Saudi Cement reports 12% profit leap in 9M 2019

28/10/2019 Argaam Exclusive

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Share Price

Saudi Cement Co. (SAUDI CEMENT)

Saudi Cement Co. reported a net profit after zakat and tax of SAR 307.8 million for the first 9 months of 2019, a jump of 11.6 percent year-on-year (YoY), driven by higher sales revenue.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	815.76	1,039.09	27.4 %
Gross Income	378.57	453.15	19.7 %
Operating Income	293.21	333.53	13.8 %
Net Income	275.68	307.80	11.7 %
Average Shares	153.00	153.00	-
EPS (Riyals)	1.80	2.01	11.7 %

The Saudi cement producer’s net profit after zakat and tax for Q3 2019 rose 10.07 percent YoY to SAR 83 million, due to higher sales, despite an increase in general and administrative expenses.

On a sequential basis, Q3 2019 net profit tumbled by 10.08 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	239.55	310.12	29.5 %
Gross Income	113.12	131.84	16.5 %
Operating Income	80.61	92.84	15.2 %
Net Income	75.41	83.02	10.1 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.49	0.54	10.1 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	338.61	310.12	(8.4 %)
Gross Income	140.28	131.84	(6.0 %)
Operating Income	99.70	92.84	(6.9 %)
Net Income	92.34	83.02	(10.1 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.60	0.54	(10.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	410.89	17.2 %	205.89	12.5 %	176.58	16.2 %	1.15
Q2 2010	420.42	17.7 %	219.99	21.6 %	190.62	13.7 %	1.25
Q3 2010	327.10	6.3 %	163.93	10.7 %	140.28	13.9 %	0.92
Q4 2010	367.74	11.3 %	179.09	6.9 %	152.04	8.9 %	0.99
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
Q1 2011	423.13	3.0 %	243.65	18.3 %	210.85	19.4 %	1.38
Q2 2011	462.98	10.1 %	243.45	10.7 %	213.76	12.1 %	1.40
Q3 2011	387.26	18.4 %	224.21	36.8 %	195.26	39.2 %	1.28
Q4 2011	442.73	20.4 %	239.69	33.8 %	211.37	39.0 %	1.38
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
Q1 2012	639.29	51.1 %	352.60	44.7 %	325.56	54.4 %	2.13
Q2 2012	591.03	27.7 %	316.21	29.9 %	290.24	35.8 %	1.90
Q3 2012	433.14	11.8 %	238.40	6.3 %	209.45	7.3 %	1.37
Q4 2012	539.99	22.0 %	322.00	34.3 %	276.54	30.8 %	1.81
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
Q1 2013	612.75	(4.2 %)	374.11	6.1 %	340.30	4.5 %	2.22
Q2 2013	626.42	6.0 %	339.99	7.5 %	307.14	5.8 %	2.01
Q3 2013	455.13	5.1 %	260.41	9.2 %	229.06	9.4 %	1.50
Q4 2013	492.95	(8.7 %)	309.75	(3.8 %)	247.30	(10.6 %)	1.62
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
Q1 2014	534.76	(12.7 %)	326.08	(12.8 %)	286.05	(15.9 %)	1.87
Q2 2014	538.38	(14.1 %)	322.82	(5.0 %)	288.30	(6.1 %)	1.88
Q3 2014	425.74	(6.5 %)	264.43	1.5 %	231.72	1.2 %	1.51
Q4 2014	525.71	6.6 %	315.73	1.9 %	268.02	8.4 %	1.75
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
Q1 2015	550.88	3.0 %	339.26	4.0 %	303.10	6.0 %	1.98
Q2 2015	499.63	(7.2 %)	283.93	(12.0 %)	253.82	(12.0 %)	1.66
Q3 2015	398.31	(6.4 %)	232.75	(12.0 %)	207.57	(10.4 %)	1.36
Q4 2015	483.58	(8.0 %)	280.09	(11.3 %)	175.70	(34.4 %)	1.15
2015	1,932.39	(4.6 %)	1,136.02	(7.6 %)	940.19	(12.5 %)	6.15
Q1 2016	506.93	(8.0 %)	295.22	(13.0 %)	262.57	(13.4 %)	1.72
Q2 2016	498.78	(0.2 %)	282.36	(0.6 %)	249.46	(1.7 %)	1.63
Q3 2016	375.05	(5.8 %)	232.19	(0.2 %)	202.28	(2.5 %)	1.32
Q4 2016	397.38	(17.8 %)	220.82	(21.2 %)	186.66	6.2 %	1.22
2016	1,778.14	(8.0 %)	1,030.58	(9.3 %)	900.97	(4.2 %)	5.89
Q1 2017	346.35	(31.7 %)	191.19	(35.2 %)	164.70	(37.3 %)	1.08
Q2 2017	269.45	(46.0 %)	121.16	(57.1 %)	93.95	(62.3 %)	0.61
Q3 2017	250.19	(33.3 %)	115.58	(50.2 %)	87.35	(56.8 %)	0.57
Q4 2017	318.54	(19.8 %)	140.88	(36.2 %)	107.45	(42.4 %)	0.70
2017	1,184.53	(33.4 %)	568.80	(44.8 %)	453.45	(49.7 %)	2.96
Q1 2018	330.46	(4.6 %)	169.32	(11.4 %)	142.23	(13.6 %)	0.93
Q2 2018	245.75	(8.8 %)	96.13	(20.7 %)	58.05	(38.2 %)	0.38
Q3 2018	239.55	(4.3 %)	113.12	(2.1 %)	75.41	(13.7 %)	0.49
Q4 2018	303.80	(4.6 %)	159.42	13.2 %	124.83	16.2 %	0.82
2018	1,119.56	(5.5 %)	537.99	(5.4 %)	400.51	(11.7 %)	2.62
Q1 2019	390.36	18.1 %	181.04	6.9 %	132.44	(6.9 %)	0.87
Q2 2019	338.61	37.8 %	140.28	45.9 %	92.34	59.1 %	0.60
Q3 2019	310.12	29.5 %	131.84	16.5 %	83.02	10.1 %	0.54

