Tabuk Cement 9M 2024 earnings rise to SAR 70.5M; Q3 at SAR 23.1M

Tabuk Cement 9M 2024 earnings rise to SAR 70.5M; Q3 at SAR 23.1M

04/11/2024 Argaam Exclusive

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Tabuk Cement Co. posted net earnings of SAR 70.5 million for the first nine months of 2024, up from SAR 25.2 million a year before, supported by higher sales volumes and other income.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 198.79 262.60 32.1 %
Gross Income 51.08 80.23 57.1 %
Operating Income 28.05 54.89 95.7 %
Net Income 25.16 70.50 180.2 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.28 0.78 180.2 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 54.13 90.12 66.5 %
Gross Income 5.51 28.16 410.8 %
Operating Income (2.30) 19.22 934.8 %
Net Income (4.15) 23.05 655.6 %
Average Shares 90.00 90.00 -
EPS (Riyals) (0.05) 0.26 655.6 %

In Q3 2024, the cement producer swung to net earnings of SAR 23.1 million, from a loss of SAR 4.15 million in Q3 2023, driven by higher sales value and volumes as well as other income.

 

However, the third-quarter net earnings dropped 26.5% from SAR 31.34 million in Q2 2024, as other income slumped on a quarterly basis despite growth in sales value and volumes.

 

Total shareholders' equity, no minority interest, reached SAR 1.33 billion by the end of Q3 2024, up from SAR 1.31 billion a year before.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2023 58.38 (21.4 %) 14.96 14.3 % 7.67 12.9 %
Q3 2023 54.13 (26.5 %) 5.51 (70.8 %) (2.30) (120.5 %)
Q4 2023 66.29 (24.2 %) 2.07 (92.2 %) (6.25) (130.3 %)
Q1 2024 87.05 0.9 % 22.77 (25.6 %) 14.64 (35.4 %)
Q2 2024 85.44 46.3 % 29.31 95.9 % 21.03 174.4 %
Q3 2024 90.12 66.5 % 28.16 410.8 % 19.22 934.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2023 9.97 300.3 % 0.11 - 9.97 0.11
Q3 2023 (4.15) (153.2 %) (0.05) - (4.15) (0.05)
Q4 2023 (5.42) (130.8 %) (0.06) - (5.42) (0.06)
Q1 2024 16.11 (16.7 %) 0.18 - 16.11 0.18
Q2 2024 31.34 214.4 % 0.35 - 31.34 0.35
Q3 2024 23.05 655.6 % 0.26 - 23.05 0.26

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 % 17.89 %
Q3 2023 27.08 % 37.80 % 14.94 %
Q4 2023 20.05 % 31.04 % 7.45 %
Q1 2024 17.05 % 27.77 % 6.21 %
Q2 2024 20.37 % 28.59 % 12.93 %
Q3 2024 25.03 % - 19.79 %


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 0.61 14.64
Q3 2023 90.00 0.48 0.48 14.57
Q4 2023 90.00 0.22 0.22 14.35
Q1 2024 90.00 0.18 0.18 14.52
Q2 2024 90.00 0.42 0.42 14.56
Q3 2024 90.00 0.72 0.72 14.80

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 27.37 1.14
Q3 2023 31.52 31.52 1.03
Q4 2023 61.99 61.99 0.95
Q1 2024 71.08 71.08 0.90
Q2 2024 29.32 29.32 0.85
Q3 2024 17.62 17.62 0.86

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 Q3 2024 (e) Q3 2024 (a) Change‬
Average 26.10 23.05 (11.7 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Sico 22.20 23.05 3.8 %
Hermes 30.00 23.05 (23.2) %


Financial Ratios
Current
Market Cap (M Riyal) 1,123.20
Enterprise Value (EV) (M) 1,193.39
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) 17.26
P/E (TTM) 17.26
Price/book 0.84
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 4.9
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Share Price

Tabuk Cement Co.
12.48
0.14 1.13 %

Tabuk Cement Co. (TCC)

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