Yamama Cement's net profit down 40% in FY16

19/01/2017 Argaam Exclusive

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Yamama Cement Co. reported a net profit of SAR 366 million for the fiscal year 2016, a 40 percent slump year-on-year (YoY) due to higher fuel prices, depreciation on fixed assets, lower revenue from investments and lower sales due to drop in demand.

Financials (M)

Item	2015	2016	Change‬
Revenues	1,311.07	1,125.01	(14.2 %)
Gross Income	736.45	470.06	(36.2 %)
Operating Income	673.15	411.58	(38.9 %)
Net Income	615.21	357.86	(41.8 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	3.04	1.77	(41.8 %)

Net profit for the fourth quarter dropped 72 percent YoY to SAR 43 million, on higher cost of goods sold (COGS), higher fuel prices and the depreciation on fixed assets.

Meanwhile, the cement producer's Q4-2016 net profit fell 23 percent quarter-on-quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2015	Q4 2016	Change‬
Revenues	352.36	232.88	(33.9 %)
Gross Income	199.89	71.50	(64.2 %)
Operating Income	185.12	57.61	(68.9 %)
Net Income	152.80	34.81	(77.2 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.75	0.17	(77.2 %)

Item	Q3 2016	Q4 2016	Change‬
Revenues	235.63	232.88	(1.2 %)
Gross Income	98.99	71.50	(27.8 %)
Operating Income	85.94	57.61	(33.0 %)
Net Income	56.31	34.81	(38.2 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.28	0.17	(38.2 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	277.58	13.2 %	184.93	13.2 %	173.51	9.3 %	0.86
Q2 2007	304.37	5.1 %	209.22	7.8 %	202.51	9.6 %	1.00
Q3 2007	338.77	52.5 %	240.10	54.6 %	228.43	56.6 %	1.13
Q4 2007	264.78	37.1 %	134.54	13.3 %	126.98	13.6 %	0.63
2007	1,185.50	24.8 %	768.78	21.7 %	731.43	21.7 %	3.61
Q1 2008	338.76	22.0 %	212.70	15.0 %	197.47	13.8 %	0.98
Q2 2008	378.62	24.4 %	239.82	14.6 %	227.80	12.5 %	1.12
Q3 2008	208.75	(38.4 %)	103.54	(56.9 %)	100.48	(56.0 %)	0.50
Q4 2008	196.80	(25.7 %)	88.69	(34.1 %)	85.13	(33.0 %)	0.42
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
Q1 2009	258.67	(23.6 %)	138.82	(34.7 %)	125.99	(36.2 %)	0.62
Q2 2009	312.80	(17.4 %)	176.70	(26.3 %)	165.35	(27.4 %)	0.82
Q3 2009	278.99	33.6 %	138.73	34.0 %	125.29	24.7 %	0.62
Q4 2009	312.55	58.8 %	161.80	82.4 %	145.12	70.5 %	0.72
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
Q1 2010	349.01	34.9 %	179.29	29.2 %	165.19	31.1 %	0.82
Q2 2010	336.87	7.7 %	198.82	12.5 %	192.07	16.2 %	0.95
Q3 2010	271.06	(2.8 %)	155.11	11.8 %	139.80	11.6 %	0.69
Q4 2010	314.99	0.8 %	178.65	10.4 %	159.86	10.2 %	0.79
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
Q1 2011	351.49	0.7 %	196.02	9.3 %	179.72	8.8 %	0.89
Q2 2011	420.19	24.7 %	232.95	17.2 %	220.42	14.8 %	1.09
Q3 2011	301.09	11.1 %	167.70	8.1 %	148.57	6.3 %	0.73
Q4 2011	369.45	17.3 %	212.59	19.0 %	191.05	19.5 %	0.94
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
Q1 2012	491.59	39.9 %	299.51	52.8 %	277.64	54.5 %	1.37
Q2 2012	412.62	(1.8 %)	226.00	(3.0 %)	209.46	(5.0 %)	1.03
Q3 2012	306.20	1.7 %	175.76	4.8 %	156.65	5.4 %	0.77
Q4 2012	365.44	(1.1 %)	212.81	0.1 %	173.81	(9.0 %)	0.86
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
Q1 2013	482.64	(1.8 %)	292.76	(2.3 %)	276.80	(0.3 %)	1.37
Q2 2013	455.52	10.4 %	268.89	19.0 %	267.63	27.8 %	1.32
Q3 2013	293.80	(4.0 %)	154.13	(12.3 %)	148.08	(5.5 %)	0.73
Q4 2013	309.90	(15.2 %)	165.25	(22.3 %)	177.73	2.3 %	0.88
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
Q1 2014	367.36	(23.9 %)	181.30	(38.1 %)	174.64	(36.9 %)	0.86
Q2 2014	366.02	(19.6 %)	198.63	(26.1 %)	207.36	(22.5 %)	1.02
Q3 2014	277.23	(5.6 %)	148.57	(3.6 %)	137.16	(7.4 %)	0.68
Q4 2014	318.26	2.7 %	183.72	11.2 %	151.69	(14.6 %)	0.75
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
Q1 2015	338.94	(7.7 %)	182.05	0.4 %	175.41	0.4 %	0.87
Q2 2015	339.50	(7.2 %)	188.03	(5.3 %)	191.48	(7.7 %)	0.95
Q3 2015	280.27	1.1 %	166.47	12.0 %	95.53	(30.4 %)	0.47
Q4 2015	352.36	10.7 %	199.89	8.8 %	152.80	0.7 %	0.75
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
Q1 2016	376.04	10.9 %	186.55	2.5 %	150.46	(14.2 %)	0.74
Q2 2016	280.46	(17.4 %)	113.02	(39.9 %)	116.29	(39.3 %)	0.57
Q3 2016	235.63	(15.9 %)	98.99	(40.5 %)	56.31	(41.1 %)	0.28
Q4 2016	232.88	(33.9 %)	71.50	(64.2 %)	34.81	(77.2 %)	0.17
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	1,185.50	24.8 %	768.78	21.7 %	731.43	21.7 %	3.61
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	66.47 %	67.04 %	62.69 %
Q2 2007	67.00 %	67.85 %	63.54 %
Q3 2007	67.60 %	68.67 %	64.30 %
