Saudi Ceramics 9M 2022 profit down 29% to SAR 132 mln, Q3 at SAR 42.8 mln

Saudi Ceramics 9M 2022 profit down 29% to SAR 132 mln, Q3 at SAR 42.8 mln

17/10/2022 Argaam Exclusive

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Saudi Ceramic Co. reported a net profit after Zakat and tax of SAR 132 million for the first nine months of 2022, a decline of 29% from SAR 186.7 million in the previous year.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 1,156.54 1,101.54 (4.8 %)
Gross Income 402.20 343.98 (14.5 %)
Operating Income 202.45 137.38 (32.1 %)
Net Income 186.68 132.04 (29.3 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 1.87 1.32 (29.3 %)

The ceramic producer was hit by a decline in sales and increased production costs, as well as the effect of the temporary suspension of production in some factories due to the suspension of gas supplies in Q2 2022.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 360.15 366.56 1.8 %
Gross Income 117.77 116.44 (1.1 %)
Operating Income 58.07 48.32 (16.8 %)
Net Income 52.40 42.78 (18.4 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.52 0.43 (18.4 %)

In Q3 2022, net profit after Zakat and tax dropped 18% to SAR 42.8 million, compared to SAR 52.4 million. The company was hit by a rise in the costs of some production inputs, which affected the profit margins. It also reported an increase in the in administrative and selling expenses during the current quarter. Saudi Ceramics also reported higher financing costs compared to Q3 2021.

 

Net profit rose by 12.7% from SAR 37.97 million in Q2 2022, thanks to better sales during this quarter. In addition, Q2 2022 was also affected by production halt due to gas supply suspension by Saudi Aramco for maintenance reasons in early May.

 

