Northern Cement posts SAR 81.5M profit for 9M 2024, SAR 18.1M for Q3

Northern Cement posts SAR 81.5M profit for 9M 2024, SAR 18.1M for Q3

07/11/2024 Argaam Exclusive

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Northern Region Cement Co. reported a net profit of SAR 81.5 million in the first nine months of 2024, compared to SAR 64.2 million in the year-ago period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 514.23 449.88 (12.5 %)
Gross Income 139.62 147.46 5.6 %
Operating Income 88.86 88.06 (0.9 %)
Net Income 64.19 81.52 27.0 %
Average Shares 180.00 180.00 -
EPS (Riyals) 0.36 0.45 27.0 %

The positive performance was driven by the profit generated from the sale of the company’s stake in a plant in Iraq, despite lower sales revenue on a decline in demand.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 175.20 163.23 (6.8 %)
Gross Income 55.53 55.65 0.2 %
Operating Income 35.96 34.90 (3.0 %)
Net Income 23.26 18.13 (22.1 %)
Average Shares 180.00 180.00 -
EPS (Riyals) 0.13 0.10 (22.1 %)
In Q3 2024, the net profit saw a 22.1% fall to SAR 18.1 million from SAR 23.2 million the year before.
 
Sequentially, the cement producer’s net profit rose 54.1% from SAR 11.77 million.
 
Shareholders’ equity, before minority interest, amounted to SAR 81.6 million as of Sept. 30, 2024, up from SAR 64.7 million in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2022 133.26 (17.7 %) 46.47 (13.7 %) 29.72 (18.4 %)
Q2 2022 133.42 (8.2 %) 49.54 17.1 % 32.88 23.6 %
Q3 2022 166.26 29.8 % 62.00 47.6 % 32.82 52.7 %
Q4 2022 185.02 46.1 % 76.93 24.7 % 44.76 23.4 %
Q1 2023 181.09 35.9 % 43.95 (5.4 %) 27.66 (6.9 %)
Q2 2023 157.94 18.4 % 40.14 (19.0 %) 25.24 (23.3 %)
Q3 2023 175.20 5.4 % 55.53 (10.4 %) 35.96 9.5 %
Q4 2023 175.32 (5.2 %) 61.75 (19.7 %) 38.47 (14.1 %)
Q1 2024 139.13 (23.2 %) 44.62 1.5 % 25.57 (7.6 %)
Q2 2024 147.52 (6.6 %) 47.19 17.6 % 27.60 9.4 %
Q3 2024 163.23 (6.8 %) 55.65 0.2 % 34.90 (3.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2022 23.24 (26.6 %) 0.13 - 23.24 0.13
Q2 2022 24.64 17.8 % 0.14 - 24.64 0.14
Q3 2022 27.56 50.1 % 0.15 - 27.56 0.15
Q4 2022 36.59 4.2 % 0.20 - 36.59 0.20
Q1 2023 21.40 (7.9 %) 0.12 - 21.40 0.12
Q2 2023 19.52 (20.7 %) 0.11 - 19.52 0.11
Q3 2023 23.26 (15.6 %) 0.13 - 23.26 0.13
Q4 2023 (7.93) (121.7 %) (0.04) - (7.93) (0.04)
Q1 2024 51.63 141.2 % 0.29 45.45 6.18 0.03
Q2 2024 11.77 (39.7 %) 0.07 - 11.77 0.07
Q3 2024 18.13 (22.1 %) 0.10 - 18.13 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
Q1 2023 34.91 % 31.68 % 16.55 %
Q2 2023 32.31 % 29.46 % 15.22 %
Q3 2023 30.97 % 29.59 % 14.41 %
Q4 2023 29.20 % 29.21 % 8.16 %
Q1 2024 31.20 % 29.96 % 6.34 %
Q2 2024 32.82 % 29.98 % 5.22 %
Q3 2024 33.46 % 29.49 % 4.50 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 180.00 0.61 0.61 12.49
Q2 2023 180.00 0.58 0.58 12.35
Q3 2023 180.00 0.56 0.56 12.49
Q4 2023 180.00 0.31 0.31 12.44
Q1 2024 180.00 0.48 0.23 12.48
Q2 2024 180.00 0.44 0.18 12.54
Q3 2024 180.00 0.41 0.16 12.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 18.23 18.23 0.89
Q2 2023 20.49 20.49 0.97
Q3 2023 19.68 19.68 0.88
Q4 2023 33.72 33.72 0.85
Q1 2024 20.94 44.13 0.81
Q2 2024 20.78 49.17 0.72
Q3 2024 22.77 59.54 0.74

Business Segments (Million)

Compared With The
Period Clinker Cement White Cement White Clinker Pozzolana

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 19.00 18.13 (4.6 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Hermes 19.00 18.13 (4.6) %


Financial Ratios
Current
Market Cap (M Riyal) 1,621.80
Enterprise Value (EV) (M) 2,423.94
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) 22.04
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.
9.01
(0.04) (0.44 %)

Northern Region Cement Co. (NORTHERN CEMENT)

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