Saudi Cement posts SAR 303 mln (+6%) net profit in Q1-2015

14/04/2015 Argaam Exclusive

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Saudi Cement Co. (SAUDI CEMENT)

Saudi Cement Company, the largest producer in the kingdom, reported a net profit of SAR 303 million for first quarter, 6% higher compared to the same period in 2014.

Compared to the same period last year, first quarter's increase was mainly attributed to better sales driven by higher exports, as well as the growth of the company’s share from its affiliates’ profit.

This quarter's increase, compared to the previous quarter, was attributed to higher sales revenue, lower Zakat expenses, and other improved revenues, the company added.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2014	Q1 2015	Change‬
Revenues	534.76	550.88	3.0 %
Gross Income	326.08	339.26	4.0 %
Operating Income	303.59	310.22	2.2 %
Net Income	286.05	303.10	6.0 %
Average Shares	153.00	153.00	-
EPS (Riyals)	1.87	1.98	6.0 %

Item	Q4 2014	Q1 2015	Change‬
Revenues	525.71	550.88	4.8 %
Gross Income	315.73	339.26	7.5 %
Operating Income	286.84	310.22	8.2 %
Net Income	268.02	303.10	13.1 %
Average Shares	153.00	153.00	-
EPS (Riyals)	1.75	1.98	13.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	293.03	15.4 %	162.87	24.5 %	152.64	19.2 %	1.00
Q2 2006	325.97	17.9 %	183.72	29.8 %	174.99	26.7 %	1.14
Q3 2006	297.11	0.3 %	169.37	25.9 %	155.49	20.7 %	1.02
Q4 2006	284.13	(2.0 %)	160.07	31.4 %	154.64	73.2 %	1.01
2006	1,200.24	7.5 %	676.02	27.8 %	637.76	31.7 %	4.17
Q1 2007	341.45	16.5 %	182.42	12.0 %	169.00	10.7 %	1.10
Q2 2007	348.71	7.0 %	200.11	8.9 %	189.47	8.3 %	1.24
Q3 2007	338.30	13.9 %	176.46	4.2 %	159.43	2.5 %	1.04
Q4 2007	333.49	17.4 %	187.99	17.4 %	168.49	9.0 %	1.10
2007	1,361.95	13.5 %	746.98	10.5 %	686.40	7.6 %	4.49
Q1 2008	342.69	0.4 %	190.29	4.3 %	173.30	2.5 %	1.13
Q2 2008	350.17	0.4 %	188.73	(5.7 %)	171.59	(9.4 %)	1.12
Q3 2008	325.22	(3.9 %)	174.45	(1.1 %)	144.73	(9.2 %)	0.95
Q4 2008	241.54	(27.6 %)	151.15	(19.6 %)	131.70	(21.8 %)	0.86
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
Q1 2009	350.67	2.3 %	182.93	(3.9 %)	152.00	(12.3 %)	0.99
Q2 2009	357.18	2.0 %	180.97	(4.1 %)	167.66	(2.3 %)	1.10
Q3 2009	307.74	(5.4 %)	148.14	(15.1 %)	123.14	(14.9 %)	0.80
Q4 2009	330.29	36.7 %	167.49	10.8 %	139.59	6.0 %	0.91
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
Q1 2010	410.89	17.2 %	205.89	12.5 %	176.58	16.2 %	1.15
Q2 2010	420.42	17.7 %	219.99	21.6 %	190.62	13.7 %	1.25
Q3 2010	327.10	6.3 %	163.93	10.7 %	140.28	13.9 %	0.92
Q4 2010	367.74	11.3 %	179.09	6.9 %	152.04	8.9 %	0.99
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
Q1 2011	423.13	3.0 %	243.65	18.3 %	210.85	19.4 %	1.38
Q2 2011	462.98	10.1 %	243.45	10.7 %	213.76	12.1 %	1.40
Q3 2011	387.26	18.4 %	224.21	36.8 %	195.26	39.2 %	1.28
Q4 2011	442.73	20.4 %	239.69	33.8 %	211.37	39.0 %	1.38
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
Q1 2012	639.29	51.1 %	352.60	44.7 %	325.56	54.4 %	2.13
Q2 2012	591.03	27.7 %	316.21	29.9 %	290.24	35.8 %	1.90
Q3 2012	433.14	11.8 %	238.40	6.3 %	209.45	7.3 %	1.37
Q4 2012	539.99	22.0 %	322.00	34.3 %	276.54	30.8 %	1.81
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
Q1 2013	612.75	(4.2 %)	374.11	6.1 %	340.30	4.5 %	2.22
Q2 2013	626.42	6.0 %	339.99	7.5 %	307.14	5.8 %	2.01
Q3 2013	455.13	5.1 %	260.41	9.2 %	229.06	9.4 %	1.50
Q4 2013	492.95	(8.7 %)	309.75	(3.8 %)	247.30	(10.6 %)	1.62
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
Q1 2014	534.76	(12.7 %)	326.08	(12.8 %)	286.05	(15.9 %)	1.87
Q2 2014	538.38	(14.1 %)	322.82	(5.0 %)	288.30	(6.1 %)	1.88
Q3 2014	425.74	(6.5 %)	264.43	1.5 %	231.72	1.2 %	1.51
Q4 2014	525.71	6.6 %	315.73	1.9 %	268.02	8.4 %	1.75
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
Q1 2015	550.88	3.0 %	339.26	4.0 %	303.10	6.0 %	1.98

