Buy Or Sell Opportunity • Jun 15
Now 21% overvalued Over the last 90 days, the stock has fallen 1.0% to ر.س23.26. The fair value is estimated to be ر.س19.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to decline by 10% in the next 2 years. Board Change • Jun 06
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Mazen Hani Al Tamimi was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: ر.س0.60 (vs ر.س0.24 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.60 (up from ر.س0.24 in 1Q 2025). Revenue: ر.س250.2m (up 5.1% from 1Q 2025). Net income: ر.س59.9m (up 155% from 1Q 2025). Profit margin: 24% (up from 9.9% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Apr 23
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ر.س22.32. The fair value is estimated to be ر.س18.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.2%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 3.4% per annum over the same time period. Announcement • Apr 17
Arabian Cement Company Approves Cash Dividend for the Second Half of 2025, Payable on April 30, 2026 AD Arabian Cement Company at its 71st Ordinary General Assembly meeting (the Second meeting), which was held on 27-10-1447H corresponding to April 15, 2026 approved the recommendation of the board of directors to distribute cash dividends in the amount of (100) million Riyals to shareholders for the second half of 2025 (1) Riyal per share (equivalent to 10% of the capital). Provided that the eligibility of shareholders owning shares by the end of the trading day of the General Assembly and registered in the Register of shareholders of the company with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the General Assembly, the date of dividend distribution will be on 13/11/1447 AH corresponding to April 30, 2026 AD. Upcoming Dividend • Apr 09
Upcoming dividend of ر.س1.00 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 30 April 2026. Payout ratio and cash payout ratio are on the higher end at 95% and 95% respectively. Trailing yield: 6.4%. Within top quartile of Saudi dividend payers (5.8%). In line with average of industry peers (6.3%). Buy Or Sell Opportunity • Mar 31
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ر.س23.73. The fair value is estimated to be ر.س19.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.2%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Buy Or Sell Opportunity • Mar 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ر.س23.51. The fair value is estimated to be ر.س19.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.4%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Declared Dividend • Mar 06
Final dividend of ر.س1.00 announced Shareholders will receive a dividend of ر.س1.00. Ex-date: 16th April 2026 Payment date: 30th April 2026 Dividend yield will be 6.7%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is covered by both earnings (89% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 05
Arabian Cement Company, Annual General Meeting, Apr 15, 2026 Arabian Cement Company, Annual General Meeting, Apr 15, 2026, at 18:30 Arab Standard Time. Location: jeddah Saudi Arabia Reported Earnings • Feb 19
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ر.س1.65 (up from ر.س1.60 in FY 2024). Revenue: ر.س1.06b (up 24% from FY 2024). Net income: ر.س165.0m (up 3.1% from FY 2024). Profit margin: 16% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: ر.س0.65 (vs ر.س0.46 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.65 (up from ر.س0.46 in 3Q 2024). Revenue: ر.س293.2m (up 30% from 3Q 2024). Net income: ر.س65.5m (up 43% from 3Q 2024). Profit margin: 22% (up from 20% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Price Target Changed • Oct 25
Price target decreased by 11% to ر.س28.43 Down from ر.س31.83, the current price target is an average from 3 analysts. New target price is 34% above last closing price of ر.س21.21. Stock is down 12% over the past year. The company posted earnings per share of ر.س1.60 last year. New Risk • Sep 05
New major risk - Revenue and earnings growth Earnings have declined by 8.1% 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 Risk Earnings have declined by 8.1% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (111% cash payout ratio). Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: ر.س0.21 (vs ر.س0.29 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.21 (down from ر.س0.29 in 2Q 2024). Revenue: ر.س232.8m (up 33% from 2Q 2024). Net income: ر.س20.5m (down 29% from 2Q 2024). Profit margin: 8.8% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jul 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ر.س20.80. The fair value is estimated to be ر.س26.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Earnings per share has declined by 3.4%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Price Target Changed • Jul 08
