Southern Cement 2021 net profit falls 26% to SAR 450 mln; Q4 earnings down to SAR 96.6 mln

09/03/2022 Argaam Exclusive

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Southern Province Cement Co. (SPCC) reported a 26% drop in 2021 net profit after Zakat and tax to SAR 450 million, compared to SAR 609 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,653.11	1,339.35	(19.0 %)
Gross Income	714.85	505.41	(29.3 %)
Operating Income	664.42	453.22	(31.8 %)
Net Income	609.38	429.15	(29.6 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	4.35	3.07	(29.6 %)

The lower profit was attributed to a decline in sales revenue amid lower volumes, along with higher general and administrative expenses.

In Q4 2021, net profit after Zakat and tax declined 32% year-on-year (YoY) to SAR 96.6 million.

On a sequential basis, the fourth-quarter net earnings grew by 12% from SAR 83.42 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	430.79	328.46	(23.8 %)
Gross Income	199.43	119.40	(40.1 %)
Operating Income	186.29	104.72	(43.8 %)
Net Income	141.25	97.91	(30.7 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.01	0.70	(30.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	284.22	328.46	15.6 %
Gross Income	98.58	119.40	21.1 %
Operating Income	86.63	104.72	20.9 %
Net Income	74.12	97.91	32.1 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.53	0.70	32.1 %

