Arabian Cement’s net profit falls 46% in 2017

19/02/2018 Argaam Exclusive

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Arabian Cement Co. reported a net profit of SAR 262.7 million for fiscal year 2017, down 46.3 percent year-on-year (YoY) as gross profit declined, driven by a decrease in sales volumes and prices, as well as lower net other income.

Financials (M)

Item	2016	2017	Change‬
Revenues	1,256.90	905.75	(27.9 %)
Gross Income	551.57	349.47	(36.6 %)
Operating Income	484.80	281.57	(41.9 %)
Net Income	489.63	262.72	(46.3 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	4.90	2.63	(46.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	240.11	248.23	3.4 %
Gross Income	65.66	127.19	93.7 %
Operating Income	44.73	104.61	133.9 %
Net Income	24.05	97.04	303.5 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.24	0.97	303.5 %

Item	Q3 2017	Q4 2017	Change‬
Revenues	163.04	248.23	52.2 %
Gross Income	55.39	127.19	129.6 %
Operating Income	43.02	104.61	143.2 %
Net Income	29.51	97.04	228.8 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.30	0.97	228.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	209.44	14.4 %	121.73	25.1 %	115.26	23.6 %	1.15
Q2 2008	189.13	(1.2 %)	112.28	3.3 %	90.38	(11.6 %)	0.90
Q3 2008	174.15	(5.0 %)	77.59	(32.6 %)	71.77	(35.1 %)	0.72
Q4 2008	148.59	(9.2 %)	67.74	(25.2 %)	46.76	(45.6 %)	0.47
2008	721.31	0.0 %	379.34	(7.9 %)	324.17	(17.3 %)	3.24
Q1 2009	203.86	(2.7 %)	115.31	(5.3 %)	103.78	(10.0 %)	1.04
Q2 2009	191.04	1.0 %	99.37	(11.5 %)	82.65	(8.6 %)	0.83
Q3 2009	162.84	(6.5 %)	88.09	13.5 %	72.82	1.5 %	0.73
Q4 2009	179.30	20.7 %	87.44	29.1 %	(87.23)	(286.5 %)	(0.87)
2009	737.03	2.2 %	390.22	2.9 %	172.02	(46.9 %)	1.72
Q1 2010	201.72	(1.0 %)	90.03	(21.9 %)	81.74	(21.2 %)	0.82
Q2 2010	194.43	1.8 %	95.19	(4.2 %)	81.17	(1.8 %)	0.81
Q3 2010	164.23	0.9 %	89.54	1.6 %	81.68	12.2 %	0.82
Q4 2010	184.21	2.7 %	44.17	(49.5 %)	10.85	112.4 %	0.11
2010	744.59	1.0 %	318.93	(18.3 %)	255.44	48.5 %	2.55
