Qassim Cement posts lower net profit at SAR 320.2mln in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

Qassim Cement Co.
59.00
(1.00) (1.67 %)

Qassim Cement Co. (QACCO)

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The Qassim Cement Company, reported SAR 320.2m net profit at the end of the first half of 2014, a 4% decrease compared to the same period last year.



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 591.53 543.00 (8.2 %)
Gross Income 363.82 341.01 (6.3 %)
Operating Income 347.62 325.33 (6.4 %)
Net Income 334.59 320.16 (4.3 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 3.72 3.56 (4.3 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 300.74 270.13 (10.2 %)
Gross Income 181.24 171.25 (5.5 %)
Operating Income 173.41 163.59 (5.7 %)
Net Income 165.93 161.11 (2.9 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 1.84 1.79 (2.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 - - 61.68 2.1 % 58.64 3.8 % 0.65
Q2 2005 - - 75.59 14.2 % 72.73 4.9 % 0.81
Q3 2005 134.25 - 83.88 31.1 % 77.14 19.0 % 0.86
Q4 2005 123.97 - 77.02 37.9 % 73.02 30.9 % 0.81
Q1 2006 132.63 - 86.04 39.5 % 81.09 38.3 % 0.90
Q2 2006 139.97 - 81.81 8.2 % 80.33 10.4 % 0.89
Q3 2006 142.07 5.8 % 91.74 9.4 % 85.87 11.3 % 0.95
Q4 2006 128.41 3.6 % 75.20 (2.4 %) 68.29 (6.5 %) 0.76
Q1 2007 140.04 5.6 % 90.87 5.6 % 90.16 11.2 % 1.00
Q2 2007 213.61 52.6 % 146.15 78.6 % 148.01 84.3 % 1.64
Q3 2007 252.05 77.4 % 161.07 75.6 % 154.04 79.4 % 1.71
Q4 2007 241.30 87.9 % 159.30 111.8 % 148.34 117.2 % 1.65
Q1 2008 242.77 73.4 % 157.81 73.7 % 160.24 77.7 % 1.78
Q2 2008 232.27 8.7 % 152.03 4.0 % 151.93 2.6 % 1.69
Q3 2008 179.78 (28.7 %) 117.27 (27.2 %) 113.49 (26.3 %) 1.26
Q4 2008 165.39 (31.5 %) 98.92 (37.9 %) 91.09 (38.6 %) 1.01
Q1 2009 242.51 (0.1 %) 151.84 (3.8 %) 151.53 (5.4 %) 1.68
Q2 2009 279.83 20.5 % 159.54 4.9 % 148.22 (2.4 %) 1.65
Q3 2009 226.80 26.2 % 136.92 16.8 % 128.77 13.5 % 1.43
Q4 2009 237.41 43.5 % 120.93 22.2 % 173.48 90.4 % 1.93
Q1 2010 272.46 12.3 % 156.79 3.3 % 145.23 (4.2 %) 1.61
Q2 2010 255.54 (8.7 %) 149.52 (6.3 %) 135.76 (8.4 %) 1.51
Q3 2010 199.22 (12.2 %) 114.97 (16.0 %) 107.09 (16.8 %) 1.19
Q4 2010 241.21 1.6 % 135.48 12.0 % 112.48 (35.2 %) 1.25
Q1 2011 275.44 1.1 % 162.70 3.8 % 147.18 1.3 % 1.64
Q2 2011 275.59 7.8 % 154.91 3.6 % 144.65 6.5 % 1.61
Q3 2011 213.36 7.1 % 126.27 9.8 % 114.97 7.4 % 1.28
Q4 2011 270.40 12.1 % 165.37 22.1 % 146.10 29.9 % 1.62
Q1 2012 287.79 4.5 % 170.62 4.9 % 158.44 7.7 % 1.76
Q2 2012 286.18 3.8 % 161.55 4.3 % 148.98 3.0 % 1.66
Q3 2012 212.89 (0.2 %) 121.15 (4.1 %) 110.51 (3.9 %) 1.23
Q4 2012 261.05 (3.5 %) 160.62 (2.9 %) 143.03 (2.1 %) 1.59
Q1 2013 290.78 1.0 % 182.58 7.0 % 168.46 6.3 % 1.87
Q2 2013 300.74 5.1 % 181.24 12.2 % 165.93 11.4 % 1.84
Q3 2013 218.10 2.4 % 133.28 10.0 % 114.70 3.8 % 1.27
Q4 2013 240.98 (7.7 %) 146.91 (8.5 %) 135.31 (5.4 %) 1.50
Q1 2014 272.87 (6.2 %) 169.75 (7.0 %) 159.05 (5.6 %) 1.77
Q2 2014 270.13 (10.2 %) 171.25 (5.5 %) 161.11 (2.9 %) 1.79

