Qassim Cement’s net profit slumps 42% in 9M 2017

15/10/2017 Argaam Exclusive

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Qassim Cement Co. reported a net profit of SAR 184.6 million for the first nine months of 2017, a 41.8 percent year-on-year (YoY) drop due to lower sales value and volume driven by lower selling prices and weak cement demand.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	666.72	456.97	(31.5 %)
Gross Income	352.55	197.95	(43.9 %)
Operating Income	330.87	176.97	(46.5 %)
Net Income	317.15	184.60	(41.8 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	3.52	2.05	(41.8 %)

Net profit in the third quarter fell 26.2 percent YoY to SAR 51.2 million on lower sales value due to a decline in average selling prices. This was despite an increase in sales volume and other income.

Net profit in Q3 dropped around 3.7 percent quarter-on-quarter on weak demand.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	171.21	130.75	(23.6 %)
Gross Income	84.83	53.34	(37.1 %)
Operating Income	77.87	47.03	(39.6 %)
Net Income	69.45	51.24	(26.2 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.77	0.57	(26.2 %)

Item	Q2 2017	Q3 2017	Change‬
Revenues	135.10	130.75	(3.2 %)
Gross Income	56.43	53.34	(5.5 %)
Operating Income	49.01	47.03	(4.0 %)
Net Income	53.20	51.24	(3.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.59	0.57	(3.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2008	820.21	(3.2 %)	526.03	(5.6 %)	516.75	(4.4 %)	5.74
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
2009	986.56	20.3 %	569.23	8.2 %	602.00	16.5 %	6.69
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
2010	968.43	(1.8 %)	556.76	(2.2 %)	500.56	(16.9 %)	5.56
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
2011	1,034.78	6.9 %	609.25	9.4 %	552.90	10.5 %	6.14
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
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
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
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
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
Q3 2014	189.86	(12.9 %)	116.64	(12.5 %)	109.03	(4.9 %)	1.21
Q4 2014	252.84	4.9 %	157.71	7.3 %	134.23	(0.8 %)	1.49
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26
Q1 2015	282.48	3.5 %	176.49	4.0 %	162.71	2.3 %	1.81
Q2 2015	264.15	(2.2 %)	167.76	(2.0 %)	168.08	4.3 %	1.87
Q3 2015	210.47	10.9 %	126.42	8.4 %	115.12	5.6 %	1.28
Q4 2015	266.80	5.5 %	159.02	0.8 %	140.53	4.7 %	1.56
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
Q1 2016	275.49	(2.5 %)	146.83	(16.8 %)	133.80	(17.8 %)	1.49
Q2 2016	220.02	(16.7 %)	120.90	(27.9 %)	113.90	(32.2 %)	1.27
Q3 2016	171.21	(18.7 %)	84.83	(32.9 %)	69.45	(39.7 %)	0.77
Q4 2016	185.33	(30.5 %)	96.44	(39.3 %)	87.92	(37.4 %)	0.98
2016	852.04	(16.8 %)	449.00	(28.7 %)	405.08	(30.9 %)	4.50
Q1 2017	191.12	(30.6 %)	88.18	(39.9 %)	80.16	(40.1 %)	0.89
Q2 2017	135.10	(38.6 %)	56.43	(53.3 %)	53.20	(53.3 %)	0.59
Q3 2017	130.75	(23.6 %)	53.34	(37.1 %)	51.24	(26.2 %)	0.57

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	847.00	56.0 %	557.39	66.5 %	540.55	71.3 %	6.01
2008	820.21	(3.2 %)	526.03	(5.6 %)	516.75	(4.4 %)	5.74
2009	986.56	20.3 %	569.23	8.2 %	602.00	16.5 %	6.69
2010	968.43	(1.8 %)	556.76	(2.2 %)	500.56	(16.9 %)	5.56
2011	1,034.78	6.9 %	609.25	9.4 %	552.90	10.5 %	6.14
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
2016	852.04	(16.8 %)	449.00	(28.7 %)	405.08	(30.9 %)	4.50

