Saudi Cement Industry - A Comparative Study of Profitability Position during Economic Slowdown

International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-11, Issue-3 (June 2021)
www.ijemr.net https://doi.org/10.31033/ijemr.11.3.20
116 This Work is under Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Saudi Cement Industry - A Comparative Study of Profitability Position
during Economic Slowdown
Dr. Shahid Husain1
and Dr. Maysoon Khoja2
1
Assistant Professor, Department of Accounting, College of Administrative and Financial Sciences, Saudi Electronic
University, Jeddah, Kingdom of SAUDI ARABIA
2
Assistant Professor, Department of Accounting, College of Administrative and Financial Sciences, Saudi Electronic
University, Jeddah, Kingdom of SAUDI ARABIA
1
Corresponding Author: s.husain@seu.edu.sa
ABSTRACT
Infrastructure is one of the favorite projects of
every developed and developing nation. Construction
industry occupies a prominent place in the infrastructure
development of a country. Cement is one the elementary
material components in the construction industry. Saudi
Arabia has shown a weaker performance in generation of
revenue over a period of five years from 2015 to 2019. In a
situation of economic slowdown it becomes a challenge for
the business concerns to maintain their profitability. The
present study is designed to analyze and compare the
profitability position of cement companies in the kingdom
of Saudi Arabia during this period. The study belongs to
top five cement companies in terms of market value and
revenue generation in the kingdom of Saudi Arabia. To
measure the profitability gross profit ratio, operating ratio,
operating profit ratio, net profit ratio and return on
investment have been used as variables. One way anova has
been used to test the hypotheses. The study shows that these
companies do not differ significantly from one another in
terms of gross profit, operating profit and net profit but
they differ significantly when return on investment is
compared. Cement companies can increase their
profitability by improving the components of those ratios
that have been the cause of decline in profitability.
Keywords-- Infrastructure, Construction, Development,
Economy, Performance, Ratio, ROI, Gross Profit, Net
Profit, Revenue, Operating Profit
I. INTRODUCTION
Industry occupies a prominent place in the
development of a country’s economy. Industries
contribute to nation building process in a variety of
degrees. Infrastructure is one the favourite projects of
every developed and developing nation. Construction
Industry occupies a prominent place in the infrastructure
development of a country. Cement is considered to be a
main construction material as compared to others such as
bricks, woods and steel because cement is used in all
types of structure. Besides, cement can be economical
material than others. On the contrary, other construction
material such as wood cannot sustain for long as cement
does in tropic regions where the air is full of humidity or
too hot for the wood to be used. Cement is used in the
construction process of roads, dams, buildings, rails,
ports, airports, bridges etc. Cement sector is substantially
based upon the construction market as it plays a central
role in the erection, repair and maintenance of buildings,
palaces, hotels, villas etc.
1.1 Global Market Overview
4100 metric ton of cement were produced
globally in 2015, it was 4140 Mt (Metric Ton) in 2016,
4050 Mt in 2017, 4050 Mt in 2018 and 4100 Mt in 2019.
Cement production globally has remained relatively flat
from over a period of five years from 2015 to 2019.
China has been the largest producer over a period of five
years (2015 to 2019) with an average of 2296 Mt
followed by India with an average of 294 Mt for the
corresponding period.
1.2 Saudi Arabia Economy and Cement Sector
Overview
The economy of Saudi Arabia primarily
depends on oil and it is also the member of the
Organisation of Petroleum Exporting Countries. Saudi
oil reserves are the second largest in the world’s leading
oil exporter and second largest producer. Oil revenue of
Saudi Arabia was SAR 913 billion in 2014, SAR 446
billion in 2015, SAR 329 billion in 2016, SAR 440
billion in 2017. Of the total revenue oil revenue consists
of 87.47% in 2014, 72.5% in 2015, 73.43% in 2016 and
63.21% in 2017. Saudi Arabia’s annual GDP growth rate
was 3.7% in 2014, 4.1% in 2015, 1.7% in 2016, (-0.7) %
in 2017 and 2.3% in 2018. Oil revenue and GDP growth
rate both have shown a declining trend from 2015 to
2017. The Saudi Cement Sector was slipped down
during 2017 and 2018 as a result of the economic
slowdown on account of decreased oil revenues.
