Major Estimate Revision • May 16
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ر.س1.74b to ر.س1.56b. EPS estimate unchanged from ر.س2.48 per share at last update. Basic Materials industry in Saudi Arabia expected to see average net income decline 0.9% next year. Consensus price target broadly unchanged at ر.س39.36. Share price was steady at ر.س32.58 over the past week. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: ر.س0.65 (vs ر.س0.71 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.65 (down from ر.س0.71 in 1Q 2025). Revenue: ر.س382.8m (down 8.5% from 1Q 2025). Net income: ر.س100.2m (down 7.7% from 1Q 2025). Profit margin: 26% (in line with 1Q 2025). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 23
Upcoming dividend of ر.س0.80 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 11 May 2026. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Saudi dividend payers (5.8%). Lower than average of industry peers (6.3%). Declared Dividend • Apr 01
Final dividend reduced to ر.س0.80 Dividend of ر.س0.80 is 47% lower than last year. Ex-date: 30th April 2026 Payment date: 11th May 2026 Dividend yield will be 5.2%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (72% 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 15% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 25
Saudi Cement Company(SASE:3030) dropped from FTSE All-World Index (USD) Saudi Cement Company(SASE:3030) dropped from FTSE All-World Index (USD) Reported Earnings • Mar 13
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ر.س2.38 (down from ر.س2.76 in FY 2024). Revenue: ر.س1.67b (flat on FY 2024). Net income: ر.س363.7m (down 14% from FY 2024). Profit margin: 22% (down from 25% in FY 2024). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 7.7%. Revenue is forecast to grow 3.8% 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 3% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Price Target Changed • Feb 06
Price target decreased by 9.8% to ر.س43.10 Down from ر.س47.78, the current price target is an average from 4 analysts. New target price is 23% above last closing price of ر.س35.18. Stock is down 20% over the past year. The company is forecast to post earnings per share of ر.س2.21 for next year compared to ر.س2.76 last year. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings have declined by 0.3% 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 0.3% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (95% cash payout ratio). Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ر.س0.35 (vs ر.س0.66 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.35 (down from ر.س0.66 in 3Q 2024). Revenue: ر.س363.9m (down 6.0% from 3Q 2024). Net income: ر.س53.2m (down 47% from 3Q 2024). Profit margin: 15% (down from 26% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ر.س0.62 (vs ر.س0.57 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.62 (up from ر.س0.57 in 2Q 2024). Revenue: ر.س431.5m (up 14% from 2Q 2024). Net income: ر.س95.5m (up 9.3% from 2Q 2024). Profit margin: 22% (down from 23% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ر.س0.71 (down from ر.س0.74 in 1Q 2024). Revenue: ر.س418.2m (down 1.9% from 1Q 2024). Net income: ر.س108.5m (down 4.6% from 1Q 2024). Profit margin: 26% (in line with 1Q 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • May 02
Saudi Cement Company Approves Cash Dividend for Second Half of 2024, Payable on May 12, 2025 Saudi Cement Company announced that at the Extraordinary general assembly meeting (Second Meeting) held on 30 April 2025, approved to distribute cash dividends to the shareholders for second half of 2024, at SAR 1.5 per share which is equivalent to (15 %) of the company’s share capital with a total amount of SAR 229.5 million provided the eligibility for dividend will be to the company’s shareholders who own the shares at the end of the day of general assembly and who are registered in the Company's shareholders register at Securities Depository Centre (Edaa) by the end of the second trading day following the entitlement date, and The distribution date will be at 12 May 2025. Declared Dividend • Mar 22
Final dividend of ر.س1.50 announced Shareholders will receive a dividend of ر.س1.50. Ex-date: 1st May 2025 Payment date: 12th May 2025 Dividend yield will be 6.4%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio). However, it is covered by cash flows (85% 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 11% to bring the payout ratio under control. EPS is expected to grow by 8.0% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Mar 21
Saudi Cement Company, Annual General Meeting, Apr 30, 2025 Saudi Cement Company, Annual General Meeting, Apr 30, 2025, at 18:30 Arab Standard Time. Location: dammam Saudi Arabia Reported Earnings • Mar 12
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ر.س2.76 (up from ر.س2.49 in FY 2023). Revenue: ر.س1.68b (up 15% from FY 2023). Net income: ر.س421.9m (up 11% from FY 2023). Profit margin: 25% (in line with FY 2023). Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 4.0% 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 increased by 10% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. Non-Executive Chairman of the Board Khalid bin Al-Rajhi was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jan 03
