Southern Cement profit falls 49% to SAR 121 mln in 9M 2023; Q3 at SAR 53 mln

Southern Cement profit falls 49% to SAR 121 mln in 9M 2023; Q3 at SAR 53 mln

05/11/2023 Argaam Exclusive

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Southern Province Cement Co. reported a net profit of SAR 121 million in the first nine months of 2023, a 49% decline from SAR 238 million in the year-ago period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 887.24 812.00 (8.5 %)
Gross Income 268.20 188.00 (29.9 %)
Operating Income 226.53 135.00 (40.4 %)
Net Income 238.41 121.00 (49.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.70 0.86 (49.2 %)

The profit decline was attributed to a decline in sales revenues due to lower domestic demand and a decrease in selling prices, along with higher general, administrative, and selling expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 323.33 286.00 (11.5 %)
Gross Income 105.75 81.00 (23.4 %)
Operating Income 93.00 58.00 (37.6 %)
Net Income 88.62 53.00 (40.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.63 0.38 (40.2 %)

In Q3 2023, net profit dropped 40% to SAR 53 million from SAR 89 million in the year before, due to a decline in sales revenues on lower domestic demand and decrease in selling prices.

 

Sequentially, the cement producer’s Q3 net profit soared from SAR 19.04 million in Q2 2023.

 

Shareholders’ equity, excluding minority interest, rose to SAR 3.20 billion as of Sept. 30, 2023, from SAR 3.13 billion in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 495.41 1.8 % 239.68 (15.4 %) 225.44 (17.4 %)
Q2 2014 516.76 1.5 % 304.39 (1.2 %) 296.01 0.3 %
Q3 2014 377.67 2.6 % 186.58 (7.1 %) 175.11 (7.0 %)
Q4 2014 488.51 18.8 % 264.49 19.8 % 251.88 16.1 %
Q1 2015 558.97 12.8 % 290.50 21.2 % 271.23 20.3 %
Q2 2015 531.85 2.9 % 281.81 (7.4 %) 271.54 (8.3 %)
Q3 2015 418.90 10.9 % 215.84 15.7 % 205.10 17.1 %
Q4 2015 537.56 10.0 % 321.20 21.4 % 311.47 23.7 %
Q1 2016 549.33 (1.7 %) 302.56 4.2 % 287.23 5.9 %
Q2 2016 492.64 (7.4 %) 266.67 (5.4 %) 256.18 (5.7 %)
Q3 2016 379.76 (9.3 %) 183.92 (14.8 %) 175.02 (14.7 %)
Q4 2016 354.32 (34.1 %) 177.55 (44.7 %) 152.62 (51.0 %)
Q1 2017 303.39 (44.8 %) 122.13 (59.6 %) 105.36 (63.3 %)
Q2 2017 242.75 (50.7 %) 99.96 (62.5 %) 87.78 (65.7 %)
Q3 2017 215.60 (43.2 %) 65.02 (64.6 %) 56.80 (67.5 %)
Q4 2017 302.08 (14.7 %) 136.59 (23.1 %) 122.12 (20.0 %)
Q1 2018 273.84 (9.7 %) 121.96 (0.1 %) 107.37 1.9 %
Q2 2018 177.84 (26.7 %) 50.88 (49.1 %) 39.90 (54.5 %)
Q3 2018 196.07 (9.1 %) 18.21 (72.0 %) 10.26 (81.9 %)
Q4 2018 239.97 (20.6 %) 70.65 (48.3 %) 57.10 (53.2 %)
Q1 2019 341.95 24.9 % 137.34 12.6 % 125.63 17.0 %
Q2 2019 275.65 55.0 % 113.07 122.3 % 97.56 144.5 %
Q3 2019 286.01 45.9 % 114.15 526.9 % 102.51 899.5 %
Q4 2019 396.67 65.3 % 191.26 170.7 % 175.84 208.0 %
Q1 2020 457.21 33.7 % 192.67 40.3 % 181.19 44.2 %
Q2 2020 339.34 23.1 % 152.40 34.8 % 137.38 40.8 %
Q3 2020 425.77 48.9 % 170.36 49.2 % 159.57 55.7 %
Q4 2020 430.79 8.6 % 199.43 4.3 % 186.29 5.9 %
Q1 2021 439.34 (3.9 %) 184.15 (4.4 %) 171.02 (5.6 %)
Q2 2021 287.33 (15.3 %) 103.27 (32.2 %) 90.79 (33.9 %)
Q3 2021 284.22 (33.2 %) 98.58 (42.1 %) 86.63 (45.7 %)
Q4 2021 328.46 (23.8 %) 119.40 (40.1 %) 104.72 (43.8 %)
Q1 2022 329.97 (24.9 %) 106.34 (42.3 %) 90.67 (47.0 %)
Q2 2022 233.94 (18.6 %) 56.11 (45.7 %) 42.86 (52.8 %)
Q3 2022 323.33 13.8 % 105.75 7.3 % 93.00 7.4 %
Q4 2022 335.17 2.0 % 92.85 (22.2 %) 71.42 (31.8 %)
Q1 2023 299.85 (9.1 %) 70.79 (33.4 %) 53.45 (41.1 %)
Q2 2023 226.01 (3.4 %) 36.60 (34.8 %) 23.31 (45.6 %)
Q3 2023 286.00 (11.5 %) 81.00 (23.4 %) 58.00 (37.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 221.01 (17.8 %) 1.58 - 221.01 1.58
Q2 2014 294.20 (1.0 %) 2.10 - 294.20 2.10
Q3 2014 284.92 52.7 % 2.04 112.50 172.42 1.23
Q4 2014 245.30 (3.2 %) 1.75 - 245.30 1.75
Q1 2015 266.00 20.4 % 1.90 - 266.00 1.90
Q2 2015 270.35 (8.1 %) 1.93 - 270.35 1.93
Q3 2015 202.21 (29.0 %) 1.44 - 202.21 1.44
Q4 2015 300.05 22.3 % 2.14 (6.30) 306.35 2.19
Q1 2016 283.20 6.5 % 2.02 - 283.20 2.02
Q2 2016 267.98 (0.9 %) 1.91 - 267.98 1.91
Q3 2016 173.56 (14.2 %) 1.24 - 173.56 1.24
Q4 2016 152.77 (49.1 %) 1.09 - 152.77 1.09
Q1 2017 104.57 (63.1 %) 0.75 - 104.57 0.75
Q2 2017 94.94 (64.6 %) 0.68 - 94.94 0.68
Q3 2017 57.16 (67.1 %) 0.41 - 57.16 0.41
Q4 2017 113.56 (25.7 %) 0.81 - 113.56 0.81
Q1 2018 101.74 (2.7 %) 0.73 - 101.74 0.73
Q2 2018 36.05 (62.0 %) 0.26 - 36.05 0.26
Q3 2018 5.37 (90.6 %) 0.04 - 5.37 0.04
Q4 2018 51.62 (54.5 %) 0.37 - 51.62 0.37
Q1 2019 119.87 17.8 % 0.86 - 119.87 0.86
Q2 2019 90.77 151.8 % 0.65 - 90.77 0.65
Q3 2019 90.29 1581.4 % 0.64 (6.28) 96.57 0.69
Q4 2019 161.78 213.4 % 1.16 (12.00) 173.78 1.24
Q1 2020 183.48 53.1 % 1.31 - 183.48 1.31
Q2 2020 134.88 48.6 % 0.96 - 134.88 0.96
Q3 2020 149.77 65.9 % 1.07 - 149.77 1.07
Q4 2020 141.25 (12.7 %) 1.01 (36.00) 177.25 1.27
Q1 2021 169.14 (7.8 %) 1.21 - 169.14 1.21
Q2 2021 87.47 (35.2 %) 0.62 - 87.47 0.62
Q3 2021 74.12 (50.5 %) 0.53 (10.00) 84.12 0.60
Q4 2021 97.91 (30.7 %) 0.70 - 97.91 0.70
Q1 2022 89.27 (47.2 %) 0.64 - 89.27 0.64
Q2 2022 60.52 (30.8 %) 0.43 24.92 35.60 0.25
Q3 2022 88.62 19.6 % 0.63 - 88.62 0.63
Q4 2022 62.30 (36.4 %) 0.45 - 62.30 0.45
Q1 2023 48.89 (45.2 %) 0.35 - 48.89 0.35
Q2 2023 19.04 (68.5 %) 0.14 - 19.04 0.14
Q3 2023 53.00 (40.2 %) 0.38 - 53.00 0.38