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	1,116.34	18.7 %	528.77	12.6 %	484.29	10.7 %	3.17
2006	1,200.24	7.5 %	676.02	27.8 %	637.76	31.7 %	4.17
2007	1,361.95	13.5 %	746.98	10.5 %	686.40	7.6 %	4.49
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	48.54 %	54.34 %	44.04 %
Q2 2006	50.04 %	54.72 %	45.28 %
Q3 2006	52.88 %	56.73 %	47.46 %
Q4 2006	56.32 %	62.10 %	53.14 %
2006	56.32 %	62.10 %	53.14 %
Q1 2007	55.71 %	61.92 %	52.39 %
Q2 2007	56.00 %	61.15 %	52.59 %
Q3 2007	54.78 %	59.25 %	51.24 %
Q4 2007	54.85 %	58.25 %	50.40 %
2007	54.85 %	58.25 %	50.40 %
Q1 2008	55.37 %	57.03 %	50.67 %
Q2 2008	54.48 %	56.10 %	49.30 %
Q3 2008	54.86 %	55.84 %	48.69 %
Q4 2008	55.94 %	56.60 %	49.33 %
2008	55.94 %	56.60 %	49.33 %
Q1 2009	55.01 %	57.42 %	47.34 %
Q2 2009	54.10 %	58.91 %	46.77 %
Q3 2009	52.76 %	60.33 %	45.70 %
Q4 2009	50.49 %	60.28 %	43.27 %
2009	50.49 %	60.28 %	43.27 %
Q1 2010	49.96 %	59.64 %	43.17 %
Q2 2010	50.47 %	59.49 %	42.87 %
Q3 2010	50.87 %	59.53 %	43.47 %
Q4 2010	50.38 %	58.59 %	43.22 %
2010	50.38 %	58.59 %	43.22 %
Q1 2011	52.44 %	59.80 %	45.10 %
Q2 2011	52.51 %	59.80 %	45.35 %
Q3 2011	54.26 %	60.47 %	47.04 %
Q4 2011	55.42 %	61.26 %	48.44 %
2011	55.42 %	61.26 %	48.44 %
Q1 2012	54.86 %	60.51 %	48.96 %
Q2 2012	54.98 %	60.04 %	49.62 %
Q3 2012	54.45 %	59.94 %	49.22 %
Q4 2012	55.79 %	60.94 %	50.00 %
2012	55.79 %	60.94 %	50.00 %
Q1 2013	57.45 %	62.67 %	51.29 %
Q2 2013	57.61 %	62.66 %	51.23 %
Q3 2013	58.03 %	62.90 %	51.61 %
Q4 2013	58.72 %	63.38 %	51.38 %
2013	58.72 %	63.38 %	51.38 %
Q1 2014	58.61 %	63.45 %	50.71 %
Q2 2014	60.31 %	65.26 %	51.98 %
Q3 2014	61.40 %	66.27 %	52.88 %
Q4 2014	60.71 %	65.63 %	53.05 %
2014	60.71 %	65.63 %	53.05 %
Q1 2015	60.87 %	65.62 %	53.47 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	47.37 %	54.10 %	43.38 %
2006	56.32 %	62.10 %	53.14 %
2007	54.85 %	58.25 %	50.40 %
2008	55.94 %	56.60 %	49.33 %
2009	50.49 %	60.28 %	43.27 %
2010	50.38 %	58.59 %	43.22 %
2011	55.42 %	61.26 %	48.44 %
2012	55.79 %	60.94 %	50.00 %
2013	58.72 %	63.38 %	51.38 %
2014	60.71 %	65.63 %	53.05 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	55.58 %	62.09 %	52.09 %
Q2 2006	56.36 %	61.32 %	53.68 %
Q3 2006	57.01 %	62.90 %	52.33 %
Q4 2006	56.34 %	62.16 %	54.43 %
Q1 2007	53.43 %	61.43 %	49.50 %
