Al Yamamah Steel’s net profit plunges 86% in H1 2017/2018

07/05/2018 Argaam Exclusive

Al Yamamah Steel Industries Co. reported a net profit of SAR 11 million for the first half of 2017/2018, an 85.73 percent year-on-year (YoY) plunge driven by lower sales volumes.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 697.43 492.96 (29.3 %)
Gross Income 140.36 48.93 (65.1 %)
Operating Income 102.65 18.45 (82.0 %)
Net Income 77.14 11.02 (85.7 %)
Average Shares 50.80 50.80 -
EPS (Riyals) 1.52 0.22 (85.7 %)

Net profit for Q2 2017/2018 tumbled 91.06 percent YoY at SAR 4.3 million due to higher cost of sales and lower profit margins on market slowdown and fierce competition.

 

On a quarter-on-quarter basis, second-quarter profit dropped 35.82 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 371.99 240.72 (35.3 %)
Gross Income 80.81 25.13 (68.9 %)
Operating Income 61.34 9.94 (83.8 %)
Net Income 48.15 4.29 (91.1 %)
Average Shares 50.80 50.80 -
EPS (Riyals) 0.95 0.08 (91.1 %)

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Share Price

Al Yamamah Steel Industries Co.
31.80
0.70 2.25 %

Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

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Financial Ratios
Current
Market Cap (M Riyal) 1,615.44
Enterprise Value (EV) (M) 2,503.68
Shares Outstanding ((M)) 50.80
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 11.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 37.09
Price/book 2.76
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 7.8
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 661.67 - 82.92 - 64.82 -
Q4 2014 436.16 - 38.83 - 21.20 -
Q1 2015 500.78 - 71.20 - 55.84 -
Q2 2015 650.88 - 72.99 - 53.45 -
Q3 2015 540.78 (18.3 %) 92.64 11.7 % 72.80 12.3 %
Q4 2015 327.80 (24.8 %) 45.56 17.3 % 29.71 40.2 %
Q1 2016 435.46 (13.0 %) 59.61 (16.3 %) 41.69 (25.3 %)
Q2 2016 460.60 (29.2 %) 97.02 32.9 % 70.85 32.6 %
Q3 2016 471.48 (12.8 %) 124.12 34.0 % 101.77 39.8 %
Q4 2016 280.42 (14.5 %) 53.16 16.7 % 31.61 6.4 %
Q1 2017 325.44 (25.3 %) 59.55 (0.1 %) 41.30 (0.9 %)
Q2 2017 371.99 (19.2 %) 80.81 (16.7 %) 61.34 (13.4 %)
Q3 2017 286.42 (39.3 %) 42.20 (66.0 %) 26.22 (74.2 %)
Q4 2017 265.91 (5.2 %) 47.64 (10.4 %) 31.25 (1.1 %)
Q1 2018 252.24 (22.5 %) 23.79 (60.0 %) 8.51 (79.4 %)
Q2 2018 240.72 (35.3 %) 25.13 (68.9 %) 9.94 (83.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 48.47 - 0.95 - 48.47 0.95
Q4 2014 15.01 - 0.30 - 15.01 0.30
Q1 2015 44.09 - 0.87 - 44.09 0.87
Q2 2015 41.61 - 0.82 - 41.61 0.82
Q3 2015 54.50 12.4 % 1.07 - 54.50 1.07
Q4 2015 18.54 23.5 % 0.36 - 18.54 0.36
Q1 2016 34.82 (21.0 %) 0.69 - 34.82 0.69
Q2 2016 55.66 33.8 % 1.10 - 55.66 1.10
Q3 2016 67.88 24.6 % 1.34 (12.31) 80.19 1.58
Q4 2016 20.04 8.1 % 0.39 - 20.04 0.39
Q1 2017 28.99 (16.7 %) 0.57 - 28.99 0.57
Q2 2017 48.15 (13.5 %) 0.95 - 48.15 0.95
Q3 2017 17.21 (74.6 %) 0.34 - 17.21 0.34
Q4 2017 18.91 (5.6 %) 0.37 - 18.91 0.37
Q1 2018 6.73 (76.8 %) 0.13 - 6.73 0.13
Q2 2018 4.29 (91.1 %) 0.08 - 4.29 0.08

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 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 11.82 % 11.41 % 6.63 %
Q3 2015 12.95 % 11.40 % 7.29 %
Q4 2015 13.98 % 12.36 % 7.86 %
Q1 2016 13.85 % 12.09 % 7.65 %
Q2 2016 16.71 % 14.44 % 9.27 %
Q3 2016 19.25 % 15.88 % 11.16 %
Q4 2016 20.26 % 17.22 % 11.57 %
Q1 2017 21.71 % 18.41 % 12.02 %
Q2 2017 21.92 % 18.77 % 12.24 %
Q3 2017 18.64 % 16.88 % 9.05 %
Q4 2017 18.42 % 15.90 % 9.06 %
Q1 2018 16.53 % 13.88 % 7.73 %
Q2 2018 13.28 % 11.05 % 4.51 %


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 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 50.80 - - 11.44
Q4 2014 50.80 - - 11.73
Q1 2015 50.80 - - 11.35
Q2 2015 50.80 2.94 2.94 12.17
Q3 2015 50.80 3.06 3.06 11.99
Q4 2015 50.80 3.12 3.12 12.36
Q1 2016 50.80 2.94 2.94 11.79
Q2 2016 50.80 3.22 3.22 12.89
Q3 2016 50.80 3.48 3.72 13.07
Q4 2016 50.80 3.51 3.75 13.46
Q1 2017 50.80 3.40 3.64 12.72
Q2 2017 50.80 3.25 3.49 13.65
Q3 2017 50.80 2.25 2.25 13.03
Q4 2017 50.80 2.23 2.23 13.24
Q1 2018 50.80 1.79 1.79 13.37
Q2 2018 50.80 0.93 0.93 12.95

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 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 10.77 10.77 2.69
Q3 2016 6.67 6.24 1.78
Q4 2016 8.29 7.75 2.16
Q1 2017 8.33 7.78 2.23
Q2 2017 8.16 7.60 1.94
Q3 2017 11.06 11.06 1.91
Q4 2017 11.17 11.17 1.88
Q1 2018 12.39 12.39 1.66
Q2 2018 20.67 20.67 1.48

Business Segments (Million)

Compared With The
Period Construction sector Electricity sector Pipelines factory Electric poles factory Frames factory Electric power towers factory Al Yamamah for reinforcing steel bars
Q4 2014 - - 111.76 50.40 5.45 51.53 217.02
Q1 2015 - - 115.90 43.21 4.62 61.62 275.43
Q2 2015 - - 125.10 62.12 5.12 62.00 396.53
Q3 2015 - - 122.92 54.58 5.79 50.75 306.75
Q4 2015 - - 84.92 45.57 4.78 50.14 142.39
Q1 2016 - - 103.42 51.43 3.50 54.36 222.75
Q2 2016 - - 99.83 47.47 1.79 47.78 263.74
Q3 2016 391.22 80.36 - - - - -
Q4 2016 238.23 42.18 - - - - -
Q1 2017 278.88 46.55 - - - - -
Q2 2017 304.43 67.56 - - - - -
Q3 2017 245.49 40.93 - - - - -
Q4 2017 236.12 29.79 - - - - -
Q1 2018 211.85 40.40 - - - - -
Q2 2018 209.10 31.62 - - - - -

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 11.50 4.29 (62.7 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
Arbah Capital 11.00 4.29 (61.0) %
Sico 12.00 4.29 (64.2) %

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