Southern Cement net profit falls 15% to SAR 270 mln in H1 2021

11/08/2021 Argaam Exclusive

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Southern Province Cement Co. posted a net profit after Zakat and tax of SAR 270 million for H1 2021, a slump of 15%, from SAR 318 million in the prior-year period, driven by a sales revenue decline of 8.78%, a 49.82% drop in other income and a 94.54% increase in Zakat provisions.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	796.55	726.67	(8.8 %)
Gross Income	345.06	287.42	(16.7 %)
Operating Income	318.57	261.81	(17.8 %)
Net Income	318.36	256.61	(19.4 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	2.27	1.83	(19.4 %)

Q2 2021 net profit stood at SAR 95 million, a decline of 30% year-on-year (YoY), due to a 15.34% fall in sales revenue and a 17.25% tumble in sales volumes. Other income also decreased by 44.41%.

On a sequential basis, the second-quarter earnings dropped 45.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	339.34	287.33	(15.3 %)
Gross Income	152.40	103.27	(32.2 %)
Operating Income	137.38	90.79	(33.9 %)
Net Income	134.88	87.47	(35.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.96	0.62	(35.2 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	439.34	287.33	(34.6 %)
Gross Income	184.15	103.27	(43.9 %)
Operating Income	171.02	90.79	(46.9 %)
Net Income	169.14	87.47	(48.3 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.21	0.62	(48.3 %)

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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	1,691.07	29.2 %	957.00	34.9 %	895.74	36.0 %	6.40
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

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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	56.59 %	61.87 %	52.97 %
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 %

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 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	140.00	6.40	6.40	18.91
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

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

Period	P/E	Adjusted P/E	Price/book
2011	13.44	13.44	4.55
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

Analysts Estimates (Million)

Item	Q2 2021 (e)	Q2 2021 (a)	Change‬
Average	107.70	87.47	(18.8 %)

Estimates vs Actual (Million)

Item	Q2 2021 (e)	Q2 2021 (a)	Change
Al Rajhi Capital	85.00	87.47	2.9 %
OSOOL AND BAKHEET	95.20	87.47	(8.1) %
AlJazira Capital	107.30	87.47	(18.5) %
SNB Capital	116.00	87.47	(24.6) %
Riyad Capital	135.00	87.47	(35.2) %

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 net profit falls 15% to SAR 270 mln in H1 2021

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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