Qassim Cement 9M 2020 net profit up 42% to SAR 306.8 mln

01/11/2020 Argaam Exclusive

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Qassim Cement Co. reported a net profit after Zakat and tax of SAR 306.8 million for the first nine months of 2020, a 42% year-on-year (YoY) increase, compared to SAR 216.6 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	498.10	660.76	32.7 %
Gross Income	236.76	364.38	53.9 %
Operating Income	213.74	323.12	51.2 %
Net Income	216.64	306.75	41.6 %
Average Shares	90.00	90.00	-
EPS (Riyals)	2.41	3.41	41.6 %

The company attributed the increase in net profit to higher sales, driven by an increase in sales volume and the improvement in average selling prices, in addition to higher net other income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	190.18	231.58	21.8 %
Gross Income	96.33	120.65	25.3 %
Operating Income	88.15	111.55	26.5 %
Net Income	90.17	110.11	22.1 %
Average Shares	90.00	90.00	-
EPS (Riyals)	1.00	1.22	22.1 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	167.44	231.58	38.3 %
Gross Income	90.89	120.65	32.7 %
Operating Income	82.36	111.55	35.4 %
Net Income	85.47	110.11	28.8 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.95	1.22	28.8 %

The cement producer reported a net profit of SAR 110.1 million for Q3 2020, a 22% YoY increase, on higher sales and financial investments return.

When compared to previous quarter, Q3 net profit grew 28.8% on higher sales.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	275.44	1.1 %	162.70	3.8 %	147.18	1.3 %	1.64
Q2 2011	275.59	7.8 %	154.91	3.6 %	144.65	6.5 %	1.61
Q3 2011	213.36	7.1 %	126.27	9.8 %	114.97	7.4 %	1.28
Q4 2011	270.40	12.1 %	165.37	22.1 %	146.10	29.9 %	1.62
2011	1,034.78	6.9 %	609.25	9.4 %	552.90	10.5 %	6.14
Q1 2012	287.79	4.5 %	170.62	4.9 %	158.44	7.7 %	1.76
Q2 2012	286.18	3.8 %	161.55	4.3 %	148.98	3.0 %	1.66
Q3 2012	212.89	(0.2 %)	121.15	(4.1 %)	110.51	(3.9 %)	1.23
Q4 2012	261.05	(3.5 %)	160.62	(2.9 %)	143.03	(2.1 %)	1.59
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
Q1 2013	290.78	1.0 %	182.58	7.0 %	168.46	6.3 %	1.87