Q4 2007	64.85 %	68.52 %	61.70 %
2007	64.85 %	68.52 %	61.70 %
Q1 2008	63.89 %	69.43 %	60.59 %
Q2 2008	62.62 %	69.66 %	59.10 %
Q3 2008	57.99 %	68.73 %	54.81 %
Q4 2008	57.42 %	69.48 %	54.40 %
2008	57.42 %	69.48 %	54.40 %
Q1 2009	54.74 %	68.42 %	51.72 %
Q2 2009	51.97 %	67.38 %	48.82 %
Q3 2009	51.84 %	66.15 %	47.91 %
Q4 2009	52.97 %	64.95 %	48.30 %
2009	52.97 %	64.95 %	48.30 %
Q1 2010	52.38 %	63.40 %	47.95 %
Q2 2010	53.13 %	63.90 %	49.14 %
Q3 2010	54.75 %	65.32 %	50.59 %
Q4 2010	55.97 %	66.74 %	51.65 %
2010	55.97 %	66.74 %	51.65 %
Q1 2011	57.17 %	67.96 %	52.69 %
Q2 2011	56.18 %	66.14 %	51.54 %
Q3 2011	55.87 %	65.41 %	51.06 %
Q4 2011	56.11 %	65.10 %	51.29 %
2011	56.11 %	65.10 %	51.29 %
Q1 2012	57.68 %	65.87 %	52.94 %
Q2 2012	57.52 %	65.93 %	52.50 %
Q3 2012	57.84 %	66.51 %	52.84 %
Q4 2012	58.01 %	66.84 %	52.83 %
2012	58.01 %	66.84 %	52.83 %
Q1 2013	57.91 %	66.75 %	53.08 %
Q2 2013	59.03 %	67.62 %	55.28 %
Q3 2013	58.13 %	66.67 %	55.17 %
Q4 2013	57.14 %	66.10 %	54.83 %
2013	57.14 %	66.10 %	54.83 %
Q1 2014	53.94 %	63.64 %	52.10 %
Q2 2014	52.30 %	62.41 %	48.76 %
Q3 2014	52.54 %	62.78 %	48.54 %
Q4 2014	53.60 %	63.82 %	49.28 %
2014	53.60 %	63.82 %	49.28 %
Q1 2015	54.82 %	65.14 %	50.41 %
Q2 2015	55.13 %	65.64 %	52.65 %
Q3 2015	56.41 %	66.81 %	49.27 %
Q4 2015	56.17 %	66.76 %	48.07 %
2015	56.17 %	66.76 %	48.07 %
Q1 2016	54.96 %	66.81 %	44.90 %
Q2 2016	51.66 %	66.29 %	41.12 %
Q3 2016	48.09 %	65.68 %	39.44 %
Q4 2016	41.78 %	63.24 %	33.14 %
2016	41.78 %	63.24 %	33.14 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	64.85 %	68.52 %	61.70 %
2008	57.42 %	69.48 %	54.40 %
2009	52.97 %	64.95 %	48.30 %
2010	55.97 %	66.74 %	51.65 %
2011	56.11 %	65.10 %	51.29 %
2012	58.01 %	66.84 %	52.83 %
2013	57.14 %	66.10 %	54.83 %
2014	53.60 %	63.82 %	49.28 %
2015	56.17 %	66.76 %	48.07 %
2016	41.78 %	63.24 %	33.14 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	66.62 %	67.78 %	62.51 %
Q2 2007	68.74 %	69.68 %	66.53 %
Q3 2007	70.87 %	72.11 %	67.43 %
Q4 2007	50.81 %	63.37 %	47.96 %
Q1 2008	62.79 %	71.25 %	58.29 %
Q2 2008	63.34 %	70.45 %	60.17 %
Q3 2008	49.60 %	68.32 %	48.14 %
Q4 2008	45.07 %	65.82 %	43.26 %
Q1 2009	53.67 %	67.53 %	48.71 %
Q2 2009	56.49 %	67.61 %	52.86 %
Q3 2009	49.73 %	63.45 %	44.91 %
Q4 2009	51.77 %	61.48 %	46.43 %
Q1 2010	51.37 %	61.29 %	47.33 %
Q2 2010	59.02 %	69.22 %	57.02 %
Q3 2010	57.22 %	70.08 %	51.58 %
Q4 2010	56.72 %	67.26 %	50.75 %
Q1 2011	55.77 %	65.73 %	51.13 %
Q2 2011	55.44 %	63.11 %	52.46 %
Q3 2011	55.70 %	66.29 %	49.34 %
Q4 2011	57.54 %	65.79 %	51.71 %
Q1 2012	60.93 %	68.03 %	56.48 %
Q2 2012	54.77 %	63.31 %	50.76 %
Q3 2012	57.40 %	69.28 %	51.16 %
Q4 2012	58.23 %	67.19 %	51.67 %
Q1 2013	60.66 %	67.77 %	57.35 %
Q2 2013	59.03 %	66.70 %	58.75 %
Q3 2013	52.46 %	64.16 %	50.40 %
Q4 2013	53.32 %	64.47 %	49.33 %
Q1 2014	49.35 %	58.73 %	47.54 %
Q2 2014	54.27 %	62.93 %	48.18 %
Q3 2014	53.59 %	66.05 %	49.47 %
Q4 2014	57.72 %	68.76 %	52.38 %
Q1 2015	53.71 %	63.38 %	51.75 %
Q2 2015	55.39 %	64.65 %	56.40 %
Q3 2015	59.40 %	71.38 %	34.08 %
Q4 2015	56.73 %	68.36 %	47.62 %
Q1 2016	49.61 %	63.92 %	40.01 %
Q2 2016	40.30 %	61.78 %	41.47 %
Q3 2016	42.01 %	69.13 %	23.90 %
Q4 2016	30.70 %	57.92 %	21.39 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	202.50	3.04	3.04	10.46
Q2 2007	202.50	3.13	3.13	11.66
Q3 2007	202.50	3.54	3.54	12.81
Q4 2007	202.50	3.61	3.61	13.62
Q1 2008	202.50	3.73	3.73	12.50
Q2 2008	202.50	3.86	3.86	13.56
Q3 2008	202.50	3.22	3.22	13.82
Q4 2008	202.50	3.02	3.02	14.03
Q1 2009	202.50	2.66	2.66	13.36
Q2 2009	202.50	2.36	2.36	14.28
Q3 2009	202.50	2.48	2.48	14.35
Q4 2009	202.50	2.77	2.77	15.09
Q1 2010	202.50	2.97	2.97	14.51
Q2 2010	202.50	3.10	3.10	15.38
Q3 2010	202.50	3.17	3.17	14.76
Q4 2010	202.50	3.24	3.24	15.60
Q1 2011	202.50	3.32	3.32	15.12
Q2 2011	202.50	3.46	3.46	14.94
Q3 2011	202.50	3.50	3.50	15.58
Q4 2011	202.50	3.65	3.65	16.67
Q1 2012	202.50	4.14	4.14	17.16
Q2 2012	202.50	4.08	4.08	16.04
Q3 2012	202.50	4.12	4.12	16.89
Q4 2012	202.50	4.04	4.11	17.77
Q1 2013	202.50	4.03	4.11	17.58
Q2 2013	202.50	4.32	4.39	17.49
Q3 2013	202.50	4.28	4.35	18.26
Q4 2013	202.50	4.30	4.17	19.23
Q1 2014	202.50	3.79	3.67	18.68
Q2 2014	202.50	3.50	3.22	19.69
Q3 2014	202.50	3.44	3.17	19.06
Q4 2014	202.50	3.31	3.23	18.43
Q1 2015	202.50	3.32	3.24	18.52
Q2 2015	202.50	3.24	3.31	18.70
Q3 2015	202.50	3.03	3.11	18.29
Q4 2015	202.50	3.04	3.11	18.18
Q1 2016	202.50	2.91	2.99	18.16
Q2 2016	202.50	2.54	2.62	18.19
Q3 2016	202.50	2.35	2.42	18.16
Q4 2016	202.50	1.77	1.84	16.79

