City Cement H1 profit drops 31% on lower sales

31/07/2018 Argaam Exclusive

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Share Price

City Cement Co.
19.94
(0.20) (0.99 %)

City Cement Co. (CITY CEMENT)

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City Cement Co. reported a net profit of SAR 34.78 million for the first half of 2018, down by 30.76 percent year-on-year (YoY), driven by weak sales, higher G&A expenses, increased zakat provisions, despite a decline in cost of sales.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 284.34 191.17 (32.8 %)
Gross Income 67.84 53.65 (20.9 %)
Operating Income 53.51 38.67 (27.7 %)
Net Income 50.24 34.79 (30.8 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.36 0.25 (30.8 %)

The cement producer’s net profit for the second quarter fell 20.06 percent YoY to SAR 9.88 million due to lower sales and higher G&A expenses.

 

On a sequential basis, the profit for the current period retreated 60.32 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 117.04 70.07 (40.1 %)
Gross Income 20.75 19.43 (6.4 %)
Operating Income 13.52 12.01 (11.2 %)
Net Income 12.36 9.88 (20.0 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.09 0.07 (20.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 88.26 - 56.67 - 50.54 - 0.36
Q4 2010 108.74 - 66.93 - 61.60 - 0.44
Q1 2011 116.28 - 67.59 - 63.49 - 0.45
Q2 2011 - - - - - - -
Q3 2011 67.19 (23.9 %) 42.08 (25.7 %) 38.18 (24.5 %) 0.27
Q4 2011 133.97 23.2 % 78.81 17.8 % 70.08 13.8 % 0.50
Q1 2012 132.66 14.1 % 87.65 29.7 % 83.44 31.4 % 0.60
Q2 2012 131.30 - 82.50 - 76.98 - 0.55
Q3 2012 87.05 29.6 % 57.55 36.8 % 39.03 2.2 % 0.28
Q4 2012 77.55 (42.1 %) 52.88 (32.9 %) 43.46 (38.0 %) 0.31
Q1 2013 98.18 (26.0 %) 57.06 (34.9 %) 51.79 (37.9 %) 0.37
Q2 2013 139.44 6.2 % 82.16 (0.4 %) 72.94 (5.2 %) 0.52
Q3 2013 97.49 12.0 % 56.39 (2.0 %) 45.42 16.4 % 0.32
Q4 2013 98.32 26.8 % 56.96 7.7 % 48.28 11.1 % 0.34
Q1 2014 121.74 24.0 % 73.33 28.5 % 65.25 26.0 % 0.47
Q2 2014 127.62 (8.5 %) 71.26 (13.3 %) 62.24 (14.7 %) 0.44
Q3 2014 90.61 (7.1 %) 56.32 (0.1 %) 46.96 3.4 % 0.34
Q4 2014 114.88 16.8 % 55.70 (2.2 %) 47.30 (2.0 %) 0.34
Q1 2015 145.41 19.4 % 75.75 3.3 % 67.59 3.6 % 0.48
Q2 2015 145.59 14.1 % 78.57 10.3 % 68.25 9.7 % 0.49
Q3 2015 113.91 25.7 % 56.69 0.7 % 47.39 0.9 % 0.34
Q4 2015 155.62 35.5 % 69.41 24.6 % 58.63 23.9 % 0.42
Q1 2016 180.36 24.0 % 83.90 10.8 % 73.32 8.5 % 0.52
Q2 2016 167.36 15.0 % 74.74 (4.9 %) 64.16 (6.0 %) 0.46
Q3 2016 116.31 2.1 % 42.25 (25.5 %) 32.92 (30.5 %) 0.24
Q4 2016 137.86 (11.4 %) 55.18 (20.5 %) 45.91 (21.7 %) 0.33
Q1 2017 167.30 (7.2 %) 47.09 (43.9 %) 37.87 (48.3 %) 0.27
Q2 2017 117.04 (30.1 %) 20.75 (72.2 %) 12.36 (80.7 %) 0.09
Q3 2017 105.84 (9.0 %) 27.81 (34.2 %) 19.24 (41.6 %) 0.14
Q4 2017 145.22 5.3 % 32.82 (40.5 %) 23.83 (48.1 %) 0.17
Q1 2018 121.10 (27.6 %) 34.22 (27.3 %) 24.90 (34.2 %) 0.18
Q2 2018 70.07 (40.1 %) 19.43 (6.4 %) 9.88 (20.0 %) 0.07

