Tabuk Cement posts twofold rise in H1 2020 profit to SAR 29.5 mln

Tabuk Cement posts twofold rise in H1 2020 profit to SAR 29.5 mln

12/08/2020 Argaam Exclusive

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Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 29.5 million for H1 2020, more than twofold increase year-on-year (YoY), compared to SAR 12.6 million a year earlier, driven by higher sales volumes, lower marketing and selling expenses, and a decline in financial costs.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 113.92 125.41 10.1 %
Gross Income 25.98 27.43 5.6 %
Operating Income 12.04 16.21 34.6 %
Net Income 12.61 29.45 133.5 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.14 0.33 133.5 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 61.15 49.99 (18.3 %)
Gross Income 13.15 9.91 (24.7 %)
Operating Income 4.04 4.65 15.1 %
Net Income 8.98 0.54 (94.0 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.10 0.01 (94.0 %)

The second-quarter net profit after Zakat and tax more fell 94% to SAR 540,000, compared to SAR 8.88 million in Q2 2019, due to decline in net sales amid COVID-19 pandemic, decrease in other income, as well as zero profits from investments.

 

When compared to the previous quarter, the cement producer’s net profit dropped by 98.1%



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 87.33 13.3 % 47.21 23.7 % 42.95 23.8 %
Q2 2011 99.39 29.0 % 45.00 8.1 % 41.68 9.6 %
Q3 2011 72.88 22.1 % 29.90 7.4 % 25.80 8.5 %
Q4 2011 90.14 48.4 % 34.92 25.6 % 30.72 29.0 %
Q1 2012 100.83 15.5 % 56.83 20.4 % 52.01 21.1 %
Q2 2012 106.17 6.8 % 61.60 36.9 % 56.88 36.5 %
Q3 2012 77.87 6.8 % 42.30 41.5 % 37.97 47.2 %
Q4 2012 106.91 18.6 % 57.22 63.9 % 52.56 71.1 %
Q1 2013 107.61 6.7 % 62.22 9.5 % 57.82 11.2 %
Q2 2013 93.21 (12.2 %) 52.16 (15.3 %) 47.69 (16.2 %)
Q3 2013 68.93 (11.5 %) 34.10 (19.4 %) 29.23 (23.0 %)
Q4 2013 85.84 (19.7 %) 44.62 (22.0 %) 39.31 (25.2 %)
Q1 2014 96.64 (10.2 %) 50.00 (19.6 %) 45.80 (20.8 %)
Q2 2014 91.35 (2.0 %) 49.08 (5.9 %) 43.80 (8.2 %)
Q3 2014 56.77 (17.6 %) 27.37 (19.7 %) 22.24 (23.9 %)
Q4 2014 77.53 (9.7 %) 33.90 (24.0 %) 29.12 (25.9 %)
Q1 2015 84.01 (13.1 %) 38.14 (23.7 %) 33.12 (27.7 %)
Q2 2015 75.92 (16.9 %) 33.70 (31.3 %) 27.57 (37.1 %)
Q3 2015 47.32 (16.6 %) 14.25 (47.9 %) 8.76 (60.6 %)
Q4 2015 65.17 (15.9 %) 27.87 (17.8 %) 23.45 (19.5 %)
Q1 2016 75.49 (10.1 %) 26.65 (30.1 %) 22.24 (32.8 %)
Q2 2016 70.09 (7.7 %) 27.78 (17.6 %) 22.30 (19.1 %)
Q3 2016 49.66 4.9 % 13.20 (7.4 %) 8.88 1.4 %
Q4 2016 51.30 (21.3 %) 17.56 (37.0 %) 7.94 (66.1 %)
Q1 2017 57.46 (23.9 %) 14.67 (45.0 %) 9.91 (55.4 %)
Q2 2017 39.04 (44.3 %) 6.98 (74.9 %) 2.28 (89.8 %)
Q3 2017 28.45 (42.7 %) (6.60) (150.0 %) (11.14) (225.5 %)
Q4 2017 41.66 (18.8 %) (5.80) (133.0 %) (10.63) (233.9 %)
Q1 2018 46.74 (18.7 %) (1.59) (110.8 %) (5.86) (159.1 %)
Q2 2018 41.27 5.7 % (3.53) (150.5 %) (8.90) (489.8 %)
Q3 2018 25.86 (9.1 %) (8.72) (32.1 %) (13.31) (19.4 %)
