Riyadh Cement 9M 2024 net profit grows to SAR 229.1M, SAR 94.6M in Q3

06/11/2024 Argaam Exclusive

Riyadh Cement Co. posted SAR 229.1 million in net profit for the first nine months of 2024, a rise of 58% from SAR 145.4 million in 9M 2023.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 471.90 555.55 17.7 %
Gross Income 181.76 240.01 32.0 %
Operating Income 155.02 215.42 39.0 %
Net Income 145.36 229.11 57.6 %
Average Shares 120.00 120.00 -
EPS (Riyals) 1.21 1.91 57.6 %

The year-on-year (YoY) profit hike was spurred by an increase in selling prices and sales value for the nine-month period, as well as a rise in other revenues.

 

In Q3 2024, the cement producer saw a more than five-fold leap to SAR 94.6 million, from SAR 18.71 million a year ago, thanks to improved sales volumes and selling prices. This came despite the increased Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 127.15 203.01 59.7 %
Gross Income 29.83 83.91 181.3 %
Operating Income 21.27 74.62 250.8 %
Net Income 18.71 94.58 405.5 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.16 0.79 405.5 %

Sequentially, the bottom line surged by 46.8% from SAR 64.42 million in Q2 2024.

 

Shareholders’ equity (no minority interest) amounted to SAR 1.69 billion by the end of September 2024, soaring from SAR 1.63 billion in prior-year period.

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Share Price

Riyadh Cement Co.
32.80
2.95 9.88 %

Riyadh Cement Co. (RIYADH CEMENT)

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Financial Ratios
Current
Market Cap (M Riyal) 3,936.00
Enterprise Value (EV) (M) 3,775.39
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) 2.27
Book Value (BV) ( Riyal) 14.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.90
P/E (TTM) 14.44
Price/book 2.32
Return on Average Assets (%) (TTM) 14.5
Return on Average Equity (%) (TTM) 16.4
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 141.82 - 44.12 - 39.16 -
Q2 2019 125.08 - 44.45 - 37.72 -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 196.91 38.8 % 92.47 109.6 % 87.47 123.4 %
Q2 2020 101.97 (18.5 %) 42.58 (4.2 %) 37.32 (1.1 %)
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 190.01 - 86.50 - 76.52 -
Q2 2023 154.74 - 65.42 - 57.03 -
Q3 2023 127.15 - 29.83 - 21.27 -
Q4 2023 171.48 - 55.14 - 45.58 -
Q1 2024 188.89 (0.6 %) 76.76 (11.3 %) 67.89 (11.3 %)
Q2 2024 163.65 5.8 % 79.34 21.3 % 69.23 21.4 %
Q3 2024 203.01 59.7 % 83.91 181.3 % 74.62 250.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 36.36 - 0.30 - 36.36 0.30
Q2 2019 35.76 - 0.30 - 35.76 0.30
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 86.17 137.0 % 0.72 - 86.17 0.72
Q2 2020 35.16 (1.7 %) 0.29 - 35.16 0.29
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 73.36 - 0.61 - 73.36 0.61
Q2 2023 53.29 - 0.44 - 53.29 0.44
Q3 2023 18.71 - 0.16 - 18.71 0.16
Q4 2023 43.42 - 0.36 - 43.42 0.36
Q1 2024 70.10 (4.4 %) 0.58 - 70.10 0.58
Q2 2024 64.42 20.9 % 0.54 - 64.42 0.54
Q3 2024 94.58 405.5 % 0.79 25.00 69.58 0.58

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 36.82 % - 29.34 %
Q1 2024 35.37 % 41.77 % 28.89 %
Q2 2024 37.02 % 39.56 % 30.20 %
Q3 2024 40.60 % - 34.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 120.00 - - -
Q2 2019 120.00 - - 14.02
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 120.00 - - -
Q2 2020 120.00 - - 14.26
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 120.00 - - 14.57
Q2 2023 120.00 - - 14.27
Q3 2023 120.00 - - 13.62
Q4 2023 120.00 1.57 1.57 14.00
Q1 2024 120.00 1.55 1.55 14.58
Q2 2024 120.00 1.64 1.64 14.37
Q3 2024 120.00 2.27 2.06 14.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - 2.20
Q2 2023 - - 2.47
Q3 2023 - - 2.33
Q4 2023 21.74 21.74 2.44
Q1 2024 18.43 18.43 1.95
Q2 2024 15.50 15.50 1.77
Q3 2024 11.84 13.04 1.90

Business Segments (Million)

Compared With The
Period Grey Cement White Cement
Q1 2023 152.47 37.54
Q2 2023 120.14 34.60
Q1 2024 149.62 39.27
Q2 2024 132.48 31.17

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 81.42 94.58 16.16 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Al Rajhi Capital 91.00 94.58 3.9 %
AlJazira Capital 87.30 94.58 8.3 %
Riyad Capital 83.00 94.58 14.0 %
SNB Capital 81.80 94.58 15.6 %
United Securities Company 64.00 94.58 47.8 %

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