Eastern Cement 9M 2023 profit surges 55% to SAR 147.8 mln; Q3 at SAR 40.9 mln

Eastern Cement 9M 2023 profit surges 55% to SAR 147.8 mln; Q3 at SAR 40.9 mln

08/11/2023 Argaam Exclusive

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Eastern Province Cement Co. reported a net profit of SAR 147.8 million for the first nine months of 2023, an increase of 55% from SAR 95.3 million in the year-earlier period.  



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 530.54 695.62 31.1 %
Gross Income 164.54 220.29 33.9 %
Operating Income 113.22 170.50 50.6 %
Net Income 95.32 147.79 55.0 %
Average Shares 86.00 86.00 -
EPS (Riyals) 1.11 1.72 55.0 %

The profit increase was spurred by increased cement and precast sales, higher dividends and Murabaha income. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 173.99 242.91 39.6 %
Gross Income 51.24 61.66 20.3 %
Operating Income 34.53 44.25 28.1 %
Net Income 19.84 40.89 106.1 %
Average Shares 86.00 86.00 -
EPS (Riyals) 0.23 0.48 106.1 %

Q3 2023 net earnings increased by nearly two-fold year-on-year (YoY) to SAR 40.9 million, on an increase in the cement and precast sales, higher dividends and Murabaha income.  

  

On a quarterly basis, net profit decreased 20.3% from SAR 51.33 million.  

 

Total shareholders’ equity, after minority interest, stood at SAR 2.35 billion as of Sept. 30, 2023, compared to SAR 2.32 billion a year earlier. 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 214.60 (9.8 %) 92.28 (19.6 %) 156.73 43.2 % 1.82
Q2 2014 217.73 7.1 % 94.15 17.0 % 81.64 5.4 % 0.95
Q3 2014 193.08 10.4 % 73.56 (6.9 %) 55.94 (17.3 %) 0.65
Q4 2014 219.70 3.4 % 92.72 25.2 % 79.25 45.0 % 0.92
Q1 2015 254.48 18.6 % 108.33 17.4 % 84.94 (45.8 %) 0.99
Q2 2015 254.15 16.7 % 108.12 14.8 % 92.77 13.6 % 1.08
Q3 2015 192.12 (0.5 %) 82.94 12.8 % 66.73 19.3 % 0.78
Q4 2015 239.22 8.9 % 94.51 1.9 % 87.86 10.9 % 1.02
Q1 2016 245.29 (3.6 %) 95.34 (12.0 %) 86.18 1.5 % 1.00
Q2 2016 207.53 (18.3 %) 66.52 (38.5 %) 47.33 (49.0 %) 0.55
Q3 2016 172.19 (10.4 %) 60.22 (27.4 %) 42.03 (37.0 %) 0.49
Q4 2016 231.59 (3.2 %) 68.47 (27.6 %) 51.66 (41.2 %) 0.60
Q1 2017 202.27 (17.5 %) 60.26 (36.8 %) 50.40 (41.5 %) 0.59
Q2 2017 159.38 (23.2 %) 41.24 (38.0 %) 35.11 (25.8 %) 0.41
Q3 2017 122.10 (29.1 %) 32.73 (45.7 %) 13.88 (67.0 %) 0.16
Q4 2017 156.87 (32.3 %) 31.06 (54.6 %) 7.75 (85.0 %) 0.09
Q1 2018 138.65 (31.5 %) 32.45 (46.2 %) 16.51 (67.2 %) 0.19
Q2 2018 151.62 (4.9 %) 37.73 (8.5 %) 18.80 (46.5 %) 0.22
Q3 2018 122.03 (0.1 %) 21.27 (35.0 %) 8.87 (36.1 %) 0.10
Q4 2018 153.44 (2.2 %) 39.71 27.8 % 25.56 229.7 % 0.30
Q1 2019 181.19 30.7 % 57.79 78.1 % 45.97 178.4 % 0.53
Q2 2019 158.76 4.7 % 39.50 4.7 % 31.79 69.1 % 0.37
Q3 2019 173.84 42.5 % 50.72 138.5 % 36.45 310.8 % 0.42
Q4 2019 215.00 40.1 % 69.95 76.1 % 66.49 160.1 % 0.77
Q1 2020 234.03 29.2 % 93.65 62.1 % 85.24 85.4 % 0.99
Q2 2020 146.27 (7.9 %) 46.41 17.5 % 30.47 (4.1 %) 0.35
Q3 2020 159.10 (8.5 %) 48.69 (4.0 %) 42.63 17.0 % 0.50
Q4 2020 203.03 (5.6 %) 69.29 (0.9 %) 58.88 (11.4 %) 0.68
Q1 2021 216.69 (7.4 %) 73.50 (21.5 %) 59.88 (29.7 %) 0.70
Q2 2021 212.40 45.2 % 80.58 73.6 % 61.86 103.0 % 0.72
Q3 2021 169.36 6.5 % 56.03 15.1 % 37.72 (11.5 %) 0.44
Q4 2021 159.28 (21.6 %) 50.87 (26.6 %) 33.39 (43.3 %) 0.39
Q1 2022 160.74 (25.8 %) 43.33 (41.0 %) 26.32 (56.0 %) 0.31
Q2 2022 195.81 (7.8 %) 69.97 (13.2 %) 49.16 (20.5 %) 0.57
Q3 2022 173.99 2.7 % 51.24 (8.6 %) 19.84 (47.4 %) 0.23
Q4 2022 253.65 59.3 % 83.17 63.5 % 47.98 43.7 % 0.56
Q1 2023 236.64 47.2 % 78.49 81.1 % 55.57 111.1 % 0.65
Q2 2023 216.07 10.4 % 80.14 14.5 % 51.33 4.4 % 0.60
Q3 2023 242.91 39.6 % 61.66 20.3 % 40.89 106.1 % 0.48

