Southern Cement profit leaps 27% to SAR 62M in Q1 2024

Southern Cement profit leaps 27% to SAR 62M in Q1 2024

16/05/2024 Argaam Exclusive

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Southern Province Cement Co.’s net profit jumped 27% to SAR 62 million in Q1 2024, from SAR 49 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 299.85 250.67 (16.4 %)
Gross Income 70.79 92.55 30.7 %
Operating Income 53.45 68.94 29.0 %
Net Income 48.89 62.12 27.1 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.35 0.44 27.1 %

The profit growth was driven by higher average selling prices, lower cost of sales, as well as a decline in selling and distribution expenses.

 

This was despite lower sales due to decreased sales volumes.

 

Sequentially, the company’s net profit fell 16.5% from SAR 74.21 million in Q4 2023, mainly due to lower sales on decreased sales volume and higher Zakat provision.

 

Total shareholders’ equity, no minority interest, stood at SAR 3.34 billion as of March 31, 2024, compared to SAR 3.25 billion a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2023 257.95 (23.0 %) 88.39 (4.8 %) 64.77 (9.3 %)
Q1 2024 250.67 (16.4 %) 92.55 30.7 % 68.94 29.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2023 74.21 19.1 % 0.53 16.92 57.29 0.41
Q1 2024 62.12 27.1 % 0.44 - 62.12 0.44

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2023 25.87 % 37.01 % 16.66 %
Q1 2024 29.25 % 40.57 % 18.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 140.00 1.39 1.27 23.47
Q1 2024 140.00 1.49 1.37 23.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 30.53 33.43 1.81
Q1 2024 26.37 28.70 1.64

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
Q4 2023 233.08 24.86
Q1 2024 245.50 5.17

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 50.40 62.12 23.25 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Value Capital 58.12 62.12 6.9 %
Al Rajhi Capital 57.00 62.12 9.0 %
Sico 68.30 62.12 (9.0) %
AlJazira Capital 69.20 62.12 (10.2) %
Riyad Capital 54.00 62.12 15.0 %
OSOOL AND BAKHEET 50.81 62.12 22.3 %
Hermes 42.00 62.12 47.9 %
SNB Capital 30.20 62.12 105.7 %
United Securities Company 24.00 62.12 158.8 %


Financial Ratios
Current
Market Cap (M Riyal) 4,641.00
Enterprise Value (EV) (M) 4,850.68
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) 22.93
P/E (TTM) 21.16
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.
33.15
(0.35) (1.04 %)

Southern Province Cement Co. (SPCC)

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