Southern Province Cement’s net profit down 0.8% to SAR 1 mln in FY15

18/01/2016 Argaam Exclusive

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Southern Province Cement Co. reported a net profit of SAR 1.03 million for the 2015 fiscal year, marking a 0.77 percent year-on-year (YOY) decrease which the company attributed to a one-off other income the previous year due to the sale of assets, increase in cost of sales, and higher general and administrative expenses.

Financials (M)

Item	2014	2015	Change‬
Revenues	1,878.35	2,047.27	9.0 %
Gross Income	995.14	1,109.36	11.5 %
Operating Income	948.44	1,059.33	11.7 %
Net Income	1,045.42	1,038.61	(0.7 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	7.47	7.42	(0.7 %)

The cement producer reported a net profit of SAR 298 million in Q4-2015; a 21 percent jump compared to the same period last year. Profit for the period was 47.5 percent higher compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	488.51	537.56	10.0 %
Gross Income	264.49	321.20	21.4 %
Operating Income	251.88	311.47	23.7 %
Net Income	245.30	300.05	22.3 %
Average Shares	140.00	140.00	-
EPS (Riyals)	1.75	2.14	22.3 %

Item	Q3 2015	Q4 2015	Change‬
Revenues	418.90	537.56	28.3 %
Gross Income	215.84	321.20	48.8 %
Operating Income	205.10	311.47	51.9 %
Net Income	202.21	300.05	48.4 %
Average Shares	140.00	140.00	-
EPS (Riyals)	1.44	2.14	48.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	253.78	(2.1 %)	155.37	(2.9 %)	155.49	1.3 %	1.11
Q2 2006	266.66	0.3 %	165.49	(4.6 %)	167.69	(1.1 %)	1.20
Q3 2006	267.42	0.2 %	165.86	(3.2 %)	164.97	(1.3 %)	1.18
Q4 2006	238.41	2.8 %	146.03	5.5 %	136.08	9.0 %	0.97
2006	1,026.27	0.2 %	632.75	(1.6 %)	624.22	1.5 %	4.46
Q1 2007	272.27	7.3 %	164.43	5.8 %	158.91	2.2 %	1.14
Q2 2007	303.43	13.8 %	190.90	15.4 %	192.53	14.8 %	1.38
Q3 2007	310.90	16.3 %	205.97	24.2 %	197.61	19.8 %	1.41
Q4 2007	268.32	12.5 %	160.25	9.7 %	154.84	13.8 %	1.11
2007	1,154.93	12.5 %	721.55	14.0 %	703.89	12.8 %	5.03
Q1 2008	376.54	38.3 %	242.78	47.6 %	234.64	47.7 %	1.68
Q2 2008	376.55	24.1 %	227.67	19.3 %	230.49	19.7 %	1.65
Q3 2008	288.56	(7.2 %)	163.16	(20.8 %)	149.40	(24.4 %)	1.07