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 31.23 % 37.32 % 18.66 %
Q4 2022 31.59 % 36.32 % 20.01 %
Q1 2023 32.89 % 37.13 % 21.65 %
Q2 2023 33.29 % 37.68 % 22.47 %
Q3 2023 31.97 % 35.85 % 23.06 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 86.00 1.50 1.50 27.02
Q4 2022 86.00 1.67 1.82 27.44
Q1 2023 86.00 2.01 2.17 27.13
Q2 2023 86.00 2.03 2.30 27.86
Q3 2023 86.00 2.28 2.55 27.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 29.94 29.94 1.66
Q4 2022 24.16 22.06 1.47
Q1 2023 20.19 18.71 1.49
Q2 2023 23.06 20.36 1.68
Q3 2023 17.11 15.30 1.42

Business Segments (Million)

Compared With The
Period Cement Ready-mixed Concrete Construction support business elimination
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 - -
Q3 2022 130.64 43.36 - -
Q4 2022 169.98 83.70 - -
Q1 2023 177.78 60.36 - (1.50)
Q2 2023 160.00 58.01 - (1.93)
Q3 2023 150.26 94.96 - (2.32)

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 53.49 40.89 (23.6 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
AlJazira Capital 47.00 40.89 (13.0) %
SNB Capital 48.50 40.89 (15.7) %
Sico 52.00 40.89 (21.4) %
OSOOL AND BAKHEET 56.94 40.89 (28.2) %
Hermes 63.00 40.89 (35.1) %


Financial Ratios
Current
Market Cap (M Riyal) 2,773.50
Enterprise Value (EV) (M) 2,578.10
Shares Outstanding ((M)) 86.00
EPS ( Riyal) (TTM) 2.44
Book Value (BV) ( Riyal) 27.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.15
P/E (TTM) 13.21
Price/book 1.17
Return on Average Assets (%) (TTM) 7.2
Return on Average Equity (%) (TTM) 8.9
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Share Price

Eastern Province Cement Co.
32.25
0.05 0.16 %

Eastern Province Cement Co. (EPCCO)

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