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
2015	1,932.39	(4.6 %)	1,136.02	(7.6 %)	940.19	(12.5 %)	6.15
2016	1,778.14	(8.0 %)	1,030.58	(9.3 %)	900.97	(4.2 %)	5.89
2017	1,184.53	(33.4 %)	568.80	(44.8 %)	453.45	(49.7 %)	2.96
2018	1,119.56	(5.5 %)	537.99	(5.4 %)	400.51	(11.7 %)	2.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	49.96 %	59.64 %	43.17 %
Q2 2010	50.47 %	59.49 %	42.87 %
Q3 2010	50.87 %	59.53 %	43.47 %
Q4 2010	50.38 %	58.59 %	43.22 %
2010	50.38 %	58.59 %	43.22 %
Q1 2011	52.44 %	59.80 %	45.10 %
Q2 2011	52.51 %	59.80 %	45.35 %
Q3 2011	54.26 %	60.47 %	47.04 %
Q4 2011	55.42 %	61.26 %	48.44 %
2011	55.42 %	61.26 %	48.44 %
Q1 2012	54.86 %	60.51 %	48.96 %
Q2 2012	54.98 %	60.04 %	49.62 %
Q3 2012	54.45 %	59.94 %	49.22 %
Q4 2012	55.79 %	60.94 %	50.00 %
2012	55.79 %	60.94 %	50.00 %
Q1 2013	57.45 %	62.67 %	51.29 %
Q2 2013	57.61 %	62.66 %	51.23 %
Q3 2013	58.03 %	62.90 %	51.61 %
Q4 2013	58.72 %	63.38 %	51.38 %
2013	58.72 %	63.38 %	51.38 %
Q1 2014	58.61 %	63.45 %	50.71 %
Q2 2014	60.31 %	65.26 %	51.98 %
Q3 2014	61.40 %	66.27 %	52.88 %
Q4 2014	60.71 %	65.63 %	53.05 %
2014	60.71 %	65.63 %	53.05 %
Q1 2015	60.87 %	65.62 %	53.47 %
Q2 2015	60.11 %	65.26 %	52.78 %
Q3 2015	59.34 %	64.97 %	52.29 %
Q4 2015	58.79 %	64.64 %	52.08 %
2015	58.79 %	64.64 %	52.08 %
Q1 2016	57.82 %	64.19 %	51.14 %
Q2 2016	57.77 %	64.19 %	50.94 %
Q3 2016	58.46 %	65.04 %	51.29 %
Q4 2016	57.96 %	65.13 %	50.67 %
2016	57.96 %	65.13 %	50.67 %
Q1 2017	57.28 %	65.04 %	49.65 %
Q2 2017	55.13 %	64.08 %	46.65 %
Q3 2017	51.35 %	60.90 %	42.16 %
Q4 2017	48.02 %	57.56 %	38.28 %
2017	48.02 %	57.56 %	38.28 %
Q1 2018	46.80 %	56.48 %	36.88 %
Q2 2018	45.58 %	54.48 %	34.51 %
Q3 2018	45.79 %	53.62 %	33.78 %
Q4 2018	48.05 %	55.18 %	35.77 %
2018	48.05 %	55.18 %	35.77 %
Q1 2019	46.61 %	51.94 %	33.13 %
Q2 2019	46.68 %	51.15 %	33.40 %
Q3 2019	45.62 %	49.70 %	32.22 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	50.49 %	60.28 %	43.27 %
2010	50.38 %	58.59 %	43.22 %
2011	55.42 %	61.26 %	48.44 %
2012	55.79 %	60.94 %	50.00 %
2013	58.72 %	63.38 %	51.38 %
2014	60.71 %	65.63 %	53.05 %
2015	58.79 %	64.64 %	52.08 %
2016	57.96 %	65.13 %	50.67 %
2017	48.02 %	57.56 %	38.28 %
2018	48.05 %	55.18 %	35.77 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	50.11 %	57.49 %	42.97 %
Q2 2010	52.33 %	59.66 %	45.34 %
Q3 2010	50.12 %	59.93 %	42.89 %
Q4 2010	48.70 %	57.39 %	41.35 %
