Yanbu Cement posts SAR 175 mln profit in 9M 2019

29/10/2019 Argaam Exclusive

Yanbu Cement Co. reported a net profit after zakat and tax of SAR 174.90 million for the first nine months of 2019, an over threefold increase year-on-year (YoY) on higher sales revenue and higher clinker exports.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 565.70 697.34 23.3 %
Gross Income 85.52 231.31 170.5 %
Operating Income 50.15 187.33 273.5 %
Net Income 56.95 174.90 207.1 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.36 1.11 207.1 %

Net profit after zakat and tax in Q3 surged more than four times YoY to SAR 61.94 million, backed by higher sales revenue and higher clinker exports.

 

When compared to the previous quarter, net profit jumped 53.2 percent also driven by higher sales revenue, along with a decline in selling, general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 152.81 227.97 49.2 %
Gross Income 23.77 75.48 217.5 %
Operating Income 12.41 65.71 429.6 %
Net Income 13.28 61.94 366.3 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.08 0.39 366.3 %

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Share Price

Yanbu Cement Co.
23.00
(0.02) (0.09 %)

Yanbu Cement Co. (YCC)

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Financial Ratios
Current
Market Cap (M Riyal) 3,622.50
Enterprise Value (EV) (M) 3,851.51
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.93
Book Value (BV) ( Riyal) 16.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.60
P/E (TTM) 24.60
Price/book 1.36
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 5.6
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 239.53 (13.7 %) 127.65 (20.2 %) 121.80 (21.0 %)
Q2 2010 252.03 (8.4 %) 122.10 (22.4 %) 115.84 (23.7 %)
Q3 2010 191.51 (4.4 %) 103.64 (4.4 %) 97.23 (5.4 %)
Q4 2010 212.43 11.7 % 111.38 32.7 % 103.91 35.2 %
Q1 2011 229.05 (4.4 %) 110.85 (13.2 %) 103.53 (15.0 %)
Q2 2011 311.37 23.5 % 158.57 29.9 % 150.09 29.6 %
Q3 2011 272.50 42.3 % 134.68 30.0 % 128.42 32.1 %
Q4 2011 319.35 50.3 % 151.41 35.9 % 142.27 36.9 %
Q1 2012 309.34 35.1 % 157.75 42.3 % 149.51 44.4 %
Q2 2012 431.73 38.7 % 234.87 48.1 % 226.15 50.7 %
Q3 2012 338.95 24.4 % 174.32 29.4 % 166.95 30.0 %
Q4 2012 416.48 30.4 % 225.10 48.7 % 214.89 51.0 %
Q1 2013 455.76 47.3 % 263.22 66.9 % 254.88 70.5 %
Q2 2013 479.95 11.2 % 293.97 25.2 % 286.46 26.7 %
Q3 2013 325.42 (4.0 %) 156.71 (10.1 %) 147.52 (11.6 %)
Q4 2013 359.13 (13.8 %) 171.22 (23.9 %) 158.12 (26.4 %)
Q1 2014 439.50 (3.6 %) 223.25 (15.2 %) 213.03 (16.4 %)
Q2 2014 445.90 (7.1 %) 238.28 (18.9 %) 229.31 (20.0 %)
Q3 2014 295.77 (9.1 %) 181.40 15.8 % 171.70 16.4 %
Q4 2014 378.22 5.3 % 210.28 22.8 % 198.78 25.7 %
