Financial Results : Al Jouf Cement profit down 74% to SAR 7.8 mln in 9M 2022, Q3 up 44% to SAR 5.9 mln

Al Jouf Cement profit down 74% to SAR 7.8 mln in 9M 2022, Q3 up 44% to SAR 5.9 mln

25/10/2022 Argaam Exclusive

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Al Jouf Cement Co. reported a net profit after Zakat and tax of SAR 7.8 million in the first nine months of 2022, down 74%, compared to SAR 29.8 million in the year-ago period.

 

The profit drop was attributed to lower sales and higher financing costs, despite the increase in sales volume and value, as well as prices in September 2022.

 



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 176.51 172.44 (2.3 %)
Gross Income 64.30 45.95 (28.5 %)
Operating Income 46.40 28.95 (37.6 %)
Net Income 29.83 7.76 (74.0 %)
Average Shares 108.70 108.70 -
EPS (Riyals) 0.27 0.07 (74.0 %)

In Q3 2022, net profit after Zakat and tax increased 44% to SAR 5.9 million from SAR 4.1 million in the year before on higher volume and value of sales and increased prices in September 2022.

 

Compared to Q2 2022, the cement producer turned to profit against a loss of SAR 1.73 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 54.89 74.14 35.1 %
Gross Income 14.80 19.16 29.5 %
Operating Income 8.91 13.84 55.3 %
Net Income 4.14 5.94 43.5 %
Average Shares 108.70 108.70 -
EPS (Riyals) 0.04 0.05 43.5 %