Construction growth rate has been affected with the
decrease in oil revenue. It has been consistently
declining as it was 6.75 % in 2014, 4.1 % in 2015, 1.7 %
in 2016 and (-0.7) % in 2017. As a result cement
production decreased from 57.2 million tons in 2014 to
42.2 million tons in 2018, disclosing a decline of 26%
over the said period. Local cement sales was 56.6
million tons in 2014 and it also decreased to 41 million
tons in 2018, revealing a decline of 28% over the period
(2014-2018). Value of awarded contracts was
significantly low during the period 2016 to 2018 as
compared to the period 2011 to 2015. Average value of

awarded contracts between years 2016 to 2018 was SAR
108,891 as against SAR 259,094 during the period 2011
to 2015. Cement production of Saudi Arabia decreased
from 57.2 million tons in 2014 to 42.2 million tons in
2018. This was a substantial decrease of about 26% in
the production of cement during the period 2014 to 2018.
The aggregate sales of seventeen cement producers in
the Kingdom of Saudi Arabia were 5.337 million tons by
the end of March 2020. The aggregate sales comprises of
the local sales of 5.162 million tons and export sales of
0.175 million tons. The decrease in the mega-projects
along with the reduction in energy subsidies and increase
in transportation costs impacted the profitability of the
cement producers in the kingdom of Saudi Arabia.
II. REVIEW OF LITERATURE
Al-Zoubi (2015) conducted a fundamental
analysis of Saudi Cement Industry over a period of five
years from 2010 to 2014 and found that Operating Profit
and Net Profit of the Saudi Cement Companies does not
differ significantly. Khan & Khokhar (2015) studied the
effect of financial ratios on profitability of listed firms of
cement sector in Saudi Arabia over a period of 5 years
from 2008 to 2012. Das & Mal (2016) conducted a
research on profitability of twelve cement companies in
India during a period of ten years from 2001 to 2010.
They found that six of the companies maintained their
efficiency in production as their Gross Profit Ratio was
higher as compared to industry average. It was also
revealed that six companies maintained the overall
profitability i.e. Return on Capital Employed at a level
above the industry average. Naz et al. (2016) conducted
a study on financial performance of eighteen cement
firm operating in Pakistan over a period of nine years
from 2006 to 2014. They found Net Profit Ratio as weak
indicator of financial performance as compared to Gross
Profit Ratio and Operating Profit Ratio. They concluded
that increase in Return on Investment would increase the
Profitability Ratios as well.
III. NEED FOR THE STUDY
As it is has been observed that economic
condition of Saudi Arabia has shown a weaker
performance in generation of revenue that led to decline
in the production, demand and sales of cement over a
period of five years from 2015 to 2019. Profitability is
considered to be the outcome of these factors. The
survival and growth of any business concern depends
upon its profitability. In a situation of economic
slowdown, it becomes a challenge for the business
concern to maintain profitability. Therefore, studying the
profitability positions of Cement Companies during such
an economic slowdown becomes imperative.
IV. STATEMENT OF THE PROBLEM
In the adverse economic situation, were the profitability
of cement companies different from one another? Could
cement countries of Saudi Arabia maintain their
comparative profitability during the phases of economic
adversities?
V. OBJECTIVE OF THE STUDY
The present study is to analyse and compare the
profitability position of top five cement companies
during the period of economic slowdown i.e. from year
2015 to year 2019.
VI. HYPOTHESES
H1: There is no significant difference between the Gross
Profit Ratio of the selected cement companies.
H2: There is no significant difference between the
Operating Ratios of the selected cement companies.
