Saudi cement firms’ combined net profit fell 49% in Q1

Argaam Report: Last Updated Date 14/05/2017

Saudi-listed cement producers reported aggregate net profit of SAR 791.5 million for Q1 2017, a drop of 49 percent year-on-year (YoY), hurt by lower demand and decreased sales, data compiled by Argaam showed.

Cement - Aggregate Income (M)

Item 3m-2016 3m -2017 Change‬
Net Income 1,564.72 791.26 (49.43 %)

Najran Cement recorded the steepest profit decline of 82 percent YoY in Q1 2017, due to lower selling prices and higher cost of sales.

 

It was followed by Hail Cement (-74 percent), Yamama Cement (-66 percent), along with Southern Region Cement (-63 percent). 

 

Meanwhile, Umm al Qura Cement Co. has reported net earnings of SAR 17 million in Q1 2017, versus net losses of SAR 3.7 million in Q1 2016, backed by the launch of commercial operations and better sales.

Cement - Net Income (M)

Company 3m-2016 3m -2017 Change‬
Yamama Cement Co. 150.46 50.82 (66.22 %)
Qassim Cement Co. 133.80 80.16 (40.09 %)
Southern Province Cement Co. 283.20 104.57 (63.08 %)
Eastern Province Cement Co. 86.18 50.40 (41.52 %)
Tabuk Cement Co. 21.31 8.68 (59.26 %)
Al Jouf Cement Co. 24.72 16.29 (34.12 %)
Riyadh Cement Co. - - -
City Cement Co. 73.32 37.87 (48.34 %)
Northern Region Cement Co. 42.91 16.33 (61.95 %)
Umm Al-Qura Cement Co. (3.65) 17.02 565.90 %
Yanbu Cement Co. 170.69 124.27 (27.20 %)
Saudi Cement Co. 262.57 164.70 (37.27 %)
Najran Cement Co. 61.34 11.22 (81.71 %)
Arabian Cement Co. 225.59 100.66 (55.38 %)
Hail Cement Co. 32.30 8.28 (74.38 %)
Total 1,564.72 791.26 (49.43 %)

Cement - Quarterly Aggregate Income (M)

Period Aggregate Income Growth
2017 - Q4 554.89 (27.98 %)
2017 - Q3 300.35 (64.63 %)
2017 - Q2 444.70 (66.01 %)
2017 - Q1 791.26 (49.43 %)
2016 - Q4 770.42 (45.70 %)
2016 - Q3 849.27 (22.58 %)
2016 - Q2 1,308.18 (21.61 %)
2016 - Q1 1,564.72 (7.74 %)
2015 - Q4 1,418.85 (1.49 %)
2015 - Q3 1,096.96 (15.84 %)
2015 - Q2 1,668.79 (5.99 %)
2015 - Q1 1,696.00 3.40 %
2014 - Q4 1,440.27 28.91 %
2014 - Q3 1,303.43 21.00 %
2014 - Q2 1,775.12 (2.70 %)
2014 - Q1 1,640.23 (9.74 %)
2013 - Q4 1,117.30 (21.10 %)
2013 - Q3 1,077.25 (5.37 %)
2013 - Q2 1,824.44 21.01 %
2013 - Q1 1,817.28 5.60 %
              

The cement producers’ Q1 combined profit rose by 3 percent quarter-on-quarter (QoQ), from SAR 771.6 million in Q4 2016.

          

Net Income (M)

