Northern Cement 2021 profit slightly down to SAR 106.1 mln; Q4 at SAR 35.1 mln

Northern Cement 2021 profit slightly down to SAR 106.1 mln; Q4 at SAR 35.1 mln

28/03/2022 Argaam Exclusive

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Northern Region Cement Co. reported a net profit after Zakat and tax of SAR 106.1 million for 2021, a decline of 1.3% from SAR 107.5 million in the year-earlier period.

 

The profit decline was attributed to lower sales volume and average selling prices year-on-year (YoY), despite a significant enhancement in financing cost.



Financials (M)

Item 2020 2021 Change‬
Revenues 651.48 561.91 (13.7 %)
Gross Income 196.13 199.85 1.9 %
Operating Income 126.83 120.77 (4.8 %)
Net Income 107.50 106.06 (1.3 %)
Average Shares 180.00 180.00 -
EPS (Riyals) 0.60 0.59 (1.3 %)

In Q4 2021, the company reported a net profit after Zakat and tax of SAR 35.1 million, a 21.3% decline, from SAR 44.62 million a year earlier.

 

Sequentially, net profit rose by nearly 91.3% from SAR 18.36 million in Q3 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 166.38 126.62 (23.9 %)
Gross Income 53.63 61.68 15.0 %
Operating Income 41.64 36.26 (12.9 %)
Net Income 44.62 35.13 (21.3 %)
Average Shares 180.00 180.00 -
EPS (Riyals) 0.25 0.20 (21.3 %)

