Eastern Cement's net profit falls 56% in 9M

30/10/2018 Argaam Exclusive

Eastern Province Cement Co.'s net profit after zakat and tax fell 55.6 percent year-on-year (YoY) to SAR 44 million in the first nine months of 2018, due to a decline in operating income, investment income and higher other expenses. 



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 483.74 412.30 (14.8 %)
Gross Income 134.22 91.45 (31.9 %)
Operating Income 86.16 44.85 (47.9 %)
Net Income 99.39 44.19 (55.5 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 1.16 0.51 (55.5 %)

The third-quarter net profit after zakat and tax dropped 35.7 percent YoY to SAR 9 million due to a steep decline in selling prices amid fierce competition.

 

On a sequential basis, Q3 net profit plunged 52.6 percent. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 122.10 122.03 (0.1 %)
Gross Income 32.73 21.27 (35.0 %)
Operating Income 18.13 7.01 (61.3 %)
Net Income 13.88 8.87 (36.1 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 0.16 0.10 (36.1 %)

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Share Price

Eastern Province Cement Co.
34.15
0.20 0.59 %

Eastern Province Cement Co. (EPCCO)

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Financial Ratios
Current
Market Cap (M Riyal) 2,936.90
Enterprise Value (EV) (M) 2,715.10
Shares Outstanding ((M)) 86.00
EPS ( Riyal) (TTM) 2.55
Book Value (BV) ( Riyal) 28.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.67
P/E (TTM) 13.39
Price/book 1.21
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.2
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 193.25 (22.3 %) 106.81 (28.6 %) 97.64 (30.9 %)
Q2 2009 206.64 (11.9 %) 115.51 (19.5 %) 108.53 (19.1 %)
Q3 2009 186.31 27.1 % 107.96 34.9 % 101.51 44.6 %
Q4 2009 192.37 13.8 % 71.85 (20.4 %) 60.31 (23.4 %)
Q1 2010 210.23 8.8 % 105.93 (0.8 %) 95.78 (1.9 %)
Q2 2010 231.56 12.1 % 106.39 (7.9 %) 97.01 (10.6 %)
Q3 2010 171.41 (8.0 %) 80.43 (25.5 %) 73.12 (28.0 %)
Q4 2010 206.26 7.2 % 94.92 32.1 % 84.65 40.4 %
Q1 2011 210.50 0.1 % 98.33 (7.2 %) 86.55 (9.6 %)
Q2 2011 214.92 (7.2 %) 109.21 2.6 % 99.28 2.3 %
Q3 2011 170.72 (0.4 %) 93.80 16.6 % 85.67 17.2 %
Q4 2011 216.43 4.9 % 117.35 23.6 % 105.80 25.0 %
Q1 2012 238.21 13.2 % 123.60 25.7 % 111.14 28.4 %
Q2 2012 212.79 (1.0 %) 108.86 (0.3 %) 99.79 0.5 %
Q3 2012 175.09 2.6 % 89.50 (4.6 %) 80.53 (6.0 %)
Q4 2012 228.79 5.7 % 98.73 (15.9 %) 82.99 (21.6 %)
Q1 2013 237.85 (0.2 %) 114.81 (7.1 %) 103.37 (7.0 %)
Q2 2013 203.39 (4.4 %) 80.49 (26.1 %) 68.59 (31.3 %)
Q3 2013 174.92 (0.1 %) 79.00 (11.7 %) 68.78 (14.6 %)
Q4 2013 212.57 (7.1 %) 74.04 (25.0 %) 57.12 (31.2 %)
Q1 2014 214.60 (9.8 %) 92.28 (19.6 %) 76.21 (26.3 %)
Q2 2014 217.73 7.1 % 94.15 17.0 % 80.60 17.5 %
Q3 2014 193.08 10.4 % 73.56 (6.9 %) 59.37 (13.7 %)
Q4 2014 219.70 3.4 % 92.72 25.2 % 78.20 36.9 %
Q1 2015 254.48 18.6 % 108.33 17.4 % 90.05 18.1 %
Q2 2015 254.15 16.7 % 108.12 14.8 % 91.80 13.9 %
Q3 2015 192.12 (0.5 %) 82.94 12.8 % 67.99 14.5 %
Q4 2015 239.22 8.9 % 94.51 1.9 % 80.36 2.8 %
Q1 2016 245.29 (3.6 %) 95.34 (12.0 %) 75.61 (16.0 %)
Q2 2016 207.53 (18.3 %) 66.52 (38.5 %) 50.47 (45.0 %)
Q3 2016 172.19 (10.4 %) 60.22 (27.4 %) 37.80 (44.4 %)
Q4 2016 231.59 (3.2 %) 68.47 (27.6 %) 54.28 (32.5 %)
Q1 2017 202.27 (17.5 %) 60.26 (36.8 %) 39.91 (47.2 %)
Q2 2017 159.38 (23.2 %) 41.24 (38.0 %) 28.12 (44.3 %)
Q3 2017 122.10 (29.1 %) 32.73 (45.7 %) 18.13 (52.0 %)
Q4 2017 156.87 (32.3 %) 31.06 (54.6 %) 13.15 (75.8 %)
Q1 2018 138.65 (31.5 %) 32.45 (46.2 %) 17.14 (57.0 %)
Q2 2018 151.62 (4.9 %) 37.73 (8.5 %) 20.69 (26.4 %)
Q3 2018 122.03 (0.1 %) 21.27 (35.0 %) 7.01 (61.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 96.96 (37.5 %) 1.13 - 96.96 1.13
Q2 2009 103.09 (27.2 %) 1.20 - 103.09 1.20
Q3 2009 100.60 60.3 % 1.17 - 100.60 1.17
Q4 2009 50.05 (33.1 %) 0.58 - 50.05 0.58
Q1 2010 92.20 (4.9 %) 1.07 - 92.20 1.07