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	202.50	3.61	3.61	13.62
2008	202.50	3.02	3.02	14.03
2009	202.50	2.77	2.77	15.09
2010	202.50	3.24	3.24	15.60
2011	202.50	3.65	3.65	16.67
2012	202.50	4.04	4.11	17.77
2013	202.50	4.30	4.17	19.23
2014	202.50	3.31	3.23	18.43
2015	202.50	3.04	3.11	18.18
2016	202.50	1.77	1.84	16.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	16.77	16.77	4.88
Q2 2007	15.18	15.18	4.07
Q3 2007	13.95	13.95	3.85
Q4 2007	17.39	17.39	4.61
Q1 2008	13.54	13.54	4.04
Q2 2008	12.11	12.11	3.44
Q3 2008	10.65	10.65	2.48
Q4 2008	7.49	7.49	1.61
Q1 2009	8.66	8.66	1.73
Q2 2009	11.32	11.32	1.87
Q3 2009	12.89	12.89	2.23
Q4 2009	11.39	11.39	2.09
Q1 2010	11.51	11.51	2.35
Q2 2010	10.54	10.54	2.12
Q3 2010	10.77	10.77	2.31
Q4 2010	10.58	10.58	2.20
Q1 2011	10.76	10.76	2.36
Q2 2011	12.68	12.68	2.93
Q3 2011	12.00	12.00	2.70
Q4 2011	12.78	12.78	2.80
Q1 2012	12.04	12.04	2.90
Q2 2012	12.20	12.20	3.10
Q3 2012	10.70	10.70	2.61
Q4 2012	11.77	11.55	2.67
Q1 2013	11.48	11.27	2.63
Q2 2013	11.69	11.49	2.89
Q3 2013	12.39	12.18	2.90
Q4 2013	13.32	13.71	2.98
Q1 2014	15.36	15.87	3.12
Q2 2014	18.01	19.56	3.20
Q3 2014	18.89	20.53	3.41
Q4 2014	14.47	14.82	2.60
Q1 2015	13.55	13.88	2.43
Q2 2015	14.11	13.80	2.44
Q3 2015	12.70	12.39	2.11
Q4 2015	10.36	10.11	1.73
Q1 2016	9.59	9.35	1.54
Q2 2016	10.87	10.57	1.52
Q3 2016	8.33	8.08	1.08
Q4 2016	12.93	12.41	1.36