Shareholders’ equity, after minority interest, edged down 2.2% to SAR 3.207 billion in 2021, from SAR 3.280 billion in 2020.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2012	497.81	14.0 %	300.74	24.7 %	284.33	25.9 %	2.03
Q2 2012	474.15	6.7 %	269.36	7.0 %	261.73	9.5 %	1.87
Q3 2012	354.18	(0.3 %)	205.74	4.3 %	200.39	11.5 %	1.43
Q4 2012	479.13	5.4 %	275.07	3.1 %	253.76	1.1 %	1.81
2012	1,805.27	6.8 %	1,050.91	9.8 %	1,000.21	11.7 %	7.14
Q1 2013	486.72	(2.2 %)	283.22	(5.8 %)	268.75	(5.5 %)	1.92
Q2 2013	508.93	7.3 %	308.04	14.4 %	297.21	13.6 %	2.12
Q3 2013	368.15	3.9 %	200.86	(2.4 %)	186.61	(6.9 %)	1.33
Q4 2013	411.34	(14.1 %)	220.73	(19.8 %)	253.52	(0.1 %)	1.81
2013	1,775.14	(1.7 %)	1,012.85	(3.6 %)	1,006.09	0.6 %	7.19
Q1 2014	495.41	1.8 %	239.68	(15.4 %)	221.01	(17.8 %)	1.58
Q2 2014	516.76	1.5 %	304.39	(1.2 %)	294.20	(1.0 %)	2.10
Q3 2014	377.67	2.6 %	186.58	(7.1 %)	284.92	52.7 %	2.04
Q4 2014	488.51	18.8 %	264.49	19.8 %	245.30	(3.2 %)	1.75
2014	1,878.35	5.8 %	995.14	(1.7 %)	1,045.42	3.9 %	7.47
Q1 2015	558.97	12.8 %	290.50	21.2 %	266.00	20.4 %	1.90
Q2 2015	531.85	2.9 %	281.81	(7.4 %)	270.35	(8.1 %)	1.93
Q3 2015	418.90	10.9 %	215.84	15.7 %	202.21	(29.0 %)	1.44
Q4 2015	537.56	10.0 %	321.20	21.4 %	300.05	22.3 %	2.14
2015	2,047.27	9.0 %	1,109.36	11.5 %	1,038.61	(0.7 %)	7.42
Q1 2016	549.33	(1.7 %)	302.56	4.2 %	283.20	6.5 %	2.02
Q2 2016	492.64	(7.4 %)	266.67	(5.4 %)	267.98	(0.9 %)	1.91
Q3 2016	379.76	(9.3 %)	183.92	(14.8 %)	173.56	(14.2 %)	1.24
Q4 2016	354.32	(34.1 %)	177.55	(44.7 %)	152.77	(49.1 %)	1.09
2016	1,776.06	(13.2 %)	930.70	(16.1 %)	877.51	(15.5 %)	6.27
Q1 2017	303.39	(44.8 %)	122.13	(59.6 %)	104.57	(63.1 %)	0.75
Q2 2017	242.75	(50.7 %)	99.96	(62.5 %)	94.94	(64.6 %)	0.68
Q3 2017	215.60	(43.2 %)	65.02	(64.6 %)	57.16	(67.1 %)	0.41
Q4 2017	302.08	(14.7 %)	136.59	(23.1 %)	113.56	(25.7 %)	0.81
2017	1,063.82	(40.1 %)	423.70	(54.5 %)	370.22	(57.8 %)	2.64
Q1 2018	273.84	(9.7 %)	121.96	(0.1 %)	101.74	(2.7 %)	0.73
Q2 2018	177.84	(26.7 %)	50.88	(49.1 %)	36.05	(62.0 %)	0.26
Q3 2018	196.07	(9.1 %)	18.21	(72.0 %)	5.37	(90.6 %)	0.04
Q4 2018	239.97	(20.6 %)	70.65	(48.3 %)	51.62	(54.5 %)	0.37
2018	887.72	(16.6 %)	261.69	(38.2 %)	194.78	(47.4 %)	1.39
Q1 2019	341.95	24.9 %	137.34	12.6 %	119.87	17.8 %	0.86
Q2 2019	275.65	55.0 %	113.07	122.3 %	90.77	151.8 %	0.65
Q3 2019	286.01	45.9 %	114.15	526.9 %	90.29	1581.4 %	0.64
Q4 2019	396.67	65.3 %	191.26	170.7 %	161.78	213.4 %	1.16
2019	1,300.29	46.5 %	555.82	112.4 %	462.71	137.6 %	3.31
Q1 2020	457.21	33.7 %	192.67	40.3 %	183.48	53.1 %	1.31
Q2 2020	339.34	23.1 %	152.40	34.8 %	134.88	48.6 %	0.96
Q3 2020	425.77	48.9 %	170.36	49.2 %	149.77	65.9 %	1.07
Q4 2020	430.79	8.6 %	199.43	4.3 %	141.25	(12.7 %)	1.01
2020	1,653.11	27.1 %	714.85	28.6 %	609.38	31.7 %	4.35
Q1 2021	439.34	(3.9 %)	184.15	(4.4 %)	169.14	(7.8 %)	1.21
Q2 2021	287.33	(15.3 %)	103.27	(32.2 %)	87.47	(35.2 %)	0.62
Q3 2021	284.22	(33.2 %)	98.58	(42.1 %)	74.12	(50.5 %)	0.53
Q4 2021	328.46	(23.8 %)	119.40	(40.1 %)	97.91	(30.7 %)	0.70
2021	1,339.35	(19.0 %)	505.41	(29.3 %)	429.15	(29.6 %)	3.07

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2012	1,805.27	6.8 %	1,050.91	9.8 %	1,000.21	11.7 %	7.14
2013	1,775.14	(1.7 %)	1,012.85	(3.6 %)	1,006.09	0.6 %	7.19
2014	1,878.35	5.8 %	995.14	(1.7 %)	1,045.42	3.9 %	7.47
2015	2,047.27	9.0 %	1,109.36	11.5 %	1,038.61	(0.7 %)	7.42
2016	1,776.06	(13.2 %)	930.70	(16.1 %)	877.51	(15.5 %)	6.27
2017	1,063.82	(40.1 %)	423.70	(54.5 %)	370.22	(57.8 %)	2.64
2018	887.72	(16.6 %)	261.69	(38.2 %)	194.78	(47.4 %)	1.39
2019	1,300.29	46.5 %	555.82	112.4 %	462.71	137.6 %	3.31
2020	1,653.11	27.1 %	714.85	28.6 %	609.38	31.7 %	4.35
2021	1,339.35	(19.0 %)	505.41	(29.3 %)	429.15	(29.6 %)	3.07

