Tabuk Cement’s Q1 2024 profit drops 17% to SAR 16.1M

Tabuk Cement’s Q1 2024 profit drops 17% to SAR 16.1M

19/05/2024 Argaam Exclusive

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Tabuk Cement Co. reported a net profit of SAR 16.1 million for Q1 2024, a drop of 17% from SAR 19.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 86.28 87.05 0.9 %
Gross Income 30.61 22.77 (25.6 %)
Operating Income 22.68 14.64 (35.4 %)
Net Income 19.35 16.11 (16.7 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.21 0.18 (16.7 %)

The profit decline was due to lower average selling prices and higher cost of sales .This was despite a rise in revenues due to an increase in sales volumes.

 

On a sequential basis, the company turned to profit from a loss of SAR 5.42 million in Q4 2023 on strong revenues.

 

Total shareholders’ equity, no minority interest, reached SAR 1.306 billion as of March 31, 2024, compared to SAR 1.302 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 84.01 (13.1 %) 38.14 (23.7 %) 32.63 (25.8 %) 0.36
Q2 2015 75.92 (16.9 %) 33.70 (31.3 %) 26.91 (37.6 %) 0.30
Q3 2015 47.32 (16.6 %) 14.25 (47.9 %) 9.23 (57.3 %) 0.10
Q4 2015 65.17 (15.9 %) 27.87 (17.8 %) 22.64 (21.5 %) 0.25
Q1 2016 75.49 (10.1 %) 26.65 (30.1 %) 21.31 (34.7 %) 0.24
Q2 2016 70.09 (7.7 %) 27.78 (17.6 %) 21.08 (21.7 %) 0.23
Q3 2016 49.66 4.9 % 13.20 (7.4 %) 7.85 (15.0 %) 0.09
Q4 2016 51.30 (21.3 %) 17.56 (37.0 %) 4.58 (79.8 %) 0.05
Q1 2017 57.46 (23.9 %) 14.67 (45.0 %) 8.68 (59.3 %) 0.10
Q2 2017 39.04 (44.3 %) 6.98 (74.9 %) 1.29 (93.9 %) 0.01
Q3 2017 28.45 (42.7 %) (6.60) (150.0 %) (12.20) (255.5 %) (0.14)
Q4 2017 41.66 (18.8 %) (5.80) (133.0 %) (21.53) (569.8 %) (0.24)
Q1 2018 46.74 (18.7 %) (1.59) (110.8 %) (11.23) (229.3 %) (0.12)
Q2 2018 41.27 5.7 % (3.53) (150.5 %) (36.08) (2896.7 %) (0.40)
Q3 2018 25.86 (9.1 %) (8.72) (32.1 %) (19.19) (57.3 %) (0.21)
Q4 2018 35.58 (14.6 %) (9.76) (68.2 %) (32.45) (50.7 %) (0.36)
Q1 2019 52.77 12.9 % 12.83 908.3 % 3.63 132.3 % 0.04
Q2 2019 61.15 48.2 % 13.15 472.9 % 8.98 124.9 % 0.10
Q3 2019 58.46 126.1 % 14.59 267.3 % 5.03 126.2 % 0.06
Q4 2019 66.28 86.3 % 14.01 243.6 % 6.55 120.2 % 0.07
Q1 2020 75.42 42.9 % 17.53 36.6 % 28.91 696.5 % 0.32
Q2 2020 49.99 (18.3 %) 9.91 (24.7 %) 0.54 (94.0 %) 0.01
Q3 2020 71.49 22.3 % 19.49 33.6 % 9.47 88.5 % 0.11
Q4 2020 79.56 20.0 % 21.33 52.2 % 12.66 93.4 % 0.14
Q1 2021 76.96 2.0 % 20.95 19.6 % 10.06 (65.2 %) 0.11
Q2 2021 49.26 (1.5 %) 9.46 (4.5 %) (1.13) (310.8 %) (0.01)
Q3 2021 48.00 (32.9 %) 8.79 (54.9 %) 8.48 (10.4 %) 0.09
Q4 2021 54.31 (31.7 %) 9.41 (55.9 %) 0.34 (97.3 %) 0.00
Q1 2022 62.18 (19.2 %) 5.02 (76.1 %) (6.92) (168.8 %) (0.08)
Q2 2022 74.25 50.7 % 13.09 38.3 % 2.49 320.7 % 0.03
Q3 2022 73.68 53.5 % 18.89 115.0 % 7.79 (8.1 %) 0.09
Q4 2022 87.44 61.0 % 26.44 181.0 % 17.61 5048.0 % 0.20
Q1 2023 86.28 38.8 % 30.61 510.1 % 19.35 379.5 % 0.21
Q2 2023 58.38 (21.4 %) 14.96 14.3 % 9.97 300.3 % 0.11
Q3 2023 54.13 (26.5 %) 5.51 (70.8 %) (4.15) (153.2 %) (0.05)
Q4 2023 66.29 (24.2 %) 2.07 (92.2 %) (5.42) (130.8 %) (0.06)
Q1 2024 87.05 0.9 % 22.77 (25.6 %) 16.11 (16.7 %) 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2023 29.73 % 39.02 % 16.23 %
Q3 2023 27.08 % 37.80 % 13.17 %
Q4 2023 20.05 % 31.04 % 5.53 %
Q1 2024 17.05 % 27.77 % 4.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2023 90.00 0.61 0.55 14.52
Q3 2023 90.00 0.48 0.42 14.58
Q4 2023 90.00 0.22 0.16 14.35
Q1 2024 90.00 0.18 0.13 14.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2023 27.37 30.17 1.15
Q3 2023 31.52 35.77 1.03
Q4 2023 61.99 83.47 0.95
Q1 2024 71.08 More than 100 0.90

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
Q2 2023 58.33 - 0.05
Q3 2023 54.06 - 0.07
Q4 2023 66.21 - 0.08
Q1 2024 86.96 - 0.09

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 13.60 16.11 18.49 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Sico 17.20 16.11 (6.3) %
Hermes 10.00 16.11 61.1 %


Financial Ratios
Current
Market Cap (M Riyal) 1,099.80
Enterprise Value (EV) (M) 1,205.16
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 0.18
Book Value (BV) ( Riyal) 14.52
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 0.84
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 1.3
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Share Price

Tabuk Cement Co.
12.22
0.08 0.66 %

Tabuk Cement Co. (TCC)

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Quarterly Actuals vs Estimates 19/05/2024

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