Saudi Ceramic posts SAR 134 mln profit in H1 2021

27/07/2021 Argaam Exclusive

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Share Price

37.90
(0.10) (0.26 %)

Saudi Ceramic Co. (SAUDI CERAMICS)

Saudi Ceramic Co. reported a net profit after Zakat and tax of SAR 134 million for the first half of 2021, up from SAR 17.2 million in the same period last year.

 

The company attributed the profit rise to improved profit margins, which positively reflected on the growth in operating profits, in addition to lower financing costs.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 775.32 796.40 2.7 %
Gross Income 188.40 284.43 51.0 %
Operating Income 50.82 144.39 184.1 %
Net Income 17.20 134.03 679.3 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.21 1.68 679.3 %

In Q2 2021, the ceramic producer posted a net profit after Zakat and tax of SAR 63.3 million, rising from SAR 6.5 million in Q2 2020, thanks to improved profit margins.

 

When compared to the previous quarter, Q2 net profit fell by 10.4%, as it coincided with the holy month of Ramadan and Eid Al-Fitr holiday, which affected the performance of some sales channels.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 382.00 356.06 (6.8 %)
Gross Income 102.50 137.05 33.7 %
Operating Income 29.99 68.52 128.5 %
Net Income 6.56 63.33 865.2 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.08 0.79 865.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 360.16 17.6 % 112.93 0.7 % 62.60 4.5 % 0.78
Q2 2012 369.22 15.1 % 121.61 3.3 % 63.43 (3.0 %) 0.79
Q3 2012 346.18 28.4 % 112.91 5.0 % 55.51 2.5 % 0.69
Q4 2012 371.80 14.5 % 126.83 23.9 % 66.04 25.7 % 0.83
Q1 2013 406.29 12.8 % 152.19 34.8 % 82.21 31.3 % 1.03
Q2 2013 428.89 16.2 % 151.71 24.7 % 82.18 29.6 % 1.03
Q3 2013 383.50 10.8 % 138.68 22.8 % 71.80 29.4 % 0.90
Q4 2013 381.87 2.7 % 136.48 7.6 % 73.25 10.9 % 0.92
Q1 2014 424.02 4.4 % 153.61 0.9 % 87.42 6.3 % 1.09
Q2 2014 437.62 2.0 % 152.06 0.2 % 84.09 2.3 % 1.05
Q3 2014 385.64 0.6 % 131.82 (4.9 %) 78.88 9.9 % 0.99
Q4 2014 374.07 (2.0 %) 126.49 (7.3 %) 59.83 (18.3 %) 0.75
Q1 2015 447.05 5.4 % 158.46 3.2 % 84.27 (3.6 %) 1.05
Q2 2015 444.31 1.5 % 162.61 6.9 % 81.25 (3.4 %) 1.02
Q3 2015 354.58 (8.1 %) 124.96 (5.2 %) 62.65 (20.6 %) 0.78
Q4 2015 412.03 10.1 % 135.95 7.5 % 55.65 (7.0 %) 0.70
Q1 2016 372.80 (16.6 %) 121.11 (23.6 %) 47.68 (43.4 %) 0.60
Q2 2016 347.85 (21.7 %) 109.01 (33.0 %) 28.60 (64.8 %) 0.36
Q3 2016 232.44 (34.4 %) 54.62 (56.3 %) (46.88) (174.8 %) (0.59)
Q4 2016 350.43 (15.0 %) 73.09 (46.2 %) (9.22) (116.6 %) (0.12)
Q1 2017 315.35 (15.4 %) 81.02 (33.1 %) 11.47 (75.9 %) 0.14
Q2 2017 274.69 (21.0 %) 65.29 (40.1 %) (5.84) (120.4 %) (0.07)
Q3 2017 224.14 (3.6 %) 24.26 (55.6 %) (39.91) 14.9 % (0.50)
Q4 2017 325.55 (7.1 %) (2.30) (103.1 %) (62.77) (581.2 %) (0.78)
Q1 2018 256.48 (18.7 %) 22.39 (72.4 %) (49.95) (535.5 %) (0.62)
Q2 2018 241.88 (11.9 %) 30.26 (53.7 %) (46.51) (696.0 %) (0.58)
Q3 2018 250.00 11.5 % 36.59 50.8 % (38.53) 3.5 % (0.48)
Q4 2018 279.69 (14.1 %) 18.57 907.3 % (79.59) (26.8 %) (0.99)
Q1 2019 309.60 20.7 % 52.46 134.3 % (25.05) 49.8 % (0.31)
Q2 2019 273.84 13.2 % 60.65 100.5 % (16.10) 65.4 % (0.20)
Q3 2019 291.73 16.7 % 108.78 197.3 % 34.49 189.5 % 0.43
Q4 2019 359.91 28.7 % 104.68 463.8 % 13.81 117.4 % 0.17
Q1 2020 393.33 27.0 % 85.90 63.8 % 10.64 142.5 % 0.13
Q2 2020 382.00 39.5 % 102.50 69.0 % 6.56 140.7 % 0.08
Q3 2020 373.05 27.9 % 106.96 (1.7 %) 32.46 (5.9 %) 0.41
Q4 2020 367.69 2.2 % 96.57 (7.7 %) 28.04 103.0 % 0.35
Q1 2021 440.34 12.0 % 147.38 71.6 % 70.73 565.0 % 0.88
Q2 2021 356.06 (6.8 %) 137.05 33.7 % 63.33 865.2 % 0.79

