Financial Results : Tabuk Cement 9M 2025 profit down 50% to SAR 35.4M; Q3 at SAR 8.3M

Tabuk Cement 9M 2025 profit down 50% to SAR 35.4M; Q3 at SAR 8.3M

06/11/2025 Argaam Exclusive

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Tabuk Cement Co.’s net profit declined 50% to SAR 35.4 million in the first nine months of 2025, compared to SAR 70.5 million in the same period a year earlier.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 262.60 209.95 (20.0 %)
Gross Income 81.14 55.83 (31.2 %)
Operating Income 54.99 28.65 (47.9 %)
Net Income 70.50 35.42 (49.8 %)
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items (Riyals) 0.78 0.39 (49.8 %)
EPS (Riyal) 0.78 0.39 (49.8 %)

The decline in profit was mainly attributed to lower revenue, as sales volumes decreased despite a higher average selling price, along with a drop in other income.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 90.12 72.86 (19.1 %)
Gross Income 28.84 14.84 (48.5 %)
Operating Income 19.25 5.85 (69.6 %)
Net Income 23.05 8.25 (64.2 %)
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items (Riyal) 0.26 0.09 (64.2 %)
EPS (Riyal) 0.26 0.09 (64.2 %)

In Q3 2025, Tabuk Cement’s profit fell 64.9% to SAR 8.25 million from SAR 23.5 million in Q3 2024. Sequentially, profit also declined 41.6% from SAR 14.13 million.

 