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	58.02 %	63.18 %	54.46 %
Q2 2012	58.04 %	63.75 %	54.82 %
Q3 2012	58.55 %	64.52 %	56.01 %
Q4 2012	58.21 %	63.56 %	55.40 %
2012	58.21 %	63.56 %	55.40 %
Q1 2013	57.60 %	63.07 %	54.88 %
Q2 2013	58.62 %	63.43 %	55.78 %
Q3 2013	57.91 %	63.39 %	54.60 %
Q4 2013	57.06 %	62.96 %	54.38 %
2013	57.06 %	62.96 %	54.38 %
Q1 2014	54.34 %	60.22 %	51.44 %
Q2 2014	53.90 %	60.32 %	51.05 %
Q3 2014	52.82 %	58.65 %	49.99 %
Q4 2014	52.98 %	59.17 %	49.67 %
2014	52.98 %	59.17 %	49.67 %
Q1 2015	53.86 %	59.73 %	50.36 %
Q2 2015	52.29 %	58.10 %	48.75 %
Q3 2015	52.68 %	58.47 %	49.24 %
Q4 2015	54.19 %	60.01 %	51.04 %
2015	54.19 %	60.01 %	51.04 %
Q1 2016	55.04 %	60.98 %	52.12 %
Q2 2016	55.36 %	61.33 %	53.03 %
Q3 2016	54.83 %	62.04 %	52.63 %
Q4 2016	52.40 %	60.56 %	49.41 %
2016	52.40 %	60.56 %	49.41 %
Q1 2017	49.03 %	58.65 %	45.67 %
Q2 2017	45.58 %	57.62 %	41.07 %
Q3 2017	41.63 %	54.16 %	36.69 %
Q4 2017	39.83 %	52.53 %	34.80 %
2017	39.83 %	52.64 %	34.80 %
Q1 2018	40.95 %	54.44 %	35.52 %
Q2 2018	38.63 %	52.73 %	31.83 %
Q3 2018	34.49 %	48.64 %	27.03 %
Q4 2018	29.48 %	45.20 %	21.94 %
2018	29.48 %	45.20 %	21.94 %
Q1 2019	28.99 %	44.26 %	22.28 %
Q2 2019	32.20 %	45.91 %	25.40 %
Q3 2019	38.06 %	50.71 %	31.38 %
Q4 2019	42.75 %	53.65 %	36.99 %
2019	42.75 %	53.65 %	36.99 %
Q1 2020	43.17 %	53.24 %	38.47 %
Q2 2020	43.97 %	54.22 %	39.80 %
Q3 2020	43.65 %	53.26 %	39.65 %
Q4 2020	43.24 %	52.40 %	39.04 %
2020	43.24 %	52.40 %	39.04 %
Q1 2021	43.19 %	52.27 %	38.59 %
Q2 2021	41.51 %	50.71 %	36.86 %
Q3 2021	40.61 %	50.63 %	35.93 %
Q4 2021	37.74 %	49.16 %	32.75 %
2021	37.74 %	49.16 %	32.79 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	58.21 %	63.56 %	55.40 %
2013	57.06 %	62.96 %	54.38 %
2014	52.98 %	59.17 %	49.67 %
2015	54.19 %	60.01 %	51.04 %
2016	52.40 %	60.56 %	49.41 %
2017	39.83 %	52.64 %	34.80 %
2018	29.48 %	45.20 %	21.94 %
2019	42.75 %	53.65 %	36.99 %
2020	43.24 %	52.40 %	39.04 %
2021	37.74 %	49.16 %	32.79 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	60.41 %	65.10 %	57.12 %
Q2 2012	56.81 %	63.71 %	55.20 %
Q3 2012	58.09 %	65.64 %	56.58 %
Q4 2012	57.41 %	60.28 %	52.96 %
Q1 2013	58.19 %	63.34 %	55.22 %
Q2 2013	60.53 %	64.95 %	58.40 %
Q3 2013	54.56 %	65.33 %	50.69 %
Q4 2013	53.66 %	57.93 %	51.74 %
Q1 2014	48.38 %	53.47 %	44.61 %
