Eastern Cement net profit falls 29% to SAR 60 mln in Q1 2021

29/04/2021 Argaam Exclusive

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Share Price

Eastern Province Cement Co. (EPCCO)

Eastern Province Cement Co. reported a net profit after Zakat and tax of SAR 60 million for Q1 2021, a drop of 29% from SAR 85 million in the year-ago period, hit by lower sales revenue along with higher precast costs, Zakat expenses, and selling, general and administrative expenses (SG&A).

The cement producer also cited a decline in income from investments and in its profit share from an associate, as well as foreign exchange losses.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Revenues	234.03	216.69	(7.4 %)
Gross Income	93.65	73.50	(21.5 %)
Operating Income	78.04	58.65	(24.9 %)
Net Income	85.24	59.88	(29.7 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	0.99	0.70	(29.7 %)

Item	Q4 2020	Q1 2021	Change‬
Revenues	203.03	216.69	6.7 %
Gross Income	69.29	73.50	6.1 %
Operating Income	57.46	58.65	2.1 %
Net Income	58.88	59.88	1.7 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.68	0.70	1.7 %

When compared to Q4 2020, the company’s net profit after Zakat and tax increased 1.7% from SAR 59 million, backed by better sales volumes and value.

Shareholders’ equity, excluding minority interest, dropped 5.45% to SAR 2.609 billion by the end of Q1 2021, compared to SAR 2.474 billion in the year-ago period.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2012	238.21	13.2 %	123.60	25.7 %	104.06	26.1 %	1.21
Q2 2012	212.79	(1.0 %)	108.86	(0.3 %)	103.18	2.1 %	1.20
Q3 2012	175.09	2.6 %	89.50	(4.6 %)	83.78	12.1 %	0.97
Q4 2012	228.79	5.7 %	98.73	(15.9 %)	95.64	(9.5 %)	1.11
2012	854.88	5.2 %	420.68	0.5 %	386.66	6.2 %	4.50
Q1 2013	237.85	(0.2 %)	114.81	(7.1 %)	109.45	5.2 %	1.27
Q2 2013	203.39	(4.4 %)	80.49	(26.1 %)	77.42	(25.0 %)	0.90
Q3 2013	174.92	(0.1 %)	79.00	(11.7 %)	67.65	(19.2 %)	0.79
Q4 2013	212.57	(7.1 %)	74.04	(25.0 %)	54.63	(42.9 %)	0.64
2013	828.72	(3.1 %)	348.34	(17.2 %)	309.16	(20.0 %)	3.59
Q1 2014	214.60	(9.8 %)	92.28	(19.6 %)	156.73	43.2 %	1.82
Q2 2014	217.73	7.1 %	94.15	17.0 %	81.64	5.4 %	0.95
Q3 2014	193.08	10.4 %	73.56	(6.9 %)	55.94	(17.3 %)	0.65
Q4 2014	219.70	3.4 %	92.72	25.2 %	79.25	45.0 %	0.92
2014	845.12	2.0 %	352.71	1.3 %	373.55	20.8 %	4.34
Q1 2015	254.48	18.6 %	108.33	17.4 %	84.94	(45.8 %)	0.99
Q2 2015	254.15	16.7 %	108.12	14.8 %	92.77	13.6 %	1.08
Q3 2015	192.12	(0.5 %)	82.94	12.8 %	66.73	19.3 %	0.78
Q4 2015	239.22	8.9 %	94.51	1.9 %	87.86	10.9 %	1.02
2015	939.96	11.2 %	393.90	11.7 %	332.89	(10.9 %)	3.87
Q1 2016	245.29	(3.6 %)	95.34	(12.0 %)	86.18	1.5 %	1.00
Q2 2016	207.53	(18.3 %)	66.52	(38.5 %)	47.33	(49.0 %)	0.55
Q3 2016	172.19	(10.4 %)	60.22	(27.4 %)	42.03	(37.0 %)	0.49
Q4 2016	231.59	(3.2 %)	68.47	(27.6 %)	51.66	(41.2 %)	0.60
2016	856.59	(8.9 %)	290.54	(26.2 %)	227.19	(31.8 %)	2.64
Q1 2017	202.27	(17.5 %)	60.26	(36.8 %)	50.40	(41.5 %)	0.59
Q2 2017	159.38	(23.2 %)	41.24	(38.0 %)	35.11	(25.8 %)	0.41
Q3 2017	122.10	(29.1 %)	32.73	(45.7 %)	13.88	(67.0 %)	0.16
Q4 2017	156.87	(32.3 %)	31.06	(54.6 %)	7.75	(85.0 %)	0.09
2017	640.61	(25.2 %)	165.28	(43.1 %)	107.14	(52.8 %)	1.25
Q1 2018	138.65	(31.5 %)	32.45	(46.2 %)	16.51	(67.2 %)	0.19
Q2 2018	151.62	(4.9 %)	37.73	(8.5 %)	18.80	(46.5 %)	0.22
Q3 2018	122.03	(0.1 %)	21.27	(35.0 %)	8.87	(36.1 %)	0.10
Q4 2018	153.44	(2.2 %)	39.71	27.8 %	25.56	229.7 %	0.30
2018	565.74	(11.7 %)	131.16	(20.6 %)	69.75	(34.9 %)	0.81
Q1 2019	181.19	30.7 %	57.79	78.1 %	45.97	178.4 %	0.53
Q2 2019	158.76	4.7 %	39.50	4.7 %	31.79	69.1 %	0.37
Q3 2019	173.84	42.5 %	50.72	138.5 %	36.45	310.8 %	0.42
Q4 2019	215.00	40.1 %	69.95	76.1 %	66.49	160.1 %	0.77
2019	728.80	28.8 %	217.96	66.2 %	180.70	159.1 %	2.10
Q1 2020	234.03	29.2 %	93.65	62.1 %	85.24	85.4 %	0.99
Q2 2020	146.27	(7.9 %)	46.41	17.5 %	30.47	(4.1 %)	0.35
Q3 2020	159.10	(8.5 %)	48.69	(4.0 %)	42.63	17.0 %	0.50
Q4 2020	203.03	(5.6 %)	69.29	(0.9 %)	58.88	(11.4 %)	0.68
2020	742.43	1.9 %	258.05	18.4 %	217.22	20.2 %	2.53
Q1 2021	216.69	(7.4 %)	73.50	(21.5 %)	59.88	(29.7 %)	0.70