Q4 2008	256.26	(4.5 %)	123.10	(23.2 %)	176.54	14.0 %	1.26
2008	1,297.90	12.4 %	756.71	4.9 %	791.07	12.4 %	5.65
Q1 2009	362.12	(3.8 %)	213.85	(11.9 %)	200.17	(14.7 %)	1.43
Q2 2009	361.61	(4.0 %)	215.32	(5.4 %)	212.15	(8.0 %)	1.52
Q3 2009	289.73	0.4 %	155.02	(5.0 %)	140.56	(5.9 %)	1.00
Q4 2009	304.92	19.0 %	182.92	48.6 %	180.71	2.4 %	1.29
2009	1,318.36	1.6 %	767.12	1.4 %	733.59	(7.3 %)	5.24
Q1 2010	353.22	(2.5 %)	205.63	(3.8 %)	189.63	(5.3 %)	1.35
Q2 2010	358.99	(0.7 %)	191.61	(11.0 %)	185.18	(12.7 %)	1.32
Q3 2010	276.99	(4.4 %)	132.67	(14.4 %)	118.90	(15.4 %)	0.85
Q4 2010	319.92	4.9 %	179.63	(1.8 %)	164.80	(8.8 %)	1.18
2010	1,309.12	(0.7 %)	709.54	(7.5 %)	658.51	(10.2 %)	4.70
Q1 2011	436.85	23.7 %	241.21	17.3 %	225.88	19.1 %	1.61
Q2 2011	444.37	23.8 %	251.72	31.4 %	239.08	29.1 %	1.71
Q3 2011	355.11	28.2 %	197.22	48.6 %	179.78	51.2 %	1.28
Q4 2011	454.74	42.1 %	266.85	48.6 %	251.00	52.3 %	1.79
2011	1,691.07	29.2 %	957.00	34.9 %	895.74	36.0 %	6.40
Q1 2012	497.81	14.0 %	300.74	24.7 %	284.33	25.9 %	2.03
Q2 2012	474.15	6.7 %	269.36	7.0 %	261.73	9.5 %	1.87
Q3 2012	354.18	(0.3 %)	205.74	4.3 %	200.39	11.5 %	1.43
Q4 2012	479.13	5.4 %	275.07	3.1 %	253.76	1.1 %	1.81
2012	1,805.27	6.8 %	1,050.91	9.8 %	1,000.21	11.7 %	7.14
Q1 2013	486.72	(2.2 %)	283.22	(5.8 %)	268.75	(5.5 %)	1.92
Q2 2013	508.93	7.3 %	308.04	14.4 %	297.21	13.6 %	2.12
Q3 2013	368.15	3.9 %	200.86	(2.4 %)	186.61	(6.9 %)	1.33
Q4 2013	411.34	(14.1 %)	220.73	(19.8 %)	253.52	(0.1 %)	1.81
2013	1,775.14	(1.7 %)	1,012.85	(3.6 %)	1,006.09	0.6 %	7.19
Q1 2014	495.41	1.8 %	239.68	(15.4 %)	221.01	(17.8 %)	1.58
Q2 2014	516.76	1.5 %	304.39	(1.2 %)	294.20	(1.0 %)	2.10
Q3 2014	377.67	2.6 %	186.58	(7.1 %)	284.92	52.7 %	2.04
Q4 2014	488.51	18.8 %	264.49	19.8 %	245.30	(3.2 %)	1.75
2014	1,878.35	5.8 %	995.14	(1.7 %)	1,045.42	3.9 %	7.47
Q1 2015	558.97	12.8 %	290.50	21.2 %	266.00	20.4 %	1.90
Q2 2015	531.85	2.9 %	281.81	(7.4 %)	270.35	(8.1 %)	1.93
Q3 2015	418.90	10.9 %	215.84	15.7 %	202.21	(29.0 %)	1.44
Q4 2015	537.56	10.0 %	321.20	21.4 %	300.05	22.3 %	2.14
2015	2,047.27	9.0 %	1,109.36	11.5 %	1,038.61	(0.7 %)	7.42