Q2 2010 104.28 1.2 % 1.21 - 104.28 1.21
Q3 2010 63.59 (36.8 %) 0.74 - 63.59 0.74
Q4 2010 82.91 65.6 % 0.96 - 82.91 0.96
Q1 2011 82.55 (10.5 %) 0.96 - 82.55 0.96
Q2 2011 101.05 (3.1 %) 1.17 - 101.05 1.17
Q3 2011 74.71 17.5 % 0.87 - 74.71 0.87
Q4 2011 105.64 27.4 % 1.23 - 105.64 1.23
Q1 2012 104.06 26.1 % 1.21 - 104.06 1.21
Q2 2012 103.18 2.1 % 1.20 - 103.18 1.20
Q3 2012 83.78 12.1 % 0.97 - 83.78 0.97
Q4 2012 95.64 (9.5 %) 1.11 (3.93) 99.57 1.16
Q1 2013 109.45 5.2 % 1.27 - 109.45 1.27
Q2 2013 77.42 (25.0 %) 0.90 - 77.42 0.90
Q3 2013 67.65 (19.2 %) 0.79 - 67.65 0.79
Q4 2013 54.63 (42.9 %) 0.64 - 54.63 0.64
Q1 2014 156.73 43.2 % 1.82 80.70 76.03 0.88
Q2 2014 81.64 5.4 % 0.95 0.00 81.63 0.95
Q3 2014 55.94 (17.3 %) 0.65 - 55.94 0.65
Q4 2014 79.25 45.0 % 0.92 - 79.25 0.92
Q1 2015 84.94 (45.8 %) 0.99 - 84.94 0.99
Q2 2015 92.77 13.6 % 1.08 - 92.77 1.08
Q3 2015 66.73 19.3 % 0.78 - 66.73 0.78
Q4 2015 87.86 10.9 % 1.02 1.83 86.03 1.00
Q1 2016 86.18 1.5 % 1.00 - 86.18 1.00
Q2 2016 47.33 (49.0 %) 0.55 - 47.33 0.55
Q3 2016 42.03 (37.0 %) 0.49 - 42.03 0.49
Q4 2016 51.66 (41.2 %) 0.60 - 51.66 0.60
Q1 2017 50.40 (41.5 %) 0.59 - 50.40 0.59
Q2 2017 35.11 (25.8 %) 0.41 - 35.11 0.41
Q3 2017 13.88 (67.0 %) 0.16 - 13.88 0.16
Q4 2017 7.75 (85.0 %) 0.09 - 7.75 0.09
Q1 2018 16.51 (67.2 %) 0.19 - 16.51 0.19
Q2 2018 18.80 (46.5 %) 0.22 - 18.80 0.22
Q3 2018 8.87 (36.1 %) 0.10 - 8.87 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 56.57 % 61.97 % 50.60 %
Q2 2009 54.88 % 60.94 % 47.18 %
Q3 2009 55.69 % 62.02 % 49.71 %
Q4 2009 51.65 % 57.62 % 45.04 %
Q1 2010 50.44 % 57.67 % 43.48 %
Q2 2010 47.79 % 54.40 % 42.31 %
Q3 2010 45.26 % 52.03 % 38.50 %
Q4 2010 47.31 % 54.30 % 41.85 %
Q1 2011 46.36 % 53.20 % 40.66 %
Q2 2011 47.68 % 55.18 % 41.10 %
Q3 2011 49.38 % 57.07 % 42.53 %
Q4 2011 51.53 % 58.79 % 44.79 %
Q1 2012 52.83 % 59.64 % 45.87 %
Q2 2012 52.93 % 59.02 % 46.25 %
Q3 2012 52.14 % 57.68 % 47.08 %
Q4 2012 49.21 % 54.65 % 45.69 %
Q1 2013 48.20 % 53.88 % 46.34 %
Q2 2013 45.38 % 50.46 % 43.81 %
Q3 2013 44.15 % 49.61 % 41.91 %
Q4 2013 42.03 % 47.15 % 37.31 %
Q1 2014 40.45 % 45.79 % 34.23 %
Q2 2014 41.41 % 48.07 % 34.15 %
Q3 2014 39.86 % 46.57 % 32.01 %
Q4 2014 41.73 % 50.17 % 34.65 %
Q1 2015 41.67 % 49.66 % 34.10 %
Q2 2015 41.54 % 48.96 % 33.96 %
Q3 2015 42.60 % 49.96 % 35.17 %
Q4 2015 41.91 % 48.80 % 35.16 %
Q1 2016 40.92 % 47.21 % 35.64 %
Q2 2016 38.38 % 45.38 % 32.38 %
Q3 2016 36.63 % 43.53 % 30.27 %
Q4 2016 33.92 % 41.10 % 26.52 %
Q1 2017 31.40 % 38.80 % 23.53 %
Q2 2017 30.07 % 37.43 % 23.41 %
Q3 2017 28.33 % 35.83 % 21.12 %
Q4 2017 25.80 % 32.36 % 16.73 %
Q1 2018 23.83 % 31.92 % 12.70 %
Q2 2018 23.53 % 31.07 % 10.00 %
Q3 2018 21.52 % 28.97 % 9.13 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 86.00 4.37 4.37 20.05
Q2 2009 86.00 3.93 3.93 21.67
Q3 2009 86.00 4.37 4.37 23.10
Q4 2009 86.00 4.08 4.08 23.58
Q1 2010 86.00 4.02 4.02 21.66
Q2 2010 86.00 4.04 4.04 22.59
Q3 2010 86.00 3.61 3.61 23.40
Q4 2010 86.00 3.99 3.99 24.55
Q1 2011 86.00 3.88 3.88 22.10
Q2 2011 86.00 3.84 3.84 23.27
Q3 2011 86.00 3.97 3.97 23.91
Q4 2011 86.00 4.23 4.23 25.09
Q1 2012 86.00 4.48 4.48 23.16
Q2 2012 86.00 4.51 4.51 24.09
Q3 2012 86.00 4.61 4.61 25.22
Q4 2012 86.00 4.50 4.54 26.35
Q1 2013 86.00 4.56 4.60 23.66
Q2 2013 86.00 4.26 4.30 24.74
Q3 2013 86.00 4.07 4.12 25.56
Q4 2013 86.00 3.59 3.59 26.55
Q1 2014 86.00 4.14 3.21 24.03
Q2 2014 86.00 4.19 3.26 25.04
Q3 2014 86.00 4.06 3.12 25.79
Q4 2014 86.00 4.34 3.41 26.29
Q1 2015 86.00 3.51 3.51 24.72
Q2 2015 86.00 3.64 3.64 25.89
Q3 2015 86.00 3.76 3.76 26.43
Q4 2015 86.00 3.86 3.84 27.35
Q1 2016 86.00 3.88 3.86 25.81
Q2 2016 86.00 3.35 3.33 26.42
Q3 2016 86.00 3.06 3.04 26.90
Q4 2016 86.00 2.64 2.64 26.01
Q1 2017 86.00 2.23 2.23 25.13
Q2 2017 86.00 2.08 2.08 25.52
Q3 2017 86.00 1.76 1.76 25.69
Q4 2017 86.00 1.25 1.25 25.75
Q1 2018 86.00 0.85 0.85 26.07
Q2 2018 86.00 0.66 0.66 25.48
Q3 2018 86.00 0.60 0.60 25.43

