Qassim Cement 9M 2024 profit rises to SAR 219.5M; Q3 at SAR 72.4M

10/11/2024 Argaam Exclusive

Qassim Cement Co. reported a net profit of SAR 219.5 million in the first nine months of 2024, an over twofold increase from SAR 101.1 million a year earlier, thanks to better sales value resulting from higher sales volume and higher average selling prices.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 432.10 664.60 53.8 %
Gross Income 107.27 239.06 122.9 %
Operating Income 87.42 218.22 149.6 %
Net Income 101.08 219.55 117.2 %
Average Shares 90.00 98.01 8.9 %
EPS (Riyals) 1.12 2.24 99.4 %

The nine-month net profit was spurred by higher revenue, thanks to better sales volumes and average selling prices, along with the consolidation of the subsidiary’s results.

 

Qassim Cement also recorded a rise in other income despite increased selling and marketing expenses, as well as general and administrative expenses (G&A).



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 120.84 264.88 119.2 %
Gross Income 13.07 77.32 491.7 %
Operating Income 10.08 76.70 660.6 %
Net Income 8.05 72.43 800.3 %
Average Shares 90.00 98.01 8.9 %
EPS (Riyals) 0.09 0.74 726.7 %

The third-quarter net income skyrocketed to SAR 72.4 million, from SAR 8 million in Q3 2023, as revenue grew on higher sales volumes and average selling prices, along with the consolidation of the subsidiary’s results.

 

Compared to the previous quarter, the cement producer’s net earnings decreased by 0.6% from SAR 72.8 million as the average selling price declined. The company also recorded additional provisions.

 

Total shareholders’ equity, no minority interest, rose to SAR 2.75 billion as of Sept. 30, 2024, from SAR 1.59 billion in the year-earlier period.

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Quarterly Actuals vs Estimates 10/11/2024

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Share Price

Qassim Cement Co.
54.00
0.50 0.93 %

Qassim Cement Co. (QACCO)