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	812.57	(0.8 %)	418.69	8.0 %	363.96	6.1 %	4.23
2012	854.88	5.2 %	420.68	0.5 %	386.66	6.2 %	4.50
2013	828.72	(3.1 %)	348.34	(17.2 %)	309.16	(20.0 %)	3.59
2014	845.12	2.0 %	352.71	1.3 %	373.55	20.8 %	4.34
2015	939.96	11.2 %	393.90	11.7 %	332.89	(10.9 %)	3.87
2016	856.59	(8.9 %)	290.54	(26.2 %)	227.19	(31.8 %)	2.64
2017	640.61	(25.2 %)	165.28	(43.1 %)	107.14	(52.8 %)	1.25
2018	565.74	(11.7 %)	131.16	(20.6 %)	69.75	(34.9 %)	0.81
2019	728.80	28.8 %	217.96	66.2 %	180.70	159.1 %	2.10
2020	742.43	1.9 %	258.05	18.4 %	217.22	20.2 %	2.53

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	52.83 %	59.64 %	45.87 %
Q2 2012	52.93 %	59.02 %	46.25 %
Q3 2012	52.14 %	57.68 %	47.08 %
Q4 2012	49.21 %	54.65 %	45.69 %
2012	49.21 %	54.65 %	45.69 %
Q1 2013	48.20 %	53.88 %	46.34 %
Q2 2013	45.38 %	50.46 %	43.81 %
Q3 2013	44.15 %	49.61 %	41.91 %
Q4 2013	42.03 %	47.15 %	37.31 %
2013	42.03 %	47.15 %	37.31 %
Q1 2014	40.45 %	45.79 %	34.23 %
Q2 2014	41.41 %	48.07 %	34.15 %
Q3 2014	39.86 %	46.57 %	32.01 %
Q4 2014	41.73 %	50.17 %	34.65 %
2014	41.73 %	50.17 %	34.65 %
Q1 2015	41.67 %	49.66 %	34.10 %
Q2 2015	41.54 %	48.96 %	33.96 %
Q3 2015	42.60 %	49.96 %	35.17 %
Q4 2015	41.91 %	48.80 %	35.16 %
2015	41.91 %	48.80 %	35.22 %
Q1 2016	40.92 %	47.21 %	35.64 %
Q2 2016	38.38 %	45.38 %	32.38 %
Q3 2016	36.63 %	43.53 %	30.27 %
Q4 2016	33.92 %	41.10 %	26.52 %
2016	33.92 %	41.10 %	26.52 %
Q1 2017	31.40 %	38.80 %	23.53 %
Q2 2017	30.07 %	37.43 %	23.41 %
Q3 2017	28.33 %	35.83 %	21.12 %
Q4 2017	25.80 %	32.36 %	16.73 %
2017	25.80 %	32.36 %	16.73 %
Q1 2018	23.83 %	31.92 %	12.70 %
Q2 2018	23.53 %	31.07 %	10.00 %
Q3 2018	21.52 %	28.97 %	9.13 %
Q4 2018	23.18 %	30.71 %	12.33 %
2018	23.18 %	30.71 %	12.33 %
Q1 2019	25.73 %	32.37 %	16.31 %
Q2 2019	25.72 %	32.31 %	18.23 %
Q3 2019	28.13 %	34.22 %	20.95 %
Q4 2019	29.91 %	36.19 %	24.79 %
2019	29.91 %	36.19 %	24.79 %
Q1 2020	32.47 %	38.20 %	28.14 %
Q2 2020	33.90 %	39.66 %	28.43 %
Q3 2020	34.29 %	40.57 %	29.80 %
Q4 2020	34.76 %	40.73 %	29.26 %
2020	34.76 %	40.73 %	29.26 %
Q1 2021	32.81 %	39.04 %	26.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	51.53 %	58.79 %	44.79 %
2012	49.21 %	54.65 %	45.69 %
2013	42.03 %	47.15 %	37.31 %
2014	41.73 %	50.17 %	34.65 %
2015	41.91 %	48.80 %	35.22 %
2016	33.92 %	41.10 %	26.52 %
2017	25.80 %	32.36 %	16.73 %
2018	23.18 %	30.71 %	12.33 %
2019	29.91 %	36.19 %	24.79 %
