Reported Earnings • May 14
First quarter 2026 earnings released: EPS: ر.س0.07 (vs ر.س0.043 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.07 (up from ر.س0.043 in 1Q 2025). Revenue: ر.س175.8m (up 21% from 1Q 2025). Net income: ر.س11.7m (up 50% from 1Q 2025). Profit margin: 6.6% (up from 5.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 17% per year. Announcement • May 12
Northern Region Cement Company, Annual General Meeting, Jun 03, 2026 Northern Region Cement Company, Annual General Meeting, Jun 03, 2026, at 18:30 Arab Standard Time. Location: turaif Saudi Arabia Reported Earnings • Mar 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ر.س0.31 (down from ر.س0.56 in FY 2024). Revenue: ر.س683.5m (up 9.8% from FY 2024). Net income: ر.س56.1m (down 44% from FY 2024). Profit margin: 8.2% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ر.س0.09 (vs ر.س0.10 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.09 (down from ر.س0.10 in 3Q 2024). Revenue: ر.س176.8m (up 8.3% from 3Q 2024). Net income: ر.س16.1m (down 11% from 3Q 2024). Profit margin: 9.1% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ر.س0.07 (vs ر.س0.065 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.07 (up from ر.س0.065 in 2Q 2024). Revenue: ر.س180.8m (up 23% from 2Q 2024). Net income: ر.س13.2m (up 12% from 2Q 2024). Profit margin: 7.3% (down from 8.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: ر.س0.04 (vs ر.س0.29 in 1Q 2024) First quarter 2025 results: EPS: ر.س0.04 (down from ر.س0.29 in 1Q 2024). Revenue: ر.س145.1m (up 4.3% from 1Q 2024). Net income: ر.س7.83m (down 85% from 1Q 2024). Profit margin: 5.4% (down from 37% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Announcement • Apr 24
Northern Region Cement Company, Annual General Meeting, May 14, 2025 Northern Region Cement Company, Annual General Meeting, May 14, 2025, at 18:30 Arab Standard Time. Location: turaif Saudi Arabia New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings have declined by 4.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Paying a dividend despite having no free cash flows. Earnings have declined by 4.7% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. New Risk • Mar 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ر.س0.10 (vs ر.س0.13 in 3Q 2023) Third quarter 2024 results: EPS: ر.س0.10 (down from ر.س0.13 in 3Q 2023). Revenue: ر.س163.2m (down 6.8% from 3Q 2023). Net income: ر.س18.2m (down 22% from 3Q 2023). Profit margin: 11% (down from 13% in 3Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: ر.س0.07 (vs ر.س0.11 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.07 (down from ر.س0.11 in 2Q 2023). Revenue: ر.س147.5m (down 6.6% from 2Q 2023). Net income: ر.س11.8m (down 40% from 2Q 2023). Profit margin: 8.0% (down from 12% in 2Q 2023). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ر.س0.29 (vs ر.س0.12 in 1Q 2023) First quarter 2024 results: EPS: ر.س0.29 (up from ر.س0.12 in 1Q 2023). Revenue: ر.س139.1m (down 23% from 1Q 2023). Net income: ر.س51.6m (up 141% from 1Q 2023). Profit margin: 37% (up from 12% in 1Q 2023). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • Apr 19
Northern Region Cement Company, Annual General Meeting, May 08, 2024 Northern Region Cement Company, Annual General Meeting, May 08, 2024, at 15:30 Coordinated Universal Time. Agenda: To consider and discuss the annual Board report for the fiscal year ending 31 December 2023; to consider and discuss the Financial Statements of the fiscal year ending 31 December 2023; to consider vote on the external auditor report for the fiscal year ending 31 December 2023 after discussing it; to consider vote to select and assign external auditor from among the nominated offers based on the recommendation of the Audit Committee to audit the financial statements of the second and third quarter and annual statements of the fiscal year 2024, plus the first quarter of the year 2025; and to consider other matters. Reported Earnings • Apr 03
Full year 2023 earnings released Full year 2023 results: Revenue: ر.س689.6m (up 12% from FY 2022). Net income: ر.س56.3m (down 50% from FY 2022). Profit margin: 8.2% (down from 18% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 25
