Qassim Cement’s 9M 2022 profit plunges 70% to SAR 77.5 mln; Q3 at SAR 23.4 mln

Qassim Cement’s 9M 2022 profit plunges 70% to SAR 77.5 mln; Q3 at SAR 23.4 mln

06/11/2022 Argaam Exclusive

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Qassim Cement Co. reported a 70% tumble in 9M 2022 net profit after Zakat and tax to SAR 77.5 million, compared to SAR 261.4 million in the year-earlier period. The company was hit by lower sales volume and value, as well as higher cost of sales.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 591.47 461.40 (22.0 %)
Gross Income 282.14 111.14 (60.6 %)
Operating Income 255.38 84.23 (67.0 %)
Net Income 261.43 77.47 (70.4 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 2.90 0.86 (70.4 %)

It also reported unrealized losses from financial investments at fair value in the current period, against unrealized profit a year earlier.

 

In Q3 2022, net profit after Zakat and tax plummeted 61% to SAR 23.4 million, from SAR 60.39 million in Q3 2021, due to a decline in sales volume and value, and higher cost of sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 170.31 166.78 (2.1 %)
Gross Income 69.66 38.09 (45.3 %)
Operating Income 59.70 28.37 (52.5 %)
Net Income 60.39 23.43 (61.2 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.67 0.26 (61.2 %)

Compared to Q2 2022, net profit after Zakat and tax dropped 19.1% from SAR 28.96 million, despite a rise in the sales volume and value, as well as better other income.

 

Total shareholders’ equity, after minority interest, decreased to SAR 1.669 billion as of Sept. 30, 2022, from SAR 1.773 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 290.78 1.0 % 182.58 7.0 % 174.21 7.4 %
Q2 2013 300.74 5.1 % 181.24 12.2 % 173.41 13.1 %
Q3 2013 218.10 2.4 % 133.28 10.0 % 120.12 6.1 %
Q4 2013 240.98 (7.7 %) 146.91 (8.5 %) 138.52 (8.2 %)
Q1 2014 272.87 (6.2 %) 169.75 (7.0 %) 161.74 (7.2 %)
Q2 2014 270.13 (10.2 %) 171.25 (5.5 %) 163.59 (5.7 %)
Q3 2014 189.86 (12.9 %) 116.64 (12.5 %) 109.09 (9.2 %)
Q4 2014 252.84 4.9 % 157.71 7.3 % 141.11 1.9 %
Q1 2015 282.48 3.5 % 176.49 4.0 % 167.00 3.3 %
Q2 2015 264.15 (2.2 %) 167.76 (2.0 %) 161.84 (1.1 %)
Q3 2015 210.47 10.9 % 126.42 8.4 % 120.20 10.2 %
Q4 2015 266.80 5.5 % 159.02 0.8 % 152.35 8.0 %
Q1 2016 275.49 (2.5 %) 146.83 (16.8 %) 139.24 (16.6 %)
Q2 2016 220.02 (16.7 %) 120.90 (27.9 %) 113.76 (29.7 %)
Q3 2016 171.21 (18.7 %) 84.83 (32.9 %) 77.87 (35.2 %)
Q4 2016 185.33 (30.5 %) 96.44 (39.3 %) 86.21 (43.4 %)
Q1 2017 191.12 (30.6 %) 88.18 (39.9 %) 80.93 (41.9 %)
Q2 2017 135.10 (38.6 %) 56.43 (53.3 %) 49.01 (56.9 %)
Q3 2017 130.75 (23.6 %) 53.34 (37.1 %) 47.03 (39.6 %)
Q4 2017 168.98 (8.8 %) 75.73 (21.5 %) 67.67 (21.5 %)
Q1 2018 147.91 (22.6 %) 62.64 (29.0 %) 54.59 (32.5 %)
Q2 2018 88.05 (34.8 %) 22.01 (61.0 %) 15.62 (68.1 %)
Q3 2018 74.36 (43.1 %) 9.55 (82.1 %) 3.29 (93.0 %)
Q4 2018 115.40 (31.7 %) 46.16 (39.0 %) 38.38 (43.3 %)
Q1 2019 153.40 3.7 % 64.82 3.5 % 57.14 4.7 %
Q2 2019 154.53 75.5 % 75.62 243.6 % 68.45 338.2 %
Q3 2019 190.18 155.7 % 96.33 909.1 % 88.15 2581.9 %
Q4 2019 293.69 154.5 % 189.68 310.9 % 166.25 333.1 %
Q1 2020 261.75 70.6 % 152.84 135.8 % 129.22 126.2 %
Q2 2020 167.44 8.4 % 90.89 20.2 % 82.36 20.3 %
Q3 2020 231.58 21.8 % 120.65 25.3 % 111.55 26.5 %
Q4 2020 237.67 (19.1 %) 108.85 (42.6 %) 99.16 (40.4 %)
Q1 2021 223.35 (14.7 %) 112.40 (26.5 %) 103.99 (19.5 %)
Q2 2021 197.81 18.1 % 100.09 10.1 % 91.69 11.3 %
Q3 2021 170.31 (26.5 %) 69.66 (42.3 %) 59.70 (46.5 %)
Q4 2021 131.33 (44.7 %) 3.81 (96.5 %) 8.45 (91.5 %)
Q1 2022 142.49 (36.2 %) 27.37 (75.6 %) 18.86 (81.9 %)
Q2 2022 152.13 (23.1 %) 45.67 (54.4 %) 37.01 (59.6 %)
Q3 2022 166.78 (2.1 %) 38.09 (45.3 %) 28.37 (52.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 168.46 6.3 % 1.87 - 168.46 1.87
Q2 2013 165.93 11.4 % 1.84 - 165.93 1.84
Q3 2013 114.70 3.8 % 1.27 0.46 114.24 1.27
Q4 2013 135.31 (5.4 %) 1.50 0.67 134.64 1.50
Q1 2014 159.05 (5.6 %) 1.77 2.51 156.54 1.74
Q2 2014 161.11 (2.9 %) 1.79 3.32 157.79 1.75
Q3 2014 109.03 (4.9 %) 1.21 2.41 106.62 1.18
Q4 2014 134.23 (0.8 %) 1.49 1.56 132.67 1.47
Q1 2015 162.71 2.3 % 1.81 - 162.71 1.81
Q2 2015 168.08 4.3 % 1.87 7.60 160.49 1.78
Q3 2015 115.12 5.6 % 1.28 - 115.12 1.28
Q4 2015 140.53 4.7 % 1.56 - 140.53 1.56
Q1 2016 133.80 (17.8 %) 1.49 - 133.80 1.49
Q2 2016 113.90 (32.2 %) 1.27 - 113.90 1.27
Q3 2016 69.45 (39.7 %) 0.77 - 69.45 0.77
Q4 2016 87.92 (37.4 %) 0.98 - 87.92 0.98
Q1 2017 80.16 (40.1 %) 0.89 - 80.16 0.89
Q2 2017 53.20 (53.3 %) 0.59 - 53.20 0.59
Q3 2017 51.24 (26.2 %) 0.57 - 51.24 0.57
Q4 2017 67.19 (23.6 %) 0.75 - 67.19 0.75
Q1 2018 57.18 (28.7 %) 0.64 - 57.18 0.64
Q2 2018 18.38 (65.5 %) 0.20 - 18.38 0.20
Q3 2018 5.68 (88.9 %) 0.06 - 5.68 0.06
Q4 2018 39.56 (41.1 %) 0.44 - 39.56 0.44
Q1 2019 56.27 (1.6 %) 0.63 - 56.27 0.63
Q2 2019 68.17 270.9 % 0.76 - 68.17 0.76
Q3 2019 90.17 1486.5 % 1.00 - 90.17 1.00
Q4 2019 144.09 264.2 % 1.60 (26.01) 170.10 1.89
Q1 2020 111.17 97.6 % 1.24 - 111.17 1.24
Q2 2020 85.47 25.4 % 0.95 3.20 82.27 0.91
Q3 2020 110.11 22.1 % 1.22 - 110.11 1.22
Q4 2020 113.09 (21.5 %) 1.26 4.14 108.94 1.21
Q1 2021 100.87 (9.3 %) 1.12 - 100.87 1.12
Q2 2021 100.18 17.2 % 1.11 - 100.18 1.11
Q3 2021 60.39 (45.2 %) 0.67 - 60.39 0.67
Q4 2021 30.44 (73.1 %) 0.34 - 30.44 0.34
Q1 2022 25.08 (75.1 %) 0.28 - 25.08 0.28
Q2 2022 28.96 (71.1 %) 0.32 - 28.96 0.32
Q3 2022 23.43 (61.2 %) 0.26 - 23.43 0.26

