Tabuk Cement’s net profit tumbles 70% to SAR 9 mln in H1 2021

Tabuk Cement’s net profit tumbles 70% to SAR 9 mln in H1 2021

12/08/2021 Argaam Exclusive

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Tabuk Cement Co. reported a net profit after Zakat and tax of SAR 9 million for the first half of 2021, a plunge of 70% from SAR 29.5 million in the same period last year. 

 

The decline was attributed to cash flow adjustment gains of a financial liability and amortization of the cash flow adjustment.

 

Moreover, the company cited an increase in selling, general and Zakat expenses during the period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 125.41 126.21 0.6 %
Gross Income 27.43 30.42 10.9 %
Operating Income 16.21 17.05 5.2 %
Net Income 29.45 8.94 (69.7 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.33 0.10 (69.7 %)

In Q2 2021, the cement producer’s net profit after Zakat and tax skyrocketed to SAR 1.9 million from SAR 0.54 million in the year-ago period, backed by the lower cost of sales and production for the current quarter. Tabuk Cement also cited a decline in depreciation expenses for the current quarter, lower finance charges and the recording of unrealized profits of SAR 339,000.

 

When compared to the previous quarter, net profit after Zakat and tax plummeted 73% from SAR 7 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 49.99 49.26 (1.5 %)
Gross Income 9.91 9.46 (4.5 %)
Operating Income 4.65 2.98 (36.0 %)
Net Income 0.54 (1.13) (310.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.01 (0.01) (310.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2020 71.49 22.3 % 19.49 33.6 % 13.83 39.8 %
Q4 2020 79.56 20.0 % 21.33 52.2 % 14.90 175.3 %
Q1 2021 76.96 2.0 % 20.95 19.6 % 14.08 21.8 %
Q2 2021 49.26 (1.5 %) 9.46 (4.5 %) 2.98 (36.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2020 9.47 88.5 % 0.11 - 9.47 0.11
Q4 2020 12.66 93.4 % 0.14 7.68 4.98 0.06
Q1 2021 10.06 (65.2 %) 0.11 - 10.06 0.11
Q2 2021 (1.13) (310.8 %) (0.01) - (1.13) (0.01)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2020 23.15 % 46.11 % 17.27 %
Q4 2020 24.69 % 42.43 % 15.88 %
Q1 2021 25.78 % 40.67 % 9.01 %
Q2 2021 25.69 % 37.89 % 8.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2020 90.00 0.51 0.51 13.63
Q4 2020 90.00 0.57 0.49 13.88
Q1 2021 90.00 0.36 0.28 13.96
Q2 2021 90.00 0.35 0.26 13.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2020 32.43 32.43 1.20
Q4 2020 29.74 34.94 1.23
Q1 2021 54.56 71.29 1.42
Q2 2021 70.23 93.29 1.73


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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