Total shareholders’ equity, after minority interest, fell to SAR 1.1 billion as of Sept. 30, 2022, from SAR 1.463 billion in the year-earlier period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 100.37 (1.3 %) 36.11 (14.8 %) 28.82 (19.9 %)
Q2 2013 83.21 (10.3 %) 28.00 (29.8 %) 17.05 (42.5 %)
Q3 2013 50.11 (29.8 %) 17.90 (42.0 %) 10.50 (55.2 %)
Q4 2013 59.99 (42.0 %) 15.02 (64.3 %) 6.18 (82.0 %)
Q1 2014 69.35 (30.9 %) 25.93 (28.2 %) 18.16 (37.0 %)
Q2 2014 72.50 (12.9 %) 26.26 (6.2 %) 19.47 14.2 %
Q3 2014 54.19 8.2 % 19.69 10.0 % 12.49 18.9 %
Q4 2014 73.19 22.0 % 30.79 105.0 % 21.39 246.1 %
Q1 2015 87.41 26.0 % 36.83 42.0 % 28.30 55.8 %
Q2 2015 93.20 28.5 % 38.41 46.3 % 30.34 55.8 %
Q3 2015 70.35 29.8 % 30.78 56.3 % 22.29 78.4 %
Q4 2015 85.34 16.6 % 16.00 (48.0 %) 7.87 (63.2 %)
Q1 2016 90.80 3.9 % 35.54 (3.5 %) 27.53 (2.7 %)
Q2 2016 90.84 (2.5 %) 31.14 (18.9 %) 23.20 (23.5 %)
Q3 2016 63.91 (9.2 %) 24.49 (20.4 %) 18.32 (17.8 %)
Q4 2016 74.35 (12.9 %) 17.06 6.6 % 9.65 22.7 %
Q1 2017 80.27 (11.6 %) 25.79 (27.4 %) 19.63 (28.7 %)
Q2 2017 62.36 (31.4 %) 20.00 (35.8 %) 13.73 (40.8 %)
Q3 2017 53.14 (16.8 %) 11.23 (54.1 %) 5.20 (71.6 %)
Q4 2017 70.13 (5.7 %) 22.45 31.6 % 16.12 67.0 %
Q1 2018 49.74 (38.0 %) 11.10 (57.0 %) 4.62 (76.4 %)
Q2 2018 27.20 (56.4 %) (5.10) (125.5 %) (12.02) (187.5 %)
Q3 2018 25.84 (51.4 %) (9.13) (181.3 %) (16.06) (409.0 %)
Q4 2018 34.89 (50.2 %) (4.40) (119.6 %) (11.77) (173.0 %)
Q1 2019 56.85 14.3 % 6.82 (38.5 %) 1.09 (76.5 %)
Q2 2019 46.20 69.8 % 6.73 231.8 % 1.18 109.8 %
Q3 2019 26.98 4.4 % 7.96 187.2 % 2.54 115.8 %
Q4 2019 39.73 13.9 % 10.21 332.0 % 3.55 130.2 %
Q1 2020 58.81 3.5 % 23.63 246.3 % 17.49 1509.3 %
Q2 2020 56.49 22.3 % 15.75 134.3 % 9.23 682.3 %
Q3 2020 68.94 155.5 % 18.41 131.4 % 12.69 400.4 %
Q4 2020 67.77 70.6 % 15.48 51.7 % 8.61 142.3 %
Q1 2021 67.89 15.4 % 30.25 28.0 % 24.37 39.3 %
Q2 2021 53.74 (4.9 %) 19.25 22.2 % 13.12 42.1 %
Q3 2021 54.89 (20.4 %) 14.80 (19.6 %) 8.91 (29.8 %)
Q4 2021 50.01 (26.2 %) (43.31) (379.7 %) (108.55) (1360.3 %)
Q1 2022 48.81 (28.1 %) 13.92 (54.0 %) 7.89 (67.6 %)
Q2 2022 49.48 (7.9 %) 12.87 (33.1 %) 7.23 (44.9 %)
Q3 2022 74.14 35.1 % 19.16 29.5 % 13.84 55.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 24.99 (25.4 %) 0.23 - 24.99 0.23
Q2 2013 13.81 (47.3 %) 0.13 - 13.81 0.13
Q3 2013 7.34 (66.5 %) 0.07 - 7.34 0.07
Q4 2013 7.97 (68.7 %) 0.07 - 7.97 0.07
Q1 2014 15.01 (39.9 %) 0.14 - 15.01 0.14
Q2 2014 16.08 16.4 % 0.15 - 16.08 0.15
Q3 2014 8.60 17.1 % 0.08 - 8.60 0.08
Q4 2014 20.87 162.0 % 0.19 - 20.87 0.19
Q1 2015 25.76 71.6 % 0.24 - 25.76 0.24
Q2 2015 26.81 66.7 % 0.25 - 26.81 0.25
Q3 2015 18.63 116.6 % 0.17 - 18.63 0.17
Q4 2015 5.14 (75.3 %) 0.05 - 5.14 0.05