2020	34.76 %	40.73 %	29.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	51.88 %	57.15 %	43.68 %
Q2 2012	51.16 %	55.84 %	48.49 %
Q3 2012	51.12 %	58.61 %	47.85 %
Q4 2012	43.15 %	47.91 %	43.52 %
Q1 2013	48.27 %	54.38 %	46.02 %
Q2 2013	39.57 %	41.72 %	38.07 %
Q3 2013	45.16 %	54.51 %	38.68 %
Q4 2013	34.83 %	38.19 %	25.70 %
Q1 2014	43.00 %	50.05 %	35.43 %
Q2 2014	43.24 %	50.58 %	37.49 %
Q3 2014	38.10 %	47.42 %	28.97 %
Q4 2014	42.20 %	52.29 %	36.07 %
Q1 2015	42.57 %	48.29 %	33.38 %
Q2 2015	42.54 %	47.91 %	36.50 %
Q3 2015	43.17 %	52.19 %	34.73 %
Q4 2015	39.51 %	47.55 %	35.96 %
Q1 2016	38.87 %	42.25 %	35.13 %
Q2 2016	32.05 %	40.29 %	22.80 %
Q3 2016	34.97 %	43.67 %	24.41 %
Q4 2016	29.56 %	38.71 %	22.31 %
Q1 2017	29.79 %	33.21 %	24.92 %
Q2 2017	25.88 %	34.18 %	22.03 %
Q3 2017	26.80 %	36.87 %	11.37 %
Q4 2017	19.80 %	25.90 %	4.94 %
Q1 2018	23.40 %	31.76 %	11.91 %
Q2 2018	24.89 %	31.11 %	12.40 %
Q3 2018	17.43 %	27.10 %	7.27 %
Q4 2018	25.88 %	32.26 %	16.66 %
Q1 2019	31.89 %	37.09 %	25.37 %
Q2 2019	24.88 %	30.92 %	20.02 %
Q3 2019	29.18 %	35.99 %	20.97 %
Q4 2019	32.53 %	39.48 %	30.93 %
Q1 2020	40.02 %	43.59 %	36.42 %
Q2 2020	31.73 %	38.02 %	20.83 %
Q3 2020	30.60 %	39.93 %	26.79 %
Q4 2020	34.13 %	40.01 %	29.00 %
Q1 2021	33.92 %	38.16 %	27.63 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	86.00	4.48	4.48	23.16
Q2 2012	86.00	4.51	4.51	24.09
Q3 2012	86.00	4.61	4.61	25.22
Q4 2012	86.00	4.50	4.54	26.35
Q1 2013	86.00	4.56	4.60	23.66
Q2 2013	86.00	4.26	4.30	24.74
Q3 2013	86.00	4.07	4.12	25.56
Q4 2013	86.00	3.59	3.59	26.55
Q1 2014	86.00	4.14	3.21	24.03
Q2 2014	86.00	4.19	3.26	25.04
Q3 2014	86.00	4.06	3.12	25.79
Q4 2014	86.00	4.34	3.41	26.29
Q1 2015	86.00	3.51	3.51	24.72
Q2 2015	86.00	3.64	3.64	25.89
Q3 2015	86.00	3.76	3.76	26.43
Q4 2015	86.00	3.86	3.84	27.35
Q1 2016	86.00	3.88	3.86	25.81
Q2 2016	86.00	3.35	3.33	26.42
Q3 2016	86.00	3.06	3.04	26.90
Q4 2016	86.00	2.64	2.64	26.01
Q1 2017	86.00	2.23	2.23	25.13
Q2 2017	86.00	2.08	2.08	25.52
Q3 2017	86.00	1.76	1.76	25.69
Q4 2017	86.00	1.25	1.25	25.75
Q1 2018	86.00	0.85	0.85	26.07
Q2 2018	86.00	0.66	0.66	25.48
Q3 2018	86.00	0.60	0.60	25.43
Q4 2018	86.00	0.81	0.81	25.60
Q1 2019	86.00	1.15	1.15	26.16
Q2 2019	86.00	1.30	1.30	25.67
Q3 2019	86.00	1.63	1.63	26.02
Q4 2019	86.00	2.10	2.10	28.04
Q1 2020	86.00	2.56	2.56	28.77
Q2 2020	86.00	2.54	2.54	27.67
Q3 2020	86.00	2.61	2.61	28.27
Q4 2020	86.00	2.53	2.53	29.46
Q1 2021	86.00	2.23	2.23	30.34