Q1 2011	57.58 %	61.94 %	49.83 %
Q2 2011	52.58 %	59.67 %	46.17 %
Q3 2011	57.90 %	62.74 %	50.42 %
Q4 2011	54.14 %	60.98 %	47.74 %
Q1 2012	55.16 %	59.43 %	50.93 %
Q2 2012	53.50 %	58.21 %	49.11 %
Q3 2012	55.04 %	61.97 %	48.36 %
Q4 2012	59.63 %	64.88 %	51.21 %
Q1 2013	61.06 %	65.52 %	55.54 %
Q2 2013	54.27 %	58.43 %	49.03 %
Q3 2013	57.22 %	63.17 %	50.33 %
Q4 2013	62.84 %	67.23 %	50.17 %
Q1 2014	60.98 %	66.09 %	53.49 %
Q2 2014	59.96 %	64.41 %	53.55 %
Q3 2014	62.11 %	67.73 %	54.43 %
Q4 2014	60.06 %	64.70 %	50.98 %
Q1 2015	61.58 %	66.04 %	55.02 %
Q2 2015	56.83 %	62.90 %	50.80 %
Q3 2015	58.43 %	66.46 %	52.11 %
Q4 2015	57.92 %	63.34 %	50.01 %
Q1 2016	58.24 %	64.50 %	51.80 %
Q2 2016	56.61 %	62.88 %	50.01 %
Q3 2016	61.91 %	70.83 %	53.93 %
Q4 2016	55.57 %	63.40 %	46.97 %
Q1 2017	55.20 %	63.75 %	47.55 %
Q2 2017	44.96 %	56.09 %	34.87 %
Q3 2017	46.19 %	58.18 %	34.91 %
Q4 2017	44.23 %	51.58 %	33.73 %
Q1 2018	51.24 %	60.23 %	43.04 %
Q2 2018	39.12 %	46.74 %	23.62 %
Q3 2018	47.22 %	54.29 %	31.48 %
Q4 2018	52.48 %	57.21 %	41.09 %
Q1 2019	46.38 %	49.65 %	33.93 %
Q2 2019	41.43 %	45.21 %	27.27 %
Q3 2019	42.51 %	47.31 %	26.77 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	153.00	3.97	3.97	18.88
Q2 2010	153.00	4.12	4.12	20.12
Q3 2010	153.00	4.23	4.23	21.05
Q4 2010	153.00	4.31	4.31	22.03
Q1 2011	153.00	4.53	4.53	23.41
Q2 2011	153.00	4.69	4.69	18.80
Q3 2011	153.00	5.05	5.05	20.07
Q4 2011	153.00	5.43	5.43	21.45
Q1 2012	153.00	6.18	6.18	19.07
Q2 2012	153.00	6.68	6.68	17.46
Q3 2012	153.00	6.78	6.78	18.83
Q4 2012	153.00	7.20	7.20	20.64
Q1 2013	153.00	7.30	7.30	19.35
Q2 2013	153.00	7.41	7.41	17.86
Q3 2013	153.00	7.54	7.54	19.35
Q4 2013	153.00	7.35	7.35	20.97
Q1 2014	153.00	6.99	6.99	19.33
Q2 2014	153.00	6.87	6.87	17.38
Q3 2014	153.00	6.88	6.88	18.90
Q4 2014	153.00	7.02	7.02	20.65
Q1 2015	153.00	7.13	7.13	20.12
Q2 2015	153.00	6.91	6.91	18.77
Q3 2015	153.00	6.75	6.75	20.13
Q4 2015	153.00	6.15	6.58	21.28
Q1 2016	153.00	5.88	6.31	19.37
Q2 2016	153.00	5.85	6.28	18.25
Q3 2016	153.00	5.82	6.25	19.57
Q4 2016	153.00	5.89	5.89	20.85
Q1 2017	153.00	5.25	5.25	21.92
Q2 2017	153.00	4.23	4.23	17.54
Q3 2017	153.00	3.48	3.48	18.11
Q4 2017	153.00	2.96	2.96	18.81
Q1 2018	153.00	2.82	2.82	19.74
Q2 2018	153.00	2.58	2.58	16.87
Q3 2018	153.00	2.50	2.50	17.36
Q4 2018	153.00	2.62	2.62	18.22
Q1 2019	153.00	2.55	2.55	19.08
Q2 2019	153.00	2.78	2.78	16.43
Q3 2019	153.00	2.83	2.83	16.97