Total shareholders’ equity, after minority interest, stood at SAR 1.705 billion as of Sept. 30, 2022, from SAR 1.625 billion a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 406.29 12.8 % 152.19 34.8 % 91.03 46.8 %
Q2 2013 428.89 16.2 % 151.71 24.7 % 89.94 39.5 %
Q3 2013 383.50 10.8 % 138.68 22.8 % 76.48 31.7 %
Q4 2013 381.87 2.7 % 136.48 7.6 % 73.61 0.4 %
Q1 2014 424.02 4.4 % 153.61 0.9 % 88.47 (2.8 %)
Q2 2014 437.62 2.0 % 152.06 0.2 % 78.86 (12.3 %)
Q3 2014 385.64 0.6 % 131.82 (4.9 %) 56.04 (26.7 %)
Q4 2014 374.07 (2.0 %) 126.49 (7.3 %) 57.35 (22.1 %)
Q1 2015 447.05 5.4 % 158.46 3.2 % 81.89 (7.4 %)
Q2 2015 444.31 1.5 % 162.61 6.9 % 86.00 9.0 %
Q3 2015 354.58 (8.1 %) 124.96 (5.2 %) 66.71 19.0 %
Q4 2015 412.03 10.1 % 135.95 7.5 % 51.48 (10.2 %)
Q1 2016 372.80 (16.6 %) 121.11 (23.6 %) 55.09 (32.7 %)
Q2 2016 347.85 (21.7 %) 109.01 (33.0 %) 37.27 (56.7 %)
Q3 2016 232.44 (34.4 %) 54.62 (56.3 %) (9.63) (114.4 %)
Q4 2016 350.43 (15.0 %) 73.09 (46.2 %) 6.28 (87.8 %)
Q1 2017 315.35 (15.4 %) 81.02 (33.1 %) 16.13 (70.7 %)
Q2 2017 274.69 (21.0 %) 65.29 (40.1 %) 2.89 (92.3 %)
Q3 2017 224.14 (3.6 %) 24.26 (55.6 %) (29.17) (203.0 %)
Q4 2017 325.55 (7.1 %) (2.30) (103.1 %) (63.23) (1106.2 %)
Q1 2018 256.48 (18.7 %) 22.39 (72.4 %) (37.80) (334.3 %)
Q2 2018 241.88 (11.9 %) 30.26 (53.7 %) (35.35) (1324.8 %)
Q3 2018 250.00 11.5 % 36.59 50.8 % (28.35) 2.8 %
Q4 2018 279.69 (14.1 %) 18.57 907.3 % (55.87) 11.6 %
Q1 2019 309.60 20.7 % 52.46 134.3 % (12.71) 66.4 %
Q2 2019 273.84 13.2 % 60.65 100.5 % (5.77) 83.7 %
Q3 2019 291.73 16.7 % 108.78 197.3 % 45.16 259.3 %
Q4 2019 359.91 28.7 % 104.68 463.8 % 33.71 160.3 %
Q1 2020 393.33 27.0 % 85.90 63.8 % 20.83 263.8 %
Q2 2020 382.00 39.5 % 102.50 69.0 % 29.99 620.2 %
Q3 2020 373.05 27.9 % 106.96 (1.7 %) 40.63 (10.0 %)
Q4 2020 367.69 2.2 % 96.57 (7.7 %) 35.19 4.4 %
Q1 2021 440.34 12.0 % 147.38 71.6 % 75.86 264.3 %
Q2 2021 356.06 (6.8 %) 137.05 33.7 % 68.52 128.5 %
Q3 2021 360.15 (3.5 %) 117.77 10.1 % 58.07 42.9 %
Q4 2021 378.23 2.9 % 126.06 30.5 % 51.83 47.3 %
Q1 2022 396.15 (10.0 %) 121.99 (17.2 %) 53.31 (29.7 %)
Q2 2022 338.83 (4.8 %) 105.55 (23.0 %) 35.75 (47.8 %)
Q3 2022 366.56 1.8 % 116.44 (1.1 %) 48.32 (16.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 82.21 31.3 % 0.82 - 82.21 0.82
Q2 2013 82.18 29.6 % 0.82 - 82.18 0.82
Q3 2013 71.80 29.4 % 0.72 - 71.80 0.72
Q4 2013 73.25 10.9 % 0.73 - 73.25 0.73
Q1 2014 87.42 6.3 % 0.87 - 87.42 0.87
Q2 2014 84.09 2.3 % 0.84 2.46 81.63 0.82
Q3 2014 78.88 9.9 % 0.79 23.24 55.64 0.56
Q4 2014 59.83 (18.3 %) 0.60 17.98 41.85 0.42
Q1 2015 84.27 (3.6 %) 0.84 - 84.27 0.84
Q2 2015 81.25 (3.4 %) 0.81 - 81.25 0.81
Q3 2015 62.65 (20.6 %) 0.63 11.48 51.17 0.51
Q4 2015 55.65 (7.0 %) 0.56 2.17 53.48 0.53
Q1 2016 47.68 (43.4 %) 0.48 - 47.68 0.48
Q2 2016 28.60 (64.8 %) 0.29 - 28.60 0.29
Q3 2016 (46.88) (174.8 %) (0.47) (25.00) (21.88) (0.22)
Q4 2016 (9.22) (116.6 %) (0.09) - (9.22) (0.09)
Q1 2017 11.47 (75.9 %) 0.11 5.42 6.04 0.06
Q2 2017 (5.84) (120.4 %) (0.06) - (5.84) (0.06)
Q3 2017 (39.91) 14.9 % (0.40) - (39.91) (0.40)
Q4 2017 (62.77) (581.2 %) (0.63) - (62.77) (0.63)
Q1 2018 (49.95) (535.5 %) (0.50) - (49.95) (0.50)
Q2 2018 (46.51) (696.0 %) (0.47) - (46.51) (0.47)
Q3 2018 (38.53) 3.5 % (0.39) - (38.53) (0.39)
Q4 2018 (79.59) (26.8 %) (0.80) - (79.59) (0.80)
Q1 2019 (25.05) 49.8 % (0.25) - (25.05) (0.25)
Q2 2019 (16.10) 65.4 % (0.16) - (16.10) (0.16)
Q3 2019 34.49 189.5 % 0.34 - 34.49 0.34
Q4 2019 13.81 117.4 % 0.14 - 13.81 0.14
Q1 2020 10.64 142.5 % 0.11 - 10.64 0.11
Q2 2020 6.56 140.7 % 0.07 - 6.56 0.07
Q3 2020 32.46 (5.9 %) 0.32 - 32.46 0.32
Q4 2020 28.04 103.0 % 0.28 - 28.04 0.28
Q1 2021 70.73 565.0 % 0.71 - 70.73 0.71
Q2 2021 63.33 865.2 % 0.63 - 63.33 0.63
Q3 2021 52.40 61.4 % 0.52 - 52.40 0.52
Q4 2021 47.11 68.0 % 0.47 - 47.11 0.47
Q1 2022 51.29 (27.5 %) 0.51 - 51.29 0.51
Q2 2022 37.97 (40.0 %) 0.38 - 37.97 0.38
Q3 2022 42.78 (18.4 %) 0.43 - 42.78 0.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 34.39 % 28.17 % 17.89 %
Q2 2013 35.00 % 28.91 % 18.41 %
Q3 2013 35.80 % 29.43 % 19.00 %
Q4 2013 36.18 % 29.46 % 19.33 %
Q1 2014 35.87 % 29.28 % 19.44 %
Q2 2014 35.70 % 28.79 % 19.31 %
Q3 2014 35.23 % 27.83 % 18.29 %
Q4 2014 34.78 % 27.19 % 16.44 %
Q1 2015 34.59 % 26.49 % 16.02 %
Q2 2015 35.09 % 26.86 % 15.93 %
Q3 2015 35.34 % 28.19 % 15.96 %
Q4 2015 35.10 % 27.32 % 16.30 %
Q1 2016 34.39 % 27.09 % 14.75 %
Q2 2016 33.02 % 25.77 % 12.17 %
Q3 2016 30.82 % 22.60 % 7.90 %
Q4 2016 27.45 % 20.51 % 3.47 %
Q1 2017 25.50 % 18.97 % 0.28 %
Q2 2017 23.36 % 17.91 % (2.63 %)
Q3 2017 20.92 % 17.01 % (4.20 %)
Q4 2017 14.76 % 11.65 % (8.99 %)
Q1 2018 10.14 % 7.13 % (14.66 %)
Q2 2018 7.12 % 3.45 % (19.00 %)
Q3 2018 8.10 % 3.31 % (18.41 %)
Q4 2018 10.49 % 4.62 % (20.87 %)
Q1 2019 12.75 % 7.34 % (17.54 %)
Q2 2019 15.12 % 10.13 % (14.31 %)
Q3 2019 20.82 % 10.86 % (7.47 %)
Q4 2019 26.44 % 15.68 % 0.58 %
Q1 2020 27.30 % 15.46 % 3.25 %
Q2 2020 28.16 % 15.38 % 4.59 %
Q3 2020 26.52 % 17.13 % 4.21 %
Q4 2020 25.85 % 17.09 % 5.13 %
Q1 2021 29.01 % 20.06 % 8.82 %
Q2 2021 31.74 % 22.90 % 12.66 %
Q3 2021 32.72 % 24.20 % 14.07 %
Q4 2021 34.42 % 25.07 % 15.22 %
Q1 2022 33.74 % 24.33 % 14.37 %
Q2 2022 31.99 % 22.40 % 12.81 %
Q3 2022 31.76 % 21.65 % 12.11 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 100.00 2.67 2.67 13.88
Q2 2013 100.00 2.86 2.86 13.76
Q3 2013 100.00 3.02 3.02 14.48
Q4 2013 100.00 3.09 3.09 15.21
Q1 2014 100.00 3.15 3.15 16.08
Q2 2014 100.00 3.17 3.14 15.79
Q3 2014 100.00 3.24 2.98 16.58
Q4 2014 100.00 3.10 2.67 17.16
Q1 2015 100.00 3.07 2.63 17.99
Q2 2015 100.00 3.04 2.63 17.80
Q3 2015 100.00 2.88 2.59 18.42
Q4 2015 100.00 2.84 2.70 18.98
Q1 2016 100.00 2.47 2.34 19.46
Q2 2016 100.00 1.95 1.81 18.75
Q3 2016 100.00 0.85 1.08 18.28
Q4 2016 100.00 0.20 0.45 17.75
Q1 2017 100.00 (0.16) 0.04 18.33
Q2 2017 100.00 (0.50) (0.31) 17.77
Q3 2017 100.00 (0.43) (0.49) 17.39
Q4 2017 100.00 (0.97) (1.02) 16.30
Q1 2018 100.00 (1.58) (1.58) 15.79
Q2 2018 100.00 (1.99) (1.99) 15.33
Q3 2018 100.00 (1.98) (1.98) 14.94
Q4 2018 100.00 (2.15) (2.15) 14.16
Q1 2019 100.00 (1.90) (1.90) 13.91
Q2 2019 100.00 (1.59) (1.59) 13.72
Q3 2019 100.00 (0.86) (0.86) 13.98
Q4 2019 100.00 0.07 0.07 14.09
Q1 2020 100.00 0.43 0.43 14.20
Q2 2020 100.00 0.66 0.66 14.26
Q3 2020 100.00 0.63 0.63 14.59
Q4 2020 100.00 0.78 0.78 14.85
Q1 2021 100.00 1.38 1.38 15.64
Q2 2021 100.00 1.95 1.95 16.35
Q3 2021 100.00 2.15 2.15 16.26
Q4 2021 100.00 2.34 2.34 16.72
Q1 2022 100.00 2.14 2.14 16.64
Q2 2022 100.00 1.89 1.89 17.02
Q3 2022 100.00 1.79 1.79 17.05