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	86.00	4.23	4.23	25.09
2012	86.00	4.50	4.54	26.35
2013	86.00	3.59	3.59	26.55
2014	86.00	4.34	3.41	26.29
2015	86.00	3.87	3.85	27.35
2016	86.00	2.64	2.64	26.01
2017	86.00	1.25	1.25	25.75
2018	86.00	0.81	0.81	25.60
2019	86.00	2.10	2.10	28.04
2020	86.00	2.53	2.53	29.46

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	13.16	13.16	2.55
Q2 2012	11.76	11.76	2.20
Q3 2012	11.27	11.27	2.06
Q4 2012	12.79	12.66	2.18
Q1 2013	12.34	12.22	2.38
Q2 2013	13.79	13.65	2.37
Q3 2013	14.12	13.97	2.25
Q4 2013	16.55	16.55	2.24
Q1 2014	13.87	17.93	2.39
Q2 2014	14.37	18.51	2.41
Q3 2014	15.63	20.33	2.46
Q4 2014	12.74	16.25	2.10
Q1 2015	15.71	15.71	2.23
Q2 2015	12.66	12.66	1.78
Q3 2015	9.94	9.94	1.42
Q4 2015	8.21	8.25	1.16
Q1 2016	8.00	8.05	1.20
Q2 2016	8.97	9.02	1.14
Q3 2016	8.29	8.35	0.94
Q4 2016	13.06	13.06	1.33
Q1 2017	13.12	13.12	1.16
Q2 2017	11.59	11.59	0.95
Q3 2017	13.71	13.71	0.94
Q4 2017	21.18	21.18	1.02
Q1 2018	29.65	29.65	0.97
Q2 2018	37.30	37.30	0.97
Q3 2018	33.68	33.68	0.80
Q4 2018	25.55	25.55	0.81
Q1 2019	21.00	21.00	0.93
Q2 2019	23.15	23.15	1.18
Q3 2019	20.83	20.83	1.30
Q4 2019	17.13	17.13	1.28
Q1 2020	11.03	11.03	0.98
Q2 2020	11.47	11.47	1.05
Q3 2020	13.41	13.41	1.24
Q4 2020	16.29	16.29	1.40
Q1 2021	23.26	23.26	1.71

