Northern Cement 2022 profit up 6% to SAR 112.5 mln; Q4 at SAR 37 mln

16/03/2023 Argaam Exclusive

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Northern Region Cement Co.’s net profit grew 6% to SAR 112.5 million, compared to SAR 106.1 million in 2021, backed by higher sales and income from investments outside Saudi Arabia. On the other hand, finance costs significantly increased compared to a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	561.91	617.96	10.0 %
Gross Income	199.85	224.03	12.1 %
Operating Income	120.77	140.18	16.1 %
Net Income	106.06	112.02	5.6 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.59	0.62	5.6 %

In Q4 2022, net profit increased 5% to SAR 37 million, from SAR 35.13 million in the prior-year period.

Compared to the previous quarter, Q4 net profit climbed 34.3% from SAR 27.56 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	126.62	185.02	46.1 %
Gross Income	61.68	76.93	24.7 %
Operating Income	36.26	44.76	23.4 %
Net Income	35.13	36.59	4.2 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.20	0.20	4.2 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	166.26	185.02	11.3 %
Gross Income	62.00	76.93	24.1 %
Operating Income	32.82	44.76	36.3 %
Net Income	27.56	36.59	32.8 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.15	0.20	32.8 %

Total shareholders’ equity, after minority interest, rose to SAR 2.22 billion as of Dec. 31, 2022, from SAR 2.20 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2013	181.77	19.0 %	56.90	12.2 %	42.79	8.4 %	0.24
Q2 2013	255.94	65.3 %	97.75	149.3 %	90.20	213.9 %	0.50
Q3 2013	167.45	41.3 %	59.46	256.6 %	50.04	587.1 %	0.28
Q4 2013	247.28	119.8 %	140.41	356.6 %	51.58	187.6 %	0.29
2013	852.44	58.3 %	354.51	158.1 %	234.62	151.2 %	1.30
Q1 2014	308.53	69.7 %	116.34	104.5 %	60.76	42.0 %	0.34
Q2 2014	229.75	(10.2 %)	88.24	(9.7 %)	62.09	(31.2 %)	0.34
Q3 2014	203.39	21.5 %	78.10	31.4 %	51.35	2.6 %	0.29
Q4 2014	257.47	4.1 %	110.72	(21.1 %)	25.81	(50.0 %)	0.14
2014	999.14	17.2 %	393.40	11.0 %	200.01	(14.7 %)	1.11
Q1 2015	253.13	(18.0 %)	100.51	(13.6 %)	50.63	(16.7 %)	0.28
Q2 2015	324.34	41.2 %	133.49	51.3 %	64.03	3.1 %	0.36
Q3 2015	274.92	35.2 %	107.83	38.1 %	52.64	2.5 %	0.29
Q4 2015	277.41	7.7 %	89.57	(19.1 %)	39.62	53.5 %	0.22
2015	1,129.80	13.1 %	431.39	9.7 %	206.91	3.4 %	1.15
Q1 2016	231.14	(8.7 %)	76.07	(24.3 %)	42.91	(15.3 %)	0.24
Q2 2016	251.67	(22.4 %)	95.05	(28.8 %)	48.66	(24.0 %)	0.27
Q3 2016	141.39	(48.6 %)	52.91	(50.9 %)	30.09	(42.8 %)	0.17
Q4 2016	126.62	(54.4 %)	98.31	9.8 %	30.60	(22.8 %)	0.17
2016	750.82	(33.5 %)	322.34	(25.3 %)	152.26	(26.4 %)	0.85
Q1 2017	124.14	(46.3 %)	45.50	(40.2 %)	16.33	(62.0 %)	0.09
Q2 2017	110.31	(56.2 %)	34.54	(63.7 %)	8.26	(83.0 %)	0.05
Q3 2017	104.85	(25.8 %)	46.66	(11.8 %)	12.51	(58.4 %)	0.07
Q4 2017	123.37	(2.6 %)	46.77	(52.4 %)	15.27	(50.1 %)	0.08
2017	462.67	(38.4 %)	173.47	(46.2 %)	52.51	(65.5 %)	0.29
Q1 2018	113.14	(8.9 %)	23.92	(47.4 %)	1.45	(91.1 %)	0.01
Q2 2018	119.63	8.4 %	30.70	(11.1 %)	(6.62)	(180.1 %)	(0.04)
Q3 2018	99.09	(5.5 %)	39.45	(15.4 %)	5.00	(60.1 %)	0.03
Q4 2018	53.08	(57.0 %)	45.91	(1.8 %)	13.03	(14.7 %)	0.07
2018	392.55	(15.2 %)	147.60	(14.9 %)	12.85	(75.5 %)	0.07
Q1 2019	124.32	9.9 %	51.12	113.7 %	15.42	966.3 %	0.09
Q2 2019	144.25	20.6 %	49.12	60.0 %	13.97	311.0 %	0.08
Q3 2019	194.69	96.5 %	61.09	54.8 %	26.08	422.1 %	0.14
Q4 2019	210.12	295.9 %	55.00	19.8 %	36.80	182.4 %	0.20
2019	673.37	71.5 %	216.32	46.6 %	92.27	618.1 %	0.51
Q1 2020	180.17	44.9 %	53.88	5.4 %	27.43	77.9 %	0.15
Q2 2020	132.04	(8.5 %)	39.91	(18.8 %)	13.93	(0.3 %)	0.08
Q3 2020	172.90	(11.2 %)	48.71	(20.3 %)	21.52	(17.5 %)	0.12
Q4 2020	166.38	(20.8 %)	53.63	(2.5 %)	44.62	21.3 %	0.25
2020	651.48	(3.3 %)	196.13	(9.3 %)	107.50	16.5 %	0.60
Q1 2021	161.87	(10.2 %)	53.87	0.0 %	31.66	15.4 %	0.18
Q2 2021	145.32	10.1 %	42.29	6.0 %	20.91	50.1 %	0.12
Q3 2021	128.10	(25.9 %)	42.02	(13.7 %)	18.36	(14.7 %)	0.10
Q4 2021	126.62	(23.9 %)	61.68	15.0 %	35.13	(21.3 %)	0.20
2021	561.91	(13.7 %)	199.85	1.9 %	106.06	(1.3 %)	0.59
Q1 2022	133.26	(17.7 %)	46.47	(13.7 %)	23.24	(26.6 %)	0.13
Q2 2022	133.42	(8.2 %)	49.54	17.1 %	24.64	17.8 %	0.14
Q3 2022	166.26	29.8 %	62.00	47.6 %	27.56	50.1 %	0.15
Q4 2022	185.02	46.1 %	76.93	24.7 %	36.59	4.2 %	0.20
2022	617.96	10.0 %	224.03	12.1 %	112.02	5.6 %	0.62

