Tabuk Cement 2023 profit falls 6% to SAR 19.7M; Q4 loss at SAR 5.4M

31/03/2024 Argaam Exclusive

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Share Price

Tabuk Cement Co.
12.84
(0.08) (0.62 %)

Tabuk Cement Co. (TCC)

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Tabuk Cement Co. reported a net profit of SAR 19.7 million for 2023, declining 6% from SAR 21 million in the year-earlier period on lower sales value and volume along with higher Zakat provision.



Financials (M)

Item 2022 2023 Change‬
Revenues 297.55 265.08 (10.9 %)
Gross Income 63.43 53.16 (16.2 %)
Operating Income 36.18 21.80 (39.8 %)
Net Income 20.97 19.74 (5.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.23 0.22 (5.8 %)

The cement producer reported a net loss of SAR 5.4 million in Q4 2023, versus net earnings of SAR 17.6 million a year earlier.

 

On a quarterly basis, the company’s losses expanded from SAR 4.15 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 87.44 66.29 (24.2 %)
Gross Income 26.44 2.07 (92.2 %)
Operating Income 20.65 (6.25) (130.3 %)
Net Income 17.61 (5.42) (130.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.20 (0.06) (130.8 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.29 billion by Dec. 31, 2023, compared to SAR 1.28 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 96.64 (10.2 %) 50.00 (19.6 %) 44.00 (21.5 %) 0.49
Q2 2014 91.35 (2.0 %) 49.08 (5.9 %) 43.11 (15.3 %) 0.48
Q3 2014 56.77 (17.6 %) 27.37 (19.7 %) 21.62 (23.7 %) 0.24
Q4 2014 77.53 (9.7 %) 33.90 (24.0 %) 28.85 (24.4 %) 0.32
Q1 2015 84.01 (13.1 %) 38.14 (23.7 %) 32.63 (25.8 %) 0.36
Q2 2015 75.92 (16.9 %) 33.70 (31.3 %) 26.91 (37.6 %) 0.30
Q3 2015 47.32 (16.6 %) 14.25 (47.9 %) 9.23 (57.3 %) 0.10
Q4 2015 65.17 (15.9 %) 27.87 (17.8 %) 22.64 (21.5 %) 0.25
Q1 2016 75.49 (10.1 %) 26.65 (30.1 %) 21.31 (34.7 %) 0.24
Q2 2016 70.09 (7.7 %) 27.78 (17.6 %) 21.08 (21.7 %) 0.23
Q3 2016 49.66 4.9 % 13.20 (7.4 %) 7.85 (15.0 %) 0.09
Q4 2016 51.30 (21.3 %) 17.56 (37.0 %) 4.58 (79.8 %) 0.05
Q1 2017 57.46 (23.9 %) 14.67 (45.0 %) 8.68 (59.3 %) 0.10
Q2 2017 39.04 (44.3 %) 6.98 (74.9 %) 1.29 (93.9 %) 0.01
Q3 2017 28.45 (42.7 %) (6.60) (150.0 %) (12.20) (255.5 %) (0.14)
Q4 2017 41.66 (18.8 %) (5.80) (133.0 %) (21.53) (569.8 %) (0.24)
Q1 2018 46.74 (18.7 %) (1.59) (110.8 %) (11.23) (229.3 %) (0.12)
Q2 2018 41.27 5.7 % (3.53) (150.5 %) (36.08) (2896.7 %) (0.40)
Q3 2018 25.86 (9.1 %) (8.72) (32.1 %) (19.19) (57.3 %) (0.21)
Q4 2018 35.58 (14.6 %) (9.76) (68.2 %) (32.45) (50.7 %) (0.36)
Q1 2019 52.77 12.9 % 12.83 908.3 % 3.63 132.3 % 0.04
Q2 2019 61.15 48.2 % 13.15 472.9 % 8.98 124.9 % 0.10
Q3 2019 58.46 126.1 % 14.59 267.3 % 5.03 126.2 % 0.06
Q4 2019 66.28 86.3 % 14.01 243.6 % 6.55 120.2 % 0.07
Q1 2020 75.42 42.9 % 17.53 36.6 % 28.91 696.5 % 0.32
Q2 2020 49.99 (18.3 %) 9.91 (24.7 %) 0.54 (94.0 %) 0.01
Q3 2020 71.49 22.3 % 19.49 33.6 % 9.47 88.5 % 0.11
Q4 2020 79.56 20.0 % 21.33 52.2 % 12.66 93.4 % 0.14
Q1 2021 76.96 2.0 % 20.95 19.6 % 10.06 (65.2 %) 0.11
Q2 2021 49.26 (1.5 %) 9.46 (4.5 %) (1.13) (310.8 %) (0.01)
Q3 2021 48.00 (32.9 %) 8.79 (54.9 %) 8.48 (10.4 %) 0.09
Q4 2021 54.31 (31.7 %) 9.41 (55.9 %) 0.34 (97.3 %) 0.00
Q1 2022 62.18 (19.2 %) 5.02 (76.1 %) (6.92) (168.8 %) (0.08)
Q2 2022 74.25 50.7 % 13.09 38.3 % 2.49 320.7 % 0.03
Q3 2022 73.68 53.5 % 18.89 115.0 % 7.79 (8.1 %) 0.09
Q4 2022 87.44 61.0 % 26.44 181.0 % 17.61 5048.0 % 0.20
Q1 2023 86.28 38.8 % 30.61 510.1 % 19.35 379.5 % 0.21
Q2 2023 58.38 (21.4 %) 14.96 14.3 % 9.97 300.3 % 0.11
Q3 2023 54.13 (26.5 %) 5.51 (70.8 %) (4.15) (153.2 %) (0.05)
Q4 2023 66.29 (24.2 %) 2.07 (92.2 %) (5.42) (130.8 %) (0.06)
2023 265.08 (10.9 %) 53.16 (16.2 %) 19.74 (5.8 %) 0.22

