Arabian Cement’s 2023 profit down 23% to SAR 139.6M; Q4 at SAR 32.8M

10/03/2024 Argaam Exclusive

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Arabian Cement Co. reported a 23% fall in net profit to SAR 139.6 million in 2023, compared to SAR 181 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 970.95 875.76 (9.8 %)
Gross Income 274.63 207.07 (24.6 %)
Operating Income 193.45 135.41 (30.0 %)
Net Income 181.01 139.63 (22.9 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 1.81 1.22 (32.6 %)
EPS (Riyals) 1.81 1.40 (22.9 %)

The profit decline was attributed to a lower average selling price, despite the increase in sales volume for the local market and the decrease in marketing expenses.

 

The fourth-quarter net profit retreated 7% to SAR 32.8 million from SAR 35.12 million in the prior-year period.

 

Compared to Q3 2023, net profit grew by 10.3% from SAR 29.69 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 240.11 225.17 (6.2 %)
Gross Income 55.80 40.66 (27.1 %)
Operating Income 39.67 23.42 (41.0 %)
Net Income 35.12 32.78 (6.7 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 0.35 0.15 (56.6 %)
EPS (Riyals) 0.35 0.33 (6.7 %)

Total shareholders’ equity, after minority interest, declined to SAR 2.57 billion as of Dec. 31, 2023, from SAR 2.63 billion in the earlier-year period.

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Share Price

Arabian Cement Co.
26.90
0.15 0.56 %

Arabian Cement Co. (ACC)

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Financial Ratios
Current
Market Cap (M Riyal) 2,690.00
Enterprise Value (EV) (M) 2,724.62
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 25.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.80
P/E (TTM) 16.80
Price/book 1.05
Return on Average Assets (%) (TTM) 5.1
Return on Average Equity (%) (TTM) 5.6
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