Eastern Cement 9M 2024 profit rises to SAR 170M; Q3 at SAR 41M

Eastern Cement 9M 2024 profit rises to SAR 170M; Q3 at SAR 41M

03/11/2024 Argaam Exclusive

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Eastern Province Cement Co. posted a net profit of SAR 170 million for the first nine months of 2024, up from SAR 148 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 695.62 864.61 24.3 %
Gross Income 220.29 258.00 17.1 %
Operating Income 170.50 202.65 18.9 %
Net Income 147.79 169.52 14.7 %
Average Shares 86.00 86.00 -
EPS (Riyals) 1.72 1.97 14.7 %

The annual profit increase was driven by year-on-year (YoY) revenue growth from higher cement and precast concrete sales, reduced losses from an associate company’s results, lower other expenses, and higher gains from fair value investments through profit or loss.

 

The third-quarter net earnings remained stable YoY at SAR 41 million, despite the increase in revenues and gross income.

 

On a quarterly basis, net profit fell by 32.8% from SAR 61 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 242.91 279.72 15.2 %
Gross Income 61.66 78.17 26.8 %
Operating Income 44.25 60.66 37.1 %
Net Income 40.89 41.15 0.7 %
Average Shares 86.00 86.00 -
EPS (Riyals) 0.48 0.48 0.7 %

Total shareholders’ equity, no minority interest, advanced to SAR 2.42 billion as of Sept. 30, 2024, compared with SAR 2.35 billion a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2022 173.99 2.7 % 51.24 (8.6 %) 34.53 (22.8 %)
Q4 2022 253.65 59.3 % 83.17 63.5 % 67.55 73.3 %
Q1 2023 236.64 47.2 % 78.49 81.1 % 63.13 118.5 %
Q2 2023 216.07 10.4 % 80.14 14.5 % 63.12 26.8 %
Q3 2023 242.91 39.6 % 61.66 20.3 % 44.25 28.1 %
Q4 2023 288.96 13.9 % 88.58 6.5 % 69.92 3.5 %
Q1 2024 302.25 27.7 % 95.71 21.9 % 75.14 19.0 %
Q2 2024 282.64 30.8 % 84.12 5.0 % 66.84 5.9 %
Q3 2024 279.72 15.2 % 78.17 26.8 % 60.66 37.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 19.84 (47.4 %) 0.23 - 19.84 0.23
Q4 2022 47.98 43.7 % 0.56 (13.64) 61.62 0.72
Q1 2023 55.57 111.1 % 0.65 - 55.57 0.65
Q2 2023 51.33 4.4 % 0.60 (9.49) 60.82 0.71
Q3 2023 40.89 106.1 % 0.48 - 40.89 0.48
Q4 2023 49.84 3.9 % 0.58 (8.85) 58.69 0.68
Q1 2024 67.86 22.1 % 0.79 - 67.86 0.79
Q2 2024 60.50 17.9 % 0.70 (9.64) 70.15 0.82
Q3 2024 41.15 0.7 % 0.48 (13.82) 54.97 0.64

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2023 31.37 % 34.91 % 21.94 %
Q1 2024 31.05 % 33.89 % 21.73 %
Q2 2024 29.56 % 32.51 % 21.27 %
Q3 2024 30.04 % 33.03 % 21.82 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 86.00 2.30 2.51 27.79
Q1 2024 86.00 2.44 2.65 27.58
Q2 2024 86.00 2.55 2.76 28.31
Q3 2024 86.00 2.55 2.93 28.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 16.58 15.17 1.37
Q1 2024 14.32 13.17 1.27
Q2 2024 12.68 11.69 1.14
Q3 2024 12.64 11.02 1.14

Business Segments (Million)

Compared With The
Period Cement Ready-mixed Concrete Construction support business elimination
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)
Q4 2023 189.83 101.64 - (2.51)
Q1 2024 222.46 82.12 - (2.33)
Q2 2024 203.52 80.56 - (1.44)
Q3 2024 202.43 78.51 - (1.22)

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 66.20 41.15 (37.8 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Sico 58.40 41.15 (29.5) %
AlJazira Capital 60.90 41.15 (32.4) %
United Securities Company 63.00 41.15 (34.7) %
SNB Capital 65.70 41.15 (37.4) %
OSOOL AND BAKHEET 69.17 41.15 (40.5) %
Hermes 80.00 41.15 (48.6) %


Financial Ratios
Current
Market Cap (M Riyal) 2,919.70
Enterprise Value (EV) (M) 2,697.90
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) 11.60
P/E (TTM) 13.31
Price/book 1.20
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.2
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Share Price

Eastern Province Cement Co.
33.95
0.15 0.44 %

Eastern Province Cement Co. (EPCCO)

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