Saudi Cement posts higher net profit at SAR 1124mln at the end of 2013

31/12/2013 Argaam Exclusive

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Share Price

Saudi Cement Co. (SAUDI CEMENT)

Saudi Cement Company, the largest Cement Company in the Kingdom, reported SAR 1124mln net profit at the end of 2013, a 2% increase compared to last year.

Financials (M)

Item	2012	2013	Change‬
Revenues	2,203.45	2,187.26	(0.7 %)
Gross Income	1,229.21	1,284.26	4.5 %
Operating Income	1,142.06	1,186.38	3.9 %
Net Income	1,101.79	1,123.80	2.0 %
Average Shares	153.00	153.00	-
EPS (Riyals)	7.20	7.35	2.0 %

Current Quarter Comparison (M)

Compared With The

Item	Q4 2012	Q4 2013	Change‬
Revenues	539.99	492.95	(8.7 %)
Gross Income	322.00	309.75	(3.8 %)
Operating Income	300.09	281.63	(6.2 %)
Net Income	276.54	247.30	(10.6 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	1.81	1.62	(10.6 %)

Item	Q3 2013	Q4 2013	Change‬
Revenues	455.13	492.95	8.3 %
Gross Income	260.41	309.75	18.9 %
Operating Income	237.85	281.63	18.4 %
Net Income	229.06	247.30	8.0 %
Average Shares	153.00	153.00	-
EPS (Riyals)	1.50	1.62	8.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2004	234.93	12.6 %	115.30	11.0 %	95.13	5.1 %	0.62
Q2 2004	245.09	8.7 %	119.46	8.1 %	104.94	11.1 %	0.69
Q3 2004	241.01	10.4 %	125.51	12.7 %	113.19	(7.6 %)	0.74
Q4 2004	219.43	-	109.33	(0.3 %)	124.24	30.6 %	0.81
2004	940.45	-	469.60	7.9 %	437.50	8.7 %	2.86
Q1 2005	253.85	8.1 %	130.80	13.4 %	128.07	34.6 %	0.84
Q2 2005	276.44	12.8 %	141.56	18.5 %	138.15	31.7 %	0.90
Q3 2005	296.10	22.9 %	134.56	7.2 %	128.78	13.8 %	0.84
Q4 2005	289.95	32.1 %	121.85	11.5 %	89.29	(28.1 %)	0.58
2005	1,116.34	18.7 %	528.77	12.6 %	484.29	10.7 %	3.17
Q1 2006	293.03	15.4 %	162.87	24.5 %	152.64	19.2 %	1.00
Q2 2006	325.97	17.9 %	183.72	29.8 %	174.99	26.7 %	1.14
Q3 2006	297.11	0.3 %	169.37	25.9 %	155.49	20.7 %	1.02
Q4 2006	284.13	(2.0 %)	160.07	31.4 %	154.64	73.2 %	1.01
2006	1,200.24	7.5 %	676.02	27.8 %	637.76	31.7 %	4.17
Q1 2007	341.45	16.5 %	182.42	12.0 %	169.00	10.7 %	1.10
Q2 2007	348.71	7.0 %	200.11	8.9 %	189.47	8.3 %	1.24
Q3 2007	338.30	13.9 %	176.46	4.2 %	159.43	2.5 %	1.04
Q4 2007	333.49	17.4 %	187.99	17.4 %	168.49	9.0 %	1.10
2007	1,361.95	13.5 %	746.98	10.5 %	686.40	7.6 %	4.49
Q1 2008	342.69	0.4 %	190.29	4.3 %	173.30	2.5 %	1.13
Q2 2008	350.17	0.4 %	188.73	(5.7 %)	171.59	(9.4 %)	1.12
Q3 2008	325.22	(3.9 %)	174.45	(1.1 %)	144.73	(9.2 %)	0.95
Q4 2008	241.54	(27.6 %)	151.15	(19.6 %)	131.70	(21.8 %)	0.86
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
Q1 2009	350.67	2.3 %	182.93	(3.9 %)	152.00	(12.3 %)	0.99
Q2 2009	357.18	2.0 %	180.97	(4.1 %)	167.66	(2.3 %)	1.10
Q3 2009	307.74	(5.4 %)	148.14	(15.1 %)	123.14	(14.9 %)	0.80
Q4 2009	330.29	36.7 %	167.49	10.8 %	139.59	6.0 %	0.91
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
Q1 2010	410.89	17.2 %	205.89	12.5 %	176.58	16.2 %	1.15