Price target decreased by 9.8% to ر.س29.77 Down from ر.س33.00, the current price target is an average from 3 analysts. New target price is 29% above last closing price of ر.س23.03. Stock is down 19% over the past year. The company is forecast to post earnings per share of ر.س1.81 for next year compared to ر.س1.60 last year. Reported Earnings • May 08
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: ر.س0.24 (down from ر.س0.54 in 1Q 2024). Revenue: ر.س238.1m (up 4.6% from 1Q 2024). Net income: ر.س23.6m (down 56% from 1Q 2024). Profit margin: 9.9% (down from 24% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 45%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Basic Materials industry in Saudi Arabia. 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 16% per year, which means it is performing significantly worse than earnings. Announcement • Apr 29
Arabian Cement Company Announces Cash Dividend for the Second Half of 2024 Arabian Cement Company announced Approval of the Board of Directors recommendation to distribute cash dividends in the amount of (75) million Riyals to shareholders for the second half of 2024 (0.75) Riyal per share (equivalent to 7.5% of the capital). Provided that the eligibility of shareholders owning shares by the end of the trading day of the General Assembly and registered in the Register of shareholders of the company with the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date, the date of dividend distribution will be on Thursday 17/11/1446 AH corresponding to 15/05/2025 AD. Upcoming Dividend • Apr 21
Upcoming dividend of ر.س0.75 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 15 May 2025. Payout ratio is on the higher end at 94%, and the cash payout ratio is above 100%. Trailing yield: 5.8%. Within top quartile of Saudi dividend payers (5.1%). Higher than average of industry peers (4.7%). Declared Dividend • Mar 26
Final dividend of ر.س0.75 announced Shareholders will receive a dividend of ر.س0.75. Ex-date: 28th April 2025 Payment date: 15th May 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio) nor is it covered by cash flows (113% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 4.1% to bring the payout ratio under control. EPS is expected to grow by 24% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 25
Arabian Cement Company, Annual General Meeting, Apr 27, 2025 Arabian Cement Company, Annual General Meeting, Apr 27, 2025, at 19:00 Arab Standard Time. Location: jeddah Saudi Arabia New Risk • Feb 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 91% Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 30
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: ر.س0.46 (up from ر.س0.30 in 3Q 2023). Revenue: ر.س224.9m (up 5.3% from 3Q 2023). Net income: ر.س45.8m (up 54% from 3Q 2023). Profit margin: 20% (up from 14% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 53%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: ر.س0.29 (vs ر.س0.28 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.29 (up from ر.س0.28 in 2Q 2023). Revenue: ر.س175.2m (down 11% from 2Q 2023). Net income: ر.س28.9m (up 3.2% from 2Q 2023). Profit margin: 17% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ر.س0.54 (vs ر.س0.49 in 1Q 2023) First quarter 2024 results: EPS: ر.س0.54 (up from ر.س0.49 in 1Q 2023). Revenue: ر.س227.6m (down 5.2% from 1Q 2023). Net income: ر.س54.2m (up 10% from 1Q 2023). Profit margin: 24% (up from 21% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.1% 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 and the company’s share price has also fallen by 11% per year. Major Estimate Revision • Apr 23
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ر.س1.37 to ر.س1.66. Revenue forecast unchanged at ر.س955.0m. Net income forecast to grow 18% next year vs 18% decline forecast for Basic Materials industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س35.10. Share price fell 2.4% to ر.س31.90 over the past week. Announcement • Apr 03
Arabian Cement Company, Annual General Meeting, Apr 28, 2024 Arabian Cement Company, Annual General Meeting, Apr 28, 2024, at 15:30 Coordinated Universal Time. Agenda: To consider and discuss the Board of Directors' report for the FY ending at December 31, 2023; to consider company's auditor report for the FY ending on December 31, 2023; to consider the company's financial statements for the FY ending on December 31, 2023; and to consider other matters. Reported Earnings • Mar 16
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ر.س1.40 (down from ر.س1.81 in FY 2022). Revenue: ر.س875.8m (down 9.8% from FY 2022). Net income: ر.س139.6m (down 23% from FY 2022). Profit margin: 16% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. Announcement • Jan 01