Saudi Cement Company Announces Board Changes Saudi Cement Company appointed Khalid Abdulrahman Al Rajhi as the board's Chairman for the next four years, according to a bourse filing. The board members also named Mohammed Abdulkarim Al Khereiji as the Vice Chairman. The two officials assumed their roles for a new board term that began on 1 January 2025 and will end on 31 December 2028. Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: ر.س0.65 (up from ر.س0.45 in 3Q 2023). Revenue: ر.س387.1m (up 23% from 3Q 2023). Net income: ر.س100.2m (up 47% from 3Q 2023). Profit margin: 26% (up from 22% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) exceeded analyst estimates by 23%. Revenue is forecast to grow 3.0% 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 increased by 7% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ر.س0.57 (vs ر.س0.56 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.57 (up from ر.س0.56 in 2Q 2023). Revenue: ر.س378.1m (up 6.1% from 2Q 2023). Net income: ر.س87.3m (up 2.5% from 2Q 2023). Profit margin: 23% (in line with 2Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 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 increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: ر.س0.74 (down from ر.س0.81 in 1Q 2023). Revenue: ر.س426.5m (up 4.1% from 1Q 2023). Net income: ر.س113.8m (down 8.1% from 1Q 2023). Profit margin: 27% (down from 30% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 4.4% 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 increased by 2% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 20
Consensus EPS estimates increase by 52% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ر.س2.31 to ر.س3.51. Revenue forecast steady at ر.س1.53b. Net income forecast to shrink 14% next year vs 18% decline forecast for Basic Materials industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س55.64. Share price was steady at ر.س46.65 over the past week. Declared Dividend • Apr 05
Final dividend reduced to ر.س1.00 Dividend of ر.س1.00 is 43% lower than last year. Ex-date: 25th April 2024 Payment date: 8th May 2024 Dividend yield will be 5.3%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio). However, it is covered by cash flows (84% 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 12% to bring the payout ratio under control. EPS is expected to grow by 20% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 16
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ر.س2.49 (down from ر.س2.61 in FY 2022). Revenue: ر.س1.46b (up 3.0% from FY 2022). Net income: ر.س381.0m (down 4.5% from FY 2022). Profit margin: 26% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Feb 07
Saudi Cement Company Recommends Cash Dividends for the Second Half of 2023 The Board of Directors of Saudi Cement Company has recommended to the General Assembly during its meeting held on 07 February 2024, to distribute cash dividends to the shareholders for the Second Half of 2023 as per the following: Dividend per share is SAR 1.0. The Total amount distributed is SAR 153 Million. Buying Opportunity • Jan 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be ر.س64.01, however this is not to be taken as a buy 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 2.8%. Revenue is forecast to grow by 6.2% in 2 years. Earnings is forecast to grow by 10% in the next 2 years. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ر.س0.45 (down from ر.س0.53 in 3Q 2022). Revenue: ر.س315.0m (down 4.0% from 3Q 2022). Net income: ر.س68.3m (down 15% from 3Q 2022). Profit margin: 22% (down from 25% in 3Q 2022). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 22%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 8.4% 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 whereas the company’s share price has fallen by 4% per year. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ر.س0.56 (vs ر.س0.67 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.56 (down from ر.س0.67 in 2Q 2022). Revenue: ر.س356.3m (up 2.1% from 2Q 2022). Net income: ر.س85.2m (down 17% from 2Q 2022). Profit margin: 24% (down from 29% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.9% 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 remained flat, which means it is well ahead of earnings. Price Target Changed • Jul 18
Price target increased by 8.0% to ر.س59.17 Up from ر.س54.76, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ر.س57.80. Stock is up 14% over the past year. The company is forecast to post earnings per share of ر.س2.62 for next year compared to ر.س2.61 last year. Major Estimate Revision • Jul 09
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ر.س2.31 to ر.س2.57. Revenue forecast unchanged at ر.س1.56b. Net income forecast to grow 4.9% next year vs 11% growth forecast for Basic Materials industry in Saudi Arabia. Consensus price target of ر.س57.67 unchanged from last update. Share price rose 2.0% to ر.س60.50 over the past week. Major Estimate Revision • Jun 21
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ر.س2.94 to ر.س2.31. Revenue forecast unchanged from ر.س1.46b at last update. Net income forecast to shrink 4.1% next year vs 38% growth forecast for Basic Materials industry in Saudi Arabia . Consensus price target of ر.س57.67 unchanged from last update. Share price was steady at ر.س59.00 over the past week. Price Target Changed • May 24
