Al Jouf Cement profit surges to SAR 43.6 mln in H1 2023; Q2 at SAR 20.2 mln

Al Jouf Cement profit surges to SAR 43.6 mln in H1 2023; Q2 at SAR 20.2 mln

13/08/2023 Argaam Exclusive

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Al Jouf Cement Co. posted a net profit of SAR 43.6 million in H1 2023, up from SAR 1.8 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 98.29 138.23 40.6 %
Gross Income 26.79 45.12 68.4 %
Operating Income 15.12 35.17 132.7 %
Net Income 1.82 14.36 689.6 %
Average Shares 108.70 108.70 -
EPS (Riyals) 0.02 0.13 689.6 %

The positive performance was driven by the increase in volume and average selling price. The company reported a fall in the cost of sales despite a rise in financing expenses due to high SAIBOR.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 49.48 67.96 37.3 %
Gross Income 12.87 20.78 61.4 %
Operating Income 7.23 15.66 116.7 %
Net Income (1.73) 4.08 335.7 %
Average Shares 108.70 108.70 -
EPS (Riyals) (0.02) 0.04 335.7 %

In Q2 2023, the company turned a profit of SAR 20.2 million against a loss of SAR 1.73 million in Q2 2022, driven by higher sales and increased selling prices of products. 

 

Sequentially, net profit fell 14.2% from SAR 23.48 million in Q1 2023, attributed to lower sales volume in the local market due to the decrease of demand and increase of SAIBORdespite a decline in the cost of sale and export growth. 

 

Shareholders’ equity, no minority interest, stood at SAR 1.17 billion as of June 30, 2023, compared to SAR 1.09 million a year earlier.

View More Financial Results

 

