Northern Cement 2023 earnings fall 50% to SAR 56.4M; Q4 loss at SAR 7.8M

21/03/2024 Argaam Exclusive

Northern Region Cement Co.’s 2023 net profit dropped 50% to SAR 56.4 million, compared to SAR 112.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 617.96 689.55 11.6 %
Gross Income 224.03 201.37 (10.1 %)
Operating Income 140.18 127.32 (9.2 %)
Net Income 112.02 56.26 (49.8 %)
Average Shares 180.00 180.00 -
EPS (Riyals) 0.62 0.31 (49.8 %)

The profit decline was due to the settlement with the Zakat, Tax and Customs Authority for 2014 to 2019. This is in addition to the significant increase in financing costs due to higher global interest rates. The company also cited lower sales prices in 2023, compared to the previous year.

 

Revenues also increased year-on-year (YoY) in 2023 due to the rise in sales volumes, despite lower average prices on an annual basis.

 

The cement producer incurred a net loss of SAR 7.8 million in Q4 2023, against a net profit of SAR 37.02 million a year before.

 

Compared to the previous quarter, Northern Cement swung to losses from a profit of SAR 23.26 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 185.02 175.32 (5.2 %)
Gross Income 76.93 61.75 (19.7 %)
Operating Income 44.76 38.47 (14.1 %)
Net Income 36.59 (7.93) (121.7 %)
Average Shares 180.00 180.00 -
EPS (Riyals) 0.20 (0.04) (121.7 %)

Total shareholders’ equity, after minority interest, rose to SAR 22.40 billion as of Dec. 31, 2023, from SAR 22.28 billion a year earlier.

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Share Price

Northern Region Cement Co.
9.02
0.01 0.11 %

Northern Region Cement Co. (NORTHERN CEMENT)

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Financial Ratios
Current
Market Cap (M Riyal) 1,623.60
Enterprise Value (EV) (M) 2,425.74
Shares Outstanding ((M)) 180.00
EPS ( Riyal) (TTM) 0.41
Book Value (BV) ( Riyal) 12.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 22.06
Price/book 0.71
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 3.3
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