Saudi Cement net profit down 49% to SAR 61.1 mln in Q1 2022

Saudi Cement net profit down 49% to SAR 61.1 mln in Q1 2022

26/04/2022 Argaam Exclusive

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Saudi Cement Co. posted a net profit after Zakat and tax of SAR 61.1 million for the first quarter of 2022, a 49% drop from SAR 119.4 million in the year-ago period.

 

The decline in net profit resulted from decreased sales and other income, as well as an increase in selling and distribution expenses, despite lower finance charges and higher profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 429.07 315.06 (26.6 %)
Gross Income 173.63 100.74 (42.0 %)
Operating Income 124.68 60.08 (51.8 %)
Net Income 119.42 61.13 (48.8 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 0.78 0.40 (48.8 %)

On a sequential basis, Q1 2022 net profit fell nearly 9.3% due to lower sales, lower other income and increased general and administrative expenses, despite a higher share in net results of associates as well as lower selling and distribution expenses, finance charges and Zakat.

 

Shareholders’ equity, excluding minority interest, declined almost 10% to SAR 2.494 billion by the end of Q1 2022, compared to SAR 2.771 billion in the prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 612.75 (4.2 %) 374.11 6.1 % 350.59 6.4 %
Q2 2013 626.42 6.0 % 339.99 7.5 % 316.31 7.6 %
Q3 2013 455.13 5.1 % 260.41 9.2 % 237.85 8.8 %
Q4 2013 492.95 (8.7 %) 309.75 (3.8 %) 281.63 (6.2 %)
Q1 2014 534.76 (12.7 %) 326.08 (12.8 %) 303.59 (13.4 %)
Q2 2014 538.38 (14.1 %) 322.82 (5.0 %) 295.78 (6.5 %)
Q3 2014 425.74 (6.5 %) 264.43 1.5 % 237.23 (0.3 %)
Q4 2014 525.71 6.6 % 315.73 1.9 % 286.84 1.8 %
Q1 2015 550.88 3.0 % 339.26 4.0 % 310.22 2.2 %
Q2 2015 499.63 (7.2 %) 283.93 (12.0 %) 258.44 (12.6 %)
Q3 2015 398.31 (6.4 %) 232.75 (12.0 %) 209.94 (11.5 %)
Q4 2015 483.58 (8.0 %) 280.09 (11.3 %) 251.17 (12.4 %)
Q1 2016 506.93 (8.0 %) 295.22 (13.0 %) 271.34 (12.5 %)
Q2 2016 498.78 (0.2 %) 282.36 (0.6 %) 257.31 (0.4 %)
Q3 2016 375.05 (5.8 %) 232.19 (0.2 %) 208.61 (0.6 %)
Q4 2016 397.38 (17.8 %) 220.82 (21.2 %) 194.85 (22.4 %)
Q1 2017 346.35 (31.7 %) 191.19 (35.2 %) 168.27 (38.0 %)
Q2 2017 269.45 (46.0 %) 121.16 (57.1 %) 99.09 (61.5 %)
Q3 2017 250.19 (33.3 %) 115.58 (50.2 %) 93.71 (55.1 %)
Q4 2017 318.54 (19.8 %) 140.88 (36.2 %) 112.45 (42.3 %)
Q1 2018 330.46 (4.6 %) 169.32 (11.4 %) 148.47 (11.8 %)
Q2 2018 245.75 (8.8 %) 96.13 (20.7 %) 64.13 (35.3 %)
Q3 2018 239.55 (4.3 %) 113.12 (2.1 %) 80.61 (14.0 %)
Q4 2018 303.80 (4.6 %) 159.42 13.2 % 123.59 9.9 %
Q1 2019 390.36 18.1 % 181.04 6.9 % 141.00 (5.0 %)
Q2 2019 338.61 37.8 % 140.28 45.9 % 99.70 55.5 %
Q3 2019 310.12 29.5 % 131.84 16.5 % 92.84 15.2 %
Q4 2019 402.54 32.5 % 196.64 23.3 % 157.45 27.4 %
Q1 2020 450.36 15.4 % 202.77 12.0 % 157.77 11.9 %
Q2 2020 297.45 (12.2 %) 123.67 (11.8 %) 82.92 (16.8 %)
Q3 2020 386.81 24.7 % 163.18 23.8 % 113.99 22.8 %
Q4 2020 435.01 8.1 % 176.75 (10.1 %) 124.38 (21.0 %)
Q1 2021 429.07 (4.7 %) 173.63 (14.4 %) 124.68 (21.0 %)
Q2 2021 348.12 17.0 % 138.70 12.2 % 91.96 10.9 %