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 9.76 9.76 2.13
Q2 2009 11.31 11.31 2.05
Q3 2009 10.45 10.45 1.97
Q4 2009 12.21 12.21 2.11
Q1 2010 12.43 12.43 2.31
Q2 2010 10.70 10.70 1.91
Q3 2010 12.45 12.45 1.92
Q4 2010 11.36 11.36 1.85
Q1 2011 12.05 12.05 2.11
Q2 2011 12.90 12.90 2.13
Q3 2011 12.07 12.07 2.00
Q4 2011 13.11 13.11 2.21
Q1 2012 13.16 13.16 2.55
Q2 2012 11.76 11.76 2.20
Q3 2012 11.27 11.27 2.06
Q4 2012 12.79 12.66 2.18
Q1 2013 12.34 12.22 2.38
Q2 2013 13.79 13.65 2.37
Q3 2013 14.12 13.97 2.25
Q4 2013 16.55 16.55 2.24
Q1 2014 13.87 17.93 2.39
Q2 2014 14.37 18.51 2.41
Q3 2014 15.63 20.33 2.46
Q4 2014 12.74 16.25 2.10
Q1 2015 15.71 15.71 2.23
Q2 2015 12.66 12.66 1.78
Q3 2015 9.94 9.94 1.42
Q4 2015 8.21 8.25 1.16
Q1 2016 8.00 8.05 1.20
Q2 2016 8.97 9.02 1.14
Q3 2016 8.29 8.35 0.94
Q4 2016 13.06 13.06 1.33
Q1 2017 13.12 13.12 1.16
Q2 2017 11.59 11.59 0.95
Q3 2017 13.71 13.71 0.94
Q4 2017 21.18 21.18 1.02
Q1 2018 29.65 29.65 0.97
Q2 2018 37.30 37.30 0.97
Q3 2018 33.68 33.68 0.80