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Financial Ratios
Current
Market Cap (M Riyal) 5,970.19
Enterprise Value (EV) (M) 5,334.25
Shares Outstanding ((M)) 110.56
EPS ( Riyal) (TTM) 2.66
Book Value (BV) ( Riyal) 24.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.24
P/E (TTM) 22.92
Price/book 2.17
Return on Average Assets (%) (TTM) 10.5
Return on Average Equity (%) (TTM) 12.0
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 282.48 3.5 % 176.49 4.0 % 167.00 3.3 %
Q2 2015 264.15 (2.2 %) 167.76 (2.0 %) 161.84 (1.1 %)
Q3 2015 210.47 10.9 % 126.42 8.4 % 120.20 10.2 %
Q4 2015 266.80 5.5 % 159.02 0.8 % 152.35 8.0 %
Q1 2016 275.49 (2.5 %) 146.83 (16.8 %) 139.24 (16.6 %)
Q2 2016 220.02 (16.7 %) 120.90 (27.9 %) 113.76 (29.7 %)
Q3 2016 171.21 (18.7 %) 84.83 (32.9 %) 77.87 (35.2 %)
Q4 2016 185.33 (30.5 %) 96.44 (39.3 %) 86.21 (43.4 %)
Q1 2017 191.12 (30.6 %) 88.18 (39.9 %) 80.93 (41.9 %)
Q2 2017 135.10 (38.6 %) 56.43 (53.3 %) 49.01 (56.9 %)
Q3 2017 130.75 (23.6 %) 53.34 (37.1 %) 47.03 (39.6 %)
Q4 2017 168.98 (8.8 %) 75.73 (21.5 %) 67.67 (21.5 %)
Q1 2018 147.91 (22.6 %) 62.64 (29.0 %) 54.59 (32.5 %)
Q2 2018 88.05 (34.8 %) 22.01 (61.0 %) 15.62 (68.1 %)
Q3 2018 74.36 (43.1 %) 9.55 (82.1 %) 3.29 (93.0 %)
Q4 2018 115.40 (31.7 %) 46.16 (39.0 %) 38.38 (43.3 %)
Q1 2019 153.40 3.7 % 64.82 3.5 % 57.14 4.7 %
Q2 2019 154.53 75.5 % 75.62 243.6 % 68.45 338.2 %
Q3 2019 190.18 155.7 % 96.33 909.1 % 88.15 2581.9 %
Q4 2019 293.69 154.5 % 189.68 310.9 % 166.25 333.1 %
Q1 2020 261.75 70.6 % 152.84 135.8 % 129.22 126.2 %
Q2 2020 167.44 8.4 % 90.89 20.2 % 82.36 20.3 %
Q3 2020 231.58 21.8 % 120.65 25.3 % 111.55 26.5 %
Q4 2020 237.67 (19.1 %) 108.85 (42.6 %) 99.16 (40.4 %)
Q1 2021 223.35 (14.7 %) 112.40 (26.5 %) 103.99 (19.5 %)
Q2 2021 197.81 18.1 % 100.09 10.1 % 91.69 11.3 %
Q3 2021 170.31 (26.5 %) 69.66 (42.3 %) 59.70 (46.5 %)
Q4 2021 131.33 (44.7 %) 3.81 (96.5 %) 8.45 (91.5 %)
Q1 2022 142.49 (36.2 %) 27.37 (75.6 %) 18.86 (81.9 %)
Q2 2022 152.13 (23.1 %) 45.67 (54.4 %) 37.01 (59.6 %)
Q3 2022 166.78 (2.1 %) 38.09 (45.3 %) 28.37 (52.5 %)
Q4 2022 217.05 65.3 % 77.35 1930.7 % 59.32 601.9 %
Q1 2023 174.07 22.2 % 56.64 106.9 % 47.58 152.4 %
Q2 2023 137.19 (9.8 %) 37.56 (17.8 %) 27.52 (25.6 %)
Q3 2023 120.84 (27.5 %) 13.07 (65.7 %) 10.08 (64.5 %)
Q4 2023 151.46 (30.2 %) 43.83 (43.3 %) 30.78 (48.1 %)
Q1 2024 196.42 12.8 % 82.78 46.1 % 65.42 37.5 %
Q2 2024 203.30 48.2 % 78.96 110.2 % 74.68 171.3 %
Q3 2024 264.88 119.2 % 77.32 491.7 % 76.70 660.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 162.71 2.3 % 1.81 - 162.71 1.81
Q2 2015 168.08 4.3 % 1.87 7.60 160.49 1.78
Q3 2015 115.12 5.6 % 1.28 - 115.12 1.28
Q4 2015 140.53 4.7 % 1.56 - 140.53 1.56
Q1 2016 133.80 (17.8 %) 1.49 - 133.80 1.49
Q2 2016 113.90 (32.2 %) 1.27 - 113.90 1.27
Q3 2016 69.45 (39.7 %) 0.77 - 69.45 0.77
Q4 2016 87.92 (37.4 %) 0.98 - 87.92 0.98
Q1 2017 80.16 (40.1 %) 0.89 - 80.16 0.89
Q2 2017 53.20 (53.3 %) 0.59 - 53.20 0.59
Q3 2017 51.24 (26.2 %) 0.57 - 51.24 0.57
Q4 2017 67.19 (23.6 %) 0.75 - 67.19 0.75
Q1 2018 57.18 (28.7 %) 0.64 - 57.18 0.64
Q2 2018 18.38 (65.5 %) 0.20 - 18.38 0.20
Q3 2018 5.68 (88.9 %) 0.06 - 5.68 0.06
Q4 2018 39.56 (41.1 %) 0.44 - 39.56 0.44
Q1 2019 56.27 (1.6 %) 0.63 - 56.27 0.63
Q2 2019 68.17 270.9 % 0.76 - 68.17 0.76
Q3 2019 90.17 1486.5 % 1.00 - 90.17 1.00
Q4 2019 144.09 264.2 % 1.60 (26.01) 170.10 1.89
Q1 2020 111.17 97.6 % 1.24 - 111.17 1.24
Q2 2020 85.47 25.4 % 0.95 3.20 82.27 0.91
Q3 2020 110.11 22.1 % 1.22 - 110.11 1.22
Q4 2020 113.09 (21.5 %) 1.26 4.14 108.94 1.21
Q1 2021 100.87 (9.3 %) 1.12 - 100.87 1.12
Q2 2021 100.18 17.2 % 1.11 - 100.18 1.11
Q3 2021 60.39 (45.2 %) 0.67 - 60.39 0.67
Q4 2021 30.44 (73.1 %) 0.34 - 30.44 0.34
Q1 2022 25.08 (75.1 %) 0.28 - 25.08 0.28
Q2 2022 28.96 (71.1 %) 0.32 - 28.96 0.32
Q3 2022 23.43 (61.2 %) 0.26 - 23.43 0.26
Q4 2022 53.04 74.3 % 0.59 - 53.04 0.59
Q1 2023 54.94 119.0 % 0.61 - 54.94 0.61
Q2 2023 38.10 31.6 % 0.42 - 38.10 0.42
Q3 2023 8.05 (65.7 %) 0.09 - 8.05 0.09
Q4 2023 40.89 (22.9 %) 0.45 - 40.89 0.45
Q1 2024 74.22 35.1 % 0.76 - 74.22 0.76
Q2 2024 72.89 91.3 % 0.74 14.09 58.80 0.60
Q3 2024 72.43 800.3 % 0.74 - 72.43 0.74