Q2 2010	420.42	17.7 %	219.99	21.6 %	190.62	13.7 %	1.25
Q3 2010	327.10	6.3 %	163.93	10.7 %	140.28	13.9 %	0.92
Q4 2010	367.74	11.3 %	179.09	6.9 %	152.04	8.9 %	0.99
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
Q1 2011	423.13	3.0 %	243.65	18.3 %	210.85	19.4 %	1.38
Q2 2011	462.98	10.1 %	243.45	10.7 %	213.76	12.1 %	1.40
Q3 2011	387.26	18.4 %	224.21	36.8 %	195.26	39.2 %	1.28
Q4 2011	442.73	20.4 %	239.69	33.8 %	211.37	39.0 %	1.38
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
Q1 2012	639.29	51.1 %	352.60	44.7 %	325.56	54.4 %	2.13
Q2 2012	591.03	27.7 %	316.21	29.9 %	290.24	35.8 %	1.90
Q3 2012	433.14	11.8 %	238.40	6.3 %	209.45	7.3 %	1.37
Q4 2012	539.99	22.0 %	322.00	34.3 %	276.54	30.8 %	1.81
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
Q1 2013	612.75	(4.2 %)	374.11	6.1 %	340.30	4.5 %	2.22
Q2 2013	626.42	6.0 %	339.99	7.5 %	307.14	5.8 %	2.01
Q3 2013	455.13	5.1 %	260.41	9.2 %	229.06	9.4 %	1.50
Q4 2013	492.95	(8.7 %)	309.75	(3.8 %)	247.30	(10.6 %)	1.62
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	940.45	-	469.60	7.9 %	437.50	8.7 %	2.86
2005	1,116.34	18.7 %	528.77	12.6 %	484.29	10.7 %	3.17
2006	1,200.24	7.5 %	676.02	27.8 %	637.76	31.7 %	4.17
2007	1,361.95	13.5 %	746.98	10.5 %	686.40	7.6 %	4.49
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	-	-	-
Q2 2004	-	-	-
Q3 2004	-	-	-
Q4 2004	49.93 %	57.69 %	46.52 %
2004	49.93 %	57.69 %	46.52 %
Q1 2005	50.56 %	59.35 %	49.04 %
Q2 2005	51.19 %	60.58 %	50.84 %
Q3 2005	49.36 %	58.95 %	49.65 %
Q4 2005	47.37 %	54.10 %	43.38 %
2005	47.37 %	54.10 %	43.38 %
Q1 2006	48.54 %	54.34 %	44.04 %
Q2 2006	50.04 %	54.72 %	45.28 %
Q3 2006	52.88 %	56.73 %	47.46 %
Q4 2006	56.32 %	62.10 %	53.14 %
2006	56.32 %	62.10 %	53.14 %
Q1 2007	55.71 %	61.92 %	52.39 %
Q2 2007	56.00 %	61.15 %	52.59 %
Q3 2007	54.78 %	59.25 %	51.24 %
Q4 2007	54.85 %	58.25 %	50.40 %
2007	54.85 %	58.25 %	50.40 %
Q1 2008	55.37 %	57.03 %	50.67 %
Q2 2008	54.48 %	56.10 %	49.30 %
Q3 2008	54.86 %	55.84 %	48.69 %
Q4 2008	55.94 %	56.60 %	49.33 %
2008	55.94 %	56.60 %	49.33 %
Q1 2009	55.01 %	57.42 %	47.34 %
Q2 2009	54.10 %	58.91 %	46.77 %
Q3 2009	52.76 %	60.33 %	45.70 %
Q4 2009	50.49 %	60.28 %	43.27 %
2009	50.49 %	60.28 %	43.27 %
Q1 2010	49.96 %	59.64 %	43.17 %
Q2 2010	50.47 %	59.49 %	42.87 %
Q3 2010	50.87 %	59.53 %	43.47 %
Q4 2010	50.38 %	58.59 %	43.22 %
2010	50.38 %	58.59 %	43.22 %
Q1 2011	52.44 %	59.80 %	45.10 %
Q2 2011	52.51 %	59.80 %	45.35 %
Q3 2011	54.26 %	60.47 %	47.04 %
Q4 2011	55.42 %	61.26 %	48.44 %
2011	55.42 %	61.26 %	48.44 %
Q1 2012	54.86 %	60.51 %	48.96 %
Q2 2012	54.98 %	60.04 %	49.62 %
Q3 2012	54.45 %	59.94 %	49.22 %
Q4 2012	55.79 %	60.94 %	50.00 %
2012	55.79 %	60.94 %	50.00 %
Q1 2013	57.45 %	62.67 %	51.29 %
Q2 2013	57.61 %	62.66 %	51.23 %
Q3 2013	58.03 %	62.90 %	51.61 %
Q4 2013	58.72 %	63.38 %	51.38 %
2013	58.72 %	63.38 %	51.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	49.93 %	57.69 %	46.52 %