Period	P/E	Adjusted P/E	Price/book
2007	17.39	17.39	4.61
2008	7.49	7.49	1.61
2009	11.39	11.39	2.09
2010	10.58	10.58	2.20
2011	12.78	12.78	2.80
2012	11.77	11.55	2.67
2013	13.32	13.71	2.98
2014	14.47	14.82	2.60
2015	10.36	10.11	1.73
2016	12.93	12.41	1.36

Analysts Estimates (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change‬
Average	113.80	34.81	(69.4 %)

Estimates vs Actual (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change
Riyad Capital	101.00	34.81	(65.5) %
Alistithmar Capital	104.20	34.81	(66.6) %
KASB Capital	104.70	34.81	(66.8) %
Albilad Capital	107.00	34.81	(67.5) %
Al Rajhi Capital	109.00	34.81	(68.1) %
Sico	115.00	34.81	(69.7) %
AlJazira Capital	119.50	34.81	(70.9) %
SNB Capital	150.00	34.81	(76.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,267.38
Enterprise Value (EV) (M)	7,390.64
Shares Outstanding ((M))	202.50
EPS ( Riyal) (TTM)	1.52
Book Value (BV) ( Riyal)	22.94
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	25.15
P/E (TTM)	20.42
Price/book	1.35
Return on Average Assets (%) (TTM)	4.7
Return on Average Equity (%) (TTM)	6.7

Yamama Cement Co. (YSCC)

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Yamama Cement's net profit down 40% in FY16

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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

Yamama Cement Co. (YSCC)

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Yamama Cement's net profit down 40% in FY16

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

Yamama Cement Co. (YSCC)

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