Saudi Cement net profit down 5% to SAR 381M in 2023; Q4 hits SAR 103.8 mln

Saudi Cement net profit down 5% to SAR 381M in 2023; Q4 hits SAR 103.8 mln

07/03/2024 Argaam Exclusive

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Saudi Cement Co. (SCC) posted a 5% decline in net profit to SAR 381 million for 2023 from SAR 398.8 million a year earlier. 



Financials (M)

Item 2022 2023 Change‬
Revenues 1,419.82 1,461.83 3.0 %
Gross Income 568.88 572.93 0.7 %
Operating Income 403.91 362.39 (10.3 %)
Net Income 398.84 381.03 (4.5 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 2.61 2.49 (4.5 %)

The profit decline was driven by an increase in selling and distribution expenses, higher general and administrative costs, rise in financial charges, decrease in the company’s share of profit in an associate and higher Zakat expenses.

 

However, the cement producer reported an increase in other revenues  and a gain on the sale of an investment related to a subsidiary.

 

The company’s Q4 2023 profit fell 33% to SAR 103.8 million, compared to SAR 154.52 million in the same period last year.

 

Sequentially, the profit rose 52% from SAR 68.26 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 427.74 380.94 (10.9 %)
Gross Income 197.81 137.66 (30.4 %)
Operating Income 155.14 84.22 (45.7 %)
Net Income 154.52 103.79 (32.8 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 1.01 0.68 (32.8 %)

Shareholders’ equity, excluding minority interest, declined to SAR 2.15 billion as of Dec. 31, 2023, from SAR 2.29 billion a year ago.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2022 427.74 30.6 % 197.81 81.5 % 155.14 139.0 %
Q1 2023 409.63 30.0 % 175.78 74.5 % 123.74 106.0 %
Q2 2023 356.26 2.1 % 145.08 (0.6 %) 93.75 (8.9 %)
Q3 2023 315.00 (4.0 %) 114.42 (8.0 %) 60.68 (29.2 %)
Q4 2023 380.94 (10.9 %) 137.66 (30.4 %) 84.22 (45.7 %)
2023 1,461.83 3.0 % 572.93 0.7 % 362.39 (10.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2022 154.52 129.3 % 1.01 - 154.52 1.01
Q1 2023 123.79 102.5 % 0.81 8.84 114.95 0.75
Q2 2023 85.19 (16.9 %) 0.56 - 85.19 0.56
Q3 2023 68.26 (15.4 %) 0.45 - 68.26 0.45
Q4 2023 103.79 (32.8 %) 0.68 - 103.79 0.68
2023 381.03 (4.5 %) 2.49 8.84 372.19 2.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2022 40.07 % 44.71 % 28.09 %
Q1 2023 42.52 % 46.04 % 29.89 %
Q2 2023 42.26 % 44.96 % 28.61 %
Q3 2023 41.96 % 43.43 % 28.03 %
Q4 2023 39.19 % 79.00 % 25.46 %
2023 39.19 % 79.00 % 25.46 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 153.00 2.61 2.61 14.99
Q1 2023 153.00 3.02 2.96 15.80
Q2 2023 153.00 2.90 2.85 13.10
Q3 2023 153.00 2.82 2.76 13.55
Q4 2023 153.00 2.49 2.43 14.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 19.56 19.56 3.40
Q1 2023 18.57 18.93 3.55
Q2 2023 20.46 20.88 4.53
Q3 2023 18.50 18.88 3.85
Q4 2023 21.12 21.62 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
Q4 2022 402.14 25.60
Q1 2023 346.31 63.31
Q2 2023 306.89 49.38
Q3 2023 251.09 63.91
Q4 2023 320.89 60.06

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 90.02 103.79 15.30 %

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
AlJazira Capital 101.40 103.79 2.4 %
Al Rajhi Capital 101.00 103.79 2.8 %
Riyad Capital 101.00 103.79 2.8 %
OSOOL AND BAKHEET 110.17 103.79 (5.8) %
United Securities Company 96.00 103.79 8.1 %
Sico 115.00 103.79 (9.7) %
SNB Capital 89.00 103.79 16.6 %
Hermes 73.00 103.79 42.2 %
U-Capital 68.50 103.79 51.5 %
Value Capital 45.12 103.79 130.0 %


Financial Ratios
Current
Market Cap (M Riyal) 6,250.05
Enterprise Value (EV) (M) 6,674.15
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) 15.43
P/E (TTM) 15.43
Price/book 2.95
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 19.3
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Share Price

Saudi Cement Co.
40.85
(0.55) (1.33 %)

Saudi Cement Co. (SAUDI CEMENT)

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