Saudi cement producers’ Q4 2022 aggregate profit expected to soar 101% YoY, 20% QoQ

18/01/2023 Argaam Exclusive

The aggregate profit of 12 Tadawul-listed cement firms under coverage is expected to surge 101% year-on-year (YoY) and 20% quarter-on-quarter (QoQ) to SAR 617 million in the fourth quarter of 2022, according to research house estimates compiled by Argaam.

 

 

Research firms’ forecasts were bullish for most cement producers in Q4 2022 compared to the year-earlier period. Tabuk Cement Co., Yamama Cement Co., Yanbu Cement Co., City Cement Co. and Arabian Cement Co. were expected to post the biggest rise in the fourth-quarter profit.

 

On the other hand, expectations were negative for Umm Al-Qura Cement Co. (-93% YoY) and Eastern Province Cement Co. (-5% YoY).

 

On a sequential basis, eight cement producers were projected to report higher earnings.

 

The table below compares research firms’ average forecasts for Q4 2022 to actual results in Q3 2022 and Q4 2021:

 

QOQ YOY

Analyst Estimates (Net Income)

Company No. of Analysts 2021 - Q4 (a) 2022 - Q4 (e) Difference
QACCO 7 30.44 44.79 47.2 %
SAUDI CEMENT 7 67.40 111.34 65.2 %
SPCC 7 97.91 98.03 0.1 %
YC 7 (18.86) 109.90 682.8 %
YCC 7 9.87 67.72 586.2 %
ACC 6 23.31 58.45 150.7 %
EPCCO 5 33.39 39.33 17.8 %
CITY CEMENT 4 6.51 32.51 399.7 %
NAJRAN CEMENT 3 36.03 39.20 8.8 %
TCC 2 0.34 12.50 3,555.0 %
UACC 2 19.51 1.07 (94.5 %)
HCC 1 (4.77) 2.00 142.0 %
Total 7 301.08 616.82 104.9 %

SICO Bank took the first place among research firms in terms of coverage, providing forecasts for 12 companies.

 

The following table shows the outlook of research firms for cement producers in Q4 2022:

Estimates per Analyst

Sico OSOOL AND BAKHEET Hermes AlJazira Capital Al Rajhi Capital SNB Capital Riyad Capital Average
QACCO 36.00 56.75 34.00 54.80 60.00 31.00 41.00 44.79
SAUDI CEMENT 113.00 117.39 92.00 116.00 123.00 113.00 105.00 111.34
SPCC 109.00 101.18 91.00 98.40 95.00 91.60 100.00 98.03
YC 104.00 122.28 117.00 94.20 152.00 70.80 109.00 109.90
YCC 77.00 67.82 61.00 73.90 61.00 61.30 72.00 67.72
ACC 57.00 54.79 62.00 64.90 62.00 50.00 - 58.45
EPCCO 39.00 36.54 33.00 46.70 - 41.40 - 39.33
CITY CEMENT 39.00 32.63 29.00 29.40 - - - 32.51
NAJRAN CEMENT 38.00 37.60 - - 42.00 - - 39.20
TCC 11.00 - 14.00 - - - - 12.50
UACC 4.00 (1.87) - - - - - 1.07
HCC 2.00 - - - - - - 2.00

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TASI 11,840.52 (27.40) (0.23 %)

Stock Prices

ACC 26.05 (0.10) (0.38%)
EPCCO 33.65 0.15 0.44%
QACCO 53.70 (0.80) (1.47%)
SAUDI CEMENT 41.00 (0.55) (1.33%)
SPCC 33.20 (0.35) (1.04%)
TCC 12.40 (0.32) (2.53%)
YC 31.40 (0.35) (1.11%)
YCC 23.40 (0.24) (1.02%)
HCC 11.62 0.02 0.17%
JOUF CEMENT 10.20 (0.02) (0.20%)
NORTHERN CEMENT 8.95 0.00 0.00%
NAJRAN CEMENT 9.24 (0.06) (0.65%)
CITY CEMENT 17.64 0.04 0.23%
UACC 17.80 0.18 1.02%
RIYADH CEMENT 32.45 (0.25) (0.77%)

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