2005	47.37 %	54.10 %	43.38 %
2006	56.32 %	62.10 %	53.14 %
2007	54.85 %	58.25 %	50.40 %
2008	55.94 %	56.60 %	49.33 %
2009	50.49 %	60.28 %	43.27 %
2010	50.38 %	58.59 %	43.22 %
2011	55.42 %	61.26 %	48.44 %
2012	55.79 %	60.94 %	50.00 %
2013	58.72 %	63.38 %	51.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	49.08 %	55.85 %	40.49 %
Q2 2004	48.74 %	56.15 %	42.82 %
Q3 2004	52.08 %	60.49 %	46.97 %
Q4 2004	49.82 %	58.32 %	56.62 %
Q1 2005	51.53 %	62.26 %	50.45 %
Q2 2005	51.21 %	60.90 %	49.97 %
Q3 2005	45.45 %	54.75 %	43.49 %
Q4 2005	42.02 %	39.83 %	30.80 %
Q1 2006	55.58 %	62.09 %	52.09 %
Q2 2006	56.36 %	61.32 %	53.68 %
Q3 2006	57.01 %	62.90 %	52.33 %
Q4 2006	56.34 %	62.16 %	54.43 %
Q1 2007	53.43 %	61.43 %	49.50 %
Q2 2007	57.39 %	58.57 %	54.34 %
Q3 2007	52.16 %	55.31 %	47.13 %
Q4 2007	56.37 %	57.65 %	50.52 %
Q1 2008	55.53 %	56.58 %	50.57 %
Q2 2008	53.90 %	54.92 %	49.00 %
Q3 2008	53.64 %	54.22 %	44.50 %
Q4 2008	62.58 %	62.26 %	54.53 %
Q1 2009	52.17 %	59.55 %	43.35 %
Q2 2009	50.67 %	60.30 %	46.94 %
Q3 2009	48.14 %	59.75 %	40.01 %
Q4 2009	50.71 %	61.51 %	42.26 %
Q1 2010	50.11 %	57.49 %	42.97 %
Q2 2010	52.33 %	59.66 %	45.34 %
Q3 2010	50.12 %	59.93 %	42.89 %
Q4 2010	48.70 %	57.39 %	41.35 %
Q1 2011	57.58 %	61.94 %	49.83 %
Q2 2011	52.58 %	59.67 %	46.17 %
Q3 2011	57.90 %	62.74 %	50.42 %
Q4 2011	54.14 %	60.98 %	47.74 %
Q1 2012	55.16 %	59.43 %	50.93 %
Q2 2012	53.50 %	58.21 %	49.11 %
Q3 2012	55.04 %	61.97 %	48.36 %
Q4 2012	59.63 %	64.88 %	51.21 %
Q1 2013	61.06 %	65.52 %	55.54 %
Q2 2013	54.27 %	58.43 %	49.03 %
Q3 2013	57.22 %	63.17 %	50.33 %
Q4 2013	62.84 %	67.23 %	50.17 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2004	153.00	2.66	2.66	11.08
Q2 2004	153.00	2.73	2.73	11.77
Q3 2004	153.00	2.67	2.67	12.51
Q4 2004	153.00	2.86	2.86	13.32
Q1 2005	153.00	3.07	3.07	11.69
Q2 2005	153.00	3.29	3.29	11.34
Q3 2005	153.00	3.39	3.39	12.13
Q4 2005	153.00	3.17	3.17	12.87
Q1 2006	153.00	3.33	3.33	12.66
Q2 2006	153.00	3.57	3.57	13.80
Q3 2006	153.00	3.74	3.74	14.82
Q4 2006	153.00	4.17	4.17	15.83
Q1 2007	153.00	4.28	4.28	14.52
Q2 2007	153.00	4.37	4.37	15.76
Q3 2007	153.00	4.40	4.40	16.80
Q4 2007	153.00	4.49	4.49	17.90
Q1 2008	153.00	4.51	4.51	15.68
Q2 2008	153.00	4.40	4.40	16.81
Q3 2008	153.00	4.30	4.30	17.75
Q4 2008	153.00	4.06	4.06	18.61
Q1 2009	153.00	3.92	3.92	17.26
Q2 2009	153.00	3.90	3.90	18.35
Q3 2009	153.00	3.75	3.75	19.16
Q4 2009	153.00	3.81	3.81	20.07
Q1 2010	153.00	3.97	3.97	18.88
Q2 2010	153.00	4.12	4.12	20.12
Q3 2010	153.00	4.23	4.23	21.05
Q4 2010	153.00	4.31	4.31	22.03
Q1 2011	153.00	4.53	4.53	23.41
Q2 2011	153.00	4.69	4.69	18.80
Q3 2011	153.00	5.05	5.05	20.07
Q4 2011	153.00	5.43	5.43	21.45
Q1 2012	153.00	6.18	6.18	19.07
Q2 2012	153.00	6.68	6.68	17.46
Q3 2012	153.00	6.78	6.78	18.83
Q4 2012	153.00	7.20	7.20	20.64
Q1 2013	153.00	7.30	7.30	19.35
Q2 2013	153.00	7.41	7.41	17.86
Q3 2013	153.00	7.54	7.54	19.35
Q4 2013	153.00	7.35	7.35	20.97