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 69.35 (30.9 %) 25.93 (28.2 %) 18.16 (37.0 %)
Q2 2014 72.50 (12.9 %) 26.26 (6.2 %) 19.47 14.2 %
Q3 2014 54.19 8.2 % 19.69 10.0 % 12.49 18.9 %
Q4 2014 73.19 22.0 % 30.79 105.0 % 21.39 246.1 %
Q1 2015 87.41 26.0 % 36.83 42.0 % 28.30 55.8 %
Q2 2015 93.20 28.5 % 38.41 46.3 % 30.34 55.8 %
Q3 2015 70.35 29.8 % 30.78 56.3 % 22.29 78.4 %
Q4 2015 85.34 16.6 % 16.00 (48.0 %) 7.87 (63.2 %)
Q1 2016 90.80 3.9 % 35.54 (3.5 %) 27.53 (2.7 %)
Q2 2016 90.84 (2.5 %) 31.14 (18.9 %) 23.20 (23.5 %)
Q3 2016 63.91 (9.2 %) 24.49 (20.4 %) 18.32 (17.8 %)
Q4 2016 74.35 (12.9 %) 17.06 6.6 % 9.65 22.7 %
Q1 2017 80.27 (11.6 %) 25.79 (27.4 %) 19.63 (28.7 %)
Q2 2017 62.36 (31.4 %) 20.00 (35.8 %) 13.73 (40.8 %)
Q3 2017 53.14 (16.8 %) 11.23 (54.1 %) 5.20 (71.6 %)
Q4 2017 70.13 (5.7 %) 22.45 31.6 % 16.12 67.0 %
Q1 2018 49.74 (38.0 %) 11.10 (57.0 %) 4.62 (76.4 %)
Q2 2018 27.20 (56.4 %) (5.10) (125.5 %) (12.02) (187.5 %)
Q3 2018 25.84 (51.4 %) (9.13) (181.3 %) (16.06) (409.0 %)
Q4 2018 34.89 (50.2 %) (4.40) (119.6 %) (11.77) (173.0 %)
Q1 2019 56.85 14.3 % 6.82 (38.5 %) 1.09 (76.5 %)
Q2 2019 46.20 69.8 % 6.73 231.8 % 1.18 109.8 %
Q3 2019 26.98 4.4 % 7.96 187.2 % 2.54 115.8 %
Q4 2019 39.73 13.9 % 10.21 332.0 % 3.55 130.2 %
Q1 2020 58.81 3.5 % 23.63 246.3 % 17.49 1509.3 %
Q2 2020 56.49 22.3 % 15.75 134.3 % 9.23 682.3 %
Q3 2020 68.94 155.5 % 18.41 131.4 % 12.69 400.4 %
Q4 2020 67.77 70.6 % 15.48 51.7 % 8.61 142.3 %
Q1 2021 67.89 15.4 % 30.25 28.0 % 24.37 39.3 %
Q2 2021 53.74 (4.9 %) 19.25 22.2 % 13.12 42.1 %
Q3 2021 54.89 (20.4 %) 14.80 (19.6 %) 8.91 (29.8 %)
Q4 2021 50.01 (26.2 %) (43.31) (379.7 %) (108.55) (1360.3 %)
Q1 2022 48.81 (28.1 %) 13.92 (54.0 %) 7.89 (67.6 %)
Q2 2022 49.48 (7.9 %) 12.87 (33.1 %) 7.23 (44.9 %)
Q3 2022 74.14 35.1 % 19.16 29.5 % 13.84 55.3 %
Q4 2022 79.43 58.8 % 27.48 163.4 % 32.89 130.3 %
Q1 2023 70.27 44.0 % 24.34 74.8 % 19.51 147.3 %
Q2 2023 67.96 37.3 % 20.78 61.4 % 15.66 116.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 15.01 (39.9 %) 0.14 - 15.01 0.14
Q2 2014 16.08 16.4 % 0.15 - 16.08 0.15
Q3 2014 8.60 17.1 % 0.08 - 8.60 0.08
Q4 2014 20.87 162.0 % 0.19 - 20.87 0.19
Q1 2015 25.76 71.6 % 0.24 - 25.76 0.24
Q2 2015 26.81 66.7 % 0.25 - 26.81 0.25
Q3 2015 18.63 116.6 % 0.17 - 18.63 0.17
Q4 2015 5.14 (75.3 %) 0.05 - 5.14 0.05
Q1 2016 24.72 (4.0 %) 0.23 - 24.72 0.23
Q2 2016 22.74 (15.2 %) 0.21 - 22.74 0.21
Q3 2016 14.90 (20.0 %) 0.14 - 14.90 0.14
Q4 2016 9.70 88.6 % 0.09 - 9.70 0.09
Q1 2017 16.29 (34.1 %) 0.15 - 16.29 0.15
Q2 2017 10.52 (53.7 %) 0.10 - 10.52 0.10
Q3 2017 5.84 (60.8 %) 0.05 - 5.84 0.05
Q4 2017 8.46 (12.8 %) 0.08 (5.00) 13.46 0.12
