Riyadh Cement reports 11% profit slump to SAR 190 mln in 2022

21/03/2023 Argaam Exclusive

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Riyadh Cement Co. reported a net profit of SAR 190 million in 2022, an 11% decline compared to SAR 214 million in the prior year period, driven by lower sales.

Financials (M)

Item	2021	2022	Change‬
Revenues	671.07	598.01	(10.9 %)
Gross Income	266.55	231.55	(13.1 %)
Operating Income	229.14	200.75	(12.4 %)
Net Income	213.73	189.84	(11.2 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.78	1.58	(11.2 %)

This came despite the decline of general and administrative expenses (G&As) as well as Zakat provisions.

Total shareholders equity, no minority interest, stood at SAR 1.67 billion by Dec. 31, 2022, compared to SAR 1.66 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	899.96	(10.1 %)	518.00	(2.8 %)	491.50	(1.1 %)
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	943.85	4.9 %	495.66	(4.3 %)	461.05	(6.2 %)
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	874.58	(7.3 %)	443.24	(10.6 %)	408.91	(11.3 %)
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	801.36	(8.4 %)	341.13	(23.0 %)	310.82	(24.0 %)
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	554.39	(30.8 %)	217.52	(36.2 %)	186.52	(40.0 %)
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	393.68	(29.0 %)	100.18	(53.9 %)	80.48	(56.9 %)
H1 2019	125.08	-	44.45	-	37.72	-
H2 2019	-	-	-	-	-	-
2019	594.00	50.9 %	229.88	129.5 %	206.12	156.1 %
H1 2020	101.97	(18.5 %)	42.58	(4.2 %)	37.32	(1.1 %)
H2 2020	-	-	-	-	-	-
2020	590.29	(0.6 %)	254.10	10.5 %	226.89	10.1 %
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	671.07	13.7 %	266.55	4.9 %	229.14	1.0 %
H1 2022	-	-	-	-	-	-
H2 2022	-	-	-	-	-	-
2022	598.01	(10.9 %)	231.55	(13.1 %)	200.75	(12.4 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	899.96	(10.1 %)	518.00	(2.8 %)	491.50	(1.1 %)
2014	943.85	4.9 %	495.66	(4.3 %)	461.05	(6.2 %)
2015	874.58	(7.3 %)	443.24	(10.6 %)	408.91	(11.3 %)
2016	801.36	(8.4 %)	341.13	(23.0 %)	310.82	(24.0 %)
2017	554.39	(30.8 %)	217.52	(36.2 %)	186.52	(40.0 %)
2018	393.68	(29.0 %)	100.18	(53.9 %)	80.48	(56.9 %)
2019	594.00	50.9 %	229.88	129.5 %	206.12	156.1 %
2020	590.29	(0.6 %)	254.10	10.5 %	226.89	10.1 %
2021	671.07	13.7 %	266.55	4.9 %	229.14	1.0 %
2022	598.01	(10.9 %)	231.55	(13.1 %)	200.75	(12.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	445.32	(3.4 %)	3.71	-	445.32	3.71
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	425.78	(4.4 %)	3.55	-	425.78	3.55
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	387.83	(8.9 %)	3.23	-	387.83	3.23
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	291.14	(24.9 %)	2.43	-	291.14	2.43
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	167.82	(42.4 %)	1.40	-	167.82	1.40
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	66.18	(60.6 %)	0.55	-	66.18	0.55
H1 2019	35.76	-	0.30	-	35.76	0.30
H2 2019	-	-	-	-	-	-
2019	190.04	187.2 %	1.58	-	190.04	1.58
H1 2020	35.16	(1.7 %)	0.29	-	35.16	0.29
H2 2020	-	-	-	-	-	-
2020	219.95	15.7 %	1.83	-	219.95	1.83
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	213.73	(2.8 %)	1.78	1.75	211.98	1.77
H1 2022	-	-	-	-	-	-
H2 2022	-	-	-	-	-	-
2022	189.84	(11.2 %)	1.58	-	189.84	1.58