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 62.58 % 67.67 % 57.76 %
Q3 2012 63.20 % 70.42 % 55.58 %
Q4 2012 65.47 % 73.89 % 60.02 %
Q1 2013 63.44 % 72.62 % 57.24 %
Q2 2013 62.07 % 71.13 % 55.08 %
Q3 2013 60.22 % 68.78 % 55.23 %
Q4 2013 58.27 % 67.26 % 50.39 %
Q1 2014 58.83 % 67.19 % 50.74 %
Q2 2014 57.94 % 66.43 % 49.69 %
Q3 2014 58.83 % 67.51 % 50.82 %
Q4 2014 56.42 % 63.87 % 48.75 %
Q1 2015 54.13 % 61.44 % 46.83 %
Q2 2015 53.65 % 62.03 % 46.35 %
Q3 2015 51.31 % 61.39 % 44.35 %
Q4 2015 50.03 % 62.11 % 43.15 %
Q1 2016 48.46 % 61.81 % 41.58 %
Q2 2016 46.13 % 60.16 % 39.45 %
Q3 2016 43.62 % 58.35 % 36.96 %
Q4 2016 42.55 % 57.82 % 35.94 %
Q1 2017 37.24 % 52.96 % 30.72 %
Q2 2017 30.69 % 47.94 % 23.97 %
Q3 2017 28.56 % 45.89 % 21.85 %
Q4 2017 24.00 % 40.99 % 17.43 %
Q1 2018 23.63 % 40.18 % 16.42 %
Q2 2018 25.84 % 42.07 % 17.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 140.00 - - 7.56
Q4 2010 140.00 - - 7.06
Q1 2011 140.00 - - 7.51
Q2 2011 - - - -
Q3 2011 140.00 - - 7.58
Q4 2011 140.00 - - 7.14
Q1 2012 140.00 - - 7.22
Q2 2012 140.00 1.92 1.92 7.77
Q3 2012 140.00 1.93 1.93 13.80
Q4 2012 140.00 1.74 1.84 14.11
Q1 2013 140.00 1.51 1.61 14.48
Q2 2013 140.00 1.48 1.58 15.00
Q3 2013 140.00 1.53 1.63 15.32
Q4 2013 140.00 1.56 1.56 14.31
Q1 2014 140.00 1.66 1.66 14.77
Q2 2014 140.00 1.58 1.58 14.88
Q3 2014 140.00 1.59 1.59 15.21
Q4 2014 140.00 1.58 1.58 14.19
Q1 2015 140.00 1.60 1.60 14.67
Q2 2015 140.00 1.64 1.64 15.16
Q3 2015 140.00 1.65 1.65 15.50
Q4 2015 140.00 1.73 1.73 14.56
Q1 2016 140.00 1.77 1.77 15.08
Q2 2016 140.00 1.74 1.74 15.17
Q3 2016 140.00 1.64 1.64 14.39
Q4 2016 140.00 1.55 1.55 14.71
Q1 2017 140.00 1.29 1.29 14.98
Q2 2017 140.00 0.92 0.92 14.73
Q3 2017 140.00 0.82 0.82 14.87
Q4 2017 140.00 0.67 0.67 15.04
Q1 2018 140.00 0.57 0.57 15.22
Q2 2018 140.00 0.56 0.56 14.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 9.94 9.39 1.22
Q1 2013 11.66 10.92 1.22
Q2 2013 14.42 13.49 1.42
Q3 2013 16.84 15.79 1.68
Q4 2013 14.71 14.71 1.60
Q1 2014 14.04 14.04 1.57
Q2 2014 18.41 18.41 1.96
Q3 2014 18.63 18.63 1.95
Q4 2014 14.36 14.36 1.60
Q1 2015 13.78 13.78 1.50
Q2 2015 14.36 14.36 1.56
Q3 2015 10.86 10.86 1.15
Q4 2015 8.71 8.71 1.03
Q1 2016 7.72 7.72 0.91
Q2 2016 8.74 8.74 1.00
Q3 2016 7.32 7.32 0.83
Q4 2016 9.89 9.89 1.04
Q1 2017 9.69 9.69 0.84
Q2 2017 12.56 12.56 0.79
Q3 2017 12.44 12.44 0.69
Q4 2017 17.74 17.74 0.79
Q1 2018 19.78 19.78 0.75
Q2 2018 20.21 20.21 0.76

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 13.70 9.88 (27.9 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
AlJazira Capital 7.40 9.88 33.6 %
OSOOL AND BAKHEET 20.00 9.88 (50.6) %


Financial Ratios
Current
Market Cap (M Riyal) 2,791.60
Enterprise Value (EV) (M) 2,419.95
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 0.69
Book Value (BV) ( Riyal) 12.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 29.08
P/E (TTM) 29.08
Price/book 1.58
Return on Average Assets (%) (TTM) 5.0
Return on Average Equity (%) (TTM) 5.4
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