Southern Cement net profit dips 28% to SAR 238 mln in 9M 2022, Q3 profit up to SAR 89 mln

01/11/2022 Argaam Exclusive

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Southern Province Cement Co. reported a net profit after Zakat and tax of SAR 238 million in the first nine months of 2022, a 28% decline from SAR 331 million in the year-ago period.

 

The profit decline was attributed to lower sales revenues on a decrease in demand and selling prices, coupled with a surge in the prices production supplies.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 1,010.89 887.24 (12.2 %)
Gross Income 386.01 268.20 (30.5 %)
Operating Income 348.50 226.53 (35.0 %)
Net Income 331.24 238.41 (28.0 %)
Average Shares 140.00 140.00 -
Earnings Per Share before unusual items (Riyals) 2.44 1.52 (37.4 %)
EPS (Riyals) 2.37 1.70 (28.0 %)

In Q3 2022, net profit rose 20% to SAR 89 million, from SAR 74 million in the year before, on higher sales revenue driven by increased sales quantities.

 

Sequentially, the cement producer’s net profit grew 47% from SAR 60.5 million in Q2 2022.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 284.22 323.33 13.8 %
Gross Income 98.58 105.75 7.3 %
Operating Income 86.63 93.00 7.4 %
Net Income 74.12 88.62 19.6 %
Average Shares 140.00 140.00 -
Earnings Per Share before unusual items (Riyals) 0.60 0.63 5.3 %
EPS (Riyals) 0.53 0.63 19.6 %

Shareholders’ equity, excluding minority interest, rose to SAR 3.134 billion as of Sept. 30, 2022, from SAR 3.086 billion in the year-earlier period.

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Share Price

Southern Province Cement Co.
31.10
0.00 0.00 %

Southern Province Cement Co. (SPCC)

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Financial Ratios
Current
Market Cap (M Riyal) 4,354.00
Enterprise Value (EV) (M) 4,816.75
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 1.74
Book Value (BV) ( Riyal) 24.08
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.23
P/E (TTM) 17.86
Price/book 1.29
Return on Average Assets (%) (TTM) 5.7
Return on Average Equity (%) (TTM) 6.5
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