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 11.72 11.72 2.25
Q2 2013 14.60 14.60 3.03
Q3 2013 14.71 14.71 3.07
Q4 2013 13.55 13.55 2.76
Q1 2014 16.31 16.31 3.19
Q2 2014 16.89 17.02 3.39
Q3 2014 16.95 18.41 3.31
Q4 2014 12.82 14.92 2.32
Q1 2015 12.65 14.75 2.16
Q2 2015 13.05 15.09 2.23
Q3 2015 10.18 11.34 1.59
Q4 2015 8.24 8.66 1.23
Q1 2016 7.71 8.16 0.98
Q2 2016 10.34 11.12 1.07
Q3 2016 15.77 12.43 0.73
Q4 2016 82.44 36.82 0.94
Q1 2017 NEG More than 100 0.79
Q2 2017 NEG NEG 0.83
Q3 2017 NEG NEG 0.76
Q4 2017 NEG NEG 0.82
Q1 2018 NEG NEG 0.75
Q2 2018 NEG NEG 0.80
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.82
Q1 2019 NEG NEG 0.87
Q2 2019 NEG NEG 0.88
Q3 2019 NEG NEG 1.09
Q4 2019 More than 100 More than 100 1.54
Q1 2020 32.84 32.84 0.99
Q2 2020 30.47 30.47 1.40
Q3 2020 41.61 41.61 1.81
Q4 2020 37.04 37.04 1.94
Q1 2021 24.25 24.25 2.14
Q2 2021 23.57 23.57 2.81
Q3 2021 23.32 23.32 3.08
Q4 2021 18.88 18.88 2.64
Q1 2022 19.73 19.73 2.54
Q2 2022 18.59 18.59 2.06
Q3 2022 17.49 17.49 1.84

