q2 2016 47.33 (49.0 %) 0.55 - 47.33 0.55
Q3 2016 42.03 (37.0 %) 0.49 - 42.03 0.49
Q4 2016 51.66 (41.2 %) 0.60 - 51.66 0.60
Q1 2017 50.40 (41.5 %) 0.59 - 50.40 0.59
Q2 2017 35.11 (25.8 %) 0.41 - 35.11 0.41
Q3 2017 13.88 (67.0 %) 0.16 - 13.88 0.16
Q4 2017 7.75 (85.0 %) 0.09 - 7.75 0.09
Q1 2018 16.51 (67.2 %) 0.19 - 16.51 0.19
Q2 2018 18.80 (46.5 %) 0.22 - 18.80 0.22
Q3 2018 8.87 (36.1 %) 0.10 - 8.87 0.10
Q4 2018 25.56 229.7 % 0.30 - 25.56 0.30
Q1 2019 45.97 178.4 % 0.53 - 45.97 0.53
Q2 2019 31.79 69.1 % 0.37 - 31.79 0.37
Q3 2019 36.45 310.8 % 0.42 - 36.45 0.42
Q4 2019 66.49 160.1 % 0.77 - 66.49 0.77
Q1 2020 85.24 85.4 % 0.99 - 85.24 0.99
Q2 2020 30.47 (4.1 %) 0.35 - 30.47 0.35
Q3 2020 42.63 17.0 % 0.50 - 42.63 0.50
Q4 2020 58.88 (11.4 %) 0.68 - 58.88 0.68
Q1 2021 59.88 (29.7 %) 0.70 - 59.88 0.70
Q2 2021 61.86 103.0 % 0.72 - 61.86 0.72
Q3 2021 37.72 (11.5 %) 0.44 - 37.72 0.44
Q4 2021 33.39 (43.3 %) 0.39 - 33.39 0.39
Q1 2022 26.32 (56.0 %) 0.31 - 26.32 0.31
Q2 2022 49.16 (20.5 %) 0.57 - 49.16 0.57

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 48.20 % 53.88 % 46.34 %
Q2 2013 45.38 % 50.46 % 43.81 %
Q3 2013 44.15 % 49.61 % 41.91 %
Q4 2013 42.03 % 47.15 % 37.31 %
Q1 2014 40.45 % 45.79 % 34.23 %
Q2 2014 41.41 % 48.07 % 34.15 %
Q3 2014 39.86 % 46.57 % 32.01 %
Q4 2014 41.73 % 50.17 % 34.65 %
Q1 2015 41.67 % 49.66 % 34.10 %
Q2 2015 41.54 % 48.96 % 33.96 %
Q3 2015 42.60 % 49.96 % 35.17 %
Q4 2015 41.91 % 48.80 % 35.16 %
Q1 2016 40.92 % 47.21 % 35.64 %
Q2 2016 38.38 % 45.38 % 32.38 %
Q3 2016 36.63 % 43.53 % 30.27 %
Q4 2016 33.92 % 41.10 % 26.52 %
Q1 2017 31.40 % 38.80 % 23.53 %
Q2 2017 30.07 % 37.43 % 23.41 %
Q3 2017 28.33 % 35.83 % 21.12 %
Q4 2017 25.80 % 32.36 % 16.73 %
Q1 2018 23.83 % 31.92 % 12.70 %
Q2 2018 23.53 % 31.07 % 10.00 %
Q3 2018 21.52 % 28.97 % 9.13 %
Q4 2018 23.18 % 30.71 % 12.33 %
Q1 2019 25.73 % 32.37 % 16.31 %
Q2 2019 25.72 % 32.31 % 18.23 %
Q3 2019 28.13 % 34.22 % 20.95 %
Q4 2019 29.91 % 36.19 % 24.79 %
Q1 2020 32.47 % 38.20 % 28.14 %
Q2 2020 33.90 % 39.66 % 28.43 %
Q3 2020 34.29 % 40.57 % 29.80 %
Q4 2020 34.76 % 40.73 % 29.26 %
Q1 2021 32.81 % 39.04 % 26.46 %
Q2 2021 34.38 % 40.04 % 28.22 %
Q3 2021 34.86 % 40.29 % 27.24 %
Q4 2021 34.44 % 40.49 % 25.45 %
Q1 2022 32.89 % 39.77 % 22.70 %
Q2 2022 32.14 % 38.78 % 21.39 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 86.00 4.56 4.60 23.66
Q2 2013 86.00 4.26 4.30 24.74
Q3 2013 86.00 4.07 4.12 25.56
Q4 2013 86.00 3.59 3.59 26.55
Q1 2014 86.00 4.14 3.21 24.03
Q2 2014 86.00 4.19 3.26 25.04
Q3 2014 86.00 4.06 3.12 25.79
Q4 2014 86.00 4.34 3.41 26.29
Q1 2015 86.00 3.51 3.51 24.72
Q2 2015 86.00 3.64 3.64 25.89
Q3 2015 86.00 3.76 3.76 26.43
Q4 2015 86.00 3.86 3.84 27.35
Q1 2016 86.00 3.88 3.86 25.81
Q2 2016 86.00 3.35 3.33 26.42
Q3 2016 86.00 3.06 3.04 26.90
Q4 2016 86.00 2.64 2.64 26.01
Q1 2017 86.00 2.23 2.23 25.13
Q2 2017 86.00 2.08 2.08 25.52
Q3 2017 86.00 1.76 1.76 25.69
Q4 2017 86.00 1.25 1.25 25.75
Q1 2018 86.00 0.85 0.85 26.07
Q2 2018 86.00 0.66 0.66 25.48
Q3 2018 86.00 0.60 0.60 25.43
Q4 2018 86.00 0.81 0.81 25.60
Q1 2019 86.00 1.15 1.15 26.16
Q2 2019 86.00 1.30 1.30 25.67
Q3 2019 86.00 1.63 1.63 26.02
Q4 2019 86.00 2.10 2.10 28.04
Q1 2020 86.00 2.56 2.56 28.77
Q2 2020 86.00 2.54 2.54 27.67
Q3 2020 86.00 2.61 2.61 28.27
Q4 2020 86.00 2.53 2.53 29.46
Q1 2021 86.00 2.23 2.23 30.34
Q2 2021 86.00 2.60 2.60 28.62
Q3 2021 86.00 2.54 2.54 27.81
Q4 2021 86.00 2.24 2.24 27.93
Q1 2022 86.00 1.85 1.85 27.56
Q2 2022 86.00 1.70 1.70 27.99