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	1,026.27	0.2 %	632.75	(1.6 %)	624.22	1.5 %	4.46
2007	1,154.93	12.5 %	721.55	14.0 %	703.89	12.8 %	5.03
2008	1,297.90	12.4 %	756.71	4.9 %	791.07	12.4 %	5.65
2009	1,318.36	1.6 %	767.12	1.4 %	733.59	(7.3 %)	5.24
2010	1,309.12	(0.7 %)	709.54	(7.5 %)	658.51	(10.2 %)	4.70
2011	1,691.07	29.2 %	957.00	34.9 %	895.74	36.0 %	6.40
2012	1,805.27	6.8 %	1,050.91	9.8 %	1,000.21	11.7 %	7.14
2013	1,775.14	(1.7 %)	1,012.85	(3.6 %)	1,006.09	0.6 %	7.19
2014	1,878.35	5.8 %	995.14	(1.7 %)	1,045.42	3.9 %	7.47
2015	2,047.27	9.0 %	1,109.36	11.5 %	1,038.61	(0.7 %)	7.42

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	62.70 %	67.41 %	60.59 %
Q2 2006	61.88 %	66.56 %	60.35 %
Q3 2006	61.30 %	66.13 %	60.10 %
Q4 2006	61.65 %	67.01 %	60.82 %
2006	61.65 %	66.81 %	60.82 %
Q1 2007	61.43 %	66.45 %	60.08 %
Q2 2007	61.69 %	66.32 %	60.33 %
Q3 2007	62.87 %	67.18 %	60.90 %
Q4 2007	62.48 %	66.39 %	60.95 %
2007	62.48 %	66.39 %	60.95 %
Q1 2008	63.52 %	69.96 %	61.91 %
Q2 2008	62.80 %	69.76 %	61.36 %
Q3 2008	60.60 %	68.19 %	58.73 %
Q4 2008	58.30 %	66.56 %	60.95 %
2008	58.30 %	66.56 %	60.95 %
Q1 2009	56.70 %	63.26 %	58.95 %
Q2 2009	56.40 %	63.11 %	58.20 %
Q3 2009	55.71 %	62.71 %	57.45 %
Q4 2009	58.19 %	65.18 %	55.64 %
2009	58.19 %	65.18 %	55.64 %
Q1 2010	57.95 %	64.98 %	55.22 %
Q2 2010	56.26 %	63.50 %	53.26 %
Q3 2010	55.08 %	62.54 %	52.11 %
Q4 2010	54.20 %	61.48 %	50.30 %
2010	54.20 %	61.48 %	50.30 %
Q1 2011	53.50 %	60.47 %	49.88 %
Q2 2011	54.48 %	60.78 %	50.65 %
Q3 2011	55.89 %	61.76 %	52.02 %
Q4 2011	56.59 %	61.87 %	52.97 %
2011	56.59 %	61.87 %	52.97 %
Q1 2012	58.02 %	63.18 %	54.46 %
Q2 2012	58.04 %	63.75 %	54.82 %
Q3 2012	58.55 %	64.52 %	56.01 %
Q4 2012	58.21 %	63.56 %	55.40 %
2012	58.21 %	63.56 %	55.40 %
Q1 2013	57.60 %	63.07 %	54.88 %
Q2 2013	58.62 %	63.43 %	55.78 %
Q3 2013	57.91 %	63.39 %	54.60 %
Q4 2013	57.06 %	62.96 %	54.38 %
2013	57.06 %	62.96 %	54.38 %
Q1 2014	54.34 %	60.22 %	51.44 %
Q2 2014	53.90 %	60.32 %	51.05 %
Q3 2014	52.82 %	58.65 %	49.99 %
Q4 2014	52.98 %	59.17 %	49.67 %
2014	52.98 %	59.17 %	49.67 %
Q1 2015	53.86 %	59.73 %	50.36 %
Q2 2015	52.29 %	58.10 %	48.75 %
Q3 2015	52.68 %	58.47 %	49.24 %
Q4 2015	54.19 %	60.01 %	51.04 %
2015	54.19 %	60.01 %	51.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	61.65 %	66.81 %	60.82 %
2007	62.48 %	66.39 %	60.95 %
2008	58.30 %	66.56 %	60.95 %
2009	58.19 %	65.18 %	55.64 %
2010	54.20 %	61.48 %	50.30 %
2011	56.59 %	61.87 %	52.97 %
2012	58.21 %	63.56 %	55.40 %
2013	57.06 %	62.96 %	54.38 %
2014	52.98 %	59.17 %	49.67 %
2015	54.19 %	60.01 %	51.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	61.22 %	65.37 %	61.27 %
