Southern Cement posts more than twofold profit increase in FY19

09/03/2020 Argaam Exclusive

Southern Province Cement Co. reported a net profit after zakat and tax of SAR 463 million for the fiscal year of 2019, a more than two-fold increase year-on-year (YoY), the company said in a bourse statement.

 

The profit rise was attributed to a 46.40% jump in sales revenue, a rise of 16.78% in sales volumes and a 9.76% drop in cost of finance.

 

The cement producer also cited lower Zakat provisions for this period.



Financials (M)

Item 2018 2019 Change‬
Revenues 887.72 1,300.29 46.5 %
Gross Income 261.69 555.82 112.4 %
Operating Income 214.62 501.55 133.7 %
Net Income 194.78 462.71 137.6 %
Average Shares 140.00 140.00 -
EPS (Riyals) 1.39 3.31 137.6 %

Q4 2019 net earnings stood at SAR 162 million, compared to SAR 51.84 million in year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 239.97 396.67 65.3 %
Gross Income 70.65 191.26 170.7 %
Operating Income 57.10 175.84 208.0 %
Net Income 51.62 161.78 213.4 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.37 1.16 213.4 %

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Share Price

Southern Province Cement Co.
33.20
(0.15) (0.45 %)

Southern Province Cement Co. (SPCC)

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Financial Ratios
Current
Market Cap (M Riyal) 4,648.00
Enterprise Value (EV) (M) 4,857.68
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 1.57
Book Value (BV) ( Riyal) 23.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.93
P/E (TTM) 21.17
Price/book 1.41
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 6.8
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 353.22 (2.5 %) 205.63 (3.8 %) 193.97 (5.1 %)
Q2 2010 358.99 (0.7 %) 191.61 (11.0 %) 183.06 (11.8 %)
Q3 2010 276.99 (4.4 %) 132.67 (14.4 %) 123.74 (15.4 %)
Q4 2010 319.92 4.9 % 179.63 (1.8 %) 170.60 (2.3 %)
Q1 2011 436.85 23.7 % 241.21 17.3 % 229.72 18.4 %
Q2 2011 444.37 23.8 % 251.72 31.4 % 239.32 30.7 %
Q3 2011 355.11 28.2 % 197.22 48.6 % 184.88 49.4 %
Q4 2011 454.74 42.1 % 266.85 48.6 % 254.38 49.1 %
Q1 2012 497.81 14.0 % 300.74 24.7 % 288.08 25.4 %
Q2 2012 474.15 6.7 % 269.36 7.0 % 261.23 9.2 %
Q3 2012 354.18 (0.3 %) 205.74 4.3 % 197.32 6.7 %
Q4 2012 479.13 5.4 % 275.07 3.1 % 261.33 2.7 %
Q1 2013 486.72 (2.2 %) 283.22 (5.8 %) 272.86 (5.3 %)
Q2 2013 508.93 7.3 % 308.04 14.4 % 295.22 13.0 %
Q3 2013 368.15 3.9 % 200.86 (2.4 %) 188.27 (4.6 %)
Q4 2013 411.34 (14.1 %) 220.73 (19.8 %) 216.98 (17.0 %)
Q1 2014 495.41 1.8 % 239.68 (15.4 %) 225.44 (17.4 %)
Q2 2014 516.76 1.5 % 304.39 (1.2 %) 296.01 0.3 %
Q3 2014 377.67 2.6 % 186.58 (7.1 %) 175.11 (7.0 %)
Q4 2014 488.51 18.8 % 264.49 19.8 % 251.88 16.1 %
Q1 2015 558.97 12.8 % 290.50 21.2 % 271.23 20.3 %
Q2 2015 531.85 2.9 % 281.81 (7.4 %) 271.54 (8.3 %)
Q3 2015 418.90 10.9 % 215.84 15.7 % 205.10 17.1 %
Q4 2015 537.56 10.0 % 321.20 21.4 % 311.47 23.7 %
Q1 2016 549.33 (1.7 %) 302.56 4.2 % 287.23 5.9 %
Q2 2016 492.64 (7.4 %) 266.67 (5.4 %) 256.18 (5.7 %)
Q3 2016 379.76 (9.3 %) 183.92 (14.8 %) 175.02 (14.7 %)
Q4 2016 354.32 (34.1 %) 177.55 (44.7 %) 152.62 (51.0 %)
Q1 2017 303.39 (44.8 %) 122.13 (59.6 %) 105.36 (63.3 %)
Q2 2017 242.75 (50.7 %) 99.96 (62.5 %) 87.78 (65.7 %)
Q3 2017 215.60 (43.2 %) 65.02 (64.6 %) 56.80 (67.5 %)
Q4 2017 302.08 (14.7 %) 136.59 (23.1 %) 122.12 (20.0 %)
Q1 2018 273.84 (9.7 %) 121.96 (0.1 %) 107.37 1.9 %
Q2 2018 177.84 (26.7 %) 50.88 (49.1 %) 39.90 (54.5 %)
Q3 2018 196.07 (9.1 %) 18.21 (72.0 %) 10.26 (81.9 %)
Q4 2018 239.97 (20.6 %) 70.65 (48.3 %) 57.10 (53.2 %)
Q1 2019 341.95 24.9 % 137.34 12.6 % 125.63 17.0 %
Q2 2019 275.65 55.0 % 113.07 122.3 % 97.56 144.5 %
Q3 2019 286.01 45.9 % 114.15 526.9 % 102.51 899.5 %
Q4 2019 396.67 65.3 % 191.26 170.7 % 175.84 208.0 %
2019 1,300.29 46.5 % 555.82 112.4 % 501.55 133.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 189.63 (5.3 %) 1.35 - 189.63 1.35
Q2 2010 185.18 (12.7 %) 1.32 - 185.18 1.32
Q3 2010 118.90 (15.4 %) 0.85 - 118.90 0.85
Q4 2010 164.80 (8.8 %) 1.18 - 164.80 1.18
Q1 2011 225.88 19.1 % 1.61 - 225.88 1.61
Q2 2011 239.08 29.1 % 1.71 - 239.08 1.71
Q3 2011 179.78 51.2 % 1.28 - 179.78 1.28
Q4 2011 251.00 52.3 % 1.79 - 251.00 1.79
Q1 2012 284.33 25.9 % 2.03 - 284.33 2.03
Q2 2012 261.73 9.5 % 1.87 - 261.73 1.87
Q3 2012 200.39 11.5 % 1.43 - 200.39 1.43
Q4 2012 253.76 1.1 % 1.81 - 253.76 1.81
Q1 2013 268.75 (5.5 %) 1.92 - 268.75 1.92
Q2 2013 297.21 13.6 % 2.12 - 297.21 2.12
Q3 2013 186.61 (6.9 %) 1.33 - 186.61 1.33
Q4 2013 253.52 (0.1 %) 1.81 40.70 212.82 1.52
Q1 2014 221.01 (17.8 %) 1.58 - 221.01 1.58
Q2 2014 294.20 (1.0 %) 2.10 - 294.20 2.10
Q3 2014 284.92 52.7 % 2.04 112.50 172.42 1.23
Q4 2014 245.30 (3.2 %) 1.75 - 245.30 1.75
Q1 2015 266.00 20.4 % 1.90 - 266.00 1.90
Q2 2015 270.35 (8.1 %) 1.93 - 270.35 1.93
Q3 2015 202.21 (29.0 %) 1.44 - 202.21 1.44
Q4 2015 300.05 22.3 % 2.14 (6.30) 306.35 2.19
Q1 2016 283.20 6.5 % 2.02 - 283.20 2.02
Q2 2016 267.98 (0.9 %) 1.91 - 267.98 1.91
Q3 2016 173.56 (14.2 %) 1.24 - 173.56 1.24
Q4 2016 152.77 (49.1 %) 1.09 - 152.77 1.09
Q1 2017 104.57 (63.1 %) 0.75 - 104.57 0.75
Q2 2017 94.94 (64.6 %) 0.68 - 94.94 0.68
Q3 2017 57.16 (67.1 %) 0.41 - 57.16 0.41
Q4 2017 113.56 (25.7 %) 0.81 - 113.56 0.81
Q1 2018 101.74 (2.7 %) 0.73 - 101.74 0.73
Q2 2018 36.05 (62.0 %) 0.26 - 36.05 0.26
Q3 2018 5.37 (90.6 %) 0.04 - 5.37 0.04
Q4 2018 51.62 (54.5 %) 0.37 - 51.62 0.37
Q1 2019 119.87 17.8 % 0.86 - 119.87 0.86
Q2 2019 90.77 151.8 % 0.65 - 90.77 0.65
Q3 2019 90.29 1581.4 % 0.64 (6.28) 96.57 0.69
Q4 2019 161.78 213.4 % 1.16 (12.00) 173.78 1.24
2019 462.71 137.6 % 3.31 (18.28) 480.99 3.44