Q1 2016 24.72 (4.0 %) 0.23 - 24.72 0.23
Q2 2016 22.74 (15.2 %) 0.21 - 22.74 0.21
Q3 2016 14.90 (20.0 %) 0.14 - 14.90 0.14
Q4 2016 9.70 88.6 % 0.09 - 9.70 0.09
Q1 2017 16.29 (34.1 %) 0.15 - 16.29 0.15
Q2 2017 10.52 (53.7 %) 0.10 - 10.52 0.10
Q3 2017 5.84 (60.8 %) 0.05 - 5.84 0.05
Q4 2017 8.46 (12.8 %) 0.08 (5.00) 13.46 0.12
Q1 2018 4.11 (74.8 %) 0.04 - 4.11 0.04
Q2 2018 (13.70) (230.2 %) (0.13) - (13.70) (0.13)
Q3 2018 (18.87) (423.0 %) (0.17) - (18.87) (0.17)
Q4 2018 (11.05) (230.7 %) (0.10) - (11.05) (0.10)
Q1 2019 1.49 (63.6 %) 0.01 - 1.49 0.01
Q2 2019 0.11 100.8 % 0.00 - 0.11 0.00
Q3 2019 1.11 105.9 % 0.01 - 1.11 0.01
Q4 2019 2.54 123.0 % 0.02 - 2.54 0.02
Q1 2020 15.21 918.3 % 0.14 - 15.21 0.14
Q2 2020 7.25 6256.1 % 0.07 - 7.25 0.07
Q3 2020 8.22 643.4 % 0.08 (1.80) 10.02 0.09
Q4 2020 (129.22) (5183.5 %) (1.19) (110.20) (19.03) (0.18)
Q1 2021 18.00 18.3 % 0.17 - 18.00 0.17
Q2 2021 7.69 6.1 % 0.07 - 7.69 0.07
Q3 2021 4.14 (49.7 %) 0.04 - 4.14 0.04
Q4 2021 (122.47) 5.2 % (1.13) (6.59) (115.88) (1.07)
Q1 2022 3.55 (80.3 %) 0.03 - 3.55 0.03
Q2 2022 (1.73) (122.5 %) (0.02) - (1.73) (0.02)
Q3 2022 5.94 43.5 % 0.05 - 5.94 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 40.47 % 46.21 % 26.81 %
Q2 2013 38.23 % 43.94 % 24.06 %
Q3 2013 36.80 % 43.02 % 21.24 %
Q4 2013 33.04 % 40.07 % 18.42 %
Q1 2014 33.07 % 40.88 % 16.80 %
Q2 2014 33.78 % 43.78 % 18.41 %
Q3 2014 33.94 % 43.75 % 18.61 %
Q4 2014 38.13 % 47.25 % 22.49 %
Q1 2015 39.53 % 47.83 % 24.82 %
Q2 2015 40.82 % 48.60 % 26.63 %
Q3 2015 42.21 % 49.75 % 28.40 %
Q4 2015 36.28 % 44.10 % 22.70 %
Q1 2016 35.54 % 43.76 % 22.17 %
Q2 2016 33.64 % 41.90 % 21.12 %
Q3 2016 32.39 % 41.46 % 20.40 %
Q4 2016 33.83 % 43.50 % 22.53 %
Q1 2017 31.83 % 42.41 % 20.57 %
Q2 2017 31.09 % 43.52 % 18.31 %
Q3 2017 27.42 % 40.12 % 15.68 %
Q4 2017 29.89 % 43.47 % 17.34 %
Q1 2018 27.52 % 42.60 % 14.42 %
Q2 2018 19.82 % 36.73 % 4.85 %
Q3 2018 11.17 % 30.40 % (8.67 %)
Q4 2018 (5.47 %) 3.03 % (28.70 %)
Q1 2019 (8.16 %) (2.66 %) (29.10 %)
Q2 2019 0.01 % 2.96 % (17.29 %)
Q3 2019 10.37 % 4.44 % (5.06 %)
Q4 2019 18.68 % 20.08 % 3.10 %
Q1 2020 28.26 % 28.40 % 11.05 %
Q2 2020 31.62 % 30.81 % 14.34 %
Q3 2020 30.36 % 34.31 % 15.64 %
Q4 2020 29.08 % 31.14 % 5.34 %
Q1 2021 30.60 % 32.74 % 6.22 %
Q2 2021 32.28 % 33.70 % 6.46 %
Q3 2021 32.66 % 33.35 % 4.42 %
Q4 2021 9.26 % (13.92 %) (37.99 %)
Q1 2022 2.24 % (23.19 %) (48.45 %)
Q2 2022 (0.85 %) (25.81 %) (54.10 %)
Q3 2022 1.19 % (20.03 %) (48.61 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 108.70 0.91 0.91 13.02
Q2 2013 108.70 0.79 0.79 12.55
Q3 2013 108.70 0.66 0.66 12.62
Q4 2013 108.70 0.50 0.50 12.69
Q1 2014 108.70 0.41 0.41 12.83
Q2 2014 108.70 0.43 0.43 13.00
Q3 2014 108.70 0.44 0.44 13.08