Q2 2013	300.74	5.1 %	181.24	12.2 %	165.93	11.4 %	1.84
Q3 2013	218.10	2.4 %	133.28	10.0 %	114.70	3.8 %	1.27
Q4 2013	240.98	(7.7 %)	146.91	(8.5 %)	135.31	(5.4 %)	1.50
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
Q1 2014	272.87	(6.2 %)	169.75	(7.0 %)	159.05	(5.6 %)	1.77
Q2 2014	270.13	(10.2 %)	171.25	(5.5 %)	161.11	(2.9 %)	1.79
Q3 2014	189.86	(12.9 %)	116.64	(12.5 %)	109.03	(4.9 %)	1.21
Q4 2014	252.84	4.9 %	157.71	7.3 %	134.23	(0.8 %)	1.49
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26
Q1 2015	282.48	3.5 %	176.49	4.0 %	162.71	2.3 %	1.81
Q2 2015	264.15	(2.2 %)	167.76	(2.0 %)	168.08	4.3 %	1.87
Q3 2015	210.47	10.9 %	126.42	8.4 %	115.12	5.6 %	1.28
Q4 2015	266.80	5.5 %	159.02	0.8 %	140.53	4.7 %	1.56
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
Q1 2016	275.49	(2.5 %)	146.83	(16.8 %)	133.80	(17.8 %)	1.49
Q2 2016	220.02	(16.7 %)	120.90	(27.9 %)	113.90	(32.2 %)	1.27
Q3 2016	171.21	(18.7 %)	84.83	(32.9 %)	69.45	(39.7 %)	0.77
Q4 2016	185.33	(30.5 %)	96.44	(39.3 %)	87.92	(37.4 %)	0.98
2016	852.04	(16.8 %)	449.00	(28.7 %)	405.08	(30.9 %)	4.50
Q1 2017	191.12	(30.6 %)	88.18	(39.9 %)	80.16	(40.1 %)	0.89
Q2 2017	135.10	(38.6 %)	56.43	(53.3 %)	53.20	(53.3 %)	0.59
Q3 2017	130.75	(23.6 %)	53.34	(37.1 %)	51.24	(26.2 %)	0.57
Q4 2017	168.98	(8.8 %)	75.73	(21.5 %)	67.19	(23.6 %)	0.75
2017	625.95	(26.5 %)	273.68	(39.0 %)	251.79	(37.8 %)	2.80
Q1 2018	147.91	(22.6 %)	62.64	(29.0 %)	57.18	(28.7 %)	0.64
Q2 2018	88.05	(34.8 %)	22.01	(61.0 %)	18.38	(65.5 %)	0.20
Q3 2018	74.36	(43.1 %)	9.55	(82.1 %)	5.68	(88.9 %)	0.06
Q4 2018	115.40	(31.7 %)	46.16	(39.0 %)	39.56	(41.1 %)	0.44
2018	425.73	(32.0 %)	140.35	(48.7 %)	120.80	(52.0 %)	1.34
Q1 2019	153.40	3.7 %	64.82	3.5 %	56.27	(1.6 %)	0.63
Q2 2019	154.53	75.5 %	75.62	243.6 %	68.17	270.9 %	0.76
Q3 2019	190.18	155.7 %	96.33	909.1 %	90.17	1486.5 %	1.00
Q4 2019	293.69	154.5 %	189.68	310.9 %	144.09	264.2 %	1.60
2019	791.79	86.0 %	426.44	203.8 %	360.74	198.6 %	4.01
Q1 2020	261.75	70.6 %	152.84	135.8 %	111.17	97.6 %	1.24
Q2 2020	167.44	8.4 %	90.89	20.2 %	85.47	25.4 %	0.95
Q3 2020	231.58	21.8 %	120.65	25.3 %	110.11	22.1 %	1.22

