Saudi Cement profit down 8% to SAR 113.8M in Q1 2024

Saudi Cement profit down 8% to SAR 113.8M in Q1 2024

12/05/2024 Argaam Exclusive

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Saudi Cement Co.’s net profit declined 8% to SAR 113.8 million in Q1 2024, compared to SAR 123.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 409.63 426.52 4.1 %
Gross Income 175.78 174.76 (0.6 %)
Operating Income 123.74 119.32 (3.6 %)
Net Income 123.79 113.76 (8.1 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 0.81 0.74 (8.1 %)

The annual profit slump was attributed to the higher cost of sales, selling & distribution expenses, general & administrative expenses, and finance costs on lower gains from the sale of investment related to the subsidiary. This came despite the increase in sales revenue, other revenues and share of profits from investment in an associate.

 

Compared to Q4 2023, net profit grew 9.6% from SAR 103.79 million in Q4 2023.

 

Shareholders’ equity, no minority interest, slid to SAR 2.27 billion by March 31, 2024, compared to SAR 2.41 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
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
Q4 2023 380.94 (10.9 %) 137.66 (30.4 %) 103.79 (32.8 %) 0.68
Q1 2024 426.52 4.1 % 174.76 (0.6 %) 113.76 (8.1 %) 0.74

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 38.68 % 77.64 % 25.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 153.00 2.42 2.42 14.86

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 19.22 19.22 3.14

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
Q1 2024 361.90 64.62

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 96.58 113.76 17.78 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Hermes 105.00 113.76 8.3 %
U-Capital 104.20 113.76 9.2 %
Sico 139.00 113.76 (18.2) %
AlJazira Capital 140.80 113.76 (19.2) %
Riyad Capital 94.00 113.76 21.0 %
OSOOL AND BAKHEET 89.59 113.76 27.0 %
SNB Capital 88.10 113.76 29.1 %
Value Capital 74.14 113.76 53.4 %
United Securities Company 71.00 113.76 60.2 %
Al Rajhi Capital 60.00 113.76 89.6 %


Financial Ratios
Current
Market Cap (M Riyal) 6,846.75
Enterprise Value (EV) (M) 7,001.81
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) 18.46
P/E (TTM) 18.46
Price/book 3.01
Return on Average Assets (%) (TTM) 11.3
Return on Average Equity (%) (TTM) 15.8
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Share Price

Saudi Cement Co.
44.95
0.25 0.56 %

Saudi Cement Co. (SAUDI CEMENT)

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