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 62.50 % 66.72 % 56.24 %
Q2 2015 62.53 % 66.60 % 56.86 %
Q3 2015 62.22 % 66.16 % 56.54 %
Q4 2015 61.50 % 66.18 % 56.53 %
Q1 2016 59.00 % 63.77 % 54.08 %
Q2 2016 56.86 % 61.87 % 51.74 %
Q3 2016 54.80 % 59.80 % 49.03 %
Q4 2016 52.70 % 57.51 % 47.54 %
Q1 2017 50.85 % 55.97 % 45.78 %
Q2 2017 47.73 % 53.17 % 42.58 %
Q3 2017 45.83 % 51.68 % 42.43 %
Q4 2017 43.72 % 50.13 % 40.23 %
Q1 2018 42.58 % 49.42 % 39.26 %
Q2 2018 39.90 % 47.65 % 36.21 %
Q3 2018 35.45 % 44.20 % 30.97 %
Q4 2018 32.97 % 42.98 % 28.37 %
Q1 2019 33.05 % 43.11 % 27.80 %
Q2 2019 39.41 % 48.00 % 34.09 %
Q3 2019 46.12 % 52.80 % 41.43 %
Q4 2019 53.86 % 57.13 % 48.59 %
Q1 2020 57.15 % 59.07 % 48.84 %
Q2 2020 58.02 % 59.09 % 49.69 %
Q3 2020 58.05 % 59.03 % 49.63 %
Q4 2020 52.67 % 55.27 % 45.91 %
Q1 2021 50.32 % 54.05 % 46.77 %
Q2 2021 49.64 % 54.03 % 47.18 %
Q3 2021 47.16 % 51.73 % 44.67 %
Q4 2021 39.56 % 46.70 % 40.38 %
Q1 2022 31.30 % 39.22 % 33.66 %
Q2 2022 24.57 % 32.94 % 24.30 %
Q3 2022 19.39 % 27.83 % 18.21 %
Q4 2022 27.78 % 31.83 % 19.24 %
Q1 2023 30.67 % 34.46 % 22.59 %
Q2 2023 30.16 % 33.82 % 24.39 %
Q3 2023 28.44 % 33.38 % 23.74 %
Q4 2023 25.89 % 30.17 % 24.33 %
Q1 2024 29.25 % 31.49 % 26.61 %
Q2 2024 32.54 % 35.39 % 27.08 %
Q3 2024 34.67 % - 30.19 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 90.00 6.30 6.22 20.72
Q2 2015 90.00 6.38 6.25 21.09
Q3 2015 90.00 6.45 6.34 20.87
Q4 2015 90.00 6.52 6.43 20.93
Q1 2016 90.00 6.19 6.11 20.42
Q2 2016 90.00 5.59 5.59 18.92
Q3 2016 90.00 5.09 5.09 19.69
Q4 2016 90.00 4.50 4.50 19.68
Q1 2017 90.00 3.90 3.90 19.57
Q2 2017 90.00 3.23 3.23 19.32
Q3 2017 90.00 3.03 3.03 19.23
Q4 2017 90.00 2.80 2.80 19.38
Q1 2018 90.00 2.54 2.54 19.22
Q2 2018 90.00 2.16 2.16 18.77
Q3 2018 90.00 1.65 1.65 18.48
Q4 2018 90.00 1.34 1.34 18.19
Q1 2019 90.00 1.33 1.33 18.82
Q2 2019 90.00 1.89 1.89 19.00
Q3 2019 90.00 2.82 2.82 19.25
Q4 2019 90.00 3.99 4.27 19.82
Q1 2020 90.00 4.60 4.88 19.96
Q2 2020 90.00 4.79 5.04 19.91
Q3 2020 90.00 5.01 5.26 20.13
Q4 2020 90.00 4.66 4.58 20.10
Q1 2021 90.00 4.55 4.47 20.02
Q2 2021 90.00 4.71 4.67 20.03
Q3 2021 90.00 4.16 4.12 19.71
Q4 2021 90.00 3.24 3.24 19.25
Q1 2022 90.00 2.40 2.40 18.96
Q2 2022 90.00 1.61 1.61 18.78
Q3 2022 90.00 1.20 1.20 18.54
Q4 2022 90.00 1.45 1.45 18.50
Q1 2023 90.00 1.78 1.78 18.51
Q2 2023 90.00 1.88 1.88 18.28
Q3 2023 90.00 1.71 1.71 17.72
Q4 2023 90.00 1.58 1.58 17.55
Q1 2024 98.01 1.65 1.65 17.72
Q2 2024 98.01 2.00 1.86 25.53
Q3 2024 98.01 2.66 2.51 24.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 17.94 18.18 5.46
Q2 2015 18.33 18.71 5.54
Q3 2015 15.53 15.78 4.80
Q4 2015 13.21 13.38 4.11
Q1 2016 12.19 12.36 3.70
Q2 2016 14.31 14.31 4.23
Q3 2016 13.04 13.04 3.37
Q4 2016 18.35 18.35 4.20
Q1 2017 15.94 15.94 3.18
Q2 2017 18.99 18.99 3.18
Q3 2017 17.93 17.93 2.82
Q4 2017 19.76 19.76 2.85
Q1 2018 20.91 20.91 2.77
Q2 2018 22.17 22.17 2.55
Q3 2018 24.69 24.69 2.20
Q4 2018 30.75 30.75 2.27
Q1 2019 36.33 36.33 2.57
Q2 2019 30.36 30.36 3.01
Q3 2019 23.14 23.14 3.39
Q4 2019 20.37 19.00 4.10
Q1 2020 14.14 13.30 3.26
Q2 2020 15.39 14.62 3.70
Q3 2020 18.12 17.25 4.51
Q4 2020 21.33 21.71 4.95
Q1 2021 22.97 23.39 5.22
Q2 2021 22.41 22.63 5.27
Q3 2021 24.50 24.78 5.17
Q4 2021 28.67 28.67 4.83
Q1 2022 43.08 43.08 5.45
Q2 2022 60.44 60.44 5.18
Q3 2022 79.30 79.30 5.13
Q4 2022 51.76 51.76 4.06
Q1 2023 46.40 46.40 4.47
Q2 2023 47.61 47.61 4.91
Q3 2023 45.98 45.98 4.44
Q4 2023 49.61 49.61 4.46
Q1 2024 40.18 40.18 4.06
Q2 2024 31.98 34.45 2.22
Q3 2024 22.54 23.83 2.13