Shareholders’ equity, with no minority interest, amounted to SAR 1.17 billion by the end of 9M 2025, compared to SAR 1.33 billion in prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 75.49 (10.1 %) 26.65 (30.1 %) 22.24 (32.8 %)
Q2 2016 70.09 (7.7 %) 27.78 (17.6 %) 22.30 (19.1 %)
Q3 2016 49.66 4.9 % 13.20 (7.4 %) 8.88 1.4 %
Q4 2016 51.30 (21.3 %) 17.56 (37.0 %) 7.94 (66.1 %)
Q1 2017 57.46 (23.9 %) 14.67 (45.0 %) 9.91 (55.4 %)
Q2 2017 39.04 (44.3 %) 6.98 (74.9 %) 2.28 (89.8 %)
Q3 2017 28.45 (42.7 %) (6.60) (150.0 %) (11.14) (225.5 %)
Q4 2017 41.66 (18.8 %) (5.80) (133.0 %) (10.63) (233.9 %)
Q1 2018 46.74 (18.7 %) (1.59) (110.8 %) (5.86) (159.1 %)
Q2 2018 41.27 5.7 % (3.53) (150.5 %) (8.90) (489.8 %)
Q3 2018 25.86 (9.1 %) (8.72) (32.1 %) (13.31) (19.4 %)
Q4 2018 35.58 (14.6 %) (9.76) (68.2 %) (16.83) (58.4 %)
Q1 2019 52.77 12.9 % 12.83 908.3 % 8.00 236.6 %
Q2 2019 61.15 48.2 % 13.15 472.9 % 4.04 145.4 %
Q3 2019 58.46 126.1 % 14.59 267.3 % 9.89 174.3 %
Q4 2019 66.28 86.3 % 14.01 243.6 % 5.41 132.2 %
Q1 2020 75.42 42.9 % 17.53 36.6 % 11.55 44.5 %
Q2 2020 49.99 (18.3 %) 9.91 (24.7 %) 4.65 15.1 %
Q3 2020 71.49 22.3 % 19.49 33.6 % 13.83 39.8 %
Q4 2020 79.56 20.0 % 21.33 52.2 % 14.90 175.3 %
Q1 2021 76.96 2.0 % 20.95 19.6 % 14.08 21.8 %
Q2 2021 49.26 (1.5 %) 9.46 (4.5 %) 2.98 (36.0 %)
Q3 2021 48.00 (32.9 %) 8.79 (54.9 %) 2.55 (81.5 %)
Q4 2021 54.31 (31.7 %) 9.41 (55.9 %) 4.30 (71.1 %)
Q1 2022 62.18 (19.2 %) 5.02 (76.1 %) (2.49) (117.7 %)
Q2 2022 74.25 50.7 % 13.09 38.3 % 6.79 128.1 %
Q3 2022 73.68 53.5 % 18.89 115.0 % 11.24 340.0 %
Q4 2022 87.44 61.0 % 26.44 181.0 % 20.65 379.7 %
Q1 2023 86.28 38.8 % 30.61 510.1 % 22.68 1009.8 %
Q2 2023 58.38 (21.4 %) 14.96 14.3 % 7.67 12.9 %
Q3 2023 54.13 (26.5 %) 5.51 (70.8 %) (2.30) (120.5 %)
Q4 2023 66.29 (24.2 %) 2.07 (92.2 %) (6.25) (130.3 %)
Q1 2024 87.05 0.9 % 24.87 (18.7 %) 16.72 (26.3 %)
Q2 2024 85.44 46.3 % 27.43 83.3 % 19.01 148.0 %
Q3 2024 90.12 66.5 % 28.84 423.1 % 19.25 936.3 %
Q4 2024 80.76 21.8 % 16.32 687.5 % 5.66 190.6 %
Q1 2025 67.68 (22.2 %) 20.50 (17.6 %) 11.16 (33.3 %)
Q2 2025 69.41 (18.8 %) 20.48 (25.3 %) 15.43 (18.8 %)
Q3 2025 72.86 (19.1 %) 14.84 (48.5 %) 5.85 (69.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 21.31 (34.7 %) 0.24 - 21.31 0.24
Q2 2016 21.08 (21.7 %) 0.23 - 21.08 0.23
Q3 2016 7.85 (15.0 %) 0.09 - 7.85 0.09
Q4 2016 4.58 (79.8 %) 0.05 - 4.58 0.05
Q1 2017 8.68 (59.3 %) 0.10 - 8.68 0.10
Q2 2017 1.29 (93.9 %) 0.01 - 1.29 0.01
Q3 2017 (12.20) (255.5 %) (0.14) - (12.20) (0.14)
Q4 2017 (21.53) (569.8 %) (0.24) - (21.53) (0.24)
Q1 2018 (11.23) (229.3 %) (0.12) - (11.23) (0.12)
Q2 2018 (36.08) (2896.7 %) (0.40) (19.41) (16.67) (0.19)
Q3 2018 (19.19) (57.3 %) (0.21) - (19.19) (0.21)
Q4 2018 (32.45) (50.7 %) (0.36) (9.16) (23.29) (0.26)
Q1 2019 3.63 132.3 % 0.04 2.63 1.01 0.01
Q2 2019 8.98 124.9 % 0.10 7.01 1.97 0.02
Q3 2019 5.03 126.2 % 0.06 - 5.03 0.06
Q4 2019 6.55 120.2 % 0.07 - 6.55 0.07
Q1 2020 28.91 696.5 % 0.32 - 28.91 0.32
Q2 2020 0.54 (94.0 %) 0.01 - 0.54 0.01
Q3 2020 9.47 88.5 % 0.11 - 9.47 0.11
Q4 2020 12.66 93.4 % 0.14 7.68 4.98 0.06
Q1 2021 10.06 (65.2 %) 0.11 - 10.06 0.11
Q2 2021 (1.13) (310.8 %) (0.01) - (1.13) (0.01)
Q3 2021 8.48 (10.4 %) 0.09 10.02 (1.53) (0.02)
Q4 2021 0.34 (97.3 %) 0.00 - 0.34 0.00
Q1 2022 (6.92) (168.8 %) (0.08) - (6.92) (0.08)
Q2 2022 2.49 320.7 % 0.03 - 2.49 0.03
Q3 2022 7.79 (8.1 %) 0.09 - 7.79 0.09
Q4 2022 17.61 5048.0 % 0.20 - 17.61 0.20
Q1 2023 19.35 379.5 % 0.21 - 19.35 0.21
Q2 2023 9.97 300.3 % 0.11 - 9.97 0.11
Q3 2023 (4.15) (153.2 %) (0.05) - (4.15) (0.05)
Q4 2023 (10.15) (157.7 %) (0.11) - (10.15) (0.11)
Q1 2024 18.20 (5.9 %) 0.20 - 18.20 0.20
Q2 2024 29.26 193.6 % 0.33 - 29.26 0.33
Q3 2024 23.05 655.6 % 0.26 - 23.05 0.26
Q4 2024 9.06 189.2 % 0.10 - 9.06 0.10
Q1 2025 13.04 (28.3 %) 0.14 - 13.04 0.14
Q2 2025 14.13 (51.7 %) 0.16 - 14.13 0.16
Q3 2025 8.25 (64.2 %) 0.09 - 8.25 0.09