Arabian Cement Company Announces Management Changes Arabian Cement Company at its Ordinary General Assembly Meeting held on December 17, 2023 announced the selection of the chairman, the vice chairman, the secretary of the board, board committees’ formation and appointment of company representatives. Appointment Eng. Mutaz Kusai Hassan AlAzzawi (Chairman of the Board of Directors) (Non-Executive). Appointment Mr. Saud Abdulaziz Abdullah Al-Sulaiman (Vice Chairman of the Board of Directors) (Non-Executive). Appointment Mr. Hani Mohamed Lehji (Secretary of the Board of Directors). Formation of Aduit committees as per the following: Mr. Mazen Hani Zaki Altamimi (Chairman of the Committee) (independent), Mr. Fahad Abdullah Mohammed Alissa (Committee Member) (Non-Executive). Mr. Abdulaziz Abdullah Abdulaziz Al-Molhem (Committee Member) (independent), Mr. Talal Husamaldeen Hasan Al-Rasheed (Committee Member) (independent). Formation of the Nomination Remuneration Committee as per the following: Mr. Khaled Malik Rafiq Al-Ghalib Al-Sharif (Chairman of the Committee) (independent). Mr. Turki Abdullah Abdulaziz Al-Rajhi (Committee Member) (Non-Executive). Mr. Yousef Saleh Mansour Abalkhail (Committee Member) (independent). Mr. Talal Husamaldeen Hasan Al-Rasheed (Committee Member) (independent). Formation of the Investment Committee as per the following: Mr. Saud Abdulaziz Abdullah Al-Sulaiman (Chairman of the Committee). Eng. Mutaz Kusai Hassan AlAzzawi (Committee Member). Mr. Fahad Abdullah Mohammed Alissa (Committee Member). Major Estimate Revision • Dec 26
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ر.س870.4m to ر.س887.9m. EPS estimate increased from ر.س1.30 to ر.س1.45 per share. Net income forecast to grow 14% next year vs 8.2% growth forecast for Basic Materials industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س38.05. Share price was steady at ر.س34.60 over the past week. Announcement • Dec 19
Arabian Cement Company Announces Board Appointments Arabian Cement Company at its Ordinary General Assembly Meeting (First Meeting) held on December 17, 2023, approved election of Mr. Talal Husamaldeen Hassan Alrasheed; Mr. Khaled Malik Rafiq Al- Ghalib Al-Sharif; Mr. Abdulaziz Abdullah Abdulaziz Al Molhem and Mr. Mazen Hani Zaki Altamimi as members of the Board of Directors for the next board term starting on January 1, 2024 and ending on December 31, 2027. Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ر.س1.48 to ر.س1.30. Revenue forecast unchanged from ر.س870.4m at last update. Net income forecast to grow 12% next year vs 6.7% growth forecast for Basic Materials industry in Saudi Arabia. Consensus price target down from ر.س39.98 to ر.س38.23. Share price rose 3.0% to ر.س32.95 over the past week. Reported Earnings • Nov 07
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ر.س0.30 (down from ر.س0.59 in 3Q 2022). Revenue: ر.س213.7m (down 11% from 3Q 2022). Net income: ر.س29.7m (down 50% from 3Q 2022). Profit margin: 14% (down from 25% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ر.س0.28 (vs ر.س0.45 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.28 (down from ر.س0.45 in 2Q 2022). Revenue: ر.س196.8m (down 15% from 2Q 2022). Net income: ر.س28.0m (down 38% from 2Q 2022). Profit margin: 14% (down from 20% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Aug 03
Price target increased by 9.6% to ر.س41.97 Up from ر.س38.30, the current price target is an average from 3 analysts. New target price is 10% above last closing price of ر.س38.10. Stock is up 0.4% over the past year. The company is forecast to post earnings per share of ر.س1.60 for next year compared to ر.س1.81 last year. Major Estimate Revision • Jun 21
Consensus EPS estimates fall by 43% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ر.س2.47 to ر.س1.40. Revenue forecast unchanged from ر.س867.2m at last update. Net income forecast to shrink 17% next year vs 38% growth forecast for Basic Materials industry in Saudi Arabia . Consensus price target up from ر.س38.30 to ر.س40.30. Share price rose 2.7% to ر.س39.60 over the past week. Reported Earnings • May 20
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: ر.س0.49 (up from ر.س0.42 in 1Q 2022). Revenue: ر.س240.1m (down 7.4% from 1Q 2022). Net income: ر.س49.2m (up 17% from 1Q 2022). Profit margin: 21% (up from 16% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to stay flat during the next 3 years compared to a 10.0% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Price Target Changed • Nov 16
Price target increased to ر.س41.90 Up from ر.س32.70, the current price target is an average from 5 analysts. New target price is 17% above last closing price of ر.س35.70. Stock is down 7.5% over the past year. The company is forecast to post earnings per share of ر.س2.19 for next year compared to ر.س1.62 last year. Reported Earnings • Nov 01
Third quarter 2022 earnings released: EPS: ر.س0.59 (vs ر.س0.38 in 3Q 2021) Third quarter 2022 results: EPS: ر.س0.59 (up from ر.س0.38 in 3Q 2021). Revenue: ر.س240.6m (up 7.9% from 3Q 2021). Net income: ر.س59.0m (up 56% from 3Q 2021). Profit margin: 25% (up from 17% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Oct 25
