Saudi Cement 9M 2022 net profit down 8% to SAR 244.3 mln; Q3 profit jumps to SAR 80.7 mln

Saudi Cement 9M 2022 net profit down 8% to SAR 244.3 mln; Q3 profit jumps to SAR 80.7 mln

03/11/2022 Argaam Exclusive

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Saudi Cement Co. (SCC) posted an 8% decline in net profit after Zakat and tax to SAR 244.3 million for the first nine months of 2022, from SAR 264.5 million in the corresponding period last year. The cement producer was hit by a decline in sales volumes and value. It also reported higher general and administrative (G&A) expenses, as well as finance charges.


Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 1,082.12 992.08 (8.3 %)
Gross Income 421.39 371.07 (11.9 %)
Operating Income 279.39 248.77 (11.0 %)
Net Income 264.52 244.31 (7.6 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 1.73 1.60 (7.6 %)

This came despite a decrease in selling and distribution expenses, lower Zakat provisions, as well as increased profit from an associate and other revenues.

In Q3 2022, net profit after Zakat and tax climbed 37% to SAR 80.7 million, from SAR 58.7 million in Q3 2021. SCC reported better sales revenue, due to an increase in average selling prices in spite of the decrease in sales volumes. It also reported lower selling and distribution expenses, Zakat provisions, and an increase its profit share from an associate.

 

Compared to Q2 2022, net profit decreased by 21.3% from SAR 102.54 million, on lower sales volume and value.  increase in general and administrative expenses, increase in finance harges and decrease in other revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 304.93 328.05 7.6 %
Gross Income 109.05 124.36 14.0 %
Operating Income 62.75 85.75 36.6 %
Net Income 58.72 80.65 37.3 %
Average Shares 153.00 153.00 -
EPS (Riyals) 0.38 0.53 37.3 %

Shareholders’ equity, after minority interest, declined to SAR 2.141 billion as of Sept. 30, 2022, from SAR 2.377 billion in the year-ago period. 

 

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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 %)
Q2 2022 348.97 0.2 % 145.97 5.2 % 102.95 11.9 %
Q3 2022 328.05 7.6 % 124.36 14.0 % 85.75 36.6 %


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
Q2 2022 102.54 18.7 % 0.67 - 102.54 0.67
Q3 2022 80.65 37.3 % 0.53 - 80.65 0.53

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 %
Q2 2022 35.85 % 40.06 % 22.35 %
Q3 2022 36.38 % 41.24 % 23.62 %


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
Q2 2022 153.00 1.89 1.89 13.47
Q3 2022 153.00 2.04 2.04 14.00

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
Q2 2022 26.87 26.87 3.78
Q3 2022 25.62 25.62 3.73

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
Q2 2022 290.74 58.24
Q3 2022 315.81 12.24

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 96.65 80.65 (16.6 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Sico 82.00 80.65 (1.6) %
SNB Capital 86.50 80.65 (6.8) %
OSOOL AND BAKHEET 90.33 80.65 (10.7) %
AlJazira Capital 92.70 80.65 (13.0) %
Riyad Capital 94.00 80.65 (14.2) %
Al Rajhi Capital 105.00 80.65 (23.2) %
Hermes 126.00 80.65 (36.0) %


Financial Ratios
Current
Market Cap (M Riyal) 6,303.60
Enterprise Value (EV) (M) 6,727.70
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) 15.56
P/E (TTM) 15.56
Price/book 2.98
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 19.3
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Share Price

Saudi Cement Co.
41.20
0.05 0.12 %

Saudi Cement Co. (SAUDI CEMENT)

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