Saudi Cement 9M 2023 profit rises 14% to SAR 277.2 mln; Q3 at SAR 68.3 mln

02/11/2023 Argaam Exclusive

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Saudi Cement Co. (SCC) posted a 14% rise in net profit to SAR 277.2 million for the first nine months of 2023, from SAR 244.3 million in the corresponding period last year.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	992.08	1,080.89	9.0 %
Gross Income	371.07	435.27	17.3 %
Operating Income	248.77	278.17	11.8 %
Net Income	244.31	277.24	13.5 %
Average Shares	153.00	153.00	-
EPS (Riyals)	1.60	1.81	13.5 %

The profit rise was buoyed by higher sales revenue on the increase in total sales value and volumes as well as other revenue. This is in addition to a higher gain on the sale of investments related to a subsidiary and a decrease in Zakat expenses. This was despite higher selling, distribution, general and administrative expenses.

The cement producer's Q3 2023 earnings dropped 15.3% year-on-year (YoY) from SAR 80.6 million to SAR 68.3 million, hurt by lower sales revenue due to the decrease in sales value and volumes.

Compared to Q2 2023, net profit decreased by 19.8% from SAR 85.1 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	328.05	315.00	(4.0 %)
Gross Income	124.36	114.42	(8.0 %)
Operating Income	85.75	60.68	(29.2 %)
Net Income	80.65	68.26	(15.4 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.53	0.45	(15.4 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	356.26	315.00	(11.6 %)
Gross Income	145.08	114.42	(21.1 %)
Operating Income	93.75	60.68	(35.3 %)
Net Income	85.19	68.26	(19.9 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.56	0.45	(19.9 %)

Shareholders’ equity, no minority interest, declined to SAR 2.07 billion as of Sept. 30, 2023, from SAR 2.14 billion in the year-ago period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	534.76	(12.7 %)	326.08	(12.8 %)	286.05	(15.9 %)	1.87
Q2 2014	538.38	(14.1 %)	322.82	(5.0 %)	288.30	(6.1 %)	1.88
Q3 2014	425.74	(6.5 %)	264.43	1.5 %	231.72	1.2 %	1.51
Q4 2014	525.71	6.6 %	315.73	1.9 %	268.02	8.4 %	1.75
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
Q1 2015	550.88	3.0 %	339.26	4.0 %	303.10	6.0 %	1.98
Q2 2015	499.63	(7.2 %)	283.93	(12.0 %)	253.82	(12.0 %)	1.66
Q3 2015	398.31	(6.4 %)	232.75	(12.0 %)	207.57	(10.4 %)	1.36