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 34.55 % 28.33 % 18.40 %
Q2 2012 33.57 % 26.94 % 17.58 %
Q3 2012 32.13 % 26.07 % 16.72 %
Q4 2012 32.77 % 26.73 % 17.11 %
Q1 2013 34.39 % 28.17 % 17.89 %
Q2 2013 35.00 % 28.91 % 18.41 %
Q3 2013 35.80 % 29.43 % 19.00 %
Q4 2013 36.18 % 29.46 % 19.33 %
Q1 2014 35.87 % 29.28 % 19.44 %
Q2 2014 35.70 % 28.79 % 19.31 %
Q3 2014 35.23 % 27.83 % 18.29 %
Q4 2014 34.78 % 27.19 % 16.44 %
Q1 2015 34.59 % 26.49 % 16.02 %
Q2 2015 35.09 % 26.86 % 15.93 %
Q3 2015 35.34 % 28.19 % 15.96 %
Q4 2015 35.10 % 27.32 % 16.30 %
Q1 2016 34.39 % 27.09 % 14.75 %
Q2 2016 33.02 % 25.77 % 12.17 %
Q3 2016 30.82 % 22.60 % 7.90 %
Q4 2016 27.45 % 20.51 % 3.47 %
Q1 2017 25.50 % 18.97 % 0.28 %
Q2 2017 23.36 % 17.91 % (2.63 %)
Q3 2017 20.92 % 17.01 % (4.20 %)
Q4 2017 14.76 % 11.65 % (8.99 %)
Q1 2018 10.14 % 7.13 % (14.66 %)
Q2 2018 7.12 % 3.45 % (19.00 %)
Q3 2018 8.10 % 3.31 % (18.41 %)
Q4 2018 10.49 % 4.62 % (20.87 %)
Q1 2019 12.75 % 7.34 % (17.54 %)
Q2 2019 15.12 % 10.13 % (14.31 %)
Q3 2019 20.82 % 10.86 % (7.47 %)
Q4 2019 26.44 % 15.68 % 0.58 %
Q1 2020 27.30 % 15.46 % 3.25 %
Q2 2020 28.16 % 15.38 % 4.59 %
Q3 2020 26.52 % 17.13 % 4.21 %
Q4 2020 25.85 % 17.09 % 5.13 %
Q1 2021 29.01 % 20.06 % 8.82 %
Q2 2021 31.74 % 22.90 % 12.66 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 80.00 2.93 2.93 15.13
Q2 2012 80.00 2.91 2.91 14.80
Q3 2012 80.00 2.93 2.93 15.49
Q4 2012 80.00 3.09 3.09 16.32
Q1 2013 80.00 3.34 3.34 17.36
Q2 2013 80.00 3.57 3.57 17.20
Q3 2013 80.00 3.78 3.78 18.10
Q4 2013 80.00 3.87 3.87 19.01
Q1 2014 80.00 3.93 3.93 20.10
Q2 2014 80.00 3.96 3.93 19.73
Q3 2014 80.00 4.05 3.72 20.72
Q4 2014 80.00 3.88 3.33 21.45
Q1 2015 80.00 3.84 3.29 22.49
Q2 2015 80.00 3.80 3.29 22.25
Q3 2015 80.00 3.60 3.23 23.03
Q4 2015 80.00 3.55 3.38 23.72
Q1 2016 80.00 3.09 2.92 24.33
Q2 2016 80.00 2.43 2.26 23.43
Q3 2016 80.00 1.06 1.35 22.85
Q4 2016 80.00 0.25 0.56 22.18
Q1 2017 80.00 (0.20) 0.04 22.91
Q2 2017 80.00 (0.63) (0.39) 22.21
Q3 2017 80.00 (0.54) (0.61) 21.74
Q4 2017 80.00 (1.21) (1.28) 20.38
Q1 2018 80.00 (1.98) (1.98) 19.74
Q2 2018 80.00 (2.49) (2.49) 19.16
Q3 2018 80.00 (2.47) (2.47) 18.67
Q4 2018 80.00 (2.68) (2.68) 17.69
Q1 2019 80.00 (2.37) (2.37) 17.39
Q2 2019 80.00 (1.99) (1.99) 17.15
Q3 2019 80.00 (1.08) (1.08) 17.47
Q4 2019 80.00 0.09 0.09 17.61
Q1 2020 80.00 0.54 0.54 17.75
Q2 2020 80.00 0.82 0.82 17.83
Q3 2020 80.00 0.79 0.79 18.23
Q4 2020 80.00 0.97 0.97 18.57
Q1 2021 80.00 1.72 1.72 19.54
Q2 2021 80.00 2.43 2.43 20.43