Q2 2014	58.90 %	65.22 %	56.93 %
Q3 2014	49.40 %	57.22 %	45.65 %
Q4 2014	54.14 %	60.06 %	50.21 %
Q1 2015	51.97 %	56.06 %	47.59 %
Q2 2015	52.99 %	59.07 %	50.83 %
Q3 2015	51.53 %	59.05 %	48.27 %
Q4 2015	59.75 %	65.78 %	56.99 %
Q1 2016	55.08 %	59.61 %	51.55 %
Q2 2016	54.13 %	60.34 %	54.40 %
Q3 2016	48.43 %	62.45 %	45.70 %
Q4 2016	50.11 %	60.33 %	43.12 %
Q1 2017	40.26 %	49.20 %	34.47 %
Q2 2017	41.18 %	56.66 %	39.11 %
Q3 2017	30.16 %	48.18 %	26.51 %
Q4 2017	45.22 %	55.66 %	37.59 %
Q1 2018	44.54 %	56.07 %	37.15 %
Q2 2018	28.61 %	48.11 %	20.27 %
Q3 2018	9.29 %	27.91 %	2.74 %
Q4 2018	29.44 %	44.77 %	21.51 %
Q1 2019	40.16 %	51.28 %	35.06 %
Q2 2019	41.02 %	53.02 %	32.93 %
Q3 2019	39.91 %	52.80 %	33.76 %
Q4 2019	48.21 %	56.74 %	43.81 %
Q1 2020	42.14 %	50.62 %	40.13 %
Q2 2020	44.91 %	57.31 %	39.75 %
Q3 2020	40.01 %	49.63 %	35.18 %
Q4 2020	46.29 %	53.15 %	41.14 %
Q1 2021	41.92 %	50.07 %	38.50 %
Q2 2021	35.94 %	49.62 %	30.44 %
Q3 2021	34.68 %	48.72 %	29.60 %
Q4 2021	36.35 %	47.92 %	29.81 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	140.00	6.82	6.82	17.44
Q2 2012	140.00	6.98	6.98	19.31
Q3 2012	140.00	7.12	7.12	17.74
Q4 2012	140.00	7.14	7.14	19.55
Q1 2013	140.00	7.03	7.03	17.47
Q2 2013	140.00	7.29	7.29	19.60
Q3 2013	140.00	7.19	7.19	17.93
Q4 2013	140.00	7.19	6.90	19.73
Q1 2014	140.00	6.85	6.55	17.31
Q2 2014	140.00	6.82	6.53	19.41
Q3 2014	140.00	7.53	6.43	19.45
Q4 2014	140.00	7.47	6.66	21.15
Q1 2015	140.00	7.79	6.99	20.05
Q2 2015	140.00	7.62	6.81	21.98
Q3 2015	140.00	7.03	7.03	20.93
Q4 2015	140.00	7.42	7.46	23.06
Q1 2016	140.00	7.54	7.59	21.52
Q2 2016	140.00	7.52	7.57	23.49
Q3 2016	140.00	7.32	7.36	22.23
Q4 2016	140.00	6.27	6.27	23.25
Q1 2017	140.00	4.99	4.99	24.00
Q2 2017	140.00	3.76	3.76	22.43
Q3 2017	140.00	2.92	2.92	21.84
Q4 2017	140.00	2.64	2.64	22.66
Q1 2018	140.00	2.62	2.62	23.38
Q2 2018	140.00	2.20	2.20	23.14
Q3 2018	140.00	1.83	1.83	22.18
Q4 2018	140.00	1.39	1.39	22.60
Q1 2019	140.00	1.52	1.52	23.46
Q2 2019	140.00	1.91	1.91	23.10
Q3 2019	140.00	2.52	2.56	22.50
Q4 2019	140.00	3.31	3.44	23.62
Q1 2020	140.00	3.76	3.89	24.93
Q2 2020	140.00	4.07	4.21	23.64
Q3 2020	140.00	4.50	4.59	22.46
Q4 2020	140.00	4.35	4.61	23.43
Q1 2021	140.00	4.25	4.51	24.68
Q2 2021	140.00	3.91	4.17	22.86
Q3 2021	140.00	3.37	3.70	22.20
Q4 2021	140.00	3.06	3.13	22.76