Q4 2015	483.58	(8.0 %)	280.09	(11.3 %)	175.70	(34.4 %)	1.15
2015	1,932.39	(4.6 %)	1,136.02	(7.6 %)	940.19	(12.5 %)	6.15
Q1 2016	506.93	(8.0 %)	295.22	(13.0 %)	262.57	(13.4 %)	1.72
Q2 2016	498.78	(0.2 %)	282.36	(0.6 %)	249.46	(1.7 %)	1.63
Q3 2016	375.05	(5.8 %)	232.19	(0.2 %)	202.28	(2.5 %)	1.32
Q4 2016	397.38	(17.8 %)	220.82	(21.2 %)	186.66	6.2 %	1.22
2016	1,778.14	(8.0 %)	1,030.58	(9.3 %)	900.97	(4.2 %)	5.89
Q1 2017	346.35	(31.7 %)	191.19	(35.2 %)	164.70	(37.3 %)	1.08
Q2 2017	269.45	(46.0 %)	121.16	(57.1 %)	93.95	(62.3 %)	0.61
Q3 2017	250.19	(33.3 %)	115.58	(50.2 %)	87.35	(56.8 %)	0.57
Q4 2017	318.54	(19.8 %)	140.88	(36.2 %)	107.45	(42.4 %)	0.70
2017	1,184.53	(33.4 %)	568.80	(44.8 %)	453.45	(49.7 %)	2.96
Q1 2018	330.46	(4.6 %)	169.32	(11.4 %)	142.23	(13.6 %)	0.93
Q2 2018	245.75	(8.8 %)	96.13	(20.7 %)	58.05	(38.2 %)	0.38
Q3 2018	239.55	(4.3 %)	113.12	(2.1 %)	75.41	(13.7 %)	0.49
Q4 2018	303.80	(4.6 %)	159.42	13.2 %	124.83	16.2 %	0.82
2018	1,119.56	(5.5 %)	537.99	(5.4 %)	400.51	(11.7 %)	2.62
Q1 2019	390.36	18.1 %	181.04	6.9 %	132.44	(6.9 %)	0.87
Q2 2019	338.61	37.8 %	140.28	45.9 %	92.34	59.1 %	0.60
Q3 2019	310.12	29.5 %	131.84	16.5 %	83.02	10.1 %	0.54
Q4 2019	402.54	32.5 %	196.64	23.3 %	143.60	15.0 %	0.94
2019	1,441.63	28.8 %	649.79	20.8 %	451.40	12.7 %	2.95
Q1 2020	450.36	15.4 %	202.77	12.0 %	148.51	12.1 %	0.97
Q2 2020	297.45	(12.2 %)	123.67	(11.8 %)	75.70	(18.0 %)	0.49
Q3 2020	386.81	24.7 %	163.18	23.8 %	107.64	29.7 %	0.70
Q4 2020	435.01	8.1 %	176.75	(10.1 %)	124.12	(13.6 %)	0.81
2020	1,569.63	8.9 %	666.38	2.6 %	455.96	1.0 %	2.98
Q1 2021	429.07	(4.7 %)	173.63	(14.4 %)	119.42	(19.6 %)	0.78
Q2 2021	348.12	17.0 %	138.70	12.2 %	86.37	14.1 %	0.56
Q3 2021	304.93	(21.2 %)	109.05	(33.2 %)	58.72	(45.4 %)	0.38
Q4 2021	327.45	(24.7 %)	109.01	(38.3 %)	67.40	(45.7 %)	0.44
2021	1,409.57	(10.2 %)	530.39	(20.4 %)	331.92	(27.2 %)	2.17
Q1 2022	315.06	(26.6 %)	100.74	(42.0 %)	61.13	(48.8 %)	0.40
Q2 2022	348.97	0.2 %	145.97	5.2 %	102.54	18.7 %	0.67
Q3 2022	328.05	7.6 %	124.36	14.0 %	80.65	37.3 %	0.53
Q4 2022	427.74	30.6 %	197.81	81.5 %	154.52	129.3 %	1.01
2022	1,419.82	0.7 %	568.88	7.3 %	398.84	20.2 %	2.61
Q1 2023	409.63	30.0 %	175.78	74.5 %	123.79	102.5 %	0.81
Q2 2023	356.26	2.1 %	145.08	(0.6 %)	85.19	(16.9 %)	0.56
Q3 2023	315.00	(4.0 %)	114.42	(8.0 %)	68.26	(15.4 %)	0.45