Q1 2011	230.10	14.1 %	133.97	48.8 %	116.02	41.9 %	1.16
Q2 2011	302.99	55.8 %	139.30	46.3 %	111.75	37.7 %	1.12
Q3 2011	277.72	69.1 %	125.69	40.4 %	104.92	28.5 %	1.05
Q4 2011	267.76	45.4 %	104.89	137.5 %	70.35	548.4 %	0.70
2011	1,078.56	44.9 %	503.86	58.0 %	407.23	59.4 %	4.07
Q1 2012	355.12	54.3 %	174.38	30.2 %	146.14	26.0 %	1.46
Q2 2012	369.30	21.9 %	173.23	24.4 %	71.93	(35.6 %)	0.72
Q3 2012	337.90	21.7 %	98.58	(21.6 %)	87.03	(17.1 %)	0.87
Q4 2012	308.32	15.1 %	91.15	(13.1 %)	82.33	17.0 %	0.82
2012	1,370.64	27.1 %	537.34	6.6 %	387.43	(4.9 %)	3.87
Q1 2013	352.30	(0.8 %)	169.10	(3.0 %)	157.26	7.6 %	1.57
Q2 2013	373.42	1.1 %	144.75	(16.4 %)	124.65	73.3 %	1.25
Q3 2013	290.44	(14.0 %)	95.19	(3.4 %)	16.85	(80.6 %)	0.17
Q4 2013	348.97	13.2 %	133.24	46.2 %	(106.67)	(229.6 %)	(1.07)
2013	1,365.12	(0.4 %)	542.27	0.9 %	192.09	(50.4 %)	1.92
Q1 2014	422.47	19.9 %	177.44	4.9 %	167.14	6.3 %	1.67
Q2 2014	480.55	28.7 %	227.74	57.3 %	199.80	60.3 %	2.00
Q3 2014	386.34	33.0 %	154.24	62.0 %	133.94	695.0 %	1.34
Q4 2014	430.23	23.3 %	171.18	28.5 %	144.55	235.5 %	1.45
2014	1,719.59	26.0 %	730.60	34.7 %	645.43	236.0 %	6.45
Q1 2015	453.00	7.2 %	234.15	32.0 %	195.27	16.8 %	1.95
Q2 2015	446.57	(7.1 %)	189.93	(16.6 %)	161.94	(18.9 %)	1.62
Q3 2015	328.00	(15.1 %)	108.56	(29.6 %)	89.48	(33.2 %)	0.89
Q4 2015	414.99	(3.5 %)	190.94	11.5 %	153.46	6.2 %	1.53
2015	1,642.56	(4.5 %)	723.58	(1.0 %)	600.14	(7.0 %)	6.00
Q1 2016	404.58	(10.7 %)	222.27	(5.1 %)	225.59	15.5 %	2.26
Q2 2016	363.32	(18.6 %)	162.81	(14.3 %)	141.00	(12.9 %)	1.41
Q3 2016	248.89	(24.1 %)	100.83	(7.1 %)	97.17	8.6 %	0.97
Q4 2016	240.11	(42.1 %)	65.66	(65.6 %)	24.05	(84.3 %)	0.24
2016	1,256.90	(23.5 %)	551.57	(23.8 %)	489.63	(18.4 %)	4.90
Q1 2017	272.11	(32.7 %)	113.88	(48.8 %)	100.66	(55.4 %)	1.01
Q2 2017	222.37	(38.8 %)	53.01	(67.4 %)	35.52	(74.8 %)	0.36
Q3 2017	163.04	(34.5 %)	55.39	(45.1 %)	29.51	(69.6 %)	0.30
Q4 2017	248.23	3.4 %	127.19	93.7 %	97.04	303.5 %	0.97
2017	905.75	(27.9 %)	349.47	(36.6 %)	262.72	(46.3 %)	2.63