Q4 2014 108.70 0.56 0.56 13.27
Q1 2015 108.70 0.66 0.66 13.51
Q2 2015 108.70 0.75 0.75 13.76
Q3 2015 108.70 0.85 0.85 13.93
Q4 2015 108.70 0.70 0.70 13.97
Q1 2016 108.70 0.69 0.69 14.20
Q2 2016 108.70 0.66 0.66 14.41
Q3 2016 108.70 0.62 0.62 14.55
Q4 2016 108.70 0.66 0.66 14.65
Q1 2017 108.70 0.59 0.59 14.79
Q2 2017 108.70 0.47 0.47 14.89
Q3 2017 108.70 0.39 0.39 14.93
Q4 2017 108.70 0.38 0.42 15.01
Q1 2018 108.70 0.27 0.31 15.04
Q2 2018 108.70 0.04 0.09 14.91
Q3 2018 108.70 (0.18) (0.14) 14.73
Q4 2018 108.70 (0.36) (0.36) 14.10
Q1 2019 108.70 (0.39) (0.39) 14.12
Q2 2019 108.70 (0.26) (0.26) 14.12
Q3 2019 108.70 (0.08) (0.08) 14.13
Q4 2019 108.70 0.05 0.05 14.15
Q1 2020 108.70 0.17 0.17 14.29
Q2 2020 108.70 0.24 0.24 14.35
Q3 2020 108.70 0.31 0.32 14.41
Q4 2020 108.70 (0.91) 0.12 11.43
Q1 2021 108.70 (0.88) 0.15 13.64
Q2 2021 108.70 (0.88) 0.15 13.43
Q3 2021 108.70 (0.91) 0.10 13.48
Q4 2021 108.70 (0.85) (0.79) 10.14
Q1 2022 108.70 (0.99) (0.92) 10.08
Q2 2022 108.70 (1.07) (1.01) 10.16
Q3 2022 108.70 (1.06) (0.99) 10.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 21.56 21.56 1.50
Q2 2013 25.43 25.43 1.61
Q3 2013 34.51 34.51 1.80
Q4 2013 42.31 42.31 1.66
Q1 2014 52.76 52.76 1.67
Q2 2014 54.83 54.83 1.80
Q3 2014 65.66 65.66 2.20
Q4 2014 30.17 30.17 1.27
Q1 2015 27.79 27.79 1.35
Q2 2015 25.52 25.52 1.40
Q3 2015 16.97 16.97 1.03
Q4 2015 18.05 18.05 0.91
Q1 2016 15.52 15.52 0.76
Q2 2016 16.33 16.33 0.74
Q3 2016 13.46 13.46 0.57
Q4 2016 16.24 16.24 0.74
Q1 2017 17.38 17.38 0.69
Q2 2017 20.15 20.15 0.64
Q3 2017 24.19 24.19 0.63
Q4 2017 35.05 31.25 0.88
Q1 2018 50.24 42.84 0.89
Q2 2018 More than 100 More than 100 0.83
Q3 2018 NEG NEG 0.79
Q4 2018 NEG NEG 0.72
Q1 2019 NEG NEG 0.74
Q2 2019 NEG NEG 0.74
Q3 2019 NEG NEG 0.80
Q4 2019 More than 100 More than 100 0.89
Q1 2020 60.62 60.62 0.74
Q2 2020 48.12 48.12 0.81
Q3 2020 47.63 45.18 1.01
Q4 2020 NEG More than 100 1.28
Q1 2021 NEG More than 100 1.16
Q2 2021 NEG More than 100 1.41
Q3 2021 NEG More than 100 1.22
Q4 2021 NEG NEG 1.41
Q1 2022 NEG NEG 1.44
Q2 2022 NEG NEG 1.31
Q3 2022 NEG NEG 1.12

Business Segments (Million)

Compared With The
Period Cement Clinker Transportation Revenue


Financial Ratios
Current
Market Cap (M Riyal) 1,106.57
Enterprise Value (EV) (M) 1,729.72
Shares Outstanding ((M)) 108.70
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 11.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 25.91
Price/book 0.88
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 3.5
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Share Price

Al Jouf Cement Co.
10.20
(0.02) (0.20 %)

Al Jouf Cement Co. (JOUF CEMENT)

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