Q1 2015 437.10 (0.5 %) 224.25 0.4 % 212.34 (0.3 %)
Q2 2015 438.79 (1.6 %) 261.79 9.9 % 250.49 9.2 %
Q3 2015 310.72 5.1 % 161.63 (10.9 %) 150.72 (12.2 %)
Q4 2015 426.36 12.7 % 223.80 6.4 % 212.12 6.7 %
Q1 2016 399.62 (8.6 %) 199.87 (10.9 %) 188.54 (11.2 %)
Q2 2016 348.28 (20.6 %) 169.34 (35.3 %) 155.97 (37.7 %)
Q3 2016 235.52 (24.2 %) 107.30 (33.6 %) 98.09 (34.9 %)
Q4 2016 302.88 (29.0 %) 136.21 (39.1 %) 102.37 (51.7 %)
Q1 2017 307.22 (23.1 %) 131.95 (34.0 %) 122.62 (35.0 %)
Q2 2017 214.25 (38.5 %) 82.86 (51.1 %) 71.50 (54.2 %)
Q3 2017 172.71 (26.7 %) 27.22 (74.6 %) 19.45 (80.2 %)
Q4 2017 222.44 (26.6 %) 115.73 (15.0 %) 100.32 (2.0 %)
Q1 2018 215.53 (29.8 %) 41.31 (68.7 %) 30.27 (75.3 %)
Q2 2018 197.37 (7.9 %) 20.44 (75.3 %) 7.52 (89.5 %)
Q3 2018 152.81 (11.5 %) 23.77 (12.7 %) 12.41 (36.2 %)
Q4 2018 201.43 (9.4 %) 57.34 (50.5 %) 44.74 (55.4 %)
Q1 2019 259.81 20.5 % 92.68 124.3 % 81.20 168.3 %
Q2 2019 209.57 6.2 % 63.15 209.0 % 40.41 437.7 %
Q3 2019 227.97 49.2 % 75.48 217.5 % 65.71 429.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 123.18 (18.8 %) 0.78 - 123.18 0.78
Q2 2010 113.42 (24.9 %) 0.72 - 113.42 0.72
Q3 2010 94.24 (3.5 %) 0.60 - 94.24 0.60
Q4 2010 99.53 22.0 % 0.63 - 99.53 0.63
Q1 2011 101.10 (17.9 %) 0.64 - 101.10 0.64
Q2 2011 149.90 32.2 % 0.95 - 149.90 0.95
Q3 2011 124.88 32.5 % 0.79 - 124.88 0.79
Q4 2011 153.40 54.1 % 0.97 - 153.40 0.97
Q1 2012 144.76 43.2 % 0.92 - 144.76 0.92
Q2 2012 215.59 43.8 % 1.37 - 215.59 1.37
Q3 2012 156.71 25.5 % 0.99 - 156.71 0.99
Q4 2012 203.43 32.6 % 1.29 - 203.43 1.29
Q1 2013 247.02 70.6 % 1.57 - 247.02 1.57
Q2 2013 274.41 27.3 % 1.74 - 274.41 1.74
Q3 2013 139.64 (10.9 %) 0.89 - 139.64 0.89
Q4 2013 160.22 (21.2 %) 1.02 - 160.22 1.02
Q1 2014 205.22 (16.9 %) 1.30 - 205.22 1.30
Q2 2014 240.56 (12.3 %) 1.53 19.75 220.81 1.40
Q3 2014 162.84 16.6 % 1.03 - 162.84 1.03
Q4 2014 193.31 20.7 % 1.23 - 193.31 1.23
Q1 2015 207.17 0.9 % 1.32 - 207.17 1.32
Q2 2015 245.50 2.1 % 1.56 - 245.50 1.56
Q3 2015 144.67 (11.2 %) 0.92 - 144.67 0.92
Q4 2015 208.75 8.0 % 1.33 - 208.75 1.33
Q1 2016 170.69 (17.6 %) 1.08 - 170.69 1.08
Q2 2016 159.23 (35.1 %) 1.01 - 159.23 1.01
Q3 2016 92.06 (36.4 %) 0.58 - 92.06 0.58
Q4 2016 103.78 (50.3 %) 0.66 - 103.78 0.66
Q1 2017 124.27 (27.2 %) 0.79 - 124.27 0.79
Q2 2017 80.48 (49.5 %) 0.51 12.12 68.36 0.43
Q3 2017 17.97 (80.5 %) 0.11 - 17.97 0.11
Q4 2017 96.15 (7.4 %) 0.61 - 96.15 0.61
Q1 2018 39.63 (68.1 %) 0.25 10.77 28.86 0.18
Q2 2018 4.04 (95.0 %) 0.03 - 4.04 0.03
Q3 2018 13.28 (26.1 %) 0.08 - 13.28 0.08
Q4 2018 34.24 (64.4 %) 0.22 - 34.24 0.22
Q1 2019 72.52 83.0 % 0.46 - 72.52 0.46
Q2 2019 40.44 902.1 % 0.26 - 40.44 0.26
Q3 2019 61.94 366.3 % 0.39 - 61.94 0.39

