Tabuk Cement turns to SAR 19.4 mln profit in Q1 2023

Tabuk Cement turns to SAR 19.4 mln profit in Q1 2023

15/05/2023 Argaam Exclusive

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Tabuk Cement Co. reported a net profit of SAR 19.4 million in the first quarter of 2023, versus a net loss of SAR 6.9 million in the year earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 62.18 86.28 38.8 %
Gross Income 5.02 30.61 510.1 %
Operating Income (2.49) 22.68 1009.8 %
Net Income (6.92) 19.35 379.5 %
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items (0.08) 0.21 379.5 %
EPS (Riyals) (0.08) 0.21 379.5 %

This was spurred by higher sales volumes and value, lower cost of goods sold (COGS), an increase in average selling prices, and a decline in the cost of finance.

 

On a quarterly basis, net earnings grew 9.9% from SAR 17.6 million, due to higher average selling prices, lower COGS, and decreased cost of finance.

 

Shareholders’ equity, excluding minority interest, stood at SAR 1.29 billion as of March 31, 2023, compared to SAR 1.26 billion in a year-earlier period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2021 48.00 (32.9 %) 8.79 (54.9 %) 2.55 (81.5 %)
Q4 2021 54.31 (31.7 %) 9.41 (55.9 %) 4.30 (71.1 %)
Q1 2022 62.18 (19.2 %) 5.02 (76.1 %) (2.49) (117.7 %)
Q2 2022 74.25 50.7 % 13.09 38.3 % 6.79 128.1 %
Q3 2022 73.68 53.5 % 18.89 115.0 % 11.24 340.0 %
Q4 2022 87.44 61.0 % 26.44 181.0 % 20.65 379.7 %
Q1 2023 86.28 38.8 % 30.61 510.1 % 22.68 1009.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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)
Q3 2021 8.48 (10.4 %) 0.09 10.02 (1.53) (0.02)
Q4 2021 0.34 (97.3 %) 0.00 - 0.34 0.00
Q1 2022 (6.92) (168.8 %) (0.08) - (6.92) (0.08)
Q2 2022 2.49 320.7 % 0.03 - 2.49 0.03
Q3 2022 7.79 (8.1 %) 0.09 - 7.79 0.09
Q4 2022 17.61 5048.0 % 0.20 - 17.61 0.20
Q1 2023 19.35 379.5 % 0.21 - 19.35 0.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2021 23.85 % 34.90 % 4.88 %
Q4 2021 21.27 % 36.99 % 3.39 %
Q1 2022 15.29 % 31.92 % (4.32 %)
Q2 2022 15.20 % 31.34 % (2.36 %)
Q3 2022 17.55 % 30.61 % 1.40 %
Q4 2022 21.32 % 32.61 % 7.05 %
Q1 2023 27.68 % 38.31 % 14.69 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q3 2021 90.00 0.33 0.14 14.08
Q4 2021 90.00 0.20 0.09 14.08
Q1 2022 90.00 0.01 (0.10) 14.01
Q2 2022 90.00 0.05 (0.06) 13.78
Q3 2022 90.00 0.04 0.04 13.87
Q4 2022 90.00 0.23 0.23 14.32
Q1 2023 90.00 0.52 0.52 14.47

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2021 60.81 More than 100 1.44
Q4 2021 88.49 More than 100 1.24
Q1 2022 More than 100 NEG 1.30
Q2 2022 More than 100 NEG 1.08
Q3 2022 More than 100 More than 100 1.13
Q4 2022 64.04 64.04 1.04
Q1 2023 28.31 28.31 1.03

Business Segments (Million)

Compared With The
Period Cement Clinker Other
Q3 2022 73.65 - 0.03
Q4 2022 87.42 (0.01) 0.02
Q1 2023 86.25 - 0.04

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (net income) Change‬
Average 10.00 19.35 93.46 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (net income) Change
Sico 10.00 19.35 93.5 %


Financial Ratios
Current
Market Cap (M Riyal) 1,101.60
Enterprise Value (EV) (M) 1,113.03
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 0.88
Book Value (BV) ( Riyal) 13.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.85
P/E (TTM) 13.85
Price/book 0.92
Return on Average Assets (%) (TTM) 5.0
Return on Average Equity (%) (TTM) 5.6
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Share Price

Tabuk Cement Co.
12.24
0.14 1.16 %

Tabuk Cement Co. (TCC)

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