Period	P/E	Adjusted P/E	Price/book
2011	13.11	13.11	2.21
2012	12.79	12.66	2.18
2013	16.55	16.55	2.24
2014	12.74	16.25	2.10
2015	8.19	8.24	1.16
2016	13.06	13.06	1.33
2017	21.18	21.18	1.02
2018	25.55	25.55	0.81
2019	17.13	17.13	1.28
2020	16.29	16.29	1.40

Business Segments (Million)

Compared With The

Period	Cement	Ready-mixed Concrete	Construction support business	elimination
Q3 2012	175.08	-	-	-
Q4 2012	152.98	33.66	42.16	-
Q1 2013	216.34	16.81	4.70	-
Q2 2013	186.01	12.24	5.14	-
Q3 2013	155.15	18.27	1.49	-
Q4 2013	192.22	19.89	0.46	-
Q1 2014	195.12	2.88	16.61	-
Q2 2014	196.02	30.34	-	-
Q3 2014	145.32	43.77	3.99	-
Q4 2014	188.96	41.70	-	-
Q1 2015	204.72	48.51	1.25	-
Q2 2015	195.96	57.46	0.73	-
Q3 2015	141.41	49.49	1.22	-
Q4 2015	195.22	41.42	2.58	-
Q1 2016	191.97	53.32	-	-
Q2 2016	153.40	54.13	-	-
Q3 2016	103.72	68.46	-	-
Q4 2016	147.17	84.42	-	-
Q1 2017	130.20	72.08	-	-
Q2 2017	95.77	63.61	-	-
Q3 2017	80.20	41.89	-	-
Q4 2017	118.87	38.00	-	-
Q1 2018	102.98	35.67	-	-
Q2 2018	100.85	50.77	-	-
Q3 2018	80.01	42.02	-	-
Q4 2018	119.43	34.01	-	-
Q1 2019	150.03	31.16	-	-
Q2 2019	119.55	39.21	-	-
Q3 2019	146.01	27.83	-	-
Q4 2019	194.13	20.87	-	-
Q1 2020	208.18	25.85	-	-
Q2 2020	136.58	11.19	-	(1.50)
Q3 2020	144.71	15.24	-	(0.86)
Q4 2020	168.80	35.75	-	(1.52)
Q1 2021	188.05	29.95	-	(1.30)

Period	Cement	Ready-mixed Concrete	Construction support business	elimination
2012	779.06	33.66	42.16	-
2013	749.72	67.21	11.79	-
2014	725.42	118.68	1.02	-
2015	737.31	196.87	5.78	-
2016	596.26	260.33	-	-
2017	425.03	215.58	-	-
2018	403.28	162.47	-	-
2019	609.72	119.08	-	-
2020	658.28	88.03	-	(3.88)

Analysts Estimates (Million)

Item	Q1 2021 (e)	Q1 2021 (a)	Change‬
Average	58.63	59.88	2.13 %

Estimates vs Actual (Million)

Item	Q1 2021 (e)	Q1 2021 (a)	Change
SNB Capital	59.00	59.88	1.5 %
AlJazira Capital	62.90	59.88	(4.8) %
OSOOL AND BAKHEET	54.00	59.88	10.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	2,898.20
Enterprise Value (EV) (M)	2,702.80
Shares Outstanding ((M))	86.00
EPS ( Riyal) (TTM)	2.44
Book Value (BV) ( Riyal)	27.58
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	12.70
P/E (TTM)	13.81
Price/book	1.22
Return on Average Assets (%) (TTM)	7.2
Return on Average Equity (%) (TTM)	8.9

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Eastern Cement net profit falls 29% to SAR 60 mln in Q1 2021

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Share Price

Eastern Province Cement Co. (EPCCO)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Eastern Cement net profit falls 29% to SAR 60 mln in Q1 2021

View other reports

Share Price

Eastern Province Cement Co. (EPCCO)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2021

Revenue by Business Segment (Latest) 2021 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)