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 % 17.89 %
Q3 2023 27.08 % 37.80 % 14.94 %
Q4 2023 20.05 % 31.04 % 5.66 %
Q1 2024 17.84 % 27.77 % 5.21 %
Q2 2024 20.45 % 28.61 % 11.32 %
Q3 2024 25.30 % 31.05 % 18.35 %
Q4 2024 28.38 % 31.97 % 23.17 %
2024 28.12 % 31.94 % 23.17 %
Q1 2025 28.73 % 31.48 % 22.97 %
Q2 2025 27.97 % 31.97 % 19.25 %
Q3 2025 24.82 % 29.29 % 15.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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 14.47
Q2 2023 90.00 0.61 0.61 14.64
Q3 2023 90.00 0.48 0.48 14.58
Q4 2023 90.00 0.17 0.17 14.35
Q1 2024 90.00 0.15 0.15 14.54
Q2 2024 90.00 0.37 0.37 14.56
Q3 2024 90.00 0.67 0.67 14.80
Q4 2024 90.00 0.88 0.88 13.36
Q1 2025 90.00 0.83 0.83 13.24
Q2 2025 90.00 0.66 0.66 13.20
Q3 2025 90.00 0.49 0.49 13.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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 100 More than 100 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 58.81 97.79 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 54.56 71.29 1.42
Q2 2021 70.23 93.29 1.73
Q3 2021 60.81 More than 100 1.44
Q4 2021 88.49 More than 100 1.24
Q1 2022 More than 100 NEG 1.30
Q2 2022 More than 100 NEG 1.08
Q3 2022 More than 100 More than 100 1.13
Q4 2022 64.04 64.04 1.04
Q1 2023 28.31 28.31 1.03
Q2 2023 27.37 27.37 1.14
Q3 2023 31.52 31.52 1.03
Q4 2023 81.53 81.53 0.95
Q1 2024 84.66 84.66 0.90
Q2 2024 33.50 33.50 0.85
Q3 2024 19.00 19.00 0.86
Q4 2024 14.55 14.55 0.96
Q1 2025 16.11 16.11 1.01
Q2 2025 16.88 16.88 0.84
Q3 2025 20.46 20.46 0.78

Business Segments (Million)

Compared With The
Period Cement Clinker Other
Q3 2022 73.65 - 0.03
Q4 2022 87.42 (0.01) 0.02
Q1 2023 86.25 - 0.04
Q2 2023 58.33 - 0.05
Q3 2023 54.06 - 0.07
Q4 2023 66.21 - 0.08
Q1 2024 86.96 - 0.09

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 14.50 8.25

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Sico 14.50 8.25


Financial Ratios
Current
Market Cap (M Riyal) 881.10
Enterprise Value (EV) (M Riyal) 902.16
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 0.49
Book Value (BV) ( Riyal) 13.04
Par Value ( Riyal) 10.00
Recurring P/E 19.81
P/E (TTM) 19.81
Price/book 0.75
Return on Average Assets (%) (TTM) 2.9
Return on Average Equity (%) (TTM) 3.6
EV/adj EBITDA 10.59
EV/Revenues 3.10
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Share Price

Tabuk Cement Co.
9.79
(0.12) (1.21 %)

Tabuk Cement Co. (TCC)

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