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2010	968.43	(1.8 %)	556.76	(2.2 %)	500.56	(16.9 %)	5.56
2011	1,034.78	6.9 %	609.25	9.4 %	552.90	10.5 %	6.14
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
2016	852.04	(16.8 %)	449.00	(28.7 %)	405.08	(30.9 %)	4.50
2017	625.95	(26.5 %)	273.68	(39.0 %)	251.79	(37.8 %)	2.80
2018	425.73	(32.0 %)	140.35	(48.7 %)	120.80	(52.0 %)	1.34
2019	791.79	86.0 %	426.44	203.8 %	360.74	198.6 %	4.01

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	57.92 %	62.85 %	51.73 %
Q2 2011	57.30 %	62.02 %	51.58 %
Q3 2011	57.61 %	62.28 %	51.64 %
Q4 2011	58.88 %	63.65 %	53.43 %
2011	58.88 %	63.65 %	53.43 %
Q1 2012	58.94 %	63.89 %	53.88 %
Q2 2012	58.98 %	63.93 %	53.75 %
Q3 2012	58.52 %	63.44 %	53.35 %
Q4 2012	58.59 %	63.56 %	53.53 %
2012	58.59 %	63.56 %	53.53 %
Q1 2013	59.56 %	64.48 %	54.33 %
Q2 2013	60.59 %	65.49 %	55.18 %
Q3 2013	61.43 %	65.84 %	55.26 %
Q4 2013	61.30 %	65.93 %	55.52 %
2013	61.30 %	65.93 %	55.58 %
Q1 2014	61.12 %	65.81 %	55.33 %
Q2 2014	61.99 %	66.79 %	56.20 %
Q3 2014	62.08 %	67.53 %	57.05 %
Q4 2014	62.43 %	66.86 %	56.17 %
2014	62.43 %	66.86 %	56.19 %
Q1 2015	62.50 %	66.72 %	56.24 %
Q2 2015	62.53 %	66.60 %	56.86 %
Q3 2015	62.22 %	66.16 %	56.54 %
Q4 2015	61.50 %	66.18 %	56.53 %
2015	61.50 %	66.18 %	56.53 %
Q1 2016	59.00 %	63.77 %	54.08 %
Q2 2016	56.86 %	61.87 %	51.74 %
Q3 2016	54.80 %	59.80 %	49.03 %
Q4 2016	52.70 %	57.51 %	47.54 %
2016	52.70 %	57.51 %	47.54 %
Q1 2017	50.85 %	55.97 %	45.78 %
Q2 2017	47.73 %	53.17 %	42.58 %
Q3 2017	45.83 %	51.68 %	42.43 %
Q4 2017	43.72 %	50.13 %	40.23 %
2017	43.72 %	50.13 %	40.23 %
Q1 2018	42.58 %	49.42 %	39.26 %
Q2 2018	39.90 %	47.65 %	36.21 %
Q3 2018	35.45 %	44.20 %	30.97 %
Q4 2018	32.97 %	42.98 %	28.37 %
2018	32.97 %	42.98 %	28.37 %
Q1 2019	33.05 %	43.11 %	27.80 %
Q2 2019	39.41 %	48.00 %	34.09 %
Q3 2019	46.12 %	52.80 %	41.43 %
Q4 2019	53.86 %	57.13 %	48.59 %
2019	53.86 %	57.13 %	48.84 %
Q1 2020	57.15 %	59.07 %	48.84 %
Q2 2020	58.02 %	59.09 %	49.69 %
Q3 2020	58.05 %	59.03 %	49.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	57.49 %	62.69 %	51.69 %
2011	58.88 %	63.65 %	53.43 %
2012	58.59 %	63.56 %	53.53 %
2013	61.30 %	65.93 %	55.58 %
2014	62.43 %	66.86 %	56.19 %
2015	61.50 %	66.18 %	56.53 %
2016	52.70 %	57.51 %	47.54 %
2017	43.72 %	50.13 %	40.23 %
2018	32.97 %	42.98 %	28.37 %
2019	53.86 %	57.13 %	48.84 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	59.07 %	63.03 %	53.43 %