Q1 2018 4.11 (74.8 %) 0.04 - 4.11 0.04
Q2 2018 (13.70) (230.2 %) (0.13) - (13.70) (0.13)
Q3 2018 (18.87) (423.0 %) (0.17) - (18.87) (0.17)
Q4 2018 (11.05) (230.7 %) (0.10) - (11.05) (0.10)
Q1 2019 1.49 (63.6 %) 0.01 - 1.49 0.01
Q2 2019 0.11 100.8 % 0.00 - 0.11 0.00
Q3 2019 1.11 105.9 % 0.01 - 1.11 0.01
Q4 2019 2.54 123.0 % 0.02 - 2.54 0.02
Q1 2020 15.21 918.3 % 0.14 - 15.21 0.14
Q2 2020 7.25 6256.1 % 0.07 - 7.25 0.07
Q3 2020 8.22 643.4 % 0.08 (1.80) 10.02 0.09
Q4 2020 (129.22) (5183.5 %) (1.19) (110.20) (19.03) (0.18)
Q1 2021 18.00 18.3 % 0.17 - 18.00 0.17
Q2 2021 7.69 6.1 % 0.07 - 7.69 0.07
Q3 2021 4.14 (49.7 %) 0.04 - 4.14 0.04
Q4 2021 (122.47) 5.2 % (1.13) (6.59) (115.88) (1.07)
Q1 2022 3.55 (80.3 %) 0.03 - 3.55 0.03
Q2 2022 (1.73) (122.5 %) (0.02) - (1.73) (0.02)
Q3 2022 5.94 43.5 % 0.05 - 5.94 0.05
Q4 2022 23.14 118.9 % 0.21 5.50 17.64 0.16
Q1 2023 10.27 189.3 % 0.09 1.13 9.14 0.08
Q2 2023 4.08 335.7 % 0.04 (0.09) 4.17 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 33.07 % 40.88 % 16.80 %
Q2 2014 33.78 % 43.78 % 18.41 %
Q3 2014 33.94 % 43.75 % 18.61 %
Q4 2014 38.13 % 47.25 % 22.49 %
Q1 2015 39.53 % 47.83 % 24.82 %
Q2 2015 40.82 % 48.60 % 26.63 %
Q3 2015 42.21 % 49.75 % 28.40 %
Q4 2015 36.28 % 44.10 % 22.70 %
Q1 2016 35.54 % 43.76 % 22.17 %
Q2 2016 33.64 % 41.90 % 21.12 %
Q3 2016 32.39 % 41.46 % 20.40 %
Q4 2016 33.83 % 43.50 % 22.53 %
Q1 2017 31.83 % 42.41 % 20.57 %
Q2 2017 31.09 % 43.52 % 18.31 %
Q3 2017 27.42 % 40.12 % 15.68 %
Q4 2017 29.89 % 43.47 % 17.34 %
Q1 2018 27.52 % 42.60 % 14.42 %
Q2 2018 19.82 % 36.73 % 4.85 %
Q3 2018 11.17 % 30.40 % (8.67 %)
Q4 2018 (5.47 %) 3.03 % (28.70 %)
Q1 2019 (8.16 %) (2.66 %) (29.10 %)
Q2 2019 0.01 % 2.96 % (17.29 %)
Q3 2019 10.37 % 4.44 % (5.06 %)
Q4 2019 18.68 % 20.08 % 3.10 %
Q1 2020 28.26 % 28.40 % 11.05 %
Q2 2020 31.62 % 30.81 % 14.34 %
Q3 2020 30.36 % 34.31 % 15.64 %
Q4 2020 29.08 % 31.14 % 5.34 %
Q1 2021 30.60 % 32.74 % 6.22 %
Q2 2021 32.28 % 33.70 % 6.46 %
Q3 2021 32.66 % 33.35 % 4.42 %
Q4 2021 9.26 % (13.92 %) (37.99 %)
Q1 2022 2.24 % (23.19 %) (48.45 %)
Q2 2022 (0.85 %) (25.81 %) (54.10 %)
Q3 2022 1.19 % (20.03 %) (48.61 %)
Q4 2022 29.16 % 37.53 % 10.08 %
Q1 2023 30.68 % 39.73 % 11.34 %
Q2 2023 31.45 % 40.83 % 12.64 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 108.70 0.41 0.41 12.83
Q2 2014 108.70 0.43 0.43 13.00
Q3 2014 108.70 0.44 0.44 13.08
Q4 2014 108.70 0.56 0.56 13.27
Q1 2015 108.70 0.66 0.66 13.51
Q2 2015 108.70 0.75 0.75 13.76
Q3 2015 108.70 0.85 0.85 13.93
Q4 2015 108.70 0.70 0.70 13.97
Q1 2016 108.70 0.69 0.69 14.20
Q2 2016 108.70 0.66 0.66 14.41
Q3 2016 108.70 0.62 0.62 14.55
Q4 2016 108.70 0.66 0.66 14.65
