Southern Cement 2023 profit falls 35% to SAR 195.4M; Q4 at SAR 74.2M

17/03/2024 Argaam Exclusive

Southern Province Cement Co. reported a 35% drop in 2023 net profit to SAR 195.4 million, from SAR 300.7 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,222.41 1,070.26 (12.4 %)
Gross Income 361.06 276.51 (23.4 %)
Operating Income 297.96 199.99 (32.9 %)
Net Income 300.71 195.40 (35.0 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 2.15 1.40 (35.0 %)

The company cited lower sales revenues on weak demand and average selling prices, as well as higher general, administrative and marketing expenses.

 

In Q4 2023, net profit rose 19% to SAR 74.2 million from SAR 62.30 million in the prior-year period.

 

Compared to the previous quarter, Q4 net profit leapt by 39.3% from SAR 53.26 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 335.17 257.95 (23.0 %)
Gross Income 92.85 88.39 (4.8 %)
Operating Income 71.42 64.77 (9.3 %)
Net Income 62.30 74.21 19.1 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.45 0.53 19.1 %

Total shareholders’ equity, no minority interest, rose to SAR 3.28 billion as of Dec. 31, 2023, from SAR 3.20 billion a year earlier.

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Share Price

Southern Province Cement Co.
33.15
(0.35) (1.04 %)

Southern Province Cement Co. (SPCC)

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Financial Ratios
Current
Market Cap (M Riyal) 4,641.00
Enterprise Value (EV) (M) 4,850.68
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 1.57
Book Value (BV) ( Riyal) 23.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.93
P/E (TTM) 21.16
Price/book 1.42
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 6.8
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