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	852.44	58.3 %	354.51	158.1 %	234.62	151.2 %	1.30
2014	999.14	17.2 %	393.40	11.0 %	200.01	(14.7 %)	1.11
2015	1,129.80	13.1 %	431.39	9.7 %	206.91	3.4 %	1.15
2016	750.82	(33.5 %)	322.34	(25.3 %)	152.26	(26.4 %)	0.85
2017	462.67	(38.4 %)	173.47	(46.2 %)	52.51	(65.5 %)	0.29
2018	392.55	(15.2 %)	147.60	(14.9 %)	12.85	(75.5 %)	0.07
2019	673.37	71.5 %	216.32	46.6 %	92.27	618.1 %	0.51
2020	651.48	(3.3 %)	196.13	(9.3 %)	107.50	16.5 %	0.60
2021	561.91	(13.7 %)	199.85	1.9 %	106.06	(1.3 %)	0.59
2022	617.96	10.0 %	224.03	12.1 %	112.02	5.6 %	0.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
2017	37.49 %	36.23 %	11.35 %
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 %
2018	37.60 %	30.66 %	1.81 %
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 %
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 %
2020	30.10 %	30.24 %	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 %
Q1 2022	36.09 %	35.94 %	16.86 %
Q2 2022	38.30 %	37.68 %	17.96 %
Q3 2022	39.26 %	37.04 %	18.38 %
Q4 2022	38.02 %	34.50 %	18.13 %
2022	36.25 %	34.50 %	18.13 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	41.59 %	39.64 %	27.52 %
2014	39.37 %	37.45 %	23.02 %
2015	38.18 %	32.38 %	18.99 %
2016	42.93 %	37.47 %	19.83 %
2017	37.49 %	36.23 %	11.35 %
2018	37.60 %	30.66 %	1.81 %
2019	32.13 %	29.77 %	11.21 %
2020	30.10 %	30.24 %	15.21 %
2021	35.57 %	35.16 %	17.50 %
2022	36.25 %	34.50 %	18.13 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	31.30 %	37.21 %	23.54 %
Q2 2013	38.19 %	42.38 %	35.24 %
Q3 2013	35.51 %	46.20 %	29.88 %
Q4 2013	56.78 %	34.14 %	20.86 %
Q1 2014	37.71 %	30.21 %	19.70 %
Q2 2014	38.41 %	41.03 %	27.03 %
Q3 2014	38.40 %	42.53 %	25.24 %
Q4 2014	43.00 %	38.92 %	21.68 %
Q1 2015	39.71 %	34.54 %	20.00 %
Q2 2015	41.16 %	32.69 %	21.90 %
Q3 2015	39.22 %	35.99 %	19.15 %
Q4 2015	32.29 %	26.47 %	14.53 %
Q1 2016	32.91 %	32.75 %	18.56 %
Q2 2016	37.77 %	29.58 %	19.33 %
Q3 2016	37.42 %	58.32 %	21.28 %
Q4 2016	77.64 %	38.49 %	21.48 %
Q1 2017	36.65 %	38.64 %	13.15 %
Q2 2017	31.31 %	33.90 %	7.49 %
Q3 2017	44.50 %	21.27 %	11.93 %
Q4 2017	37.91 %	48.60 %	12.38 %
Q1 2018	21.14 %	22.62 %	(3.81 %)
Q2 2018	25.66 %	18.61 %	(5.53 %)
Q3 2018	39.81 %	32.65 %	5.04 %
Q4 2018	86.50 %	75.65 %	24.55 %
Q1 2019	41.12 %	36.57 %	12.40 %
Q2 2019	34.05 %	31.47 %	9.68 %
Q3 2019	31.38 %	29.57 %	13.40 %
Q4 2019	26.17 %	24.77 %	9.51 %
Q1 2020	29.90 %	26.80 %	10.56 %
Q2 2020	30.22 %	31.39 %	10.55 %
Q3 2020	28.17 %	17.41 %	12.44 %
Q4 2020	32.24 %	35.59 %	26.82 %
Q1 2021	33.28 %	33.23 %	19.56 %
Q2 2021	29.10 %	31.82 %	14.39 %
Q3 2021	32.80 %	31.46 %	14.33 %
Q4 2021	48.71 %	45.23 %	21.63 %
Q1 2022	34.87 %	35.93 %	17.44 %
Q2 2022	37.13 %	38.24 %	18.46 %
Q3 2022	37.29 %	30.74 %	16.58 %
Q4 2022	41.58 %	34.15 %	19.78 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2022	180.00	0.54	0.50	12.41
Q2 2022	180.00	0.56	0.52	12.29
Q3 2022	180.00	0.61	0.57	12.44
Q4 2022	180.00	0.62	0.62	12.38