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	721.31	0.0 %	379.34	(7.9 %)	324.17	(17.3 %)	3.24
2009	737.03	2.2 %	390.22	2.9 %	172.02	(46.9 %)	1.72
2010	744.59	1.0 %	318.93	(18.3 %)	255.44	48.5 %	2.55
2011	1,078.56	44.9 %	503.86	58.0 %	407.23	59.4 %	4.07
2012	1,370.64	27.1 %	537.34	6.6 %	387.43	(4.9 %)	3.87
2013	1,365.12	(0.4 %)	542.27	0.9 %	192.09	(50.4 %)	1.92
2014	1,719.59	26.0 %	730.60	34.7 %	645.43	236.0 %	6.45
2015	1,642.56	(4.5 %)	723.58	(1.0 %)	600.14	(7.0 %)	6.00
2016	1,256.90	(23.5 %)	551.57	(23.8 %)	489.63	(18.4 %)	4.90
2017	905.75	(27.9 %)	349.47	(36.6 %)	262.72	(46.3 %)	2.63

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	58.31 %	59.63 %	55.38 %
Q2 2008	58.97 %	58.99 %	53.95 %
Q3 2008	54.61 %	56.51 %	49.35 %
Q4 2008	52.59 %	53.83 %	44.94 %
2008	52.59 %	53.83 %	44.94 %
Q1 2009	52.11 %	53.21 %	43.69 %
Q2 2009	50.17 %	54.59 %	42.49 %
Q3 2009	52.46 %	58.48 %	43.32 %
Q4 2009	52.94 %	61.16 %	41.11 %
2009	52.94 %	61.16 %	41.11 %
Q1 2010	49.66 %	60.00 %	38.23 %
Q2 2010	48.86 %	59.78 %	37.86 %
Q3 2010	48.97 %	59.93 %	38.99 %
Q4 2010	42.83 %	53.17 %	35.98 %
2010	42.83 %	53.17 %	35.98 %
Q1 2011	46.95 %	56.30 %	39.09 %
Q2 2011	46.17 %	55.86 %	37.75 %
Q3 2011	44.54 %	54.78 %	35.78 %
Q4 2011	46.72 %	57.34 %	37.51 %
2011	46.72 %	57.34 %	37.90 %
Q1 2012	45.22 %	55.28 %	36.12 %
Q2 2012	45.53 %	53.52 %	37.93 %
Q3 2012	41.43 %	48.18 %	34.87 %
Q4 2012	39.20 %	48.50 %	34.60 %
2012	39.20 %	48.50 %	34.60 %
Q1 2013	38.90 %	48.96 %	35.48 %
Q2 2013	36.71 %	48.19 %	33.95 %
Q3 2013	37.77 %	50.58 %	35.86 %
Q4 2013	39.72 %	49.70 %	36.49 %
2013	39.72 %	49.70 %	36.49 %
Q1 2014	38.36 %	47.67 %	35.39 %
Q2 2014	41.08 %	49.41 %	36.86 %
Q3 2014	42.28 %	49.87 %	37.01 %
Q4 2014	42.49 %	49.49 %	37.53 %
2014	42.49 %	49.49 %	37.53 %
Q1 2015	44.99 %	51.54 %	39.34 %
Q2 2015	43.67 %	50.08 %	37.92 %
Q3 2015	42.46 %	49.00 %	36.57 %
Q4 2015	44.05 %	50.66 %	37.45 %
2015	44.05 %	50.66 %	37.45 %
Q1 2016	44.64 %	51.42 %	38.43 %
Q2 2016	45.31 %	52.52 %	39.17 %
Q3 2016	47.27 %	54.86 %	41.87 %
Q4 2016	43.88 %	52.01 %	37.40 %
2016	43.88 %	52.01 %	37.54 %
Q1 2017	39.41 %	48.35 %	32.27 %
Q2 2017	33.90 %	43.39 %	26.17 %
Q3 2017	32.08 %	41.88 %	21.14 %
Q4 2017	38.58 %	47.57 %	29.01 %
2017	38.58 %	47.57 %	29.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	52.59 %	53.83 %	44.94 %
2009	52.94 %	61.16 %	41.11 %
2010	42.83 %	53.17 %	35.98 %
2011	46.72 %	57.34 %	37.90 %
2012	39.20 %	48.50 %	34.60 %
2013	39.72 %	49.70 %	36.49 %
2014	42.49 %	49.49 %	37.53 %
2015	44.05 %	50.66 %	37.45 %
2016	43.88 %	52.01 %	37.54 %
2017	38.58 %	47.57 %	29.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	58.12 %	62.16 %	55.03 %