Q4 2018 35.58 (14.6 %) (9.76) (68.2 %) (16.83) (58.4 %)
Q1 2019 52.77 12.9 % 12.83 908.3 % 8.00 236.6 %
Q2 2019 61.15 48.2 % 13.15 472.9 % 4.04 145.4 %
Q3 2019 58.46 126.1 % 14.59 267.3 % 9.89 174.3 %
Q4 2019 66.28 86.3 % 14.01 243.6 % 5.41 132.2 %
Q1 2020 75.42 42.9 % 17.53 36.6 % 11.55 44.5 %
Q2 2020 49.99 (18.3 %) 9.91 (24.7 %) 4.65 15.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 41.22 21.2 % 0.46 - 41.22 0.46
Q2 2011 42.92 2.9 % 0.48 - 42.92 0.48
Q3 2011 24.72 3.9 % 0.27 - 24.72 0.27
Q4 2011 28.05 30.9 % 0.31 - 28.05 0.31
Q1 2012 49.21 19.4 % 0.55 - 49.21 0.55
Q2 2012 56.71 32.1 % 0.63 - 56.71 0.63
Q3 2012 32.76 32.5 % 0.36 - 32.76 0.36
Q4 2012 50.27 79.2 % 0.56 - 50.27 0.56
Q1 2013 56.06 13.9 % 0.62 - 56.06 0.62
Q2 2013 50.90 (10.3 %) 0.57 - 50.90 0.57
Q3 2013 28.35 (13.5 %) 0.32 - 28.35 0.32
Q4 2013 38.14 (24.1 %) 0.42 - 38.14 0.42
Q1 2014 44.00 (21.5 %) 0.49 (0.50) 44.50 0.49
Q2 2014 43.11 (15.3 %) 0.48 - 43.11 0.48
Q3 2014 21.62 (23.7 %) 0.24 - 21.62 0.24
Q4 2014 28.85 (24.4 %) 0.32 - 28.85 0.32
Q1 2015 32.63 (25.8 %) 0.36 - 32.63 0.36
Q2 2015 26.91 (37.6 %) 0.30 - 26.91 0.30
Q3 2015 9.23 (57.3 %) 0.10 - 9.23 0.10
Q4 2015 22.64 (21.5 %) 0.25 - 22.64 0.25
Q1 2016 21.31 (34.7 %) 0.24 - 21.31 0.24
Q2 2016 21.08 (21.7 %) 0.23 - 21.08 0.23
Q3 2016 7.85 (15.0 %) 0.09 - 7.85 0.09
Q4 2016 4.58 (79.8 %) 0.05 - 4.58 0.05
Q1 2017 8.68 (59.3 %) 0.10 - 8.68 0.10
Q2 2017 1.29 (93.9 %) 0.01 - 1.29 0.01
Q3 2017 (12.20) (255.5 %) (0.14) - (12.20) (0.14)
Q4 2017 (21.53) (569.8 %) (0.24) - (21.53) (0.24)
Q1 2018 (11.23) (229.3 %) (0.12) - (11.23) (0.12)
Q2 2018 (36.08) (2896.7 %) (0.40) (19.41) (16.67) (0.19)
Q3 2018 (19.19) (57.3 %) (0.21) - (19.19) (0.21)
Q4 2018 (32.45) (50.7 %) (0.36) (9.16) (23.29) (0.26)
Q1 2019 3.63 132.3 % 0.04 2.63 1.01 0.01
Q2 2019 8.98 124.9 % 0.10 7.01 1.97 0.02
Q3 2019 5.03 126.2 % 0.06 - 5.03 0.06
Q4 2019 6.55 120.2 % 0.07 - 6.55 0.07
Q1 2020 28.91 696.5 % 0.32 - 28.91 0.32
Q2 2020 0.54 (94.0 %) 0.01 - 0.54 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 50.72 % 65.98 % 44.99 %
Q2 2011 48.14 % 64.66 % 42.11 %
Q3 2011 46.80 % 62.81 % 40.67 %
Q4 2011 44.90 % 59.96 % 39.14 %
Q1 2012 45.88 % 59.65 % 39.89 %
Q2 2012 49.53 % 61.15 % 42.89 %
Q3 2012 52.17 % 63.13 % 44.46 %
Q4 2012 55.63 % 66.33 % 48.23 %
Q1 2013 56.04 % 66.64 % 49.13 %
Q2 2013 55.47 % 65.38 % 49.27 %
Q3 2013 54.61 % 64.01 % 49.27 %
Q4 2013 54.31 % 64.81 % 48.78 %
Q1 2014 52.49 % 63.25 % 46.98 %
Q2 2014 51.88 % 63.38 % 44.96 %
Q3 2014 51.75 % 63.63 % 44.58 %
Q4 2014 49.75 % 62.13 % 42.84 %
Q1 2015 47.95 % 61.48 % 40.76 %
Q2 2015 45.24 % 57.37 % 37.39 %
Q3 2015 42.13 % 57.32 % 34.28 %
Q4 2015 41.83 % 57.20 % 33.55 %
Q1 2016 38.83 % 55.93 % 30.35 %
Q2 2016 37.41 % 57.93 % 28.77 %
Q3 2016 36.67 % 56.67 % 27.98 %
Q4 2016 34.56 % 55.56 % 22.23 %
Q1 2017 32.04 % 54.82 % 18.46 %
Q2 2017 26.54 % 54.27 % 11.34 %
Q3 2017 18.50 % 59.18 % 1.34 %
Q4 2017 5.55 % 47.87 % (14.26 %)
Q1 2018 (4.50 %) 45.10 % (28.01 %)
Q2 2018 (11.08 %) 42.57 % (38.98 %)
