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Qassim Cement 9M 2021 profit drops 15% to SAR 261.4 mln
08/11/2021
Argaam Exclusive
Qassim Cement Co. reported a net profit after Zakat and tax of SAR 261.4 million for the first nine months of 2021, a 15% decline from SAR 306.8 million in the same period last year.
Financials (M)
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 660.76 | 591.47 | (10.5 %) |
| Gross Income | 364.38 | 282.14 | (22.6 %) |
| Operating Income | 323.12 | 255.38 | (21.0 %) |
| Net Income | 306.75 | 261.44 | (14.8 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 3.41 | 2.90 | (14.8 %) |
The company attributed the decrease in net profit to lower sales, driven by a decline in average selling price.
This came despite higher sales volume and returns on financial investments, along with a drop in general and administrative expenses.
Current Quarter Comparison (M)
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 231.58 | 170.31 | (26.5 %) |
| Gross Income | 120.65 | 69.66 | (42.3 %) |
| Operating Income | 111.55 | 59.70 | (46.5 %) |
| Net Income | 110.11 | 60.39 | (45.2 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 1.22 | 0.67 | (45.2 %) |
The cement producer reported a net profit of SAR 60.4 million for Q3 2021, a 45% decline year-on-year (YoY), on lower sales volume and value.
When compared to previous quarter, Q3 net profit dropped 39.7% on lower sales.
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Share Price
Qassim Cement Co (QACCO)
| Current | |
| Market Cap (M Riyal) | 7,191.00 |
| Enterprise Value (EV) (M) | 6,417.50 |
| Shares Outstanding ((M)) | 90.00 |
| EPS ( Riyal) (TTM) | 2.44 |
| Book Value (BV) ( Riyal) | 18.96 |
| Adjusted P/E (Last12) | 39.41 |
| P/E (TTM) | 32.76 |
| Price/book | 4.21 |
| Return on Average Assets (%) (TTM) | 10.9 |
| Return on Average Equity (%) (TTM) | 12.5 |
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