Arabian Cement’s 2022 profit rises 12% to SAR 181 mln; Q4 up 51% to SAR 35.1 mln

23/02/2023 Argaam Exclusive

Arabian Cement Co.’s 2022 net profit after Zakat and tax jumped 12% to SAR 181 million, compared to SAR 161.5 million in 2021. The company reported an increase in its profit share from associates, and higher other income. It also recorded lower finance costs, as well as Zakat and income tax provisions.



Financials (M)

Item 2021 2022 Change‬
Revenues 1,033.21 970.95 (6.0 %)
Gross Income 308.94 274.63 (11.1 %)
Operating Income 205.21 193.45 (5.7 %)
Net Income 161.52 181.01 12.1 %
Average Shares 100.00 100.00 -
EPS (Riyals) 1.62 1.81 12.1 %

This came despite a decline in sales volumes and value for the parent company due to lower export sales volume in addition to a decrease in sales volume and value for Jordan’s subsidiary.

 

In Q4 2022, net profit after Zakat and tax rose 51% to SAR 35.1 million, from SAR 23.31 million in the prior-year period.

 

Compared to the previous quarter, net profit fell 40.4% from SAR 58.95 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 255.80 240.11 (6.1 %)
Gross Income 74.08 55.80 (24.7 %)
Operating Income 43.51 39.67 (8.8 %)
Net Income 23.31 35.12 50.7 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.23 0.35 50.7 %

Total shareholders’ equity, after minority interest, declined to SAR 2.63 billion as of Dec. 31, 2022, from SAR 2.74 billion a year earlier.

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Share Price

Arabian Cement Co.
27.00
(0.20) (0.74 %)

Arabian Cement Co. (ACC)

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Financial Ratios
Current
Market Cap (M Riyal) 2,700.00
Enterprise Value (EV) (M) 2,813.41
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.62
Book Value (BV) ( Riyal) 25.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.74
P/E (TTM) 16.71
Price/book 1.06
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 6.4
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