H3: There is no significant difference between
Operating Profit Ratio of the selected cement companies.
H4: There is no significant difference between the Net
Profit Ratio of the selected cement companies.
H5: There is no significant difference between Return on
Investment of Selected cement Companies.
VII. RESEARCH METHODOLOGY
7.1 Scope of the Study
The study belongs to the top five cement
companies operating in the Kingdom of Saudi Arabia.
As per Morcopolis report the top five cement companies
in terms of market value and revenue generation in the
kingdom are Saudi Cement, Southern Cement, Yamama
Cement, Yanbu and Arabian Cement. Saudi Cement was
established as a Joint Stock Company in the year 1955.
Saudi Cement occupies a prominent role in the
manufacturing and supply of high quality of cement and
have assisted numerous construction projects in the
Middle East for more than six decades. Southern Cement
Company was established in 1978 as holding company at
Abha in Saudi Arabia and it is part a of Cement and
Concrete Product Manufacturing Industry. Yamama
Cement commenced its operation in the year 1966 in the
Capital City of Riyadh, Saudi Arabia. It is part of
Cement and Concrete Production Manufacturing
Industry. Yanbu Cement is the largest cement company
in the Western Region with a total installed capacity of
more than 7 million tons of clinker and cement dispatch
capacity of more than 10 million tons per annum.
Arabian Cement was established in 1955 at Jeddah as the
first cement company in the Kingdom of Saudi Arabia
and the entire Arabian Gulf.
7.2 Population and Sample
The population under this research is all
seventeen cement companies operating in the kingdom
of Saudi Arabia. A sample of five cement companies

who acquired the top positions in terms of market value
and revenue generation have been taken for the study.
7.3 Data Collection
The type of data used in this study is secondary
in nature. Annual Reports published by the cement
companies is the primary source of data collection. The
data was collected from the Audited Financial
Statements and Annual Reports of the top five cement
companies. Where information was not available in the
Annual Reports, data were obtained from Economic
Brief of United States - Saudi Arabian Business Council,
Cement Sector Handbook of Riyadh Capital, General
Authority of Statistics in the kingdom, Global Placement
Reports and Reports of Transparency Market Research
and websites of government agencies.
7.4 Statistical Tool
Mean, Standard Deviation, Minimum and
Maximum were used as statistical tools for descriptive
statistics. One way Analysis of Variance (ANOVA) has
been used as a statistical tool for testing the hypotheses.
5% level of significant has been used for critical values
to test the hypotheses.
7.5 Variables and Their Measurement
Ratio Analysis is the widely used tools of
analysis for Financial Statements. It is used to interpret
quantitative relationship between two variables of the
financial statement. Efficiency of business can be
indicated by its profitability. Accounting Ratios that
measure the profitability of a business are called as
Profitability Ratios. Profitability Ratios such as Gross
Profit Ratio, Operating Ratio, Operating Profit Ratio,
Net Profit Ratio and Return on Investment (ROI) have
been used as variables under the current study.
7.5.1 Gross Profit Ratio
It establishes the relationship of Gross Profit
and Revenue from Operations of an enterprises.
Gross Profit Ratio = X 100
Gross Profit is the difference between Revenue
from Operations and Cost of Revenue from Operations.
Gross Profit Ratio is computed to determine the
efficiency of production cost in accordance with the
revenue generation. Higher the Gross Profit Ratio,
higher the capacity of covering the cost of administrative
and selling activities.
7.5.2 Operating Ratio
It establishes the relationship between
Operating Cost (i.e. Cost of Revenue from Operations +
Operating Expenses) and Revenue from Operations.
Operating Cost includes those expenses which are
incurred for operating activities of business.
Operating Ratio = X 100
The objective of computing Operating Ratio is
to assess the operational efficiency of the business.
Lower Operating Ratio is better as it leaves higher profit
margin to meet non-operating expenses. A rise in the
Operating Ratio indicates decline in operational
efficiency of a business enterprise.