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 61.93 % 66.42 % 58.70 %
Q3 2006 62.49 % 66.89 % 59.47 %
Q4 2006 61.65 % 65.82 % 58.11 %
Q1 2007 61.69 % 66.10 % 58.98 %
Q2 2007 64.72 % 69.39 % 62.86 %
Q3 2007 64.47 % 69.15 % 62.73 %
Q4 2007 65.81 % 71.02 % 62.67 %
Q1 2008 65.74 % 71.12 % 63.27 %
Q2 2008 65.08 % 70.67 % 62.46 %
Q3 2008 65.44 % 71.78 % 62.97 %
Q4 2008 64.13 % 71.94 % 63.97 %
Q1 2009 63.43 % 71.50 % 62.93 %
Q2 2009 60.81 % 68.50 % 59.05 %
Q3 2009 59.84 % 67.36 % 57.68 %
Q4 2009 57.70 % 63.03 % 51.96 %
Q1 2010 56.49 % 61.39 % 49.81 %
Q2 2010 56.86 % 61.74 % 49.77 %
Q3 2010 56.21 % 60.94 % 48.95 %
Q4 2010 57.49 % 62.69 % 51.69 %
Q1 2011 57.92 % 62.85 % 51.73 %
Q2 2011 57.30 % 62.02 % 51.58 %
Q3 2011 57.61 % 62.28 % 51.64 %
Q4 2011 58.88 % 63.65 % 53.43 %
Q1 2012 58.94 % 63.89 % 53.88 %
Q2 2012 58.98 % 63.93 % 53.75 %
Q3 2012 58.52 % 63.44 % 53.35 %
Q4 2012 58.59 % 63.56 % 53.53 %
Q1 2013 59.56 % 64.48 % 54.33 %
Q2 2013 60.59 % 65.49 % 55.18 %
Q3 2013 61.43 % 65.84 % 55.26 %
Q4 2013 61.30 % 65.93 % 55.52 %
Q1 2014 61.12 % 65.81 % 55.33 %
Q2 2014 61.99 % 66.79 % 56.20 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 90.00 2.76 2.76 10.72
Q2 2005 90.00 2.80 2.80 11.53
Q3 2005 90.00 2.94 2.94 12.39
Q4 2005 90.00 3.13 3.13 13.20
Q1 2006 90.00 3.38 3.38 11.78
Q2 2006 90.00 3.46 3.46 12.67
Q3 2006 90.00 3.56 3.56 13.63
Q4 2006 90.00 3.51 3.51 14.39
Q1 2007 90.00 3.61 3.61 13.07
Q2 2007 90.00 4.36 4.36 13.57
Q3 2007 90.00 5.12 5.12 15.28
Q4 2007 90.00 6.01 5.90 16.93
Q1 2008 90.00 6.78 6.68 16.69
Q2 2008 90.00 6.83 6.72 18.38
Q3 2008 90.00 6.38 6.27 18.14
Q4 2008 90.00 5.74 5.83 19.15
Q1 2009 90.00 5.64 5.73 20.83
Q2 2009 90.00 5.60 5.69 19.97
Q3 2009 90.00 5.77 5.86 18.40
Q4 2009 90.00 6.69 5.70 20.32
Q1 2010 90.00 6.62 5.63 18.92
Q2 2010 90.00 6.48 5.49 20.43
Q3 2010 90.00 6.24 5.25 19.37
Q4 2010 90.00 5.56 5.56 20.62
Q1 2011 90.00 5.58 5.58 19.49
Q2 2011 90.00 5.68 5.68 21.09
Q3 2011 90.00 5.77 5.77 20.12
Q4 2011 90.00 6.14 6.14 21.74
Q1 2012 90.00 6.27 6.27 19.99
Q2 2012 90.00 6.32 6.32 21.64
Q3 2012 90.00 6.27 6.27 20.37
Q4 2012 90.00 6.23 6.23 21.96
Q1 2013 90.00 6.34 6.34 20.31
Q2 2013 90.00 6.53 6.53 22.15
Q3 2013 90.00 6.58 6.57 20.68
Q4 2013 90.00 6.49 6.48 22.19
Q1 2014 90.00 6.39 6.35 20.44
Q2 2014 90.00 6.34 6.26 22.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 18.47 18.47 4.76
Q2 2005 28.22 28.22 6.85
Q3 2005 27.41 27.41 6.50
Q4 2005 37.84 37.84 8.97
Q1 2006 37.36 37.36 10.71
Q2 2006 39.00 39.00 10.65
Q3 2006 28.70 28.70 7.49
Q4 2006 22.10 22.10 5.39
Q1 2007 17.19 17.19 4.74
Q2 2007 14.05 14.05 4.51
Q3 2007 13.17 13.17 4.41
Q4 2007 15.07 15.34 5.35
Q1 2008 11.50 11.68 4.67
Q2 2008 11.63 11.81 4.32
Q3 2008 8.94 9.09 3.14
Q4 2008 7.03 6.93 2.11
Q1 2009 7.53 7.41 2.04
Q2 2009 10.44 10.28 2.93
Q3 2009 11.95 11.77 3.75
Q4 2009 10.39 12.20 3.42
Q1 2010 11.26 13.24 3.94
Q2 2010 10.92 12.89 3.46
Q3 2010 10.46 12.44 3.37
Q4 2010 11.19 11.19 3.02
Q1 2011 10.79 10.79 3.09
Q2 2011 12.45 12.45 3.35
Q3 2011 11.83 11.83 3.39
Q4 2011 11.84 11.84 3.35
Q1 2012 12.64 12.64 3.97
Q2 2012 12.35 12.35 3.60
Q3 2012 12.13 12.13 3.73
Q4 2012 12.92 12.92 3.67
Q1 2013 12.33 12.33 3.85
Q2 2013 12.59 12.59 3.71
Q3 2013 12.73 12.74 4.05
Q4 2013 13.78 13.81 4.03
Q1 2014 14.17 14.26 4.43
Q2 2014 15.68 15.87 4.47

Business Segments (Million)

Compared With The
Period Cement Ready mixed concrete
Q3 2012 202.97 9.92
Q4 2012 248.60 12.46
Q1 2013 275.43 15.35
Q2 2013 284.96 15.78
Q3 2013 207.91 10.19
Q4 2013 228.09 12.89
Q1 2014 256.58 16.29
Q2 2014 256.32 13.81


Financial Ratios
Current
Market Cap (M Riyal) 5,310.00
Enterprise Value (EV) (M) 4,816.77
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 1.79
Book Value (BV) ( Riyal) 17.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.93
P/E (TTM) 32.93
Price/book 3.33
Return on Average Assets (%) (TTM) 8.5
Return on Average Equity (%) (TTM) 9.9
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