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	180.00	1.30	1.30	12.28
2014	180.00	1.11	1.28	11.39
2015	180.00	1.15	1.19	11.04
2016	180.00	0.85	0.83	11.04
2017	180.00	0.29	0.29	11.33
2018	180.00	0.07	0.04	11.41
2019	180.00	0.51	0.42	11.92
2020	180.00	0.60	0.55	12.25
2021	180.00	0.59	0.55	12.27
2022	180.00	0.62	0.62	12.38

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2022	26.81	29.11	1.17
Q2 2022	20.71	22.42	0.95
Q3 2022	18.30	19.68	0.90
Q4 2022	17.32	17.32	0.87

Period	P/E	Adjusted P/E	Price/book
2013	17.76	17.76	1.89
2014	19.00	16.52	1.85
2015	13.00	12.53	1.35
2016	15.17	15.51	1.16
2017	36.61	36.61	0.94
2018	More than 100	More than 100	0.73
2019	23.10	28.24	0.99
2020	20.36	22.09	0.99
2021	22.78	24.57	1.09
2022	17.32	17.32	0.87

Business Segments (Million)

Compared With The

Period	Clinker	Cement	White Cement	White Clinker	Pozzolana

Period	Clinker	Cement	White Cement	White Clinker	Pozzolana
2021	0.87	457.17	103.88	-	-
2022	342.28	121.31	114.49	39.70	0.18

Financial Ratios

	Current
Market Cap (M Riyal)	1,625.40
Enterprise Value (EV) (M)	2,346.86
Shares Outstanding ((M))	180.00
EPS ( Riyal) (TTM)	0.48
Book Value (BV) ( Riyal)	12.48
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	39.61
P/E (TTM)	18.79
Price/book	0.72
Return on Average Assets (%) (TTM)	2.5
Return on Average Equity (%) (TTM)	3.8

Northern Region Cement Co. (NORTHERN CEMENT)

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Northern Cement 2022 profit up 6% to SAR 112.5 mln; Q4 at SAR 37 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Northern Region Cement Co. (NORTHERN CEMENT)

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Northern Cement 2022 profit up 6% to SAR 112.5 mln; Q4 at SAR 37 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2022

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Northern Region Cement Co. (NORTHERN CEMENT)

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Business Segments (Million)