Qassim Cement Q1 2024 profit jumps 35% to SAR 74.2M

16/05/2024 Argaam Exclusive

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Qassim Cement Co. posted a 35% profit leap to SAR 74.2 million for the first quarter of 2024, compared to SAR 54.9 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	174.07	196.42	12.8 %
Gross Income	56.64	82.78	46.1 %
Operating Income	47.58	65.42	37.5 %
Net Income	54.94	74.22	35.1 %
Average Shares	90.00	105.45	17.2 %
EPS (Riyals)	0.61	0.70	15.3 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	151.46	196.42	29.7 %
Gross Income	43.83	82.78	88.9 %
Operating Income	30.78	65.42	112.6 %
Net Income	40.89	74.22	81.5 %
Average Shares	90.00	105.45	17.2 %
EPS (Riyals)	0.45	0.70	54.9 %

The first-quarter profit rise was spurred by sales growth, thanks to an increase in sales volumes and the company’s average selling price. This was offset by higher general and administrative expenses (G&A).

Quarter-on-quarter (QoQ), the company’s net profit climbed 81.5% from SAR 40.8 million on better sales. On the other hand, G&A increased on a sequential basis.

Total shareholders’ equity, after minority interest, declined to SAR 1.59 billion by March 31, 2024, from SAR 1.66 billion a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2020	237.67	(19.1 %)	108.85	(42.6 %)	113.09	(21.5 %)	1.26
2020	898.42	13.5 %	473.23	11.0 %	419.84	16.4 %	4.66
Q1 2021	223.35	(14.7 %)	112.40	(26.5 %)	100.87	(9.3 %)	1.12
Q2 2021	197.81	18.1 %	100.09	10.1 %	100.18	17.2 %	1.11
Q3 2021	170.31	(26.5 %)	69.66	(42.3 %)	60.39	(45.2 %)	0.67
Q4 2021	131.33	(44.7 %)	3.81	(96.5 %)	30.44	(73.1 %)	0.34
2021	722.80	(19.5 %)	285.95	(39.6 %)	291.87	(30.5 %)	3.24
Q1 2022	142.49	(36.2 %)	27.37	(75.6 %)	25.08	(75.1 %)	0.28
Q2 2022	152.13	(23.1 %)	45.67	(54.4 %)	28.96	(71.1 %)	0.32
Q3 2022	166.78	(2.1 %)	38.09	(45.3 %)	23.43	(61.2 %)	0.26
Q4 2022	217.05	65.3 %	77.35	1930.7 %	53.04	74.3 %	0.59
2022	678.46	(6.1 %)	188.49	(34.1 %)	130.51	(55.3 %)	1.45
Q1 2023	174.07	22.2 %	56.64	106.9 %	54.94	119.0 %	0.61
Q2 2023	137.19	(9.8 %)	37.56	(17.8 %)	38.10	31.6 %	0.42
Q3 2023	120.84	(27.5 %)	13.07	(65.7 %)	8.05	(65.7 %)	0.09
Q4 2023	151.46	(30.2 %)	43.83	(43.3 %)	40.89	(22.9 %)	0.45
2023	583.56	(14.0 %)	151.10	(19.8 %)	141.97	8.8 %	1.58
Q1 2024	196.42	12.8 %	82.78	46.1 %	74.22	35.1 %	0.70

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2020	898.42	13.5 %	473.23	11.0 %	419.84	16.4 %	4.66
2021	722.80	(19.5 %)	285.95	(39.6 %)	291.87	(30.5 %)	3.24
2022	678.46	(6.1 %)	188.49	(34.1 %)	130.51	(55.3 %)	1.45
2023	583.56	(14.0 %)	151.10	(19.8 %)	141.97	8.8 %	1.58