Q3 2021 304.93 (21.2 %) 109.05 (33.2 %) 62.75 (45.0 %)
Q4 2021 327.45 (24.7 %) 109.01 (38.3 %) 64.91 (47.8 %)
Q1 2022 315.06 (26.6 %) 100.74 (42.0 %) 60.08 (51.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 340.30 4.5 % 2.22 - 340.30 2.22
Q2 2013 307.14 5.8 % 2.01 - 307.14 2.01
Q3 2013 229.06 9.4 % 1.50 - 229.06 1.50
Q4 2013 247.30 (10.6 %) 1.62 - 247.30 1.62
Q1 2014 286.05 (15.9 %) 1.87 - 286.05 1.87
Q2 2014 288.30 (6.1 %) 1.88 - 288.30 1.88
Q3 2014 231.72 1.2 % 1.51 - 231.72 1.51
Q4 2014 268.02 8.4 % 1.75 - 268.02 1.75
Q1 2015 303.10 6.0 % 1.98 - 303.10 1.98
Q2 2015 253.82 (12.0 %) 1.66 - 253.82 1.66
Q3 2015 207.57 (10.4 %) 1.36 - 207.57 1.36
Q4 2015 175.70 (34.4 %) 1.15 (66.15) 241.85 1.58
Q1 2016 262.57 (13.4 %) 1.72 - 262.57 1.72
Q2 2016 249.46 (1.7 %) 1.63 - 249.46 1.63
Q3 2016 202.28 (2.5 %) 1.32 - 202.28 1.32
Q4 2016 186.66 6.2 % 1.22 - 186.66 1.22
Q1 2017 164.70 (37.3 %) 1.08 - 164.70 1.08
Q2 2017 93.95 (62.3 %) 0.61 - 93.95 0.61
Q3 2017 87.35 (56.8 %) 0.57 - 87.35 0.57
Q4 2017 107.45 (42.4 %) 0.70 - 107.45 0.70
Q1 2018 142.23 (13.6 %) 0.93 - 142.23 0.93
Q2 2018 58.05 (38.2 %) 0.38 - 58.05 0.38
Q3 2018 75.41 (13.7 %) 0.49 - 75.41 0.49
Q4 2018 124.83 16.2 % 0.82 - 124.83 0.82
Q1 2019 132.44 (6.9 %) 0.87 - 132.44 0.87
Q2 2019 92.34 59.1 % 0.60 - 92.34 0.60
Q3 2019 83.02 10.1 % 0.54 - 83.02 0.54
Q4 2019 143.60 15.0 % 0.94 - 143.60 0.94
Q1 2020 148.51 12.1 % 0.97 - 148.51 0.97
Q2 2020 75.70 (18.0 %) 0.49 - 75.70 0.49
Q3 2020 107.64 29.7 % 0.70 - 107.64 0.70
Q4 2020 124.12 (13.6 %) 0.81 - 124.12 0.81
Q1 2021 119.42 (19.6 %) 0.78 - 119.42 0.78
Q2 2021 86.37 14.1 % 0.56 - 86.37 0.56
Q3 2021 58.72 (45.4 %) 0.38 - 58.72 0.38
Q4 2021 67.40 (45.7 %) 0.44 - 67.40 0.44
Q1 2022 61.13 (48.8 %) 0.40 - 61.13 0.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 57.45 % 62.67 % 51.29 %
Q2 2013 57.61 % 62.66 % 51.23 %
Q3 2013 58.03 % 62.90 % 51.61 %
Q4 2013 58.72 % 63.38 % 51.38 %
Q1 2014 58.61 % 63.45 % 50.71 %
Q2 2014 60.31 % 65.26 % 51.98 %
Q3 2014 61.40 % 66.27 % 52.88 %
Q4 2014 60.71 % 65.63 % 53.05 %
Q1 2015 60.87 % 65.62 % 53.47 %
Q2 2015 60.11 % 65.26 % 52.78 %
Q3 2015 59.34 % 64.97 % 52.29 %
Q4 2015 58.79 % 64.64 % 52.08 %
Q1 2016 57.82 % 64.19 % 51.14 %
Q2 2016 57.77 % 64.19 % 50.94 %
Q3 2016 58.46 % 65.04 % 51.29 %
Q4 2016 57.96 % 65.13 % 50.67 %
Q1 2017 57.28 % 65.04 % 49.65 %
Q2 2017 55.13 % 64.08 % 46.65 %
Q3 2017 51.35 % 60.90 % 42.16 %
Q4 2017 48.02 % 57.56 % 38.28 %
Q1 2018 46.80 % 56.48 % 36.88 %
Q2 2018 45.58 % 54.48 % 34.51 %
Q3 2018 45.79 % 53.62 % 33.78 %
Q4 2018 48.05 % 55.18 % 35.77 %
Q1 2019 46.61 % 51.94 % 33.13 %
Q2 2019 46.68 % 51.15 % 33.40 %
Q3 2019 45.62 % 49.70 % 32.22 %
Q4 2019 45.07 % 48.88 % 31.31 %
Q1 2020 44.72 % 48.26 % 31.13 %
Q2 2020 44.84 % 48.72 % 30.87 %
Q3 2020 44.64 % 47.79 % 30.93 %
Q4 2020 42.45 % 44.85 % 29.05 %
Q1 2021 41.16 % 43.35 % 27.57 %
Q2 2021 40.79 % 42.52 % 27.36 %
Q3 2021 39.43 % 41.52 % 25.62 %
Q4 2021 37.63 % 40.55 % 23.55 %
Q1 2022 35.31 % 39.14 % 21.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 153.00 7.30 7.30 19.35
Q2 2013 153.00 7.41 7.41 17.86