Arabian Cement Co. Announces A Lawsuit Case At the Commercial Court Against Emaar, the Economic City Company Arabian Cement Company announced Jeddah Commercial Court against Emaar, the Economic City Company to oblige the defendant (Emaar, the Economic City) to hand over the plaintiff (Arabian Cement Company) a quantity of 4,572,730 tones (four million five hundred and seventy two thousands, and seven hundreds and thirty tons) of limestone in accordance with the agreement signed between the two parties dated 07/06/1433 AH corresponding to 28 /04 /2012 AD. Arabian Cement Company announces the issuance of the appeal court ruling from Jeddah Commercial Court (The 1st appeal chamber) number (4430155177) dated on the 28/03/1444 AH corresponding to 24/10/2022 to revoke the preliminary court ruling of Jeddah Commercial Court (the 15th chamber) dated on the 13/11/1443 AH corresponding to 12/06/2022 AD case number (439006544) due to the lack of jurisdiction of the commercial court. Arabian Cement will proceed with its legal case to the Jeddah General Court. Upcoming Dividend • Aug 25
Upcoming dividend of ر.س1.10 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 15 September 2022. The company is paying out more than 100% of its profits and is paying out 95% of its cash flow. Trailing yield: 7.6%. Within top quartile of Saudi dividend payers (4.4%). Higher than average of industry peers (4.7%). Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ر.س0.45 (vs ر.س0.34 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.45 (up from ر.س0.34 in 2Q 2021). Revenue: ر.س231.0m (flat on 2Q 2021). Net income: ر.س45.0m (up 34% from 2Q 2021). Profit margin: 20% (up from 14% in 2Q 2021). Over the next year, revenue is expected to shrink by 4.9% compared to a 4.2% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Aug 10
Arabian Cement Company Recommends to Distribute Dividends for the First Half of 2022, Payable on September 15, 2022 Arabian Cement Company announced the recommendation of the board of directors for the distribution of dividends to the shareholders for the first half of 2022. The Total amount distributed is SAR 110,000,000. Dividend per share is 1.10 SAR. Percentage of Dividend to the Share Par Value (%) is 11.00 %. The eligibility for dividends shall be for the shareholders who owns the shares on Wednesday 04-02-1444 AH corresponding to August 31, 2022 AD, and who registered with the Securities Depository Center Company at the end of the second trading day following the date of maturity. Distribution Date is September 15, 2022. Reported Earnings • May 18
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ر.س0.42 (down from ر.س0.67 in 1Q 2021). Revenue: ر.س259.3m (down 19% from 1Q 2021). Net income: ر.س41.9m (down 37% from 1Q 2021). Profit margin: 16% (down from 21% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 1.6%, compared to a 6.9% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Price Target Changed • Apr 27
Price target increased to ر.س44.63 Up from ر.س32.70, the current price target is an average from 2 analysts. New target price is 5.9% above last closing price of ر.س42.15. Stock is down 1.3% over the past year. The company is forecast to post earnings per share of ر.س2.33 for next year compared to ر.س1.62 last year. Announcement • Apr 19
Arabian Cement Recommends to Distribute Dividends for the Second Half of 2021 Arabian Cement Company announces Approval of the Board of Directors -recommendation to distribute dividends to shareholders for the second half of 2021 in the amount of (SAR 1.5) per share, with a total amount of SAR(150) million (equivalent to 15% of the par value) in addition to what was distributed for the first half of the year 2021 with a value of (125) million riyals, thus the total dividends distributed and proposed to be distributed for the year ending on 12/31/2021 is (275) million riyals (equivalent to (27.5% of the nominal value of the share) at a rate of (2.75) riyals per share. Announcement • Mar 01
Arabian Cement Company Announces the Distribution of Cash Dividend for the Second Half of the Year 2021 Arabian Cement Company announced the recommendation of the board of directors for the distribution of dividend of SAR 1.50 per share to the shareholders for the second half of 2021. The Total amount distributed is SAR 150,000,000. Reported Earnings • Mar 01
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ر.س1.62 (down from ر.س1.85 in FY 2020). Revenue: ر.س1.03b (up 19% from FY 2020). Net income: ر.س161.5m (down 13% from FY 2020). Profit margin: 16% (down from 21% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 5.1% while the industry in Saudi Arabia is not expected to grow. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS ر.س0.38 (vs ر.س0.79 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س222.9m (down 5.9% from 3Q 2020). Net income: ر.س37.7m (down 52% from 3Q 2020). Profit margin: 17% (down from 33% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ر.س0.34 (vs ر.س0.076 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ر.س233.0m (up 67% from 2Q 2020). Net income: ر.س33.5m (up 341% from 2Q 2020). Profit margin: 14% (up from 5.4% 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 52% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 06