Q2 2006	62.06 %	66.68 %	62.89 %
Q3 2006	62.02 %	66.94 %	61.69 %
Q4 2006	61.25 %	69.22 %	57.08 %
Q1 2007	60.39 %	63.32 %	58.36 %
Q2 2007	62.91 %	66.18 %	63.45 %
Q3 2007	66.25 %	69.99 %	63.56 %
Q4 2007	59.72 %	65.59 %	57.71 %
Q1 2008	64.48 %	76.11 %	62.31 %
Q2 2008	60.46 %	66.18 %	61.21 %
Q3 2008	56.55 %	62.89 %	51.78 %
Q4 2008	48.04 %	57.21 %	68.89 %
Q1 2009	59.05 %	64.78 %	55.28 %
Q2 2009	59.55 %	65.81 %	58.67 %
Q3 2009	53.51 %	61.13 %	48.52 %
Q4 2009	59.99 %	68.77 %	59.27 %
Q1 2010	58.21 %	64.02 %	53.69 %
Q2 2010	53.37 %	60.41 %	51.58 %
Q3 2010	47.90 %	56.57 %	42.93 %
Q4 2010	56.15 %	64.14 %	51.51 %
Q1 2011	55.22 %	60.31 %	51.71 %
Q2 2011	56.65 %	61.45 %	53.80 %
Q3 2011	55.54 %	61.78 %	50.63 %
Q4 2011	58.68 %	63.85 %	55.20 %
Q1 2012	60.41 %	65.10 %	57.12 %
Q2 2012	56.81 %	63.71 %	55.20 %
Q3 2012	58.09 %	65.64 %	56.58 %
Q4 2012	57.41 %	60.28 %	52.96 %
Q1 2013	58.19 %	63.34 %	55.22 %
Q2 2013	60.53 %	64.95 %	58.40 %
Q3 2013	54.56 %	65.33 %	50.69 %
Q4 2013	53.66 %	57.93 %	51.74 %
Q1 2014	48.38 %	53.47 %	44.61 %
Q2 2014	58.90 %	65.22 %	56.93 %
Q3 2014	49.40 %	57.22 %	45.65 %
Q4 2014	54.14 %	60.06 %	50.21 %
Q1 2015	51.97 %	56.06 %	47.59 %
Q2 2015	52.99 %	59.07 %	50.83 %
Q3 2015	51.53 %	59.05 %	48.27 %
Q4 2015	59.75 %	65.78 %	56.99 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	140.00	4.41	4.41	14.45
Q2 2006	140.00	4.39	4.39	13.65
Q3 2006	140.00	4.38	4.38	14.83
Q4 2006	140.00	4.46	4.46	15.72
Q1 2007	140.00	4.48	4.48	14.85
Q2 2007	140.00	4.66	4.66	16.23
Q3 2007	140.00	4.89	4.89	15.64
Q4 2007	140.00	5.03	5.03	16.75
Q1 2008	140.00	5.57	5.57	15.92
Q2 2008	140.00	5.84	5.84	17.57
Q3 2008	140.00	5.50	5.50	15.64
Q4 2008	140.00	5.65	5.65	16.85
Q1 2009	140.00	5.40	5.40	16.28
Q2 2009	140.00	5.27	5.27	17.80
Q3 2009	140.00	5.21	5.21	16.30
Q4 2009	140.00	5.24	5.24	17.58
Q1 2010	140.00	5.16	5.16	16.44
Q2 2010	140.00	4.97	4.97	17.76
Q3 2010	140.00	4.82	4.82	16.61
Q4 2010	140.00	4.70	4.70	17.77
Q1 2011	140.00	4.96	4.96	16.88
Q2 2011	140.00	5.35	5.35	18.59
Q3 2011	140.00	5.78	5.78	17.13
Q4 2011	140.00	6.40	6.40	18.91
Q1 2012	140.00	6.82	6.82	17.44
Q2 2012	140.00	6.98	6.98	19.31
Q3 2012	140.00	7.12	7.12	17.74
Q4 2012	140.00	7.14	7.14	19.55
Q1 2013	140.00	7.03	7.03	17.47
Q2 2013	140.00	7.29	7.29	19.60
Q3 2013	140.00	7.19	7.19	17.93
Q4 2013	140.00	7.19	6.90	19.73
Q1 2014	140.00	6.85	6.55	17.31
Q2 2014	140.00	6.82	6.53	19.41
Q3 2014	140.00	7.53	6.43	19.45
Q4 2014	140.00	7.47	6.66	21.15
Q1 2015	140.00	7.79	6.99	20.05
Q2 2015	140.00	7.62	6.81	21.98
Q3 2015	140.00	7.03	7.03	20.93
Q4 2015	140.00	7.42	7.46	23.06