Q2 2008	59.37 %	55.86 %	47.79 %
Q3 2008	44.56 %	49.08 %	41.21 %
Q4 2008	45.59 %	45.09 %	31.47 %
Q1 2009	56.57 %	60.21 %	50.91 %
Q2 2009	52.02 %	61.00 %	43.26 %
Q3 2009	54.10 %	65.59 %	44.72 %
Q4 2009	48.77 %	58.37 %	24.41 %
Q1 2010	44.63 %	55.99 %	40.52 %
Q2 2010	48.96 %	60.14 %	41.75 %
Q3 2010	54.52 %	66.24 %	49.73 %
Q4 2010	23.98 %	31.05 %	12.65 %
Q1 2011	58.22 %	66.16 %	50.42 %
Q2 2011	45.98 %	57.49 %	36.88 %
Q3 2011	45.26 %	58.12 %	37.78 %
Q4 2011	39.18 %	48.77 %	26.86 %
Q1 2012	49.10 %	56.07 %	41.15 %
Q2 2012	46.91 %	51.04 %	42.98 %
Q3 2012	29.17 %	36.30 %	25.76 %
Q4 2012	29.57 %	50.13 %	26.70 %
Q1 2013	48.00 %	57.91 %	44.64 %
Q2 2013	38.76 %	48.19 %	37.27 %
Q3 2013	32.77 %	45.26 %	33.12 %
Q4 2013	38.18 %	46.72 %	30.23 %
Q1 2014	42.00 %	49.65 %	39.56 %
Q2 2014	47.39 %	53.66 %	41.58 %
Q3 2014	39.92 %	48.25 %	34.67 %
Q4 2014	39.79 %	45.77 %	33.60 %
Q1 2015	51.69 %	57.59 %	46.42 %
Q2 2015	42.53 %	48.22 %	36.26 %
Q3 2015	33.10 %	42.43 %	27.28 %
Q4 2015	46.01 %	52.24 %	36.98 %
Q1 2016	54.94 %	61.39 %	51.37 %
Q2 2016	44.81 %	52.06 %	38.81 %
Q3 2016	40.51 %	52.68 %	39.04 %
Q4 2016	27.35 %	35.41 %	10.02 %
Q1 2017	41.85 %	50.85 %	36.99 %
Q2 2017	23.84 %	32.46 %	15.97 %
Q3 2017	33.97 %	49.29 %	18.10 %
Q4 2017	51.24 %	56.39 %	39.09 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	100.00	4.14	4.14	21.76
Q2 2008	100.00	4.02	4.02	22.73
Q3 2008	100.00	3.63	3.63	22.43
Q4 2008	100.00	3.24	3.24	22.44
Q1 2009	100.00	3.13	3.13	22.11
Q2 2009	100.00	3.05	3.05	22.99
Q3 2009	100.00	3.06	3.06	23.04
Q4 2009	100.00	1.72	3.03	22.22
Q1 2010	100.00	1.50	2.81	23.12
Q2 2010	100.00	1.49	2.80	23.66
Q3 2010	100.00	1.57	2.88	24.45
Q4 2010	100.00	2.55	2.68	24.44
Q1 2011	100.00	2.90	3.02	25.59
Q2 2011	100.00	3.20	3.33	25.44
Q3 2011	100.00	3.44	3.56	26.42
Q4 2011	100.00	4.03	4.05	27.44
Q1 2012	100.00	4.33	4.35	29.03
Q2 2012	100.00	3.93	4.82	27.50
Q3 2012	100.00	3.75	4.64	28.35
Q4 2012	100.00	3.87	4.74	29.19
Q1 2013	100.00	3.99	4.85	30.77
Q2 2013	100.00	4.51	4.66	30.48
Q3 2013	100.00	3.81	4.75	29.71
Q4 2013	100.00	1.92	4.98	28.71
Q1 2014	100.00	2.02	5.08	30.36
Q2 2014	100.00	2.77	5.69	31.03
Q3 2014	100.00	3.94	6.06	30.57
Q4 2014	100.00	6.45	6.45	31.92
Q1 2015	100.00	6.74	6.89	33.57
Q2 2015	100.00	6.36	6.51	31.99
Q3 2015	100.00	5.91	6.06	30.44
Q4 2015	100.00	6.00	6.15	31.84
Q1 2016	100.00	6.30	6.13	34.16
Q2 2016	100.00	6.10	5.92	33.14
Q3 2016	100.00	6.17	5.99	31.85
Q4 2016	100.00	4.88	4.70	32.51
Q1 2017	100.00	3.63	3.63	33.08
Q2 2017	100.00	2.57	2.57	31.25
Q3 2017	100.00	1.90	1.90	30.48
Q4 2017	100.00	2.63	2.63	29.49