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 57.95 % 64.98 % 55.22 %
Q2 2010 56.26 % 63.50 % 53.26 %
Q3 2010 55.08 % 62.54 % 52.11 %
Q4 2010 54.20 % 61.48 % 50.30 %
Q1 2011 53.50 % 60.47 % 49.88 %
Q2 2011 54.48 % 60.78 % 50.65 %
Q3 2011 55.89 % 61.76 % 52.02 %
Q4 2011 56.59 % 61.87 % 52.97 %
Q1 2012 58.02 % 63.18 % 54.46 %
Q2 2012 58.04 % 63.75 % 54.82 %
Q3 2012 58.55 % 64.52 % 56.01 %
Q4 2012 58.21 % 63.56 % 55.40 %
Q1 2013 57.60 % 63.07 % 54.88 %
Q2 2013 58.62 % 63.43 % 55.78 %
Q3 2013 57.91 % 63.39 % 54.60 %
Q4 2013 57.06 % 62.96 % 54.38 %
Q1 2014 54.34 % 60.22 % 51.44 %
Q2 2014 53.90 % 60.32 % 51.05 %
Q3 2014 52.82 % 58.65 % 49.99 %
Q4 2014 52.98 % 59.17 % 49.67 %
Q1 2015 53.86 % 59.73 % 50.36 %
Q2 2015 52.29 % 58.10 % 48.75 %
Q3 2015 52.68 % 58.47 % 49.24 %
Q4 2015 54.19 % 60.01 % 51.04 %
Q1 2016 55.04 % 60.98 % 52.12 %
Q2 2016 55.36 % 61.33 % 53.03 %
Q3 2016 54.83 % 62.04 % 52.63 %
Q4 2016 52.40 % 60.56 % 49.41 %
Q1 2017 49.03 % 58.65 % 45.67 %
Q2 2017 45.58 % 57.62 % 41.07 %
Q3 2017 41.63 % 54.16 % 36.69 %
Q4 2017 39.83 % 52.53 % 34.80 %
Q1 2018 40.95 % 54.44 % 35.52 %
Q2 2018 38.63 % 52.73 % 31.83 %
Q3 2018 34.49 % 48.64 % 27.03 %
Q4 2018 29.48 % 45.20 % 21.94 %
Q1 2019 28.99 % 44.26 % 22.28 %
Q2 2019 32.20 % 45.91 % 25.40 %
Q3 2019 38.06 % 50.71 % 31.38 %
Q4 2019 42.75 % 53.65 % 36.99 %
2019 42.75 % 53.65 % 36.99 %