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	140.00	4.46	4.46	15.72
2007	140.00	5.03	5.03	16.75
2008	140.00	5.65	5.65	16.85
2009	140.00	5.24	5.24	17.58
2010	140.00	4.70	4.70	17.77
2011	140.00	6.40	6.40	18.91
2012	140.00	7.14	7.14	19.55
2013	140.00	7.19	6.90	19.73
2014	140.00	7.47	6.66	21.15
2015	140.00	7.42	7.46	23.06

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	28.39	28.39	8.66
Q2 2006	24.64	24.64	7.93
Q3 2006	20.56	20.56	6.07
Q4 2006	16.43	16.43	4.66
Q1 2007	14.55	14.55	4.39
Q2 2007	14.70	14.70	4.22
Q3 2007	15.43	15.43	4.83
Q4 2007	17.35	17.35	5.21
Q1 2008	13.11	13.11	4.58
Q2 2008	13.01	13.01	4.33
Q3 2008	12.10	12.10	4.25
Q4 2008	8.25	8.25	2.76
Q1 2009	10.69	10.69	3.55
Q2 2009	11.66	11.66	3.46
Q3 2009	12.38	12.38	3.96
Q4 2009	12.79	12.79	3.81
Q1 2010	13.65	13.65	4.29
Q2 2010	13.68	13.68	3.83
Q3 2010	13.91	13.91	4.03
Q4 2010	13.02	13.02	3.45
Q1 2011	12.24	12.24	3.60
Q2 2011	14.31	14.31	4.11
Q3 2011	12.67	12.67	4.28
Q4 2011	13.44	13.44	4.55
Q1 2012	13.50	13.50	5.27
Q2 2012	14.26	14.26	5.15
Q3 2012	13.86	13.86	5.57
Q4 2012	14.00	14.00	5.12
Q1 2013	14.29	14.29	5.75
Q2 2013	14.27	14.27	5.31
Q3 2013	14.85	14.85	5.95
Q4 2013	15.34	15.99	5.59
Q1 2014	16.32	17.05	6.46
Q2 2014	17.00	17.76	5.98
Q3 2014	15.11	17.68	5.85
Q4 2014	14.65	16.41	5.17
Q1 2015	12.21	13.62	4.74
Q2 2015	12.90	14.42	4.47
Q3 2015	11.03	11.03	3.70
Q4 2015	9.44	9.38	3.04

Period	P/E	Adjusted P/E	Price/book
2006	16.43	16.43	4.66
2007	17.35	17.35	5.21
2008	8.25	8.25	2.76
2009	12.79	12.79	3.81
2010	13.02	13.02	3.45
2011	13.44	13.44	4.55
2012	14.00	14.00	5.12
2013	15.34	15.99	5.59
2014	14.65	16.41	5.17
2015	9.44	9.38	3.04

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	260.23	300.05	15.30 %

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
KASB Capital	281.10	300.05	6.7 %
AlJazira Capital	265.70	300.05	12.9 %
Al Rajhi Capital	263.00	300.05	14.1 %
SFC	259.00	300.05	15.8 %
SNB Capital	256.00	300.05	17.2 %
Alistithmar Capital	248.80	300.05	20.6 %
Riyad Capital	248.00	300.05	21.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	5,208.00
Enterprise Value (EV) (M)	5,294.26
Shares Outstanding ((M))	140.00
EPS ( Riyal) (TTM)	1.49
Book Value (BV) ( Riyal)	23.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.17
P/E (TTM)	24.96
Price/book	1.56
Return on Average Assets (%) (TTM)	5.1
Return on Average Equity (%) (TTM)	6.3

Southern Province Cement Co. (SPCC)

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Southern Province Cement’s net profit down 0.8% to SAR 1 mln in FY15

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Financials (M)

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

Share Price

Southern Province Cement Co. (SPCC)

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Southern Province Cement’s net profit down 0.8% to SAR 1 mln in FY15

View other reports

Financials (M)

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

Share Price

Southern Province Cement Co. (SPCC)

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