Q1 2017 108.70 0.59 0.59 14.79
Q2 2017 108.70 0.47 0.47 14.89
Q3 2017 108.70 0.39 0.39 14.93
Q4 2017 108.70 0.38 0.42 15.01
Q1 2018 108.70 0.27 0.31 15.04
Q2 2018 108.70 0.04 0.09 14.91
Q3 2018 108.70 (0.18) (0.14) 14.73
Q4 2018 108.70 (0.36) (0.36) 14.10
Q1 2019 108.70 (0.39) (0.39) 14.12
Q2 2019 108.70 (0.26) (0.26) 14.12
Q3 2019 108.70 (0.08) (0.08) 14.13
Q4 2019 108.70 0.05 0.05 14.15
Q1 2020 108.70 0.17 0.17 14.29
Q2 2020 108.70 0.24 0.24 14.35
Q3 2020 108.70 0.31 0.32 14.41
Q4 2020 108.70 (0.91) 0.12 11.43
Q1 2021 108.70 (0.88) 0.15 13.64
Q2 2021 108.70 (0.88) 0.15 13.43
Q3 2021 108.70 (0.91) 0.10 13.48
Q4 2021 108.70 (0.85) (0.79) 10.14
Q1 2022 108.70 (0.99) (0.92) 10.08
Q2 2022 108.70 (1.07) (1.01) 10.16
Q3 2022 108.70 (1.06) (0.99) 10.12
Q4 2022 108.70 0.28 0.23 10.45
Q1 2023 108.70 0.35 0.29 10.67
Q2 2023 108.70 0.40 0.34 10.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 52.76 52.76 1.67
Q2 2014 54.83 54.83 1.80
Q3 2014 65.66 65.66 2.20
Q4 2014 30.17 30.17 1.27
Q1 2015 27.79 27.79 1.35
Q2 2015 25.52 25.52 1.40
Q3 2015 16.97 16.97 1.03
Q4 2015 18.05 18.05 0.91
Q1 2016 15.52 15.52 0.76
Q2 2016 16.33 16.33 0.74
Q3 2016 13.46 13.46 0.57
Q4 2016 16.24 16.24 0.74
Q1 2017 17.38 17.38 0.69
Q2 2017 20.15 20.15 0.64
Q3 2017 24.19 24.19 0.63
Q4 2017 35.05 31.25 0.88
Q1 2018 50.24 42.84 0.89
Q2 2018 More than 100 More than 100 0.83
Q3 2018 NEG NEG 0.79
Q4 2018 NEG NEG 0.72
Q1 2019 NEG NEG 0.74
Q2 2019 NEG NEG 0.74
Q3 2019 NEG NEG 0.80
Q4 2019 More than 100 More than 100 0.89
Q1 2020 60.62 60.62 0.74
Q2 2020 48.12 48.12 0.81
Q3 2020 47.63 45.18 1.01
Q4 2020 NEG More than 100 1.28
Q1 2021 NEG More than 100 1.16
Q2 2021 NEG More than 100 1.41
Q3 2021 NEG More than 100 1.22
Q4 2021 NEG NEG 1.41
Q1 2022 NEG NEG 1.44
Q2 2022 NEG NEG 1.31
Q3 2022 NEG NEG 1.12
Q4 2022 38.91 47.35 1.06
Q1 2023 36.41 44.20 1.18
Q2 2023 32.19 37.90 1.21

Business Segments (Million)

Compared With The
Period Cement Clinker Transportation Revenue

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 11.00 4.08 (62.9 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Hermes 11.00 4.08 (62.9) %


Financial Ratios
Current
Market Cap (M Riyal) 1,106.57
Enterprise Value (EV) (M) 1,729.72
Shares Outstanding ((M)) 108.70
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 11.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 25.91
Price/book 0.88
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 3.5
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Share Price

Al Jouf Cement Co.
10.24
0.02 0.20 %

Al Jouf Cement Co. (JOUF CEMENT)

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