Upcoming dividend of ر.س0.25 per share Eligible shareholders must have bought the stock before 01 April 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Within top quartile of Saudi dividend payers (4.4%). Higher than average of industry peers (4.3%). Price Target Changed • Jan 16
Price target decreased by 15% to ر.س10.00 Down from ر.س11.70, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ر.س10.20. Stock is down 8.9% over the past year. The company posted earnings per share of ر.س0.62 last year. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ر.س0.13 (vs ر.س0.15 in 3Q 2022) Third quarter 2023 results: EPS: ر.س0.13 (down from ر.س0.15 in 3Q 2022). Revenue: ر.س175.2m (up 5.4% from 3Q 2022). Net income: ر.س23.4m (down 15% from 3Q 2022). Profit margin: 13% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ر.س0.11 (vs ر.س0.14 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.11 (down from ر.س0.14 in 2Q 2022). Revenue: ر.س157.9m (up 18% from 2Q 2022). Net income: ر.س19.6m (down 21% from 2Q 2022). Profit margin: 12% (down from 19% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Upcoming Dividend • May 25
Upcoming dividend of ر.س0.25 per share at 4.0% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 15 June 2023. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 4.0%. Lower than top quartile of Saudi dividend payers (4.4%). In line with average of industry peers (3.9%). Announcement • Jan 04
Northern Region Cement Co. Announces Resignation of Board Member Northern Region Cement Co. Announces the approval of the Board of Directors by circulation on the resignation of the member of the Board Dr. Abdulrhman Saleh Al Ubaid (Independent member) from the Board of Directors- membership, For his Personal. An alternate board member will be appointed at a later date. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 10 non-independent directors. Independent Director Faisal Bin Hamad Al Sugair was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: ر.س0.15 (vs ر.س0.10 in 3Q 2021) Third quarter 2022 results: EPS: ر.س0.15 (up from ر.س0.10 in 3Q 2021). Revenue: ر.س166.3m (up 30% from 3Q 2021). Net income: ر.س27.6m (up 51% from 3Q 2021). Profit margin: 17% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Announcement • Oct 04
Northern Region Cement Co. Announces Distribution of Cash Dividend for the First Half of 2022 The Board of Directors of the Northern Region Cement Company approved corresponding to 3 October 2022 to distribute cash dividend of SAR 0.25 per share for the first half of 2022. The Total amount distributed SAR 45,000,000, Number of Shares Eligible for 180,000,000 Shares, Percentage of Dividend to the Share Par Value 2.5%. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: ر.س0.14 (vs ر.س0.12 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.14 (up from ر.س0.12 in 2Q 2021). Revenue: ر.س133.4m (down 8.2% from 2Q 2021). Net income: ر.س24.7m (up 18% from 2Q 2021). Profit margin: 19% (up from 14% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Announcement • Jun 09
Northern Region Cement Company Announces Executive Changes Northern Region Cement Company at the Ordinary General Assembly meeting held on June 7, 2022, approval of the Board's resolution to appoint Dr. Faisal Hamad Al-suqair (independent member) as an Audit Committee chairman, starting from January 30, 2022 until the end of the current committee's term on March 15, 2023, to succeed the former committee member Mr. Khalid Abdulaziz Al Arifi (A member outside the board of directors), effective from the date of the resolution issued January 30, 2022. This appointment is in accordance with the Audit Committee Regulations. Announcement • May 17
Northern Region Cement Company, Annual General Meeting, Jun 07, 2022 Northern Region Cement Company, Annual General Meeting, Jun 07, 2022, at 15:30 Coordinated Universal Time. Reported Earnings • May 01
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ر.س0.13 (down from ر.س0.18 in 1Q 2021). Revenue: ر.س133.3m (down 18% from 1Q 2021). Net income: ر.س23.2m (down 27% from 1Q 2021). Profit margin: 17% (down from 20% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the next year, revenue is forecast to grow 26%, compared to a 2.6% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ر.س11.10 Up from ر.س8.21, the current price target is provided by 1 analyst. New target price is 18% below last closing price of ر.س13.46. Stock is down 25% over the past year. The company is forecast to post earnings per share of ر.س0.71 for next year compared to ر.س0.59 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Independent Director Faisal Bin Al Saqer was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 04