Business Segments (Million)

Compared With The
Period Cement Ready-mixed Concrete Construction support business
Q3 2012 175.08 - -
Q4 2012 152.98 33.66 42.16
Q1 2013 216.34 16.81 4.70
Q2 2013 186.01 12.24 5.14
Q3 2013 155.15 18.27 1.49
Q4 2013 192.22 19.89 0.46
Q1 2014 195.12 2.88 16.61
Q2 2014 196.02 30.34 -
Q3 2014 145.32 43.77 3.99
Q4 2014 188.96 41.70 -
Q1 2015 204.72 48.51 1.25
Q2 2015 195.96 57.46 0.73
Q3 2015 141.41 49.49 1.22
Q4 2015 195.22 41.42 2.58
Q1 2016 191.97 53.32 -
Q2 2016 153.40 54.13 -
Q3 2016 103.72 68.46 -
Q4 2016 147.17 84.42 -
Q1 2017 130.20 72.08 -
Q2 2017 95.77 63.61 -
Q3 2017 80.20 41.89 -
Q4 2017 118.87 38.00 -
Q1 2018 102.98 35.67 -
Q2 2018 100.85 50.77 -
Q3 2018 80.01 42.02 -

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 15.30 8.87 (42.0 %)

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
AlJazira Capital 12.60 8.87 (29.6) %
SNB Capital 18.00 8.87 (50.7) %

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