Q2 2011	56.21 %	60.78 %	52.49 %
Q3 2011	59.18 %	65.61 %	53.89 %
Q4 2011	61.16 %	65.66 %	54.03 %
Q1 2012	59.28 %	63.92 %	55.06 %
Q2 2012	56.45 %	61.04 %	52.06 %
Q3 2012	56.91 %	63.22 %	51.91 %
Q4 2012	61.53 %	66.19 %	54.79 %
Q1 2013	62.79 %	67.24 %	57.93 %
Q2 2013	60.26 %	64.80 %	55.17 %
Q3 2013	61.11 %	64.97 %	52.38 %
Q4 2013	60.96 %	66.62 %	55.87 %
Q1 2014	62.21 %	66.89 %	57.37 %
Q2 2014	63.40 %	68.31 %	58.41 %
Q3 2014	61.43 %	68.49 %	56.16 %
Q4 2014	62.38 %	64.06 %	52.47 %
Q1 2015	62.48 %	66.38 %	57.60 %
Q2 2015	63.51 %	67.90 %	60.76 %
Q3 2015	60.06 %	66.18 %	54.69 %
Q4 2015	59.60 %	64.27 %	52.67 %
Q1 2016	53.30 %	57.47 %	48.57 %
Q2 2016	54.95 %	60.36 %	51.77 %
Q3 2016	49.55 %	55.86 %	40.56 %
Q4 2016	52.04 %	55.71 %	47.44 %
Q1 2017	46.14 %	51.27 %	41.94 %
Q2 2017	41.77 %	48.95 %	39.38 %
Q3 2017	40.80 %	49.39 %	39.19 %
Q4 2017	44.82 %	50.37 %	39.76 %
Q1 2018	42.35 %	48.80 %	38.66 %
Q2 2018	25.00 %	37.93 %	20.87 %
Q3 2018	12.84 %	28.43 %	7.64 %
Q4 2018	40.00 %	48.75 %	34.28 %
Q1 2019	42.26 %	48.96 %	36.68 %
Q2 2019	48.93 %	55.91 %	44.11 %
Q3 2019	50.65 %	55.82 %	47.41 %
Q4 2019	64.58 %	62.89 %	57.92 %
Q1 2020	58.39 %	59.02 %	42.47 %
Q2 2020	54.28 %	56.25 %	49.14 %
Q3 2020	52.10 %	56.17 %	47.55 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	90.00	5.58	5.58	19.49
Q2 2011	90.00	5.68	5.68	21.09
Q3 2011	90.00	5.77	5.77	20.12
Q4 2011	90.00	6.14	6.14	21.74
Q1 2012	90.00	6.27	6.27	19.99
Q2 2012	90.00	6.32	6.32	21.64
Q3 2012	90.00	6.27	6.27	20.37
Q4 2012	90.00	6.23	6.23	21.96
Q1 2013	90.00	6.34	6.34	20.31
Q2 2013	90.00	6.53	6.53	22.15
Q3 2013	90.00	6.58	6.57	20.68
Q4 2013	90.00	6.49	6.48	22.19
Q1 2014	90.00	6.39	6.35	20.44
Q2 2014	90.00	6.34	6.26	22.22
Q3 2014	90.00	6.27	6.17	20.43
Q4 2014	90.00	6.26	6.15	21.93
Q1 2015	90.00	6.30	6.22	20.72
Q2 2015	90.00	6.38	6.25	21.09
Q3 2015	90.00	6.45	6.34	20.87
Q4 2015	90.00	6.52	6.43	20.93
Q1 2016	90.00	6.19	6.11	20.42
Q2 2016	90.00	5.59	5.59	18.92
Q3 2016	90.00	5.09	5.09	19.69
Q4 2016	90.00	4.50	4.50	19.68
Q1 2017	90.00	3.90	3.90	19.57
Q2 2017	90.00	3.23	3.23	19.32
Q3 2017	90.00	3.03	3.03	19.23
Q4 2017	90.00	2.80	2.80	19.38
Q1 2018	90.00	2.54	2.54	19.22
Q2 2018	90.00	2.16	2.16	18.77
Q3 2018	90.00	1.65	1.65	18.48
Q4 2018	90.00	1.34	1.34	18.19
Q1 2019	90.00	1.33	1.33	18.82
Q2 2019	90.00	1.89	1.89	19.00
Q3 2019	90.00	2.82	2.82	19.25
Q4 2019	90.00	3.99	4.27	19.82
Q1 2020	90.00	4.60	4.88	19.96
Q2 2020	90.00	4.79	5.04	19.91
Q3 2020	90.00	5.01	5.26	20.13