Upcoming dividend of ر.س0.25 per share Eligible shareholders must have bought the stock before 11 April 2022. Payment date: 20 April 2022. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 3.4%. Lower than top quartile of Saudi dividend payers (4.1%). Lower than average of industry peers (4.4%). Reported Earnings • Apr 03
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: ر.س561.9m (down 14% from FY 2020). Net income: ر.س106.1m (down 1.5% from FY 2020). Profit margin: 19% (up from 17% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 16%, compared to a 7.2% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
Northern Region Cement Co. Announces the Distribution of Cash Dividend for the Second Half of the Year 2021 The Board of Directors of the Northern Region Cement Company approved on March 28, 2022 to distribute cash dividends of SAR 0.25 per share to the shareholders of the company for the second half of 2021. Payment date is April 17, 2022. Announcement • Jan 31
Northern Region Cement Co. Announces Resignation of Khalid Bin Abdulaziz Alarifi as Member of the Audit Committee Northern Region Cement Co. Announces the resignation of Mr. Khalid bin Abdulaziz Alarifi as member of the Audit Committee as of January 30, 2022 AD, and the appointment of Dr. Faisal bin Hamad Al Sugair (Independent member) as an Audit Committee member as of January 30, 2022AD until the end of the current session of BOD on March 5, 2023 AD. This appointment shall be presented to the Ordinary General Assembly at its first meeting. Dr. Faisal bin Hamad Al Sugair (Independent member & Audit Committee member) has been appointed as Chairman of Audit Committee based on the nomination of the Committee members, and this appointment shall be presented to the Ordinary General Assembly at its first meeting. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ر.س0.10 (vs ر.س0.12 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: ر.س128.1m (down 26% from 3Q 2020). Net income: ر.س18.4m (down 14% from 3Q 2020). Profit margin: 14% (up from 12% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ر.س0.12 (vs ر.س0.08 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ر.س145.3m (up 10% from 2Q 2020). Net income: ر.س20.9m (up 50% from 2Q 2020). Profit margin: 14% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2021 earnings released: EPS ر.س0.18 (vs ر.س0.15 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ر.س161.9m (down 10% from 1Q 2020). Net income: ر.س31.7m (up 15% from 1Q 2020). Profit margin: 20% (up from 15% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 17% share price gain to ر.س17.06, the stock trades at a trailing P/E ratio of 28.5x. Average forward P/E is 20x in the Basic Materials industry in Saudi Arabia. Total returns to shareholders of 75% over the past three years. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS ر.س0.60 (vs ر.س0.51 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ر.س651.5m (down 3.3% from FY 2019). Net income: ر.س108.2m (up 17% from FY 2019). Profit margin: 17% (up from 14% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 03
New 90-day high: ر.س12.92 The company is up 7.0% from its price of ر.س12.02 on 03 December 2020. The Saudi market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: ر.س12.68 The company is up 3.0% from its price of ر.س12.28 on 20 October 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 12% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ر.س0.12 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س172.9m (down 11% from 3Q 2019). Net income: ر.س21.3m (down 18% from 3Q 2019). Profit margin: 12% (down from 13% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 07
New 90-day high: ر.س12.50 The company is up 23% from its price of ر.س10.16 on 09 July 2020. The Saudi market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 19% over the same period. Is New 90 Day High Low • Sep 21
New 90-day high: ر.س11.42 The company is up 19% from its price of ر.س9.60 on 23 June 2020. The Saudi market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 23% over the same period. 