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	140.00	7.14	7.14	19.55
2013	140.00	7.19	6.90	19.73
2014	140.00	7.47	6.66	21.15
2015	140.00	7.42	7.46	23.06
2016	140.00	6.27	6.27	23.25
2017	140.00	2.64	2.64	22.66
2018	140.00	1.39	1.39	22.60
2019	140.00	3.31	3.44	23.62
2020	140.00	4.35	4.61	23.43
2021	140.00	3.07	3.14	22.76

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	13.50	13.50	5.27
Q2 2012	14.26	14.26	5.15
Q3 2012	13.86	13.86	5.57
Q4 2012	14.00	14.00	5.12
Q1 2013	14.29	14.29	5.75
Q2 2013	14.27	14.27	5.31
Q3 2013	14.85	14.85	5.95
Q4 2013	15.34	15.99	5.59
Q1 2014	16.32	17.05	6.46
Q2 2014	17.00	17.76	5.98
Q3 2014	15.11	17.68	5.85
Q4 2014	14.65	16.41	5.17
Q1 2015	12.21	13.62	4.74
Q2 2015	12.90	14.42	4.47
Q3 2015	11.03	11.03	3.70
Q4 2015	9.44	9.38	3.04
Q1 2016	9.68	9.62	3.39
Q2 2016	10.14	10.08	3.25
Q3 2016	8.71	8.66	2.87
Q4 2016	13.13	13.13	3.54
Q1 2017	12.56	12.56	2.61
Q2 2017	14.41	14.41	2.41
Q3 2017	17.08	17.08	2.29
Q4 2017	18.30	18.30	2.14
Q1 2018	19.00	19.00	2.13
Q2 2018	18.61	18.61	1.77
Q3 2018	18.79	18.79	1.55
Q4 2018	26.49	26.49	1.63
Q1 2019	30.25	30.25	1.96
Q2 2019	25.79	25.79	2.13
Q3 2019	22.67	22.28	2.54
Q4 2019	19.49	18.74	2.73
Q1 2020	14.50	14.01	2.19
Q2 2020	13.33	12.91	2.30
Q3 2020	15.29	15.01	3.06
Q4 2020	19.37	18.29	3.60
Q1 2021	20.70	19.52	3.57
Q2 2021	22.34	20.97	3.82
Q3 2021	22.16	20.19	3.36
Q4 2021	22.90	22.37	3.08

Period	P/E	Adjusted P/E	Price/book
2012	14.00	14.00	5.12
2013	15.34	15.99	5.59
2014	14.65	16.41	5.17
2015	9.44	9.38	3.04
2016	13.13	13.13	3.54
2017	18.30	18.30	2.14
2018	26.49	26.49	1.63
2019	19.49	18.74	2.73
2020	19.37	18.29	3.60
2021	22.87	22.35	3.08

Analysts Estimates (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change‬
Average	110.40	97.91	(11.3 %)

Estimates vs Actual (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change
Al Rajhi Capital	99.00	97.91	(1.1) %
Riyad Capital	92.00	97.91	6.4 %
AlJazira Capital	111.10	97.91	(11.9) %
OSOOL AND BAKHEET	112.30	97.91	(12.8) %
SNB Capital	118.00	97.91	(17.0) %
Sico	130.00	97.91	(24.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	5,152.00
Enterprise Value (EV) (M)	5,238.26
Shares Outstanding ((M))	140.00
EPS ( Riyal) (TTM)	1.49
Book Value (BV) ( Riyal)	23.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	26.87
P/E (TTM)	24.69
Price/book	1.54
Return on Average Assets (%) (TTM)	5.1
Return on Average Equity (%) (TTM)	6.3

Southern Province Cement Co. (SPCC)

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Southern Cement 2021 net profit falls 26% to SAR 450 mln; Q4 earnings down to SAR 96.6 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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Southern Province Cement Co. (SPCC)

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