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	90.00	5.56	5.56	20.62
2011	90.00	6.14	6.14	21.74
2012	90.00	6.23	6.23	21.96
2013	90.00	6.50	6.49	22.19
2014	90.00	6.26	6.15	21.93
2015	90.00	6.52	6.43	20.93
2016	90.00	4.50	4.50	19.68
2017	90.00	2.80	2.80	19.38
2018	90.00	1.34	1.34	18.19
2019	90.00	4.01	4.30	19.82

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	13.26	13.26	3.80
Q2 2011	15.30	15.30	4.12
Q3 2011	14.53	14.53	4.17
Q4 2011	14.55	14.55	4.11
Q1 2012	15.53	15.53	4.87
Q2 2012	15.17	15.17	4.43
Q3 2012	14.90	14.90	4.58
Q4 2012	15.87	15.87	4.50
Q1 2013	15.15	15.15	4.73
Q2 2013	15.47	15.47	4.56
Q3 2013	15.64	15.65	4.97
Q4 2013	16.93	16.96	4.95
Q1 2014	17.40	17.51	5.44
Q2 2014	19.26	19.49	5.49
Q3 2014	20.07	20.40	6.16
Q4 2014	17.49	17.80	4.99
Q1 2015	17.94	18.18	5.46
Q2 2015	18.33	18.71	5.54
Q3 2015	15.53	15.78	4.80
Q4 2015	13.21	13.38	4.11
Q1 2016	12.19	12.36	3.70
Q2 2016	14.31	14.31	4.23
Q3 2016	13.04	13.04	3.37
Q4 2016	18.35	18.35	4.20
Q1 2017	15.94	15.94	3.18
Q2 2017	18.99	18.99	3.18
Q3 2017	17.93	17.93	2.82
Q4 2017	19.76	19.76	2.85
Q1 2018	20.91	20.91	2.77
Q2 2018	22.17	22.17	2.55
Q3 2018	24.69	24.69	2.20
Q4 2018	30.75	30.75	2.27
Q1 2019	36.33	36.33	2.57
Q2 2019	30.36	30.36	3.01
Q3 2019	23.14	23.14	3.39
Q4 2019	20.37	19.00	4.10
Q1 2020	14.14	13.30	3.26
Q2 2020	15.39	14.62	3.70
Q3 2020	18.12	17.25	4.51

Period	P/E	Adjusted P/E	Price/book
2010	13.75	13.75	3.71
2011	14.55	14.55	4.11
2012	15.87	15.87	4.50
2013	16.91	16.95	4.95
2014	17.49	17.80	4.99
2015	13.21	13.38	4.11
2016	18.35	18.35	4.20
2017	19.76	19.76	2.85
2018	30.75	30.75	2.27
2019	20.26	18.90	4.10

Business Segments (Million)

Compared With The

Period	Cement	Ready mixed concrete
Q3 2012	202.97	9.92
Q4 2012	248.60	12.46
Q1 2013	275.43	15.35
Q2 2013	284.96	15.78
Q3 2013	207.91	10.19
Q4 2013	228.09	12.89
Q1 2014	256.58	16.29
Q2 2014	256.32	13.81
Q3 2014	180.85	9.01
Q4 2014	239.95	12.88
Q1 2015	268.19	14.29
Q3 2019	190.17	-
Q4 2019	293.69	-
Q1 2020	261.75	-
Q2 2020	167.44	-
Q3 2020	231.58	-

Period	Cement	Ready mixed concrete
2012	1,002.03	45.88
2013	996.40	54.21
2014	933.71	51.98
2019	791.79	-

Analysts Estimates (Million)

Item	Q3 2020 (e)	Q3 2020 (a)	Change‬
Average	125.96	110.11	(12.6 %)

Estimates vs Actual (Million)

Item	Q3 2020 (e)	Q3 2020 (a)	Change
SNB Capital	106.00	110.11	3.9 %
AlJazira Capital	119.50	110.11	(7.9) %
Al Rajhi Capital	122.00	110.11	(9.7) %
OSOOL AND BAKHEET	135.30	110.11	(18.6) %
Riyad Capital	147.00	110.11	(25.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,136.02
Enterprise Value (EV) (M)	5,606.98
Shares Outstanding ((M))	110.56
EPS ( Riyal) (TTM)	1.53
Book Value (BV) ( Riyal)	17.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	38.05
P/E (TTM)	38.05
Price/book	3.85
Return on Average Assets (%) (TTM)	8.4
Return on Average Equity (%) (TTM)	9.9

Qassim Cement Co. (QACCO)

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Qassim Cement 9M 2020 net profit up 42% to SAR 306.8 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Qassim Cement Co. (QACCO)

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Qassim Cement 9M 2020 net profit up 42% to SAR 306.8 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2020

Revenue by Business Segment (Latest) 2020 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Qassim Cement Co. (QACCO)

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Business Segments (Million)