Company Q1-2017 Q4-2016 Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013 Q3-2013 Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012 Q1-2012 Q4-2011 Q3-2011 Q2-2011 Q1-2011 Q4-2010 Q3-2010 Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007 Q3-2007 Q2-2007 Q1-2007 Q4-2006 Q3-2006 Q2-2006 Q1-2006 Q4-2005 Q3-2005 Q2-2005 Q1-2005 Q4-2004 Q3-2004 Q2-2004 Q1-2004 Q4-2003 Q3-2003 Q2-2003 Q1-2003
SAUDI CEMENT 164.70 186.66 202.28 249.46 262.57 175.70 207.57 253.82 303.10 268.02 231.72 288.30 286.05 247.30 229.06 307.14 340.30 276.54 209.45 290.24 325.56 211.37 195.26 213.76 210.85 152.04 140.28 190.62 176.58 139.59 123.14 167.66 152.00 131.70 144.73 171.59 173.30 168.49 159.43 189.47 169.00 154.64 155.49 174.99 152.64 89.29 128.78 138.15 128.07 124.24 113.19 104.94 95.13 95.16 122.44 94.46 90.48
SPCC 104.57 152.77 173.56 267.98 283.20 300.05 202.21 270.35 266.00 245.30 284.92 294.20 221.01 253.52 186.61 297.21 268.75 253.76 200.39 261.73 284.33 251.00 179.78 239.08 225.88 164.80 118.90 185.18 189.63 180.71 140.56 212.15 200.17 176.54 149.40 230.49 234.64 154.84 197.61 192.53 158.91 136.08 164.97 167.69 155.49 124.79 167.09 169.59 153.50 0.46 155.89 159.23 123.89 (0.75) 144.05 128.32 114.11
YSCC 50.82 34.81 56.31 116.29 150.46 152.80 95.53 191.48 175.41 151.69 137.16 207.36 174.64 177.73 148.08 267.63 276.80 173.81 156.65 209.46 277.64 191.05 148.57 220.42 179.72 159.86 139.80 192.07 165.19 145.12 125.29 165.35 125.99 85.13 100.48 227.80 197.47 126.98 228.43 202.51 173.51 111.76 145.90 184.79 158.72 159.12 134.83 104.17 102.77 92.88 102.87 248.17 98.30 107.35 95.39 93.63 92.23
YCC 124.27 103.78 92.06 159.23 170.69 208.75 144.67 245.50 207.17 193.31 162.84 240.56 205.22 160.22 139.64 274.41 247.02 203.43 156.71 215.59 144.76 153.40 124.88 149.90 101.10 99.53 94.24 113.42 123.18 81.59 97.63 151.07 151.78 120.25 121.67 149.45 168.37 110.26 179.15 219.90 151.64 106.13 130.75 154.08 121.25 115.49 122.82 110.23 105.07 90.07 123.30 109.44 104.85 78.88 113.51 95.27 90.26
ACC 100.66 24.05 97.17 141.00 225.59 153.46 89.48 161.94 195.27 144.55 133.94 199.80 167.14 (106.67) 16.85 124.65 157.26 82.33 87.03 71.93 146.14 70.35 104.92 111.75 116.02 10.85 81.68 81.17 81.74 (87.23) 72.82 82.65 103.78 46.76 71.77 90.38 115.26 86.02 110.66 102.26 93.23 59.14 82.23 102.67 89.53 78.85 86.14 96.72 69.14 45.31 69.04 131.83 60.19 50.51 46.87 67.68 45.53
QACCO 80.16 87.92 69.45 113.90 133.80 140.53 115.12 168.08 162.71 134.23 109.03 161.11 159.05 135.31 114.70 165.93 168.46 143.03 110.51 148.98 158.44 146.10 114.97 144.65 147.18 112.48 107.09 135.76 145.23 173.48 128.77 148.22 151.53 91.09 113.49 151.93 160.24 148.34 154.04 148.01 90.16 68.29 85.87 80.33 81.09 73.02 77.14 72.73 58.64 55.76 64.84 69.31 56.47 57.52 62.44 66.15 57.77