Consensus revenue estimates increase to ر.س1.16b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ر.س1.00b to ر.س1.16b. EPS estimate increased from ر.س2.20 to ر.س3.01 per share. Net income forecast to grow 29% next year vs 16% growth forecast for Basic Materials industry in Saudi Arabia. Consensus price target of ر.س47.09 unchanged from last update. Share price rose 2.3% to ر.س46.45 over the past week. Reported Earnings • May 08
First quarter 2021 earnings released: EPS ر.س0.67 (vs ر.س0.45 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ر.س321.5m (up 57% from 1Q 2020). Net income: ر.س67.0m (up 48% from 1Q 2020). Profit margin: 21% (down from 22% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 05
Upcoming dividend of ر.س1.25 per share Eligible shareholders must have bought the stock before 12 April 2021. Payment date: 07 May 2021. Trailing yield: 5.6%. Within top quartile of Saudi dividend payers (4.5%). Higher than average of industry peers (5.0%). Announcement • Mar 19
Arabian Cement Company, Annual General Meeting, Apr 11, 2021 Arabian Cement Company, Annual General Meeting, Apr 11, 2021, at 16:00 Coordinated Universal Time. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 7.9%. Over the next year, revenue is forecast to grow 4.9%, compared to a 5.8% growth forecast for the Basic Materials industry in Saudi Arabia. Price Target Changed • Mar 06
Price target raised to ر.س37.26 Up from ر.س32.70, the current price target is an average from 3 analysts. The new target price is 8.9% below the current share price of ر.س40.90. As of last close, the stock is up 23% over the past year. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ر.س1.85 (vs ر.س2.09 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ر.س871.9m (up 12% from FY 2019). Net income: ر.س184.9m (down 11% from FY 2019). Profit margin: 21% (down from 27% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jan 04
Arabian Cement Company Announces Board Appointments Arabian Cement Company announced the following directives of its newly elected board in its first meeting held on Jan. 2, 2021: First: The appointment of HE Eng. Abdullah Mohammed Noor Rehaimi (Independent) as Chairman of the Board of Directors. Second: The appointment of Mr. Saud Abdulaziz AlSulaiman (Non-executive) as Vice Chairman of the Board of Directors. Third: Formation of the Remuneration and Nomination Committee as follows: 1. Eng. Al Waleed Abdulrazaq AlDereyaan (Independent) as Chairman of the Committee. 2. Mr. Turki Abdullah AlRajhi (Non-executive) as Member. 3. Mr. Yousef Saleh Abalkhail (Independent) as Member. Fourth: Formation of the Corporate Governance and Social Responsibility Committee as follows: 1. Eng. Al Waleed Abdulrazaq AlDereyaan (Independent) as Chairman of the Committee. 2. Mr. Turki Abdullah AlRajhi (Non-executive) as Member. 3. Mr. Yousef Saleh Abalkhail (Independent) as Member. Fifth: Formation of the Risk Management Committee as follows: 1. Eng. Moutaz Qusai AlAzzawi (Non - executive) as Chairman of the Committee. 2. Mr. Fahad Abdullah Alissa. (Independent) as Member. 3. Mr. Naif Mesned AlMesned (External expert) as Member. Sixth: The approval of the General Assembly Meeting No. (64), dated Dec. 13, 2020, was previously announced to appoint the following Audit Committee members as follows: 1. Eng. Moutaz Qusai AlAzzawi (Non-executive) as Chairman of the Committee. 2. Mr. Fahad Abdullah Alissa (Non-executive) as Member. 3. Mr. Abdulatif Ali AlSeif (Independent) as Member. 4. Mr. Abdulaziz Saleh Ablkhail (External Expert) as Member. Seventh: Representatives of the company have been appointed to the Capital Market Authority (CMA) and the Saudi Stock Exchange Company (Tadawul) for all purposes related to the application of the Capital Market Law and implementing its regulations. Eighth: Appointment Mr. Hani Mohammed Lahji - Secretary of the Board of Directors. Is New 90 Day High Low • Jan 01
New 90-day high: ر.س36.85 The company is up 15% from its price of ر.س32.10 on 01 October 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س45.06 per share. Is New 90 Day High Low • Dec 04
New 90-day high: ر.س33.90 The company is up 13% from its price of ر.س29.95 on 03 September 2020. The Saudi market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س36.89 per share. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total profits of ر.س205.2m, up 35% from the prior year. Total revenue was ر.س815.8m over the last 12 months, up 13% from the prior year. Is New 90 Day High Low • Oct 15
New 90-day high: ر.س33.60 The company is up 21% from its price of ر.س27.80 on 16 July 2020. The Saudi market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س56.41 per share.