7.5.3 Operating Profit Ratio
It measures the relationship between Operating
Profit and Revenue from Operations. It is computed by
dividing operating profit by Revenue from Operations
and is expressed as percentage.
Operating Profit Ratio = ( )
X 100
Operating Profit = Gross Profit + Other Operating Income – Other Operating Expenses
The objective of computing this ratio is also to
determine operational efficiency of the business. An
increase in the ratio over the previous year shows an
improvement in the operational efficiency. It is worth
mentioning that Operating Profit Ratio and Operating
Ratio are complementary to each other and so, sum of
two ratios will always be 100%. A certain percentage of
increase in operating ratio will surely decrease the
Operating Profit Ratio by the same percentage.
7.5.4 Net Profit Ratio
It establishes the relationship between Net
Profit and Revenue from Operations, i.e. Net Sales. Net
Profit Ratio is an indicator of overall efficiency of the
business. Higher the Net Profit Ratio, better the business.
It is computed as follows:
Net Profit Ratio = X 100
7.5.5 Return on Investment
Return on Investment or Return on Capital
Employed exhibits the relationship of profit (Profit
before Interest, Tax and Dividend) with Capital
Employed. This ratio is computed as, Return on
Investment

(ROI) = X 100
Capital Employed = [Share Capital + All Reserves + Surplus + Long Term Borrowings – Long Term Provisions]
Return on Investment (ROI) assesses overall
performance (Profitability) of the enterprise. It measures
how efficiently the resources of the business are used. It
is a fair measure of the profitability of any concern with
the result that the performance of different industries
may be compared. To assess whether the ratio is
satisfactory or not, it should be compared with its own
ratios of the past years or with the ratios of similar
enterprises in the industry or with the ratio of industry
standards.
VIII. RESULTS AND DISCUSSION
It is evident from Table 1 that Saudi Cement
Company has the highest Average Gross Profit Ratio
(52.62%) during the study period 2015-2019 whereas the
least Average Gross Profit Ratio (38.13%) has been
scored by Arabian Cement Company during the same
period. A higher average gross profit ratio of Saudi
Cement could be due to consistent control over the cost
of goods sold or higher selling price or both. Southern
Cement got the highest (87.49%) Gross Profit Ratio
among all the companies in any of the year during this
period whereas Yamama Cement Company was the least
achiever (4.25 %) among these five companies. A low
gross profit ratio of Yamama and Arabian Cement
Company indicates their inefficiency of controlling cost
of goods sold.
Table 1: Descriptive Statistics of Gross Profit Ratios of Selected Cement Companies
Saudi
Cement
Southern
Cement
Yamama
Cement
Yanbu
Cement
Arabian
Cement
Average 0.5262 0.4612 0.3968 0.4172 0.3813
SD 0.1970 0.2547 0.2521 0.2313 0.2437
MIN 0.3732 0.2013 0.0425 0.1464 0.0484
MAX 0.8700 0.8749 0.6720 0.6775 0.6090
Table 2 shows that Arabian Cement Company had
the highest average operating ratio (68.17%) during 2015
to 2019 whereas Saudi Cement Company for the same
period had 55.16 %. A higher operating ratio happens
due to higher cost of goods sold or higher operating
expense or both. Yamama and Arabian Cement have
comparatively higher operating ratio. However, there is
not much differences among the operating ratios of all
the firms.
Table 2: Descriptive Statistics of Operating Ratios of Selected Cement Companies
Saudi
Cement
Southern
Cement
Yamama
Cement
Yanbu
Cement
Arabian
Cement
Average 0.5516 0.5767 0.6715 0.6294 0.6817
SD 0.0889 0.1110 0.2217 0.1466 0.1856
MIN 0.4671 0.4856 0.4676 0.4881 0.5992
MAX 0.6594 0.7582 1.0541 0.8763 1.0500
Table 3 shows that an average of 43.95 % of
Operating Profit Ratio was scored by Saudi Cement
Company whereas it was only 32.83 % in case of
Arabian Cement Company. Yamama Cement Company
(-5.41 %) and Arabian Cement Company (-5.00 %)
suffered operating losses during the period under study.