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 52.72 % 60.95 % 50.09 %
Q2 2010 50.12 % 58.58 % 47.14 %
Q3 2010 50.08 % 58.60 % 47.23 %
Q4 2010 51.90 % 60.21 % 48.06 %
Q1 2011 50.62 % 59.02 % 46.13 %
Q2 2011 51.30 % 59.13 % 47.10 %
Q3 2011 50.27 % 57.87 % 46.37 %
Q4 2011 49.06 % 56.71 % 46.74 %
Q1 2012 49.68 % 57.26 % 47.25 %
Q2 2012 50.92 % 59.65 % 47.91 %
Q3 2012 51.33 % 61.22 % 47.91 %
Q4 2012 52.93 % 63.15 % 48.14 %
Q1 2013 54.63 % 65.08 % 50.08 %
Q2 2013 56.57 % 66.79 % 52.13 %
Q3 2013 55.97 % 66.15 % 51.53 %
Q4 2013 54.63 % 65.00 % 50.69 %
Q1 2014 52.69 % 63.16 % 48.60 %
Q2 2014 50.29 % 61.01 % 46.24 %
Q3 2014 52.86 % 63.87 % 48.63 %
Q4 2014 54.71 % 65.75 % 50.16 %
Q1 2015 54.86 % 65.83 % 50.36 %
Q2 2015 56.63 % 67.51 % 52.19 %
Q3 2015 54.83 % 65.59 % 50.53 %
Q4 2015 54.03 % 64.33 % 49.97 %
Q1 2016 53.77 % 64.52 % 48.85 %
Q2 2016 50.82 % 62.28 % 46.02 %
Q3 2016 49.68 % 61.97 % 44.74 %
Q4 2016 47.63 % 59.82 % 40.87 %
Q1 2017 45.63 % 58.93 % 40.15 %
Q2 2017 43.24 % 58.50 % 36.65 %
Q3 2017 37.94 % 54.41 % 31.53 %
Q4 2017 39.03 % 59.13 % 33.47 %
Q1 2018 32.38 % 53.63 % 25.62 %
Q2 2018 25.33 % 45.66 % 18.19 %
Q3 2018 25.53 % 44.82 % 18.06 %
Q4 2018 18.62 % 37.80 % 10.48 %
Q1 2019 23.94 % 42.02 % 15.29 %
Q2 2019 28.77 % 45.32 % 19.49 %
Q3 2019 32.12 % 47.53 % 23.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 157.50 2.88 2.88 14.11
Q2 2010 157.50 2.64 2.64 14.83
Q3 2010 157.50 2.62 2.62 15.43
Q4 2010 157.50 2.73 2.73 16.06
Q1 2011 157.50 2.59 2.59 15.35
Q2 2011 157.50 2.82 2.82 16.30
Q3 2011 157.50 3.02 3.02 17.10
Q4 2011 157.50 3.36 3.36 18.07
Q1 2012 157.50 3.64 3.64 17.31
Q2 2012 157.50 4.05 4.05 18.68
Q3 2012 157.50 4.26 4.26 19.67
Q4 2012 157.50 4.57 4.57 20.96
Q1 2013 157.50 5.22 5.22 19.19
Q2 2013 157.50 5.60 5.60 20.93
Q3 2013 157.50 5.49 5.49 19.81
Q4 2013 157.50 5.21 5.21 20.83
Q1 2014 157.50 4.95 4.95 20.12
Q2 2014 157.50 4.73 4.61 21.65
Q3 2014 157.50 4.88 4.76 21.18
Q4 2014 157.50 5.09 4.97 22.41
Q1 2015 157.50 5.10 4.98 23.72
Q2 2015 157.50 5.14 5.14 22.77
Q3 2015 157.50 5.02 5.02 22.19