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2020 57.15 % 59.07 % 48.84 %
Q2 2020 58.02 % 59.09 % 49.69 %
Q3 2020 58.05 % 59.03 % 49.63 %
Q4 2020 52.67 % 55.27 % 45.91 %
Q1 2021 50.32 % 54.05 % 46.77 %
Q2 2021 49.64 % 54.03 % 47.18 %
Q3 2021 47.16 % 51.73 % 44.67 %
Q4 2021 39.56 % 46.70 % 40.38 %
Q1 2022 31.30 % 39.22 % 33.66 %
Q2 2022 24.57 % 32.94 % 24.30 %
Q3 2022 19.39 % 27.83 % 18.21 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2020 90.00 4.66 4.58 20.10
Q1 2021 90.00 4.55 4.47 20.02
Q2 2021 90.00 4.71 4.67 20.03
Q3 2021 90.00 4.16 4.12 19.71
Q4 2021 90.00 3.24 3.24 19.25
Q1 2022 90.00 2.40 2.40 18.96
Q2 2022 90.00 1.61 1.61 18.78
Q3 2022 90.00 1.20 1.20 18.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 21.33 21.71 4.95
Q1 2021 22.97 23.39 5.22
Q2 2021 22.41 22.63 5.27
Q3 2021 24.50 24.78 5.17
Q4 2021 28.67 28.67 4.83
Q1 2022 43.08 43.08 5.45
Q2 2022 60.44 60.44 5.18
Q3 2022 79.30 79.30 5.13

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 -
Q4 2020 237.67 -
Q1 2021 223.35 -
Q2 2021 197.81 -
Q3 2021 170.31 -
Q4 2021 131.33 -
Q1 2022 142.49 -
Q2 2022 152.13 -
Q3 2022 166.78 -

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 44.62 23.43 (47.5 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Al Rajhi Capital 27.00 23.43 (13.2) %
Riyad Capital 32.00 23.43 (26.8) %
AlJazira Capital 41.30 23.43 (43.3) %
OSOOL AND BAKHEET 42.45 23.43 (44.8) %
SNB Capital 46.60 23.43 (49.7) %
Sico 60.00 23.43 (61.0) %
Hermes 63.00 23.43 (62.8) %


Financial Ratios
Current
Market Cap (M Riyal) 5,959.13
Enterprise Value (EV) (M) 5,390.45
Shares Outstanding ((M)) 110.56
EPS ( Riyal) (TTM) 2.47
Book Value (BV) ( Riyal) 24.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.46
P/E (TTM) 22.88
Price/book 2.17
Return on Average Assets (%) (TTM) 10.6
Return on Average Equity (%) (TTM) 12.0
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Share Price

Qassim Cement Co.
53.90
0.20 0.37 %

Qassim Cement Co. (QACCO)

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