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2022 34.76 % 47.61 % 29.17 %
Q2 2022 32.33 % 45.90 % 26.08 %
Q3 2022 31.88 % 45.04 % 25.61 %
Q4 2022 29.54 % 41.77 % 22.56 %
Q1 2023 27.30 % 39.07 % 19.74 %
Q2 2023 25.84 % 37.31 % 18.48 %
Q3 2023 24.52 % 35.04 % 15.97 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2022 140.00 2.49 2.56 23.30
Q2 2022 140.00 2.30 2.19 22.50
Q3 2022 140.00 2.40 2.22 22.38
Q4 2022 140.00 2.15 1.97 22.90
Q1 2023 140.00 1.86 1.68 23.25
Q2 2023 140.00 1.56 1.56 22.88
Q3 2023 140.00 1.31 1.31 22.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2022 28.30 27.51 3.03
Q2 2022 24.97 26.18 2.55
Q3 2022 22.65 24.46 2.43
Q4 2022 23.74 25.89 2.23
Q1 2023 26.86 29.71 2.15
Q2 2023 34.23 34.23 2.34
Q3 2023 33.70 33.70 1.92

Business Segments (Million)

Compared With The
Period Cement sales Clinker sales
Q1 2023 265.87 33.97
Q2 2023 198.95 27.06
Q3 2023 234.49 51.97

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 39.70 53.26 34.16 %

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
United Securities Company 47.00 53.26 13.3 %
Sico 62.00 53.26 (14.1) %
SNB Capital 41.90 53.26 27.1 %
Al Rajhi Capital 40.00 53.26 33.2 %
Hermes 38.00 53.26 40.2 %
AlJazira Capital 35.80 53.26 48.8 %
Riyad Capital 35.00 53.26 52.2 %
Value Capital 31.24 53.26 70.5 %
OSOOL AND BAKHEET 26.39 53.26 101.8 %


Financial Ratios
Current
Market Cap (M Riyal) 4,634.00
Enterprise Value (EV) (M) 4,843.68
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 1.57
Book Value (BV) ( Riyal) 23.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.89
P/E (TTM) 21.13
Price/book 1.42
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 6.8
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Share Price

Southern Province Cement Co.
33.10
(0.25) (0.75 %)

Southern Province Cement Co. (SPCC)

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