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector Ceramic Pipes Company
Q1 2013 313.82 92.47 -
Q2 2013 349.20 79.69 -
Q3 2013 314.46 69.04 -
Q4 2013 300.20 81.67 -
Q1 2014 336.95 87.06 -
Q2 2014 353.97 83.66 -
Q3 2014 304.32 81.32 -
Q4 2014 294.58 79.50 -
Q1 2015 365.19 81.86 -
Q2 2015 358.31 86.00 -
Q3 2015 293.40 61.18 -
Q4 2015 307.83 104.20 -
Q1 2016 289.14 83.66 -
Q2 2016 279.81 68.04 -
Q3 2016 180.46 51.98 -
Q4 2016 245.75 104.68 -
Q1 2017 234.30 81.05 -
Q2 2017 210.46 64.23 -
Q3 2017 168.81 55.32 -
Q4 2017 222.02 103.53 -
Q1 2018 186.25 70.23 -
Q2 2018 196.18 45.70 -
Q3 2018 188.46 59.83 -
Q4 2018 206.96 70.31 2.42
Q1 2019 223.48 80.36 5.76
Q2 2019 213.56 54.51 5.78
Q3 2019 225.01 59.78 6.94
Q4 2019 247.44 100.91 11.56
Q1 2020 281.74 100.31 11.28
Q2 2020 301.69 72.87 7.44
Q3 2020 276.51 92.38 4.16
Q4 2020 262.93 98.71 6.05
Q1 2021 308.92 121.25 10.17
Q2 2021 273.62 73.49 8.95
Q3 2021 239.02 114.89 6.23
Q4 2021 323.19 51.27 3.77
Q1 2022 287.53 104.26 4.36
Q2 2022 271.75 62.84 4.24
Q3 2022 270.21 91.45 4.89

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 49.27 42.78 (13.2 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Sico 42.00 42.78 1.8 %
Al Rajhi Capital 51.00 42.78 (16.1) %
U-Capital 54.80 42.78 (21.9) %


Financial Ratios
Current
Market Cap (M Riyal) 3,440.00
Enterprise Value (EV) (M) 4,186.54
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (0.79)
Book Value (BV) ( Riyal) 15.08
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.28
Return on Average Assets (%) (TTM) (2.63 )
Return on Average Equity (%) (TTM) (5.10 )
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Share Price

Saudi Ceramic Co.
34.40
0.10 0.29 %

Saudi Ceramic Co. (SAUDI CERAMICS)

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