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	153.00	3.81	3.81	20.07
2010	153.00	4.31	4.31	22.03
2011	153.00	5.43	5.43	21.45
2012	153.00	7.20	7.20	20.64
2013	153.00	7.35	7.35	20.97
2014	153.00	7.02	7.02	20.65
2015	153.00	6.15	6.58	21.28
2016	153.00	5.89	5.89	20.85
2017	153.00	2.96	2.96	18.81
2018	153.00	2.62	2.62	18.22

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	12.27	12.27	2.58
Q2 2010	10.78	10.78	2.21
Q3 2010	10.47	10.47	2.10
Q4 2010	11.55	11.55	2.26
Q1 2011	11.63	11.63	2.25
Q2 2011	13.66	13.66	3.41
Q3 2011	12.54	12.54	3.15
Q4 2011	13.25	13.25	3.36
Q1 2012	13.67	13.67	4.43
Q2 2012	13.51	13.51	5.17
Q3 2012	12.99	12.99	4.67
Q4 2012	13.19	13.19	4.60
Q1 2013	12.33	12.33	4.65
Q2 2013	13.63	13.63	5.66
Q3 2013	14.33	14.33	5.58
Q4 2013	13.82	13.82	4.84
Q1 2014	15.23	15.23	5.51
Q2 2014	16.78	16.78	6.63
Q3 2014	16.59	16.59	6.04
Q4 2014	13.63	13.63	4.63
Q1 2015	12.58	12.58	4.46
Q2 2015	14.00	14.00	5.15
Q3 2015	10.63	10.63	3.56
Q4 2015	10.56	9.86	3.05
Q1 2016	10.73	9.99	3.26
Q2 2016	10.80	10.05	3.46
Q3 2016	9.55	8.89	2.84
Q4 2016	12.09	12.09	3.42
Q1 2017	11.40	11.40	2.73
Q2 2017	12.27	12.27	2.96
Q3 2017	12.03	12.03	2.31
Q4 2017	16.00	16.00	2.52
Q1 2018	19.93	19.93	2.84
Q2 2018	19.23	19.23	2.94
Q3 2018	17.89	17.89	2.58
Q4 2018	18.55	18.55	2.67
Q1 2019	22.91	22.91	3.07
Q2 2019	25.23	25.23	4.27
Q3 2019	25.18	25.18	4.20

Period	P/E	Adjusted P/E	Price/book
2009	10.07	10.07	1.91
2010	11.55	11.55	2.26
2011	13.25	13.25	3.36
2012	13.19	13.19	4.60
2013	13.82	13.82	4.84
2014	13.63	13.63	4.63
2015	10.56	9.86	3.05
2016	12.09	12.09	3.42
2017	16.00	16.00	2.52
2018	18.55	18.55	2.67

Business Segments (Million)

Compared With The

Period	Cement	Clinker

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	98.48	83.02	(15.7 %)

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
OSOOL AND BAKHEET	83.00	83.02	0.0 %
SNB Capital	78.00	83.02	6.4 %
AlJazira Capital	105.40	83.02	(21.2) %
Riyad Capital	109.00	83.02	(23.8) %
Al Rajhi Capital	117.00	83.02	(29.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,862.05
Enterprise Value (EV) (M)	7,017.11
Shares Outstanding ((M))	153.00
EPS ( Riyal) (TTM)	2.42
Book Value (BV) ( Riyal)	14.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.50
P/E (TTM)	18.50
Price/book	3.02
Return on Average Assets (%) (TTM)	11.3
Return on Average Equity (%) (TTM)	15.8

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Saudi Cement reports 12% profit leap in 9M 2019

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Share Price

Saudi Cement Co. (SAUDI CEMENT)

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) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Cement reports 12% profit leap in 9M 2019

View other reports

Share Price

Saudi Cement Co. (SAUDI CEMENT)

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) 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)