Total shareholders’ equity, after minority interest, grew to SAR 2.209 billion as of Dec. 31, 2021, from SAR 2.206 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 152.74 - 50.70 - 43.94 -
Q2 2012 154.83 - 39.20 - 28.97 -
Q3 2012 118.55 - 16.67 - 8.36 -
Q4 2012 112.52 - 30.75 - 20.71 -
Q1 2013 181.77 19.0 % 56.90 12.2 % 45.02 2.5 %
Q2 2013 255.94 65.3 % 97.75 149.3 % 85.28 194.4 %
Q3 2013 167.45 41.3 % 59.46 256.6 % 48.75 483.2 %
Q4 2013 247.28 119.8 % 140.41 356.6 % 63.29 205.7 %
Q1 2014 308.53 69.7 % 116.34 104.5 % 68.15 51.4 %
Q2 2014 229.75 (10.2 %) 88.24 (9.7 %) 67.55 (20.8 %)
Q3 2014 203.39 21.5 % 78.10 31.4 % 59.00 21.0 %
Q4 2014 257.47 4.1 % 110.72 (21.1 %) 68.20 7.8 %
Q1 2015 253.13 (18.0 %) 100.51 (13.6 %) 59.65 (12.5 %)
Q2 2015 324.34 41.2 % 133.49 51.3 % 79.31 17.4 %
Q3 2015 274.92 35.2 % 107.83 38.1 % 63.49 7.6 %
Q4 2015 277.41 7.7 % 89.57 (19.1 %) 52.06 (23.7 %)
Q1 2016 231.14 (8.7 %) 76.07 (24.3 %) 53.78 (9.8 %)
Q2 2016 251.67 (22.4 %) 95.05 (28.8 %) 55.66 (29.8 %)
Q3 2016 141.39 (48.6 %) 52.91 (50.9 %) 36.10 (43.1 %)
Q4 2016 126.62 (54.4 %) 98.31 9.8 % 51.64 (0.8 %)
Q1 2017 124.14 (46.3 %) 45.50 (40.2 %) 31.28 (41.9 %)
Q2 2017 110.31 (56.2 %) 34.54 (63.7 %) 20.66 (62.9 %)
Q3 2017 104.85 (25.8 %) 46.66 (11.8 %) 22.30 (38.2 %)
Q4 2017 123.37 (2.6 %) 46.77 (52.4 %) 26.76 (48.2 %)
Q1 2018 113.14 (8.9 %) 23.92 (47.4 %) 9.07 (71.0 %)
Q2 2018 119.63 8.4 % 30.70 (11.1 %) 5.45 (73.6 %)
Q3 2018 99.09 (5.5 %) 39.45 (15.4 %) 17.72 (20.5 %)
Q4 2018 53.08 (57.0 %) 45.91 (1.8 %) 22.28 (16.7 %)
Q1 2019 124.32 9.9 % 51.12 113.7 % 26.98 197.4 %
Q2 2019 144.25 20.6 % 49.12 60.0 % 27.35 401.7 %
Q3 2019 194.69 96.5 % 61.09 54.8 % 37.85 113.5 %
Q4 2019 210.12 295.9 % 55.00 19.8 % 33.69 51.2 %
Q1 2020 180.17 44.9 % 53.88 5.4 % 30.96 14.7 %
Q2 2020 132.04 (8.5 %) 39.91 (18.8 %) 24.14 (11.7 %)
Q3 2020 172.90 (11.2 %) 48.71 (20.3 %) 30.10 (20.5 %)
Q4 2020 166.38 (20.8 %) 53.63 (2.5 %) 41.64 23.6 %
Q1 2021 161.87 (10.2 %) 53.87 0.0 % 36.41 17.6 %
Q2 2021 145.32 10.1 % 42.29 6.0 % 26.60 10.2 %
Q3 2021 128.10 (25.9 %) 42.02 (13.7 %) 21.50 (28.6 %)
Q4 2021 126.62 (23.9 %) 61.68 15.0 % 36.26 (12.9 %)
2021 561.91 (13.7 %) 199.85 1.9 % 120.77 (4.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 39.47 - 0.22 - 39.47 0.22
Q2 2012 28.73 - 0.16 - 28.73 0.16
Q3 2012 7.28 - 0.04 - 7.28 0.04
Q4 2012 17.94 - 0.10 - 17.94 0.10
Q1 2013 42.79 8.4 % 0.24 - 42.79 0.24
Q2 2013 90.20 213.9 % 0.50 - 90.20 0.50
Q3 2013 50.04 587.1 % 0.28 - 50.04 0.28
Q4 2013 51.58 187.6 % 0.29 - 51.58 0.29
Q1 2014 60.76 42.0 % 0.34 - 60.76 0.34
Q2 2014 62.09 (31.2 %) 0.34 - 62.09 0.34
Q3 2014 51.35 2.6 % 0.29 - 51.35 0.29
Q4 2014 25.81 (50.0 %) 0.14 (30.02) 55.83 0.31
Q1 2015 50.63 (16.7 %) 0.28 - 50.63 0.28
Q2 2015 64.03 3.1 % 0.36 (7.00) 71.03 0.39
Q3 2015 52.64 2.5 % 0.29 - 52.64 0.29
Q4 2015 39.62 53.5 % 0.22 (0.68) 40.30 0.22
Q1 2016 42.91 (15.3 %) 0.24 - 42.91 0.24
Q2 2016 48.66 (24.0 %) 0.27 - 48.66 0.27
Q3 2016 30.09 (42.8 %) 0.17 - 30.09 0.17
Q4 2016 30.60 (22.8 %) 0.17 3.40 27.20 0.15
Q1 2017 16.33 (62.0 %) 0.09 - 16.33 0.09
Q2 2017 8.26 (83.0 %) 0.05 - 8.26 0.05
Q3 2017 12.51 (58.4 %) 0.07 - 12.51 0.07
Q4 2017 15.27 (50.1 %) 0.08 - 15.27 0.08
Q1 2018 1.45 (91.1 %) 0.01 5.75 (4.31) (0.02)
Q2 2018 (6.62) (180.1 %) (0.04) - (6.62) (0.04)
Q3 2018 5.00 (60.1 %) 0.03 - 5.00 0.03
Q4 2018 13.03 (14.7 %) 0.07 - 13.03 0.07
Q1 2019 15.42 966.3 % 0.09 - 15.42 0.09
Q2 2019 13.97 311.0 % 0.08 - 13.97 0.08
Q3 2019 26.08 422.1 % 0.14 - 26.08 0.14
Q4 2019 36.80 182.4 % 0.20 16.81 19.99 0.11
Q1 2020 27.43 77.9 % 0.15 8.41 19.03 0.11
Q2 2020 13.93 (0.3 %) 0.08 - 13.93 0.08
Q3 2020 21.52 (17.5 %) 0.12 - 21.52 0.12
Q4 2020 44.62 21.3 % 0.25 - 44.62 0.25
Q1 2021 31.66 15.4 % 0.18 - 31.66 0.18
Q2 2021 20.91 50.1 % 0.12 - 20.91 0.12
Q3 2021 18.36 (14.7 %) 0.10 - 18.36 0.10
Q4 2021 35.13 (21.3 %) 0.20 7.74 27.39 0.15
2021 106.06 (1.3 %) 0.59 7.74 98.32 0.55