Q2 2007	57.39 %	58.57 %	54.34 %
Q3 2007	52.16 %	55.31 %	47.13 %
Q4 2007	56.37 %	57.65 %	50.52 %
Q1 2008	55.53 %	56.58 %	50.57 %
Q2 2008	53.90 %	54.92 %	49.00 %
Q3 2008	53.64 %	54.22 %	44.50 %
Q4 2008	62.58 %	62.26 %	54.53 %
Q1 2009	52.17 %	59.55 %	43.35 %
Q2 2009	50.67 %	60.30 %	46.94 %
Q3 2009	48.14 %	59.75 %	40.01 %
Q4 2009	50.71 %	61.51 %	42.26 %
Q1 2010	50.11 %	57.49 %	42.97 %
Q2 2010	52.33 %	59.66 %	45.34 %
Q3 2010	50.12 %	59.93 %	42.89 %
Q4 2010	48.70 %	57.39 %	41.35 %
Q1 2011	57.58 %	61.94 %	49.83 %
Q2 2011	52.58 %	59.67 %	46.17 %
Q3 2011	57.90 %	62.74 %	50.42 %
Q4 2011	54.14 %	60.98 %	47.74 %
Q1 2012	55.16 %	59.43 %	50.93 %
Q2 2012	53.50 %	58.21 %	49.11 %
Q3 2012	55.04 %	61.97 %	48.36 %
Q4 2012	59.63 %	64.88 %	51.21 %
Q1 2013	61.06 %	65.52 %	55.54 %
Q2 2013	54.27 %	58.43 %	49.03 %
Q3 2013	57.22 %	63.17 %	50.33 %
Q4 2013	62.84 %	67.23 %	50.17 %
Q1 2014	60.98 %	66.09 %	53.49 %
Q2 2014	59.96 %	64.41 %	53.55 %
Q3 2014	62.11 %	67.73 %	54.43 %
Q4 2014	60.06 %	64.70 %	50.98 %
Q1 2015	61.58 %	66.04 %	55.02 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	153.00	3.33	3.33	12.66
Q2 2006	153.00	3.57	3.57	13.80
Q3 2006	153.00	3.74	3.74	14.82
Q4 2006	153.00	4.17	4.17	15.83
Q1 2007	153.00	4.28	4.28	14.52
Q2 2007	153.00	4.37	4.37	15.76
Q3 2007	153.00	4.40	4.40	16.80
Q4 2007	153.00	4.49	4.49	17.90
Q1 2008	153.00	4.51	4.51	15.68
Q2 2008	153.00	4.40	4.40	16.81
Q3 2008	153.00	4.30	4.30	17.75
Q4 2008	153.00	4.06	4.06	18.61
Q1 2009	153.00	3.92	3.92	17.26
Q2 2009	153.00	3.90	3.90	18.35
Q3 2009	153.00	3.75	3.75	19.16
Q4 2009	153.00	3.81	3.81	20.07
Q1 2010	153.00	3.97	3.97	18.88
Q2 2010	153.00	4.12	4.12	20.12
Q3 2010	153.00	4.23	4.23	21.05
Q4 2010	153.00	4.31	4.31	22.03
Q1 2011	153.00	4.53	4.53	23.41
Q2 2011	153.00	4.69	4.69	18.80
Q3 2011	153.00	5.05	5.05	20.07
Q4 2011	153.00	5.43	5.43	21.45
Q1 2012	153.00	6.18	6.18	19.07
Q2 2012	153.00	6.68	6.68	17.46
Q3 2012	153.00	6.78	6.78	18.83
Q4 2012	153.00	7.20	7.20	20.64
Q1 2013	153.00	7.30	7.30	19.35
Q2 2013	153.00	7.41	7.41	17.86
Q3 2013	153.00	7.54	7.54	19.35
Q4 2013	153.00	7.35	7.35	20.97
Q1 2014	153.00	6.99	6.99	19.33
Q2 2014	153.00	6.87	6.87	17.38
Q3 2014	153.00	6.88	6.88	18.90
Q4 2014	153.00	7.02	7.02	20.65
Q1 2015	153.00	7.13	7.13	20.12