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
2015	1,932.39	(4.6 %)	1,136.02	(7.6 %)	940.19	(12.5 %)	6.15
2016	1,778.14	(8.0 %)	1,030.58	(9.3 %)	900.97	(4.2 %)	5.89
2017	1,184.53	(33.4 %)	568.80	(44.8 %)	453.45	(49.7 %)	2.96
2018	1,119.56	(5.5 %)	537.99	(5.4 %)	400.51	(11.7 %)	2.62
2019	1,441.63	28.8 %	649.79	20.8 %	451.40	12.7 %	2.95
2020	1,569.63	8.9 %	666.38	2.6 %	455.96	1.0 %	2.98
2021	1,409.57	(10.2 %)	530.39	(20.4 %)	331.92	(27.2 %)	2.17
2022	1,419.82	0.7 %	568.88	7.3 %	398.84	20.2 %	2.61

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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	58.72 %	63.38 %	51.38 %
2014	60.71 %	65.63 %	53.05 %
2015	58.79 %	64.64 %	52.08 %
2016	57.96 %	65.13 %	50.67 %
2017	48.02 %	57.56 %	38.28 %
2018	48.05 %	55.18 %	35.77 %
2019	45.07 %	48.88 %	31.31 %
2020	42.45 %	44.85 %	29.05 %
2021	37.63 %	40.55 %	23.55 %
2022	40.07 %	44.71 %	28.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	60.98 %	66.09 %	53.49 %
Q2 2014	59.96 %	64.41 %	53.55 %
Q3 2014	62.11 %	67.73 %	54.43 %
Q4 2014	60.06 %	64.70 %	50.98 %
Q1 2015	61.58 %	66.04 %	55.02 %
Q2 2015	56.83 %	62.90 %	50.80 %
Q3 2015	58.43 %	66.46 %	52.11 %
Q4 2015	57.92 %	63.34 %	50.01 %
Q1 2016	58.24 %	64.50 %	51.80 %
Q2 2016	56.61 %	62.88 %	50.01 %
Q3 2016	61.91 %	70.83 %	53.93 %
Q4 2016	55.57 %	63.40 %	46.97 %
Q1 2017	55.20 %	63.75 %	47.55 %
Q2 2017	44.96 %	56.09 %	34.87 %
Q3 2017	46.19 %	58.18 %	34.91 %
Q4 2017	44.23 %	51.58 %	33.73 %
Q1 2018	51.24 %	60.23 %	43.04 %
Q2 2018	39.12 %	46.74 %	23.62 %
Q3 2018	47.22 %	54.29 %	31.48 %
Q4 2018	52.48 %	57.21 %	41.09 %
Q1 2019	46.38 %	49.65 %	33.93 %
Q2 2019	41.43 %	45.21 %	27.27 %
Q3 2019	42.51 %	47.31 %	26.77 %
Q4 2019	48.85 %	52.42 %	35.67 %
Q1 2020	45.02 %	47.49 %	32.98 %
Q2 2020	41.58 %	47.07 %	25.45 %
Q3 2020	42.19 %	43.89 %	27.83 %
Q4 2020	40.63 %	41.45 %	28.53 %
Q1 2021	40.47 %	42.21 %	27.83 %
Q2 2021	39.84 %	42.71 %	24.81 %
Q3 2021	35.76 %	39.28 %	19.26 %
Q4 2021	33.29 %	37.26 %	20.58 %
Q1 2022	31.97 %	37.01 %	19.40 %
Q2 2022	41.83 %	46.13 %	29.38 %
Q3 2022	37.91 %	44.08 %	24.58 %
Q4 2022	46.25 %	49.71 %	36.13 %
Q1 2023	42.91 %	43.69 %	28.06 %
Q2 2023	40.72 %	41.53 %	23.91 %
Q3 2023	36.32 %	36.70 %	21.67 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	153.00	7.35	7.35	20.97
2014	153.00	7.02	7.02	20.65
2015	153.00	6.15	6.58	21.28
2016	153.00	5.89	5.89	20.85
2017	153.00	2.96	2.96	18.81
2018	153.00	2.62	2.62	18.22
2019	153.00	2.95	2.95	17.84
2020	153.00	2.98	2.98	17.33
2021	153.00	2.17	2.17	15.90
2022	153.00	2.61	2.61	14.99

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

Period	P/E	Adjusted P/E	Price/book
2013	13.82	13.82	4.84
2014	13.63	13.63	4.63
2015	10.56	9.86	3.05
2016	12.09	12.09	3.42
2017	16.00	16.00	2.52
2018	18.55	18.55	2.67
2019	23.76	23.76	3.93
2020	20.64	20.64	3.55
2021	25.26	25.26	3.45
2022	19.56	19.56	3.40

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

Period	Cement	Clinker
2019	1,299.80	141.83
2020	1,359.30	210.34
2021	1,187.91	221.66
2022	1,279.77	140.05

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	70.63	68.26	(3.4 %)

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Hermes	68.00	68.26	0.4 %
United Securities Company	71.00	68.26	(3.9) %
Riyad Capital	75.00	68.26	(9.0) %
SNB Capital	76.10	68.26	(10.3) %
Value Capital	80.36	68.26	(15.1) %
AlJazira Capital	57.20	68.26	19.3 %
U-Capital	88.90	68.26	(23.2) %
Sico	95.00	68.26	(28.1) %
OSOOL AND BAKHEET	48.75	68.26	40.0 %
Al Rajhi Capital	46.00	68.26	48.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,869.70
Enterprise Value (EV) (M)	7,024.76
Shares Outstanding ((M))	153.00
EPS ( Riyal) (TTM)	2.42
Book Value (BV) ( Riyal)	14.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.52
P/E (TTM)	18.52
Price/book	3.02
Return on Average Assets (%) (TTM)	11.3
Return on Average Equity (%) (TTM)	15.8

Saudi Cement Co. (SAUDI CEMENT)

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Saudi Cement 9M 2023 profit rises 14% to SAR 277.2 mln; Q3 at SAR 68.3 mln

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Financials (M)

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) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Cement Co. (SAUDI CEMENT)

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Saudi Cement 9M 2023 profit rises 14% to SAR 277.2 mln; Q3 at SAR 68.3 mln

View other reports

Financials (M)

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) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Cement Co. (SAUDI CEMENT)

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Business Segments (Million)