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 25.50 % 32.44 % 17.34 %
Q1 2013 25.28 % 31.98 % 17.04 %
Q2 2013 30.21 % 36.51 % 23.66 %
Q3 2013 34.12 % 41.22 % 28.00 %
Q4 2013 41.59 % 39.64 % 27.52 %
Q1 2014 42.27 % 37.12 % 25.80 %
Q2 2014 42.44 % 36.65 % 23.55 %
Q3 2014 42.78 % 36.24 % 22.83 %
Q4 2014 39.37 % 37.45 % 23.02 %
Q1 2015 40.01 % 39.04 % 23.30 %
Q2 2015 40.72 % 36.61 % 22.04 %
Q3 2015 40.77 % 35.37 % 20.73 %
Q4 2015 38.18 % 32.38 % 18.99 %
Q1 2016 36.73 % 31.96 % 18.67 %
Q2 2016 35.60 % 31.16 % 17.82 %
Q3 2016 34.78 % 33.94 % 17.96 %
Q4 2016 42.93 % 37.47 % 19.83 %
Q1 2017 45.32 % 39.39 % 18.99 %
Q2 2017 46.02 % 43.10 % 16.30 %
Q3 2017 48.29 % 33.57 % 13.80 %
Q4 2017 37.49 % 36.23 % 11.32 %
Q1 2018 33.63 % 32.16 % 7.03 %
Q2 2018 32.12 % 28.22 % 3.66 %
Q3 2018 30.94 % 30.79 % 2.05 %
Q4 2018 36.36 % 31.27 % 1.84 %
Q1 2019 42.20 % 35.40 % 6.77 %
Q2 2019 44.11 % 38.83 % 11.27 %
Q3 2019 40.14 % 36.52 % 13.27 %
Q4 2019 32.13 % 29.77 % 11.21 %
Q1 2020 30.04 % 27.88 % 10.84 %
Q2 2020 29.27 % 27.80 % 11.02 %
Q3 2020 28.41 % 24.72 % 10.71 %
Q4 2020 30.10 % 27.48 % 15.21 %
Q1 2021 30.97 % 29.15 % 17.65 %
Q2 2021 30.71 % 29.29 % 18.36 %
Q3 2021 31.88 % 33.16 % 19.21 %
Q4 2021 35.57 % 35.16 % 17.50 %
2021 35.57 % 35.16 % 17.50 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 180.00 - - 7.86
Q2 2012 180.00 - - 7.90
Q3 2012 180.00 - - 7.78
Q4 2012 180.00 0.52 0.52 7.88
Q1 2013 180.00 0.54 0.54 12.96
Q2 2013 180.00 0.88 0.88 12.76
Q3 2013 180.00 1.12 1.12 12.04
Q4 2013 180.00 1.30 1.30 12.28
Q1 2014 180.00 1.40 1.40 11.62
Q2 2014 180.00 1.25 1.25 11.96
Q3 2014 180.00 1.25 1.25 11.25
Q4 2014 180.00 1.11 1.28 11.39
Q1 2015 180.00 1.05 1.22 11.67
Q2 2015 180.00 1.07 1.27 11.13
Q3 2015 180.00 1.07 1.28 10.82
Q4 2015 180.00 1.15 1.19 11.04
Q1 2016 180.00 1.11 1.15 10.78
Q2 2016 180.00 1.02 1.03 11.05
Q3 2016 180.00 0.90 0.90 10.77
Q4 2016 180.00 0.85 0.83 11.04
Q1 2017 180.00 0.70 0.68 11.13
Q2 2017 180.00 0.47 0.45 11.18
Q3 2017 180.00 0.38 0.36 11.24
Q4 2017 180.00 0.29 0.29 11.33
Q1 2018 180.00 0.21 0.18 11.34
Q2 2018 180.00 0.13 0.09 11.30
Q3 2018 180.00 0.08 0.05 11.33
Q4 2018 180.00 0.07 0.04 11.41
Q1 2019 180.00 0.15 0.15 11.49
Q2 2019 180.00 0.26 0.26 11.58
Q3 2019 180.00 0.38 0.38 11.72
Q4 2019 180.00 0.51 0.42 11.92
Q1 2020 180.00 0.58 0.44 12.06
Q2 2020 180.00 0.58 0.44 12.13
Q3 2020 180.00 0.55 0.41 12.00
Q4 2020 180.00 0.60 0.55 12.25
Q1 2021 180.00 0.62 0.62 12.14
Q2 2021 180.00 0.66 0.66 12.27
Q3 2021 180.00 0.64 0.64 12.12
Q4 2021 180.00 0.59 0.55 12.27