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 52.49 % 63.25 % 46.98 %
Q2 2014 51.88 % 63.38 % 44.96 %
Q3 2014 51.75 % 63.63 % 44.58 %
Q4 2014 49.75 % 62.13 % 42.84 %
Q1 2015 47.95 % 61.48 % 40.76 %
Q2 2015 45.24 % 57.37 % 37.39 %
Q3 2015 42.13 % 57.32 % 34.28 %
Q4 2015 41.83 % 57.20 % 33.55 %
Q1 2016 38.83 % 55.93 % 30.35 %
Q2 2016 37.41 % 57.93 % 28.77 %
Q3 2016 36.67 % 56.67 % 27.98 %
Q4 2016 34.56 % 55.56 % 22.23 %
Q1 2017 32.04 % 54.82 % 18.46 %
Q2 2017 26.54 % 54.27 % 11.34 %
Q3 2017 18.50 % 59.18 % 1.34 %
Q4 2017 5.55 % 47.87 % (14.26 %)
Q1 2018 (4.50 %) 45.10 % (28.01 %)
Q2 2018 (11.08 %) 42.57 % (38.98 %)
Q3 2018 (12.62 %) 35.69 % (44.12 %)
Q4 2018 (15.79 %) 40.88 % (47.09 %)
Q1 2019 (5.90 %) 48.55 % (37.40 %)
Q2 2019 4.28 % 46.42 % (22.53 %)
Q3 2019 14.81 % 47.63 % (7.35 %)
Q4 2019 22.87 % 49.26 % 6.09 %
Q1 2020 22.68 % 44.82 % 16.24 %
Q2 2020 22.40 % 47.20 % 16.40 %
Q3 2020 23.15 % 46.11 % 17.27 %
Q4 2020 24.69 % 42.43 % 15.88 %
Q1 2021 25.78 % 40.67 % 9.01 %
Q2 2021 25.69 % 37.89 % 8.43 %
Q3 2021 23.85 % 34.90 % 4.88 %
Q4 2021 21.27 % 36.99 % 3.39 %
Q1 2022 15.29 % 31.92 % (4.32 %)
Q2 2022 15.20 % 31.34 % (2.36 %)
Q3 2022 17.55 % 30.61 % 1.40 %
Q4 2022 21.32 % 32.61 % 7.05 %
Q1 2023 27.68 % 38.31 % 14.69 %
Q2 2023 29.73 % 39.02 % 16.23 %
Q3 2023 27.08 % 37.80 % 13.17 %
Q4 2023 20.05 % 31.04 % 5.53 %
2023 20.05 % 31.04 % 5.53 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 90.00 1.79 1.80 13.65
Q2 2014 90.00 1.71 1.71 13.33
Q3 2014 90.00 1.63 1.64 12.57
Q4 2014 90.00 1.53 1.53 12.88
Q1 2015 90.00 1.40 1.40 13.24
Q2 2015 90.00 1.22 1.22 13.04
Q3 2015 90.00 1.08 1.08 13.14
Q4 2015 90.00 1.02 1.02 13.36
Q1 2016 90.00 0.89 0.89 13.56
Q2 2016 90.00 0.82 0.82 12.89
Q3 2016 90.00 0.81 0.81 12.98
Q4 2016 90.00 0.61 0.61 13.03
Q1 2017 90.00 0.47 0.47 13.13
Q2 2017 90.00 0.25 0.25 13.14
Q3 2017 90.00 0.03 0.03 13.01
Q4 2017 90.00 (0.26) (0.26) 12.79
Q1 2018 90.00 (0.49) (0.49) 12.67
Q2 2018 90.00 (0.90) (0.68) 12.26
Q3 2018 90.00 (0.98) (0.76) 12.05
Q4 2018 90.00 (1.10) (0.78) 12.90
Q1 2019 90.00 (0.93) (0.65) 12.94
Q2 2019 90.00 (0.43) (0.44) 13.04
Q3 2019 90.00 (0.16) (0.17) 13.10
Q4 2019 90.00 0.27 0.16 13.19
Q1 2020 90.00 0.55 0.47 13.52
Q2 2020 90.00 0.46 0.46 13.52