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 12.34 12.22 2.38
Q2 2013 13.79 13.65 2.37
Q3 2013 14.12 13.97 2.25
Q4 2013 16.55 16.55 2.24
Q1 2014 13.87 17.93 2.39
Q2 2014 14.37 18.51 2.41
Q3 2014 15.63 20.33 2.46
Q4 2014 12.74 16.25 2.10
Q1 2015 15.71 15.71 2.23
Q2 2015 12.66 12.66 1.78
Q3 2015 9.94 9.94 1.42
Q4 2015 8.21 8.25 1.16
Q1 2016 8.00 8.05 1.20
Q2 2016 8.97 9.02 1.14
Q3 2016 8.29 8.35 0.94
Q4 2016 13.06 13.06 1.33
Q1 2017 13.12 13.12 1.16
Q2 2017 11.59 11.59 0.95
Q3 2017 13.71 13.71 0.94
Q4 2017 21.18 21.18 1.02
Q1 2018 29.65 29.65 0.97
Q2 2018 37.30 37.30 0.97
Q3 2018 33.68 33.68 0.80
Q4 2018 25.55 25.55 0.81
Q1 2019 21.00 21.00 0.93
Q2 2019 23.15 23.15 1.18
Q3 2019 20.83 20.83 1.30
Q4 2019 17.13 17.13 1.28
Q1 2020 11.03 11.03 0.98
Q2 2020 11.47 11.47 1.05
Q3 2020 13.41 13.41 1.24
Q4 2020 16.29 16.29 1.40
Q1 2021 23.26 23.26 1.71
Q2 2021 18.82 18.82 1.71
Q3 2021 19.67 19.67 1.80
Q4 2021 19.60 19.60 1.57
Q1 2022 26.51 26.51 1.78
Q2 2022 26.99 26.99 1.64

Business Segments (Million)

Compared With The
Period Cement Ready-mixed Concrete Construction support business elimination
Q1 2013 216.34 16.81 4.70 -
Q2 2013 186.01 12.24 5.14 -
Q3 2013 155.15 18.27 1.49 -
Q4 2013 192.22 19.89 0.46 -
Q1 2014 195.12 2.88 16.61 -
Q2 2014 196.02 30.34 - -
Q3 2014 145.32 43.77 3.99 -
Q4 2014 188.96 41.70 - -
Q1 2015 204.72 48.51 1.25 -
Q2 2015 195.96 57.46 0.73 -
Q3 2015 141.41 49.49 1.22 -
Q4 2015 195.22 41.42 2.58 -
Q1 2016 191.97 53.32 - -
Q2 2016 153.40 54.13 - -
Q3 2016 103.72 68.46 - -
Q4 2016 147.17 84.42 - -
Q1 2017 130.20 72.08 - -
Q2 2017 95.77 63.61 - -
Q3 2017 80.20 41.89 - -
Q4 2017 118.87 38.00 - -
Q1 2018 102.98 35.67 - -
Q2 2018 100.85 50.77 - -
Q3 2018 80.01 42.02 - -
Q4 2018 119.43 34.01 - -
Q1 2019 150.03 31.16 - -
Q2 2019 119.55 39.21 - -
Q3 2019 146.01 27.83 - -
Q4 2019 194.13 20.87 - -
Q1 2020 208.18 25.85 - -
Q2 2020 136.58 11.19 - (1.50)
Q3 2020 144.71 15.24 - (0.86)
Q4 2020 168.80 35.75 - (1.52)
Q1 2021 188.05 29.95 - (1.30)
Q2 2021 177.07 36.66 - (1.33)
Q3 2021 137.29 32.78 - (0.70)
Q4 2021 127.27 32.49 - (0.48)
Q1 2022 126.49 34.25 - -
Q2 2022 135.31 60.50 - -

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 28.83 49.16 70.51 %

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
Hermes 34.00 49.16 44.6 %
SNB Capital 32.00 49.16 53.6 %
OSOOL AND BAKHEET 29.24 49.16 68.1 %
AlJazira Capital 25.90 49.16 89.8 %
Sico 23.00 49.16 113.7 %


Financial Ratios
Current
Market Cap (M Riyal) 2,868.10
Enterprise Value (EV) (M) 2,646.30
Shares Outstanding ((M)) 86.00
EPS ( Riyal) (TTM) 2.55
Book Value (BV) ( Riyal) 28.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.40
P/E (TTM) 13.07
Price/book 1.18
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.2
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Share Price

Eastern Province Cement Co.
33.35
(0.05) (0.15 %)

Eastern Province Cement Co. (EPCCO)

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