Q3 2013 153.00 7.54 7.54 19.35
Q4 2013 153.00 7.35 7.35 20.97
Q1 2014 153.00 6.99 6.99 19.33
Q2 2014 153.00 6.87 6.87 17.38
Q3 2014 153.00 6.88 6.88 18.90
Q4 2014 153.00 7.02 7.02 20.65
Q1 2015 153.00 7.13 7.13 20.12
Q2 2015 153.00 6.91 6.91 18.77
Q3 2015 153.00 6.75 6.75 20.13
Q4 2015 153.00 6.15 6.58 21.28
Q1 2016 153.00 5.88 6.31 19.37
Q2 2016 153.00 5.85 6.28 18.25
Q3 2016 153.00 5.82 6.25 19.57
Q4 2016 153.00 5.89 5.89 20.85
Q1 2017 153.00 5.25 5.25 21.92
Q2 2017 153.00 4.23 4.23 17.54
Q3 2017 153.00 3.48 3.48 18.11
Q4 2017 153.00 2.96 2.96 18.81
Q1 2018 153.00 2.82 2.82 19.74
Q2 2018 153.00 2.58 2.58 16.87
Q3 2018 153.00 2.50 2.50 17.36
Q4 2018 153.00 2.62 2.62 18.22
Q1 2019 153.00 2.55 2.55 19.08
Q2 2019 153.00 2.78 2.78 16.43
Q3 2019 153.00 2.83 2.83 16.97
Q4 2019 153.00 2.95 2.95 17.84
Q1 2020 153.00 3.06 3.06 18.81
Q2 2020 153.00 2.95 2.95 15.81
Q3 2020 153.00 3.11 3.11 16.51
Q4 2020 153.00 2.98 2.98 17.33
Q1 2021 153.00 2.79 2.79 18.11
Q2 2021 153.00 2.86 2.86 15.15
Q3 2021 153.00 2.54 2.54 15.54
Q4 2021 153.00 2.17 2.17 15.90
Q1 2022 153.00 1.79 1.79 16.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 12.33 12.33 4.65
Q2 2013 13.63 13.63 5.66
Q3 2013 14.33 14.33 5.58
Q4 2013 13.82 13.82 4.84
Q1 2014 15.23 15.23 5.51
Q2 2014 16.78 16.78 6.63
Q3 2014 16.59 16.59 6.04
Q4 2014 13.63 13.63 4.63
Q1 2015 12.58 12.58 4.46
Q2 2015 14.00 14.00 5.15
Q3 2015 10.63 10.63 3.56
Q4 2015 10.56 9.86 3.05
Q1 2016 10.73 9.99 3.26
Q2 2016 10.80 10.05 3.46
Q3 2016 9.55 8.89 2.84
Q4 2016 12.09 12.09 3.42
Q1 2017 11.40 11.40 2.73
Q2 2017 12.27 12.27 2.96
Q3 2017 12.03 12.03 2.31
Q4 2017 16.00 16.00 2.52
Q1 2018 19.93 19.93 2.84
Q2 2018 19.23 19.23 2.94
Q3 2018 17.89 17.89 2.58
Q4 2018 18.55 18.55 2.67
Q1 2019 22.91 22.91 3.07
Q2 2019 25.23 25.23 4.27
Q3 2019 25.18 25.18 4.20
Q4 2019 23.76 23.76 3.93
Q1 2020 16.04 16.04 2.60
Q2 2020 17.99 17.99 3.35
Q3 2020 18.70 18.70 3.52
Q4 2020 20.64 20.64 3.55
Q1 2021 23.80 23.80 3.67
Q2 2021 22.24 22.24 4.20
Q3 2021 24.72 24.72 4.04
Q4 2021 25.26 25.26 3.45
Q1 2022 34.05 34.05 3.74

Business Segments (Million)

Compared With The
Period Cement Clinker
Q3 2021 250.73 54.19
Q4 2021 276.54 50.91
Q1 2022 271.09 43.97

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 60.87 61.13 0.42 %

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
OSOOL AND BAKHEET 55.61 61.13 9.9 %
Hermes 70.00 61.13 (12.7) %
Al Rajhi Capital 52.00 61.13 17.6 %
AlJazira Capital 49.50 61.13 23.5 %
SNB Capital 48.00 61.13 27.4 %
Riyad Capital 45.00 61.13 35.8 %
Sico 106.00 61.13 (42.3) %


Financial Ratios
Current
Market Cap (M Riyal) 6,265.35
Enterprise Value (EV) (M) 6,689.45
Shares Outstanding ((M)) 153.00
EPS ( Riyal) (TTM) 2.65
Book Value (BV) ( Riyal) 13.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.47
P/E (TTM) 15.47
Price/book 2.96
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 19.3
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Share Price

Saudi Cement Co.
40.95
(0.20) (0.49 %)

Saudi Cement Co. (SAUDI CEMENT)

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