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
2009	57.70 %	63.04 %	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 %
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 %
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 %
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 %
2013	61.30 %	65.93 %	55.58 %
Q1 2014	61.12 %	65.81 %	55.33 %
Q2 2014	61.99 %	66.79 %	56.20 %
Q3 2014	62.08 %	67.53 %	57.05 %
Q4 2014	62.43 %	66.86 %	56.17 %
2014	62.43 %	66.86 %	56.19 %
Q1 2015	62.50 %	66.72 %	56.24 %
Q2 2015	62.53 %	66.60 %	56.86 %
Q3 2015	62.22 %	66.16 %	56.54 %
Q4 2015	61.50 %	66.18 %	56.53 %
2015	61.50 %	66.18 %	56.53 %
Q1 2016	59.00 %	63.77 %	54.08 %
Q2 2016	56.86 %	61.87 %	51.74 %
Q3 2016	54.80 %	59.80 %	49.03 %
Q4 2016	52.70 %	57.51 %	47.54 %
2016	52.70 %	57.51 %	47.54 %
Q1 2017	50.85 %	55.97 %	45.78 %
Q2 2017	47.73 %	53.17 %	42.58 %
Q3 2017	45.83 %	51.68 %	42.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	65.81 %	71.02 %	62.67 %
2008	64.13 %	71.94 %	63.97 %
2009	57.70 %	63.04 %	51.96 %
2010	57.49 %	62.69 %	51.69 %
2011	58.88 %	63.65 %	53.43 %
2012	58.59 %	63.56 %	53.53 %
2013	61.30 %	65.93 %	55.58 %
2014	62.43 %	66.86 %	56.19 %
2015	61.50 %	66.18 %	56.53 %
2016	52.70 %	57.51 %	47.54 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	65.00 %	70.73 %	66.00 %
Q2 2008	65.45 %	71.72 %	65.41 %
Q3 2008	65.23 %	73.16 %	63.12 %
Q4 2008	59.81 %	72.68 %	59.87 %
Q1 2009	62.61 %	69.26 %	62.48 %
Q2 2009	57.01 %	62.36 %	52.97 %
Q3 2009	60.37 %	67.62 %	56.78 %
Q4 2009	50.94 %	53.06 %	35.42 %
Q1 2010	57.55 %	62.45 %	53.30 %
Q2 2010	58.51 %	63.82 %	53.13 %
Q3 2010	57.71 %	64.58 %	53.76 %
Q4 2010	56.17 %	60.19 %	46.63 %
Q1 2011	59.07 %	63.03 %	53.43 %
Q2 2011	56.21 %	60.78 %	52.49 %
Q3 2011	59.18 %	65.61 %	53.89 %
Q4 2011	61.16 %	65.66 %	54.03 %
Q1 2012	59.28 %	63.92 %	55.06 %
Q2 2012	56.45 %	61.04 %	52.06 %
Q3 2012	56.91 %	63.22 %	51.91 %
Q4 2012	61.53 %	66.19 %	54.79 %
Q1 2013	62.79 %	67.24 %	57.93 %
Q2 2013	60.26 %	64.80 %	55.17 %
Q3 2013	61.11 %	64.97 %	52.38 %
Q4 2013	60.96 %	66.62 %	55.87 %
Q1 2014	62.21 %	66.89 %	57.37 %
Q2 2014	63.40 %	68.31 %	58.41 %
Q3 2014	61.43 %	68.49 %	56.16 %
Q4 2014	62.38 %	64.06 %	52.47 %
Q1 2015	62.48 %	66.38 %	57.60 %
Q2 2015	63.51 %	67.90 %	60.76 %
Q3 2015	60.06 %	66.18 %	54.69 %
Q4 2015	59.60 %	64.27 %	52.67 %
Q1 2016	53.30 %	57.47 %	48.57 %
Q2 2016	54.95 %	60.36 %	51.77 %
Q3 2016	49.55 %	55.86 %	40.56 %
Q4 2016	52.04 %	55.71 %	47.44 %
Q1 2017	46.14 %	51.27 %	41.94 %
Q2 2017	41.77 %	48.95 %	39.38 %
Q3 2017	40.80 %	49.39 %	39.19 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2014	90.00	6.27	6.17	20.43
Q4 2014	90.00	6.26	6.15	21.93
Q1 2015	90.00	6.30	6.22	20.72
Q2 2015	90.00	6.38	6.25	21.09
Q3 2015	90.00	6.45	6.34	20.87
Q4 2015	90.00	6.52	6.43	20.93
Q1 2016	90.00	6.19	6.11	20.42
Q2 2016	90.00	5.59	5.59	18.92
Q3 2016	90.00	5.09	5.09	19.69
Q4 2016	90.00	4.50	4.50	19.68
Q1 2017	90.00	3.90	3.90	19.57
Q2 2017	90.00	3.23	3.23	19.32
Q3 2017	90.00	3.03	3.03	19.23