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 35.07 35.07 1.45
Q2 2013 23.61 23.61 1.63
Q3 2013 20.42 20.42 1.89
Q4 2013 17.76 17.76 1.89
Q1 2014 17.07 17.07 2.06
Q2 2014 20.30 20.30 2.12
Q3 2014 21.54 21.54 2.40
Q4 2014 19.00 16.52 1.85
Q1 2015 21.16 18.27 1.91
Q2 2015 20.72 17.37 1.98
Q3 2015 15.78 13.24 1.56
Q4 2015 13.00 12.53 1.35
Q1 2016 11.15 10.74 1.14
Q2 2016 12.23 12.19 1.13
Q3 2016 11.76 11.71 0.98
Q4 2016 15.17 15.51 1.16
Q1 2017 15.21 15.63 0.95
Q2 2017 20.90 21.76 0.89
Q3 2017 25.26 26.59 0.84
Q4 2017 36.71 36.71 0.94
Q1 2018 50.51 59.67 0.93
Q2 2018 76.05 More than 100 0.85
Q3 2018 More than 100 More than 100 0.76
Q4 2018 More than 100 More than 100 0.73
Q1 2019 59.18 59.18 0.77
Q2 2019 34.20 34.20 0.78
Q3 2019 27.64 27.64 0.90
Q4 2019 23.10 28.24 0.99
Q1 2020 15.67 20.67 0.75
Q2 2020 17.11 22.57 0.82
Q3 2020 21.63 28.96 1.00
Q4 2020 20.36 22.09 0.99
Q1 2021 20.98 20.98 1.07
Q2 2021 28.51 28.51 1.53
Q3 2021 25.33 25.33 1.34
Q4 2021 22.78 24.57 1.09

Business Segments (Million)

Compared With The
Period Clinker Cement White Cement


Financial Ratios
Current
Market Cap (M Riyal) 1,623.60
Enterprise Value (EV) (M) 2,425.74
Shares Outstanding ((M)) 180.00
EPS ( Riyal) (TTM) 0.41
Book Value (BV) ( Riyal) 12.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 22.06
Price/book 0.71
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 3.3
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Share Price

Northern Region Cement Co.
9.02
0.01 0.11 %

Northern Region Cement Co. (NORTHERN CEMENT)

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