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	153.00	3.17	3.17	12.87
2006	153.00	4.17	4.17	15.83
2007	153.00	4.49	4.49	17.90
2008	153.00	4.06	4.06	18.61
2009	153.00	3.81	3.81	20.07
2010	153.00	4.31	4.31	22.03
2011	153.00	5.43	5.43	21.45
2012	153.00	7.20	7.20	20.64
2013	153.00	7.35	7.35	20.97
2014	153.00	7.02	7.02	20.65

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	24.17	24.17	6.35
Q2 2006	22.01	22.01	5.69
Q3 2006	19.42	19.42	4.90
Q4 2006	15.75	15.75	4.15
Q1 2007	13.10	13.10	3.86
Q2 2007	12.17	12.17	3.37
Q3 2007	13.46	13.46	3.52
Q4 2007	18.87	18.87	4.73
Q1 2008	16.69	16.69	4.80
Q2 2008	17.36	17.36	4.54
Q3 2008	12.79	12.79	3.10
Q4 2008	9.28	9.28	2.02
Q1 2009	9.77	9.77	2.22
Q2 2009	9.75	9.75	2.07
Q3 2009	11.45	11.45	2.24
Q4 2009	10.07	10.07	1.91
Q1 2010	12.27	12.27	2.58
Q2 2010	10.78	10.78	2.21
Q3 2010	10.47	10.47	2.10
Q4 2010	11.55	11.55	2.26
Q1 2011	11.63	11.63	2.25
Q2 2011	13.66	13.66	3.41
Q3 2011	12.54	12.54	3.15
Q4 2011	13.25	13.25	3.36
Q1 2012	13.67	13.67	4.43
Q2 2012	13.51	13.51	5.17
Q3 2012	12.99	12.99	4.67
Q4 2012	13.19	13.19	4.60
Q1 2013	12.33	12.33	4.65
Q2 2013	13.63	13.63	5.66
Q3 2013	14.33	14.33	5.58
Q4 2013	13.82	13.82	4.84
Q1 2014	15.23	15.23	5.51
Q2 2014	16.78	16.78	6.63
Q3 2014	16.59	16.59	6.04
Q4 2014	13.63	13.63	4.63
Q1 2015	12.58	12.58	4.46

Period	P/E	Adjusted P/E	Price/book
2005	30.02	30.02	7.38
2006	15.75	15.75	4.15
2007	18.87	18.87	4.73
2008	9.28	9.28	2.02
2009	10.07	10.07	1.91
2010	11.55	11.55	2.26
2011	13.25	13.25	3.36
2012	13.19	13.19	4.60
2013	13.82	13.82	4.84
2014	13.63	13.63	4.63

Analysts Estimates (Million)

Item	Q1 2015 (e)	Q1 2015 (a)	Change‬
Average	285.00	303.10	6.35 %

Estimates vs Actual (Million)

Item	Q1 2015 (e)	Q1 2015 (a)	Change
SNB Capital	305.00	303.10	(0.6) %
Alistithmar Capital	307.30	303.10	(1.4) %
OSOOL AND BAKHEET	296.60	303.10	2.2 %
AlJazira Capital	295.60	303.10	2.5 %
Al Rajhi Capital	318.00	303.10	(4.7) %
KASB Capital	284.50	303.10	6.5 %
SFC	276.00	303.10	9.8 %
Albilad Capital	264.00	303.10	14.8 %
Riyad Capital	218.00	303.10	39.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,930.90
Enterprise Value (EV) (M)	7,085.96
Shares Outstanding ((M))	153.00
EPS ( Riyal) (TTM)	2.42
Book Value (BV) ( Riyal)	14.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.68
P/E (TTM)	18.68
Price/book	3.05
Return on Average Assets (%) (TTM)	11.3
Return on Average Equity (%) (TTM)	15.8

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Saudi Cement posts SAR 303 mln (+6%) net profit in Q1-2015

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Share Price

Saudi Cement Co. (SAUDI CEMENT)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Cement posts SAR 303 mln (+6%) net profit in Q1-2015

View other reports

Share Price

Saudi Cement Co. (SAUDI CEMENT)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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