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2020	52.67 %	55.27 %	45.91 %
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 %
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 %
Q4 2022	27.78 %	31.83 %	19.24 %
2022	27.78 %	31.83 %	19.24 %
Q1 2023	30.67 %	34.46 %	22.59 %
Q2 2023	30.16 %	33.82 %	24.39 %
Q3 2023	28.44 %	32.77 %	23.74 %
Q4 2023	25.89 %	29.49 %	24.33 %
2023	25.89 %	29.49 %	24.33 %
Q1 2024	29.25 %	30.83 %	26.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2020	52.67 %	55.27 %	45.91 %
2021	39.56 %	46.70 %	40.38 %
2022	27.78 %	31.83 %	19.24 %
2023	25.89 %	29.49 %	24.33 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2020	45.80 %	49.58 %	45.84 %
Q1 2021	50.32 %	54.94 %	45.16 %
Q2 2021	50.60 %	55.83 %	50.64 %
Q3 2021	40.90 %	45.76 %	35.46 %
Q4 2021	2.90 %	20.15 %	23.18 %
Q1 2022	19.21 %	25.92 %	17.60 %
Q2 2022	30.02 %	36.21 %	19.03 %
Q3 2022	22.84 %	27.85 %	14.05 %
Q4 2022	35.64 %	35.68 %	24.44 %
Q1 2023	32.54 %	37.74 %	31.56 %
Q2 2023	27.38 %	33.16 %	27.77 %
Q3 2023	10.81 %	19.93 %	6.66 %
Q4 2023	28.94 %	24.30 %	27.00 %
Q1 2024	42.15 %	40.94 %	37.79 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2022	90.00	1.45	1.45	18.50
Q1 2023	90.00	1.78	1.78	18.51
Q2 2023	90.00	1.88	1.88	18.28
Q3 2023	90.00	1.71	1.71	17.72
Q4 2023	90.00	1.58	1.58	17.55
Q1 2024	105.45	1.53	1.53	17.72

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2020	90.00	4.66	4.58	20.10
2021	90.00	3.24	3.24	19.25
2022	90.00	1.45	1.45	18.50
2023	90.00	1.58	1.58	17.55

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2022	51.76	51.76	4.06
Q1 2023	46.40	46.40	4.47
Q2 2023	47.61	47.61	4.91
Q3 2023	45.98	45.98	4.44
Q4 2023	49.61	49.61	4.46
Q1 2024	40.18	40.18	4.06

Period	P/E	Adjusted P/E	Price/book
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
2020	21.33	21.71	4.95
2021	28.67	28.67	4.83
2022	51.76	51.76	4.06
2023	49.61	49.61	4.46

Business Segments (Million)

Compared With The

Period	Cement	Ready mixed concrete
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	-
Q4 2022	217.05	-
Q1 2023	174.07	-
Q2 2023	137.19	-
Q3 2023	120.84	-
Q4 2023	151.46	-
Q1 2024	196.42	-

Period	Cement	Ready mixed concrete
2014	933.71	51.98
2019	791.79	-
2020	898.42	-
2021	722.80	-
2022	678.46	-
2023	583.56	-

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	58.74	74.22	26.36 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
AlJazira Capital	87.40	74.22	(15.1) %
Hermes	64.00	74.22	16.0 %
Sico	106.00	74.22	(30.0) %
Al Rajhi Capital	53.00	74.22	40.0 %
Riyad Capital	48.00	74.22	54.6 %
SNB Capital	43.40	74.22	71.0 %
Value Capital	43.40	74.22	71.0 %
U-Capital	42.10	74.22	76.3 %
OSOOL AND BAKHEET	41.36	74.22	79.5 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,191.30
Enterprise Value (EV) (M)	5,662.26
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)	38.40
P/E (TTM)	38.40
Price/book	3.88
Return on Average Assets (%) (TTM)	8.4
Return on Average Equity (%) (TTM)	9.9

Qassim Cement Co. (QACCO)

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Qassim Cement Q1 2024 profit jumps 35% to SAR 74.2M

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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) 2024 Q1

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 Q1 2024 profit jumps 35% to SAR 74.2M

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

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)