Q3 2018 (12.62 %) 35.69 % (44.12 %)
Q4 2018 (15.79 %) 40.88 % (47.09 %)
Q1 2019 (5.90 %) 48.55 % (37.40 %)
Q2 2019 4.28 % 46.42 % (22.53 %)
Q3 2019 14.81 % 47.63 % (7.35 %)
Q4 2019 22.87 % 49.26 % 6.09 %
Q1 2020 22.68 % 44.82 % 16.24 %
Q2 2020 22.40 % 47.20 % 16.40 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 90.00 1.42 1.42 12.12
Q2 2011 90.00 1.44 1.44 11.70
Q3 2011 90.00 1.45 1.45 11.97
Q4 2011 90.00 1.52 1.52 11.77
Q1 2012 90.00 1.61 1.61 12.32
Q2 2012 90.00 1.76 1.76 12.95
Q3 2012 90.00 1.85 1.85 12.41
Q4 2012 90.00 2.10 2.10 12.95
Q1 2013 90.00 2.18 2.18 13.58
Q2 2013 90.00 2.11 2.11 13.44
Q3 2013 90.00 2.06 2.06 12.76
Q4 2013 90.00 1.93 1.93 13.16
Q1 2014 90.00 1.79 1.80 13.65
Q2 2014 90.00 1.71 1.71 13.33
Q3 2014 90.00 1.63 1.64 12.57
Q4 2014 90.00 1.53 1.53 12.88
Q1 2015 90.00 1.40 1.40 13.24
Q2 2015 90.00 1.22 1.22 13.04
Q3 2015 90.00 1.08 1.08 13.14
Q4 2015 90.00 1.02 1.02 13.36
Q1 2016 90.00 0.89 0.89 13.56
Q2 2016 90.00 0.82 0.82 12.89
Q3 2016 90.00 0.81 0.81 12.98
Q4 2016 90.00 0.61 0.61 13.03
Q1 2017 90.00 0.47 0.47 13.13
Q2 2017 90.00 0.25 0.25 13.14
Q3 2017 90.00 0.03 0.03 13.01
Q4 2017 90.00 (0.26) (0.26) 12.79
Q1 2018 90.00 (0.49) (0.49) 12.67
Q2 2018 90.00 (0.90) (0.68) 12.26
Q3 2018 90.00 (0.98) (0.76) 12.05
Q4 2018 90.00 (1.10) (0.78) 12.90
Q1 2019 90.00 (0.93) (0.65) 12.94
Q2 2019 90.00 (0.43) (0.44) 13.04
Q3 2019 90.00 (0.16) (0.17) 13.10
Q4 2019 90.00 0.27 0.16 13.19
Q1 2020 90.00 0.55 0.47 13.52
Q2 2020 90.00 0.46 0.46 13.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 13.06 13.06 1.53
Q2 2011 16.84 16.84 2.07
Q3 2011 15.37 15.37 1.86
Q4 2011 14.82 14.82 1.92
Q1 2012 16.58 16.58 2.17
Q2 2012 13.30 13.30 1.81
Q3 2012 12.95 12.95 1.93
Q4 2012 11.55 11.55 1.87
Q1 2013 11.63 11.63 1.86
Q2 2013 13.74 13.74 2.16
Q3 2013 14.40 14.40 2.33
Q4 2013 14.68 14.68 2.15
Q1 2014 16.67 16.62 2.19
Q2 2014 17.58 17.52 2.25
Q3 2014 19.43 19.36 2.52
Q4 2014 16.22 16.16 1.93
Q1 2015 16.76 16.76 1.77
Q2 2015 20.47 20.47 1.92
Q3 2015 19.08 19.08 1.58
Q4 2015 14.26 14.26 1.08
Q1 2016 16.95 16.95 1.11
Q2 2016 16.79 16.79 1.07
Q3 2016 13.54 13.54 0.84
Q4 2016 20.93 20.93 0.98
Q1 2017 26.60 26.60 0.95
Q2 2017 45.00 45.00 0.85
Q3 2017 More than 100 More than 100 0.82
Q4 2017 NEG NEG 1.09
Q1 2018 NEG NEG 1.07
Q2 2018 NEG NEG 1.07
Q3 2018 NEG NEG 1.06
Q4 2018 NEG NEG 0.86
Q1 2019 NEG NEG 0.93
Q2 2019 NEG NEG 0.92
Q3 2019 NEG NEG 1.15
Q4 2019 58.81 97.79 1.20
Q1 2020 18.85 21.97 0.77
Q2 2020 26.86 26.86 0.91


Financial Ratios
Current
Market Cap (M Riyal) 1,110.60
Enterprise Value (EV) (M) 1,180.79
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 0.72
Book Value (BV) ( Riyal) 14.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.06
P/E (TTM) 17.06
Price/book 0.83
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 4.9
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Share Price

Tabuk Cement Co.
12.34
(0.32) (2.53 %)

Tabuk Cement Co. (TCC)

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