Price target increased by 8.3% to ر.س57.10 Up from ر.س52.70, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ر.س57.20. Stock is up 3.2% over the past year. The company is forecast to post earnings per share of ر.س2.94 for next year compared to ر.س2.61 last year. Reported Earnings • May 20
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: ر.س0.81 (up from ر.س0.40 in 1Q 2022). Revenue: ر.س409.6m (up 30% from 1Q 2022). Net income: ر.س123.8m (up 102% from 1Q 2022). Profit margin: 30% (up from 19% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 5.8%. Revenue is forecast to grow 9.8% p.a. on average 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 10% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Price Target Changed • Mar 24
Price target decreased by 8.8% to ر.س50.87 Down from ر.س55.76, the current price target is an average from 3 analysts. New target price is 6.2% below last closing price of ر.س54.20. Stock is down 8.0% over the past year. The company is forecast to post earnings per share of ر.س2.35 for next year compared to ر.س2.17 last year. Buying Opportunity • Nov 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.4%. The fair value is estimated to be ر.س65.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 25% in 2 years. Earnings is forecast to grow by 61% in the next 2 years. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: ر.س0.53 (vs ر.س0.38 in 3Q 2021) Third quarter 2022 results: EPS: ر.س0.53 (up from ر.س0.38 in 3Q 2021). Revenue: ر.س328.1m (up 7.6% from 3Q 2021). Net income: ر.س80.7m (up 37% from 3Q 2021). Profit margin: 25% (up from 19% in 3Q 2021). Revenue is forecast to grow 6.0% 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 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ر.س0.67 (vs ر.س0.56 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.67 (up from ر.س0.56 in 2Q 2021). Revenue: ر.س349.0m (flat on 2Q 2021). Net income: ر.س102.5m (up 19% from 2Q 2021). Profit margin: 29% (up from 25% in 2Q 2021). Over the next year, revenue is forecast to grow 9.0%, compared to a 7.1% growth forecast for the Basic Materials industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Jun 03
Saudi Cement Company Announces the Distribution of Cash Dividend for First Half of 2022, Payable on 15 June 2022 The Board of Directors of Saudi Cement Company has resolved during its meeting held on 01 June 2022, to distribute interim cash dividends to the shareholders for the first half of 2022 as to the following: The Total amount distributed: SAR 229.50 Million. Number of Shares Eligible for Dividends: 153 Million Shares. Dividend per share: SAR 1.5. The eligibility of Cash dividend shall be to shareholders who own the Company shares at the close of trading on 5 June 2022, and registered in the Company's register at Securities Depository Center Company (Edaa) by the end of the second trading day following the eligibility date. Distribution Date, Payment of dividends shall commence by Riyad Bank on 15 June 2022, through direct transfer to shareholders bank accounts linked to their investment portfolios, and direct pay to shareholders without investment portfolios by presenting their national ID cards at counters of any Riyad Bank branches. Reported Earnings • May 01
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ر.س0.40 (down from ر.س0.78 in 1Q 2021). Revenue: ر.س315.1m (down 27% from 1Q 2021). Net income: ر.س61.1m (down 49% from 1Q 2021). Profit margin: 19% (down from 28% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 22%, compared to a 2.6% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Announcement • Apr 12
Saudi Cement Company Approves Distributed Cash Dividend for Second Half of 2021, Payable on 20 April 2022 Saudi Cement Company at its ordinary general assembly meeting held on 10 April 2022 approved the distributed cash dividend to the shareholders for the first half of the fiscal year 2021, (SAR 1.5) per share representing (15%) of the share nominal value with total amount of SAR 229.5 million and approved the Board of Director's recommendation to distribute cash dividends to the shareholders for second half of 2021, at SAR 2 per share which is equivalent to (20%) of the company's share capital with a total amount of SAR 306 million Provided that the entitlement to dividends is for shareholders holding the shares by the end of the trading day of the assembly date who are registered in the Company's shareholders registry held by the Securities Depository Centre Company (Edaa) at the end of the second trading day following the entitlement date, and The distribution date will be at 20 April 2022. Buying Opportunity • Apr 11
Now 20% undervalued Over the last 90 days, the stock is up 7.1%. The fair value is estimated to be ر.س73.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Upcoming Dividend • Apr 04
Upcoming dividend of ر.س2.00 per share Eligible shareholders must have bought the stock before 11 April 2022. Payment date: 20 April 2022. The company is paying out more than 100% of its profits and is paying out 93% of its cash flow. Trailing yield: 5.7%. Within top quartile of Saudi dividend payers (4.1%). Higher than average of industry peers (4.4%). Reported Earnings • Mar 04