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	90.00	6.01	5.90	16.93
2008	90.00	5.74	5.83	19.15
2009	90.00	6.69	5.70	20.32
2010	90.00	5.56	5.56	20.62
2011	90.00	6.14	6.14	21.74
2012	90.00	6.23	6.23	21.96
2013	90.00	6.50	6.49	22.19
2014	90.00	6.26	6.15	21.93
2015	90.00	6.52	6.43	20.93
2016	90.00	4.50	4.50	19.68

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2014	16.34	16.60	5.02
Q4 2014	14.24	14.49	4.06
Q1 2015	14.61	14.80	4.44
Q2 2015	14.92	15.23	4.51
Q3 2015	12.64	12.85	3.91
Q4 2015	10.75	10.89	3.35
Q1 2016	9.92	10.06	3.01
Q2 2016	11.65	11.65	3.44
Q3 2016	10.61	10.61	2.74
Q4 2016	14.94	14.94	3.42
Q1 2017	12.97	12.97	2.59
Q2 2017	15.46	15.46	2.58
Q3 2017	14.60	14.60	2.30

Period	P/E	Adjusted P/E	Price/book
2007	15.07	15.34	5.35
2008	7.03	6.93	2.11
2009	10.39	12.20	3.42
2010	11.19	11.19	3.02
2011	11.84	11.84	3.35
2012	12.92	12.92	3.67
2013	13.77	13.80	4.03
2014	14.24	14.49	4.06
2015	10.75	10.89	3.35
2016	14.94	14.94	3.42

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
Q3 2014	180.85	9.01
Q4 2014	239.95	12.88
Q1 2015	268.19	14.29

Period	Cement	Ready mixed concrete
2012	1,002.03	45.88
2013	996.40	54.21
2014	933.71	51.98

Analysts Estimates (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change‬
Average	49.77	51.24	2.95 %

Estimates vs Actual (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change
Alistithmar Capital	51.54	51.24	(0.6) %
Al Rajhi Capital	52.00	51.24	(1.5) %
SNB Capital	52.00	51.24	(1.5) %
Riyad Capital	50.00	51.24	2.5 %
Sico	48.00	51.24	6.7 %
OSOOL AND BAKHEET	47.90	51.24	7.0 %
KASB Capital	56.30	51.24	(9.0) %
AlJazira Capital	40.40	51.24	26.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	5,310.00
Enterprise Value (EV) (M)	4,780.96
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)	8.4
Return on Average Equity (%) (TTM)	9.9

Qassim Cement Co. (QACCO)

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Qassim Cement’s net profit slumps 42% in 9M 2017

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Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Qassim Cement Co. (QACCO)

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Qassim Cement’s net profit slumps 42% in 9M 2017

View other reports

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

Business Segments (Million) Q1 2015

Revenue by Business Segment (Latest) 2017 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Qassim Cement Co. (QACCO)

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Business Segments (Million)