A higher operating profit ratio of Saudi Cement
Company shows its better operational efficiency as
compared to other firms in the Industry.

Table 3: Descriptive Statistics of Operating Profit Ratios of Selected Cement Companies
Saudi
Cement
Southern
Cement
Yamama
Cement
Yanbu
Cement
Arabian
Cement
Average 0.4395 0.4261 0.3268 0.3706 0.3283
SD 0.0803 0.1112 0.2203 0.1466 0.1926
MIN 0.3406 0.2418 -0.0541 0.1237 -0.0500
MAX 0.5242 0.5144 0.5283 0.5119 0.4008
It is evident from Table 4 Net Profit Ratio of
Saudi Cement Company was 42.20 % whereas it was
36.05 % for Yanbu Cement Company and 29.96 % for
Arabian Cement Company. Table 4 depicts that Yamama
Cement Company (-9.95 %) and Arabian Cement
Company (-6.06 %) have suffered net losses in any of
these years as their minimum score is in negative.
Table 4: Descriptive Statistics of Net Profit Ratios of Selected Cement Companies
Saudi
Cement
Southern
Cement
Yamama
Cement
Yanbu
Cement
Arabian
Cement
Average 0.4220 0.4161 0.2914 0.3605 0.2996
SD 0.0838 0.1188 0.2229 0.1443 0.1844
MIN 0.3131 0.2194 -0.0995 0.1215 -0.0606
MAX 0.5067 0.5073 0.4896 0.4997 0.4037
Table 5 for Descriptive Statistics on Return on
Investment shows that Yanbu Cement Company has
achieved highest Average Return on Investment i.e.
11.47 % during the period 2015 to 2019. Yamama
Cement Company scored the least (3.99 %) among all
the five companies during the said period. Maximum of
Return on Investment across the companies during the
period of study varies substantially as it is ranging from
14.97% to 28.61% and Minimum of Return of
Investment also varies tremendously from (-3.31) % to
14.86 % during the same period.
Table 5: Descriptive Statistics of Return on Investment Ratios of Selected Cement Companies
Saudi
Cement
Southern
Cement
Yamama
Cement
Yanbu
Cement
Arabian
Cement
Average 0.0460 0.0535 0.0399 0.1147 0.0932
SD 0.0688 0.0968 0.0691 0.0694 0.0945
MIN 0.1486 0.0552 0.0041 0.0323 -0.0331
MAX 0.2861 0.2829 0.1797 0.2120 0.2161
Table 6 depicts the One Way Analysis of
Variance for Gross Profit Ratios of the selected
companies and it is clear from the table that the
calculated F Value of Gross Profit Ratio (0.9114) is less
than the Tabulated Value (2.8661) at 0.05 level of
significance, therefore, the null hypothesis H1 i.e. there
is no significant difference between the Gross Profit
Ratios of the selected company is accepted. Because the
P-value (0.4763) is also greater than the level of
significance (0.05) it can be interpreted that there is no
significant difference between the Gross Profit Ratio of
the selected Cement Companies of Saudi Arabia.

Table 6: One Way ANOVA (Gross Profit Ratio)
Source of
Variation SS df MS F P-value F crit
Between
Groups 0.0918 4 0.0230 0.9114 0.4763 2.8661
Within
Groups 0.5037 20 0.0252
Total 0.5956 24
It can be found from Table 7 that the calculated
F Value of Operating Ratio (1.0321) is less than the
Tabulated Value (2.8661) at 0.05 level of significance,
therefore, the null hypothesis (H2) is accepted. It can be
interpreted that there is no significant difference between
the Operating Ratio of the selected Cement Companies
of Saudi Arabia.
