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	70.97	92.55	30.4 %
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 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	257.95	250.67	(2.8 %)
Gross Income	88.39	92.55	4.7 %
Operating Income	64.77	68.94	6.4 %
Net Income	74.21	62.12	(16.3 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.53	0.44	(16.3 %)

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.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2022	329.97	(24.9 %)	106.34	(42.3 %)	89.27	(47.2 %)	0.64
Q2 2022	233.94	(18.6 %)	56.11	(45.7 %)	60.52	(30.8 %)	0.43
Q3 2022	323.33	13.8 %	105.75	7.3 %	88.62	19.6 %	0.63
Q4 2022	335.17	2.0 %	92.85	(22.2 %)	62.30	(36.4 %)	0.45
2022	1,222.41	(8.7 %)	361.06	(28.6 %)	300.71	(29.9 %)	2.15
Q1 2023	299.85	(9.1 %)	70.97	(33.3 %)	48.89	(45.2 %)	0.35
Q2 2023	226.01	(3.4 %)	36.60	(34.8 %)	19.04	(68.5 %)	0.14
Q3 2023	286.47	(11.4 %)	80.73	(23.7 %)	53.26	(39.9 %)	0.38
Q4 2023	257.95	(23.0 %)	88.39	(4.8 %)	74.21	19.1 %	0.53
2023	1,070.26	(12.4 %)	276.51	(23.4 %)	195.40	(35.0 %)	1.40
Q1 2024	250.67	(16.4 %)	92.55	30.4 %	62.12	27.1 %	0.44

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2022	1,222.41	(8.7 %)	361.06	(28.6 %)	300.71	(29.9 %)	2.15
2023	1,070.26	(12.4 %)	276.51	(23.4 %)	195.40	(35.0 %)	1.40

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 %
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 %
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 %
2022	29.54 %	41.77 %	22.56 %
Q1 2023	27.32 %	39.07 %	19.74 %
Q2 2023	25.85 %	37.31 %	18.48 %
Q3 2023	24.50 %	35.07 %	15.99 %
Q4 2023	25.85 %	37.04 %	16.68 %
2023	25.84 %	37.04 %	16.68 %
Q1 2024	29.21 %	40.60 %	18.78 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	29.54 %	41.77 %	22.56 %
2023	25.84 %	37.04 %	16.68 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2022	32.23 %	44.61 %	27.05 %
Q2 2022	23.99 %	41.47 %	15.22 %
Q3 2022	32.71 %	45.15 %	27.41 %
Q4 2022	27.70 %	35.93 %	18.59 %
Q1 2023	23.67 %	34.16 %	16.30 %
Q2 2023	16.19 %	32.30 %	8.42 %
Q3 2023	28.18 %	37.19 %	18.59 %
Q4 2023	34.27 %	44.35 %	22.21 %
Q1 2024	36.92 %	48.11 %	24.78 %

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	1.40	1.27	23.47
Q1 2024	140.00	1.49	1.37	23.92

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	140.00	2.15	1.97	22.90
2023	140.00	1.40	1.27	23.47

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	33.65	33.65	1.92
Q4 2023	30.49	33.38	1.81
Q1 2024	26.34	28.66	1.64

Period	P/E	Adjusted P/E	Price/book
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
2022	23.74	25.89	2.23
2023	30.49	33.38	1.81

Business Segments (Million)

Compared With The

Period	Cement sales	Clinker sales
Q1 2023	265.87	33.97
Q1 2024	245.50	5.17

Period	Cement sales	Clinker sales
2022	1,104.53	117.88
2023	932.40	137.87

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)	5,131.00
Enterprise Value (EV) (M)	5,217.26
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)	26.76
P/E (TTM)	24.59
Price/book	1.53
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 profit leaps 27% to SAR 62M in Q1 2024

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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

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

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

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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

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

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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Business Segments (Million)