Q4 2015 157.50 5.12 5.12 23.51
Q1 2016 157.50 4.89 4.89 24.56
Q2 2016 157.50 4.34 4.34 21.17
Q3 2016 157.50 4.00 4.00 21.77
Q4 2016 157.50 3.34 3.34 22.27
Q1 2017 157.50 3.04 3.04 21.10
Q2 2017 157.50 2.54 2.47 20.86
Q3 2017 157.50 2.07 2.00 20.98
Q4 2017 157.50 2.02 1.95 21.54
Q1 2018 157.50 1.49 1.34 21.79
Q2 2018 157.50 1.00 0.93 20.57
Q3 2018 157.50 0.97 0.90 20.15
Q4 2018 157.50 0.58 0.51 20.37
Q1 2019 157.50 0.79 0.79 20.83
Q2 2019 157.50 1.02 1.02 20.57
Q3 2019 157.50 1.33 1.33 20.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 10.84 10.84 2.21
Q2 2010 10.86 10.86 1.93
Q3 2010 10.62 10.62 1.80
Q4 2010 10.44 10.44 1.78
Q1 2011 11.65 11.65 1.97
Q2 2011 12.99 12.99 2.25
Q3 2011 12.65 12.65 2.23
Q4 2011 13.59 13.59 2.53
Q1 2012 14.29 14.29 3.00
Q2 2012 13.03 13.03 2.83
Q3 2012 11.67 11.67 2.52
Q4 2012 11.44 11.44 2.50
Q1 2013 11.15 11.15 3.04
Q2 2013 12.01 12.01 3.21
Q3 2013 13.44 13.44 3.72
Q4 2013 12.80 12.80 3.20
Q1 2014 14.19 14.19 3.49
Q2 2014 15.42 15.84 3.37
Q3 2014 15.87 16.29 3.66
Q4 2014 12.11 12.41 2.75
Q1 2015 13.56 13.90 2.92
Q2 2015 12.35 12.35 2.78
Q3 2015 10.69 10.69 2.42
Q4 2015 8.52 8.52 1.86
Q1 2016 10.06 10.06 2.00
Q2 2016 9.98 9.98 2.05
Q3 2016 8.41 8.41 1.55
Q4 2016 12.13 12.13 1.82
Q1 2017 12.06 12.06 1.74
Q2 2017 12.55 12.94 1.53
Q3 2017 13.74 14.27 1.36
Q4 2017 16.70 17.36 1.57
Q1 2018 22.28 24.70 1.52
Q2 2018 27.00 28.98 1.32
Q3 2018 22.28 23.97 1.07
Q4 2018 41.45 47.01 1.18
Q1 2019 35.73 35.73 1.35
Q2 2019 30.33 30.33 1.50
Q3 2019 26.09 26.09 1.71

Business Segments (Million)

Compared With The
Period Bulk Cement Packed Cement Cement Bags Raw Cement (Clinker)
Q1 2019 110.95 66.33 13.23 69.30
Q2 2019 95.23 51.35 7.59 55.41
Q3 2019 105.62 62.59 18.15 41.61

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 53.96 61.94 14.78 %

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
OSOOL AND BAKHEET 61.30 61.94 1.0 %
SNB Capital 61.00 61.94 1.5 %
AlJazira Capital 53.50 61.94 15.8 %
Al Rajhi Capital 49.00 61.94 26.4 %
Riyad Capital 45.00 61.94 37.6 %

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