Table 7: One Way ANOVA (Operating Ratio)
Source of
Between
Groups 0.1035 4 0.0259 1.0321 0.4151 2.8661
Within
Groups 0.5014 20 0.0251
Total 0.6049 24
Table 8 represents the values calculated using
one way ANOVA for Operating Profit Ratios of the
selected cement companies. The calculated F Value of
Operating Profit Ratio (0.9114) is less than the
Tabulated Value (2.8661) at 0.05 level of significance,
therefore, the null hypothesis (H3) is accepted. It can be
interpreted that there is no significant difference between
the Operating Profit Ratio of the selected Cement
Companies of Saudi Arabia.
Table 8: One Way ANOVA (Operating Profit Ratio)
Source of
Between
Groups 0.0918 4 0.0230 0.9114 0.4763 2.8661
Within
Groups 0.5037 20 0.0252
Total 0.5956 24
Table 9 shows the calculated values of Net
Profit Ratio using the One Way ANOVA for the selected
companies. Net Profit Ratio has F Value of 1.1755
which is less than the Tabulated Value (2.8661) at 0.05
level of significance, therefore, the null hypothesis (H4)
is accepted. It can be interpreted that there is no
significant difference between the Net Profit Ratio of the
selected Cement Companies of Saudi Arabia. The
results of the current study support the findings of Al-
Zoubi (2015) as he also found that the Null Hypothesis
was accepted for Operating Profit and Net Profit
positions of Cement Companies in the Kingdom of Saudi
Arabia. There was no significant differences between the
Operating Profit and Net Profit of the selected cement
companies.

Table 9: One Way ANOVA (Net Profit Ratio)
Source of
Between
Groups 0.1182 4 0.0295 1.1755 0.3515 2.8661
Within
Groups 0.5027 20 0.0251
Total 0.6209 24
Table 10 depicts calculated and tabulated value
of F with reference to Return on Investment. Since the
calculated F value of Return on Investment (2.9154) is
greater than the tabulated value (2.8661), it can be stated
that there is significant difference between the Return on
Investment of the five companies under studies over a
period of five years from 2015 to 2019. Hence, null
hypothesis (H5) is rejected.
Table 10: One Way ANOVA (Return On Investment Ratio)
Source of
Between
Groups 0.0560 4 0.0140 2.9154 0.0326 2.8661
Within
Groups 0.1307 20 0.0065
Total 0.1867 24
IX. FINDINGS
Cement production around the globe has
remained relatively constant (Approximately 4000 Mt)
over a period of five years from 2015 to 2019. Oil
revenue of Saudi Arabia has tremendously declined from
SAR 913 billion in 2014 to SAR 329 billion in 2016
followed by a little increase (SAR 440 billion) in 2017.
Construction growth rate has substantially declined from
6.75% in 2014 to (-0.7) % in 2017 consequently a
decline of 26% in production of cement has been
observed. Gross Profit Ratio, Operating Ratio, Operating
Profit Ratio and Net Profit Ratio of the Saudi Cement,
Southern Cement, Yamama Cement, Yanbu Cement and
Arabian Cement do not differ significantly. However,
Return on Investment of these companies differ
significantly.
X. CONCLUSIONS AND SCOPE FOR
FURTHER RESEARCH
Saudi Cement Company could efficiently
manage the cost of goods sold as compared to its rival
firms during 2015 to 2019. However, statistically there is
no significant difference in the Gross Profit Ratio,
Operating Ratio, Operating Profit Ratio and Net Profit
Ratio of the selected companies, Saudi Cement
Company has performed well in all the dimensions under
study. The current study has focussed only one direction
i.e. Profitability of Cement Companies operating in
Saudi Arabia. Companies’ performance with reference to
liquidity, efficiency and solvency can also be analysed
considering it as scope for further research in this field.
Moreover, upcoming research can include more
companies and an extended period of time as well.
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