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	445.32	(3.4 %)	3.71	-	445.32	3.71
2014	425.78	(4.4 %)	3.55	-	425.78	3.55
2015	387.83	(8.9 %)	3.23	-	387.83	3.23
2016	291.14	(24.9 %)	2.43	-	291.14	2.43
2017	167.82	(42.4 %)	1.40	-	167.82	1.40
2018	66.18	(60.6 %)	0.55	-	66.18	0.55
2019	190.04	187.2 %	1.58	-	190.04	1.58
2020	219.95	15.7 %	1.83	-	219.95	1.83
2021	213.73	(2.8 %)	1.78	1.75	211.98	1.77
2022	189.84	(11.2 %)	1.58	-	189.84	1.58

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	57.56 %	67.11 %	49.48 %
H1 2014	-	-	-
H2 2014	-	-	-
2014	52.52 %	61.47 %	45.11 %
H1 2015	-	-	-
H2 2015	-	-	-
2015	50.68 %	60.39 %	44.34 %
H1 2016	-	-	-
H2 2016	-	-	-
2016	42.57 %	54.38 %	36.33 %
H1 2017	-	-	-
H2 2017	-	-	-
2017	39.24 %	47.94 %	30.27 %
H1 2018	-	-	-
H2 2018	-	-	-
2018	25.45 %	41.08 %	16.81 %
H1 2019	-	-	-
H2 2019	-	-	-
2019	38.70 %	49.72 %	31.99 %
H1 2020	-	-	-
H2 2020	-	-	-
2020	43.05 %	55.76 %	37.26 %
H1 2021	-	-	-
H2 2021	-	-	-
2021	39.72 %	48.12 %	31.59 %
H1 2022	-	-	-
H2 2022	-	-	-
2022	38.72 %	49.83 %	31.75 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	57.56 %	67.11 %	49.48 %
2014	52.52 %	61.47 %	45.11 %
2015	50.68 %	60.39 %	44.34 %
2016	42.57 %	54.38 %	36.33 %
2017	39.24 %	47.94 %	30.27 %
2018	25.45 %	41.08 %	16.81 %
2019	38.70 %	49.72 %	31.99 %
2020	43.05 %	55.76 %	37.26 %
2021	39.72 %	48.12 %	31.59 %
2022	38.72 %	49.83 %	31.75 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	35.54 %	-	28.59 %
H2 2019	-	-	-
H1 2020	41.76 %	-	34.48 %
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-
H2 2022	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2013	-	-	-	-
H2 2013	-	-	-	-
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	120.00	-	-	14.02
H2 2019	-	-	-	-
H1 2020	120.00	-	-	14.26
H2 2020	-	-	-	-
H1 2021	-	-	-	-
H2 2021	-	-	-	-
H1 2022	-	-	-	-
H2 2022	-	-	-	-

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	120.00	3.71	3.71	14.69
2014	120.00	3.55	3.55	14.73
2015	120.00	3.23	3.23	14.45
2016	120.00	2.43	2.43	14.11
2017	120.00	1.40	1.40	13.86
2018	120.00	0.55	0.55	13.92
2019	120.00	1.58	1.58	14.52
2020	120.00	1.83	1.83	14.14
2021	120.00	1.78	1.77	13.85
2022	120.00	1.58	1.58	13.96

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-
H2 2022	-	-	-

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	17.02	17.02	2.21
2021	18.53	18.68	2.38
2022	20.10	20.10	2.28

Business Segments (Million)

Compared With The

Period	Grey Cement	White Cement

Period	Grey Cement	White Cement
2014	755.02	188.83
2015	689.12	185.46
2016	661.42	139.94
2017	439.28	115.11
2018	275.75	117.93
2019	482.66	111.34
2020	470.73	119.56
2021	547.49	123.57
2022	463.82	134.18

Financial Ratios

	Current
Market Cap (M Riyal)	3,990.00
Enterprise Value (EV) (M)	3,888.07
Shares Outstanding ((M))	120.00
Book Value (BV) ( Riyal)	14.00
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	21.14
Price/book	2.38

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Riyadh Cement reports 11% profit slump to SAR 190 mln in 2022

View other reports

Financials (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) 2022

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

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Business Segments (Million)