Business Segments (Million)

Compared With The
Period Cement Ready mixed concrete
Q1 2014 256.58 16.29
Q2 2014 256.32 13.81
Q3 2014 180.85 9.01
Q4 2014 239.95 12.88
Q1 2015 268.19 14.29
Q3 2019 190.17 -
Q4 2019 293.69 -
Q1 2020 261.75 -
Q2 2020 167.44 -
Q3 2020 231.58 -
Q4 2020 237.67 -
Q1 2021 223.35 -
Q2 2021 197.81 -
Q3 2021 170.31 -
Q4 2021 131.33 -
Q1 2022 142.49 -
Q2 2022 152.13 -
Q3 2022 166.78 -
Q4 2022 217.05 -
Q1 2023 174.07 -
Q2 2023 137.19 -
Q3 2023 120.84 -
Q4 2023 151.46 -
Q1 2024 196.42 -
Q2 2024 203.30 -

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 96.21 72.43 (24.7 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Value Capital 78.74 72.43 (8.0) %
OSOOL AND BAKHEET 81.31 72.43 (10.9) %
Riyad Capital 91.00 72.43 (20.4) %
U-Capital 94.80 72.43 (23.6) %
Al Rajhi Capital 96.00 72.43 (24.5) %
AlJazira Capital 103.00 72.43 (29.7) %
Sico 105.00 72.43 (31.0) %
Hermes 107.00 72.43 (32.3) %
SNB Capital 109.00 72.43 (33.5) %

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