Q3 2020 90.00 0.51 0.51 13.63
Q4 2020 90.00 0.57 0.49 13.88
Q1 2021 90.00 0.36 0.28 13.96
Q2 2021 90.00 0.35 0.26 13.98
Q3 2021 90.00 0.33 0.14 14.08
Q4 2021 90.00 0.20 0.09 14.08
Q1 2022 90.00 0.01 (0.10) 14.01
Q2 2022 90.00 0.05 (0.06) 13.78
Q3 2022 90.00 0.04 0.04 13.87
Q4 2022 90.00 0.23 0.23 14.32
Q1 2023 90.00 0.52 0.52 14.41
Q2 2023 90.00 0.61 0.55 14.52
Q3 2023 90.00 0.48 0.42 14.58
Q4 2023 90.00 0.22 0.16 14.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 16.67 16.62 2.19
Q2 2014 17.58 17.52 2.25
Q3 2014 19.43 19.36 2.52
Q4 2014 16.22 16.16 1.93
Q1 2015 16.76 16.76 1.77
Q2 2015 20.47 20.47 1.92
Q3 2015 19.08 19.08 1.58
Q4 2015 14.26 14.26 1.08
Q1 2016 16.95 16.95 1.11
Q2 2016 16.79 16.79 1.07
Q3 2016 13.54 13.54 0.84
Q4 2016 20.93 20.93 0.98
Q1 2017 26.60 26.60 0.95
Q2 2017 45.00 45.00 0.85
Q3 2017 More than 50 More than 50 0.82
Q4 2017 NEG NEG 1.09
Q1 2018 NEG NEG 1.07
Q2 2018 NEG NEG 1.07
Q3 2018 NEG NEG 1.06
Q4 2018 NEG NEG 0.86
Q1 2019 NEG NEG 0.93
Q2 2019 NEG NEG 0.92
Q3 2019 NEG NEG 1.15
Q4 2019 More than 50 More than 50 1.20
Q1 2020 18.85 21.97 0.77
Q2 2020 26.86 26.86 0.91
Q3 2020 32.43 32.43 1.20
Q4 2020 29.74 34.94 1.23
Q1 2021 More than 50 More than 50 1.42
Q2 2021 More than 50 More than 50 1.73
Q3 2021 More than 50 More than 50 1.44
Q4 2021 More than 50 More than 50 1.24
Q1 2022 More than 50 NEG 1.30
Q2 2022 More than 50 NEG 1.08
Q3 2022 More than 50 More than 50 1.13
Q4 2022 More than 50 More than 50 1.04
Q1 2023 28.31 28.31 1.03
Q2 2023 27.37 30.17 1.15
Q3 2023 31.52 35.77 1.03
Q4 2023 More than 50 More than 50 0.94

Business Segments (Million)

Compared With The
Period Cement Clinker Other
Q3 2022 73.65 - 0.03
Q3 2023 54.06 - 0.07

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 6.90 (5.42) (178.6 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
Hermes 9.00 (5.42) (160.2) %
Sico 4.80 (5.42) (212.9) %


Financial Ratios
Current
Market Cap (M Riyal) 1,155.60
Enterprise Value (EV) (M) 1,273.77
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 0.22
Book Value (BV) ( Riyal) 14.40
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 0.89
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 1.5
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