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ر.س2.17 (down from ر.س2.98 in FY 2020). Revenue: ر.س1.41b (down 10% from FY 2020). Net income: ر.س331.9m (down 27% from FY 2020). Profit margin: 24% (down from 29% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 7.2% while the industry in Saudi Arabia is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Price Target Changed • Mar 03
Price target decreased to ر.س58.72 Down from ر.س63.58, the current price target is an average from 4 analysts. New target price is 6.4% above last closing price of ر.س55.20. Stock is down 14% over the past year. The company is forecast to post earnings per share of ر.س2.20 for next year compared to ر.س2.98 last year. Announcement • Feb 02
Saudi Cement Co. Announces the Distribution of Cash Dividend for Second Half of 2021 Saudi Cement Company distributed cash dividends of SAR 2 to the shareholders for the Second Half of 2021. Buying Opportunity • Jan 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be ر.س69.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% per annum over the last 3 years. Earnings per share has grown by 2.8% per annum over the last 3 years. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS ر.س0.38 (vs ر.س0.70 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س304.9m (down 21% from 3Q 2020). Net income: ر.س58.7m (down 45% from 3Q 2020). Profit margin: 19% (down from 28% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 19
Saudi Cement Company (SASE:3030) acquired the remaining 37% stake in United Cement Company BSC (C) for SAR 28 million. Saudi Cement Company (SASE:3030) acquired the remaining 37% stake in United Cement Company BSC (C) for SAR 28 million on August 18, 2021. Saudi Cement increased its stake in United Cement Company from 63 to 100 per cent.
Saudi Cement Company (SASE:3030) completed the acquisition of the remaining 37% stake in United Cement Company BSC (C) on August 18, 2021. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ر.س0.56 (vs ر.س0.49 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ر.س348.1m (up 17% from 2Q 2020). Net income: ر.س86.1m (up 14% from 2Q 2020). Profit margin: 25% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Jul 13
Independent Director Mohammad Bin Sulaiman Balghonaim has left the company On the 30th of June, Mohammad Bin Sulaiman Balghonaim's tenure as Independent Director ended. As of March 2021, Mohammad still personally held 202.68k shares (ر.س9.9m worth at the time). Mohammad is the only executive to leave the company over the last 12 months. Price Target Changed • Jun 18
Price target increased to ر.س64.90 Up from ر.س60.02, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ر.س64.90. Stock is up 30% over the past year. Reported Earnings • May 07
First quarter 2021 earnings released: EPS ر.س0.78 (vs ر.س0.97 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ر.س429.1m (down 4.7% from 1Q 2020). Net income: ر.س119.4m (down 20% from 1Q 2020). Profit margin: 28% (down from 33% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Apr 01
Upcoming dividend of ر.س2.00 per share Eligible shareholders must have bought the stock before 08 April 2021. Payment date: 19 April 2021. Trailing yield: 5.3%. Within top quartile of Saudi dividend payers (4.5%). In line with average of industry peers (5.0%). Analyst Estimate Surprise Post Earnings • Feb 23
Revenue beats expectations Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 5.6%, compared to a 2.9% growth forecast for the Basic Materials industry in Saudi Arabia. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ر.س2.98 (vs ر.س2.95 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ر.س1.57b (up 8.9% from FY 2019). Net income: ر.س456.0m (up 1.0% from FY 2019). Profit margin: 29% (down from 31% 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 4% per year whereas the company’s share price has increased by 8% per year. Is New 90 Day High Low • Jan 15
New 90-day high: ر.س64.60 The company is up 7.0% from its price of ر.س60.10 on 15 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س47.07 per share. Is New 90 Day High Low • Dec 30
New 90-day high: ر.س61.80 The company is up 7.0% from its price of ر.س57.80 on 01 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 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س47.01 per share. Price Target Changed • Dec 19
Price target raised to ر.س57.42 Up from ر.س51.06, the current price target is an average from 5 analysts. The new target price is close to the current share price of ر.س59.60. As of last close, the stock is down 17% over the past year. Reported Earnings • Nov 09
Third quarter 2020 earnings released: EPS ر.س0.69 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ر.س386.8m (up 25% from 3Q 2019). Net income: ر.س106.4m (up 28% from 3Q 2019). Profit margin: 28% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of ر.س474.2m, up 9.6% from the prior year. Total revenue was ر.س1.54b over the last 12 months, up 14% from the prior year. Is New 90 Day High Low • Oct 14
New 90-day high: ر.س59.70 The company is up 8.0% from its price of ر.س55.40 on 16 July 2020. The Saudi market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س44.41 per share. Is New 90 Day High Low • Sep 28
New 90-day high: ر.س58.10 The company is up 10.0% from its price of ر.س53.00 on 30 June 2020. The Saudi market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س42.42 per share.