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	100.00	3.24	3.24	22.44
2009	100.00	1.72	3.03	22.22
2010	100.00	2.55	2.68	24.44
2011	100.00	4.07	4.09	27.44
2012	100.00	3.87	4.74	29.19
2013	100.00	1.92	4.98	28.71
2014	100.00	6.45	6.45	31.92
2015	100.00	6.00	6.15	31.84
2016	100.00	4.90	4.72	32.51
2017	100.00	2.63	2.63	29.49

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	14.10	14.10	2.68
Q2 2008	16.06	16.06	2.84
Q3 2008	12.16	12.16	1.97
Q4 2008	7.67	7.67	1.11
Q1 2009	8.93	8.93	1.26
Q2 2009	11.81	11.81	1.57
Q3 2009	12.03	12.03	1.60
Q4 2009	20.23	11.48	1.57
Q1 2010	22.35	11.93	1.45
Q2 2010	19.02	10.10	1.19
Q3 2010	18.30	9.99	1.18
Q4 2010	10.71	10.21	1.12
Q1 2011	8.73	8.37	0.99
Q2 2011	11.29	10.87	1.42
Q3 2011	9.73	9.39	1.27
Q4 2011	8.91	8.88	1.31
Q1 2012	10.71	10.67	1.60
Q2 2012	11.34	9.26	1.62
Q3 2012	11.03	8.93	1.46
Q4 2012	10.32	8.43	1.37
Q1 2013	11.34	9.31	1.47
Q2 2013	12.01	11.64	1.78
Q3 2013	14.64	11.75	1.88
Q4 2013	26.76	10.32	1.79
Q1 2014	32.58	12.95	2.17
Q2 2014	25.35	12.35	2.26
Q3 2014	21.56	14.02	2.78
Q4 2014	12.02	12.02	2.43
Q1 2015	11.19	10.94	2.24
Q2 2015	11.91	11.64	2.37
Q3 2015	9.49	9.26	1.84
Q4 2015	7.93	7.73	1.49
Q1 2016	7.24	7.45	1.34
Q2 2016	8.38	8.63	1.54
Q3 2016	6.22	6.40	1.20
Q4 2016	9.16	9.51	1.37
Q1 2017	10.47	10.47	1.15
Q2 2017	13.99	13.99	1.15
Q3 2017	17.84	17.84	1.11
Q4 2017	13.07	13.07	1.16

Period	P/E	Adjusted P/E	Price/book
2008	7.67	7.67	1.11
2009	20.23	11.48	1.57
2010	10.71	10.21	1.12
2011	8.82	8.79	1.31
2012	10.32	8.43	1.37
2013	26.76	10.32	1.79
2014	12.02	12.02	2.43
2015	7.93	7.73	1.49
2016	9.13	9.47	1.37
2017	13.07	13.07	1.16

Analysts Estimates (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change‬
Average	38.95	97.04	149.13 %

Estimates vs Actual (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change
SNB Capital	63.00	97.04	54.0 %
AlJazira Capital	40.70	97.04	138.4 %
Sico	36.00	97.04	169.5 %
OSOOL AND BAKHEET	33.90	97.04	186.2 %
Al Rajhi Capital	31.00	97.04	213.0 %
Alistithmar Capital	29.10	97.04	233.5 %

Financial Ratios

	Current
Market Cap (M Riyal)	2,845.00
Enterprise Value (EV) (M)	2,835.28
Shares Outstanding ((M))	100.00
EPS ( Riyal) (TTM)	1.45
Book Value (BV) ( Riyal)	26.20
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	22.39
P/E (TTM)	19.67
Price/book	1.09
Return on Average Assets (%) (TTM)	4.5
Return on Average Equity (%) (TTM)	5.5

Arabian Cement Co. (ACC)

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Arabian Cement’s net profit falls 46% in 2017

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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

Arabian Cement Co. (ACC)

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