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	153.00	2.86	2.86	13.32
2005	153.00	3.17	3.17	12.87
2006	153.00	4.17	4.17	15.83
2007	153.00	4.49	4.49	17.90
2008	153.00	4.06	4.06	18.61
2009	153.00	3.81	3.81	20.07
2010	153.00	4.31	4.31	22.03
2011	153.00	5.43	5.43	21.45
2012	153.00	7.20	7.20	20.64
2013	153.00	7.35	7.35	20.97

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2004	16.83	16.83	4.04
Q2 2004	16.70	16.70	3.87
Q3 2004	17.48	17.48	3.73
Q4 2004	19.98	19.98	4.29
Q1 2005	17.78	17.78	4.68
Q2 2005	28.84	28.84	8.37
Q3 2005	28.00	28.00	7.83
Q4 2005	30.02	30.02	7.38
Q1 2006	24.17	24.17	6.35
Q2 2006	22.01	22.01	5.69
Q3 2006	19.42	19.42	4.90
Q4 2006	15.75	15.75	4.15
Q1 2007	13.10	13.10	3.86
Q2 2007	12.17	12.17	3.37
Q3 2007	13.46	13.46	3.52
Q4 2007	18.87	18.87	4.73
Q1 2008	16.69	16.69	4.80
Q2 2008	17.36	17.36	4.54
Q3 2008	12.79	12.79	3.10
Q4 2008	9.28	9.28	2.02
Q1 2009	9.77	9.77	2.22
Q2 2009	9.75	9.75	2.07
Q3 2009	11.45	11.45	2.24
Q4 2009	10.07	10.07	1.91
Q1 2010	12.27	12.27	2.58
Q2 2010	10.78	10.78	2.21
Q3 2010	10.47	10.47	2.10
Q4 2010	11.55	11.55	2.26
Q1 2011	11.63	11.63	2.25
Q2 2011	13.66	13.66	3.41
Q3 2011	12.54	12.54	3.15
Q4 2011	13.25	13.25	3.36
Q1 2012	13.67	13.67	4.43
Q2 2012	13.51	13.51	5.17
Q3 2012	12.99	12.99	4.67
Q4 2012	13.19	13.19	4.60
Q1 2013	12.33	12.33	4.65
Q2 2013	13.63	13.63	5.66
Q3 2013	14.33	14.33	5.58
Q4 2013	13.82	13.82	4.84

Period	P/E	Adjusted P/E	Price/book
2004	19.98	19.98	4.29
2005	30.02	30.02	7.38
2006	15.75	15.75	4.15
2007	18.87	18.87	4.73
2008	9.28	9.28	2.02
2009	10.07	10.07	1.91
2010	11.55	11.55	2.26
2011	13.25	13.25	3.36
2012	13.19	13.19	4.60
2013	13.82	13.82	4.84

Financial Ratios

	Current
Market Cap (M Riyal)	6,816.15
Enterprise Value (EV) (M)	7,101.23
Shares Outstanding ((M))	153.00
EPS ( Riyal) (TTM)	2.43
Book Value (BV) ( Riyal)	14.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.37
P/E (TTM)	18.37
Price/book	3.00
Return on Average Assets (%) (TTM)	11.3
Return on Average Equity (%) (TTM)	15.8

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Saudi Cement posts higher net profit at SAR 1124mln at the end of 2013

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Share Price

Saudi Cement Co. (SAUDI CEMENT)

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

Financial Ratios

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Saudi Cement posts higher net profit at SAR 1124mln at the end of 2013

View other reports

Share Price

Saudi Cement Co. (SAUDI CEMENT)

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

Financial Ratios

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