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 15.81 15.81 3.07
Q2 2012 14.98 14.98 2.94
Q3 2012 13.81 13.81 2.61
Q4 2012 11.20 11.20 2.12
Q1 2013 11.71 11.71 2.25
Q2 2013 14.59 14.59 3.03
Q3 2013 14.71 14.71 3.07
Q4 2013 13.55 13.55 2.76
Q1 2014 16.31 16.31 3.19
Q2 2014 16.88 17.01 3.39
Q3 2014 16.94 18.41 3.31
Q4 2014 12.82 14.92 2.32
Q1 2015 12.65 14.74 2.16
Q2 2015 13.04 15.08 2.23
Q3 2015 10.18 11.34 1.59
Q4 2015 8.24 8.66 1.23
Q1 2016 7.71 8.16 0.98
Q2 2016 10.34 11.12 1.07
Q3 2016 15.76 12.42 0.73
Q4 2016 More than 50 36.81 0.94
Q1 2017 NEG More than 50 0.79
Q2 2017 NEG NEG 0.83
Q3 2017 NEG NEG 0.76
Q4 2017 NEG NEG 0.82
Q1 2018 NEG NEG 0.75
Q2 2018 NEG NEG 0.80
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.82
Q1 2019 NEG NEG 0.87
Q2 2019 NEG NEG 0.88
Q3 2019 NEG NEG 1.09
Q4 2019 More than 50 More than 50 1.54
Q1 2020 32.83 32.83 0.99
Q2 2020 30.46 30.46 1.40
Q3 2020 41.59 41.59 1.81
Q4 2020 37.03 37.03 1.94
Q1 2021 24.24 24.24 2.14
Q2 2021 23.56 23.56 2.80

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector Ceramic Pipes Company
Q1 2012 276.26 83.90 -
Q2 2012 298.52 70.70 -
Q3 2012 271.12 75.05 -
Q4 2012 285.86 85.95 -
Q1 2013 313.82 92.47 -
Q2 2013 349.20 79.69 -
Q3 2013 314.46 69.04 -
Q4 2013 300.20 81.67 -
Q1 2014 336.95 87.06 -
Q2 2014 353.97 83.66 -
Q3 2014 304.32 81.32 -
Q4 2014 294.58 79.50 -
Q1 2015 365.19 81.86 -
Q2 2015 358.31 86.00 -
Q3 2015 293.40 61.18 -
Q4 2015 307.83 104.20 -
Q1 2016 289.14 83.66 -
Q2 2016 279.81 68.04 -
Q3 2016 180.46 51.98 -
Q4 2016 245.75 104.68 -
Q1 2017 234.30 81.05 -
Q2 2017 210.46 64.23 -
Q3 2017 168.81 55.32 -
Q4 2017 222.02 103.53 -
Q1 2018 186.25 70.23 -
Q2 2018 196.18 45.70 -
Q3 2018 188.46 59.83 -
Q4 2018 206.96 70.31 2.42
Q1 2019 223.48 80.36 5.76
Q2 2019 213.56 54.51 5.78
Q3 2019 225.01 59.78 6.94
Q4 2019 247.44 100.91 11.56
Q1 2020 281.74 100.31 11.28
Q2 2020 301.69 72.87 7.44
Q3 2020 276.51 92.38 4.16
Q4 2020 262.93 98.71 6.05
Q1 2021 308.92 121.25 10.17
Q2 2021 273.62 73.49 8.95

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 60.00 63.33 5.56 %

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
Al Rajhi Capital 60.00 63.33 5.6 %

Current
Market Cap (M Riyal) 3,032.00
Enterprise Value (EV) (M) 3,768.00
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) (2.62)
Book Value (BV) ( Riyal) 19.00
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.99
Return on Average Assets (%) (TTM) (6.87 )
Return on Average Equity (%) (TTM) (12.91 )

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