EPCCO 50.40 51.66 42.03 47.33 86.18 87.86 66.73 92.77 84.94 79.25 55.94 81.64 156.73 54.63 67.65 77.42 109.45 95.64 83.78 103.18 104.06 105.64 74.71 101.05 82.55 82.91 63.59 104.28 92.20 50.05 100.60 103.09 96.96 74.79 62.75 141.66 155.04 111.45 134.24 162.80 132.94 110.18 119.11 115.52 100.70 61.79 74.64 96.85 65.55 55.03 62.78 94.84 57.26 53.77 69.06 69.90 58.03
RIYADH CEMENT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NORTHERN CEMENT 16.33 30.60 30.09 48.66 42.91 39.62 52.64 64.03 50.63 25.81 51.35 62.09 60.76 51.58 50.04 90.20 42.79 17.94 7.28 28.73 39.47 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NAJRAN CEMENT 11.22 14.91 15.62 33.87 61.34 53.73 32.07 77.83 92.00 63.96 41.16 84.39 53.69 20.38 26.56 63.66 87.54 58.83 36.20 26.58 80.62 4.96 83.32 78.11 68.24 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CITY CEMENT 37.87 45.91 32.92 64.16 73.32 58.63 47.39 68.25 67.59 47.30 46.96 62.24 65.25 48.28 45.42 72.94 51.79 43.46 39.03 76.98 83.44 70.08 38.18 - 63.49 61.60 50.54 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TCC 8.68 4.58 7.85 21.08 21.31 22.64 9.23 26.91 32.63 28.85 21.62 43.11 44.00 38.14 28.35 50.90 56.06 50.27 32.76 56.71 49.21 28.05 24.72 42.92 41.22 21.42 23.79 41.71 34.02 25.55 24.24 37.83 33.51 8.87 22.91 68.79 50.58 45.67 54.62 62.86 57.24 37.54 59.98 63.58 56.46 37.61 43.20 40.06 33.96 32.84 37.21 32.91 25.63 19.83 22.38 19.83 13.62
HCC 8.28 21.21 19.31 26.84 32.30 29.95 17.45 28.64 37.50 40.86 25.10 46.00 35.10 28.91 16.94 18.55 (13.93) (8.47) (3.39) (8.60) (6.32) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
UACC 17.02 1.85 (4.28) (4.35) (3.65) (10.00) (1.73) (7.62) (4.72) (3.72) (6.90) (11.74) (3.42) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
JOUF CEMENT 16.29 9.70 14.90 22.74 24.72 5.14 18.63 26.81 25.76 20.87 8.60 16.08 15.01 7.97 7.34 13.81 24.99 25.46 21.93 26.22 33.49 14.09 14.39 25.86 28.23 16.69 5.00 (1.70) (5.22) (16.58) (5.90) (4.86) (4.51) (0.12) (6.30) (3.16) (1.39) - - - - - - - - - - - - - - - - - - - -
Total 791.26 770.42 849.27 1,308.18 1,564.72 1,418.85 1,096.96 1,668.79 1,696.00 1,440.27 1,303.43 1,775.12 1,640.23 1,117.30 1,077.25 1,824.44 1,817.28 1,416.01 1,138.34 1,507.73 1,720.84 1,246.08 1,103.70 1,327.50 1,264.48 882.18 824.92 1,042.52 1,002.55 692.29 807.15 1,063.14 1,011.21 735.02 780.89 1,228.93 1,253.51 952.04 1,218.19 1,280.35 1,026.62 783.76 944.29 1,043.64 915.88 739.96 834.64 828.50 716.71 496.60 729.13 950.67 621.73 462.25 676.13 635.23 562.03


Price Earnings (P/E) Ratios

Company EPS (Riyal) Close Adjusted P/E (TTM)
Southern Province Cement Co. 4.99 52.50 7.45
Arabian Cement Co. 3.63 35.37 7.98
Saudi Cement Co. 5.25 51.09 8.54
Yanbu Cement Co. 3.04 31.90 9.13
Northern Region Cement Co. 0.70 10.05 13.68
City Cement Co. 1.29 11.65 14.06
Eastern Province Cement Co. 2.23 26.70 14.67
Hail Cement Co. 0.77 10.10 14.89
Qassim Cement Co. 3.90 49.70 15.11
Al Jouf Cement Co. 0.59 9.57 18.52
Najran Cement Co. 0.44 10.25 20.95
Yamama Cement Co. 1.28 17.65 25.20
Tabuk Cement Co. 0.47 11.81 25.56
Umm Al-Qura Cement Co. 0.19 19.80 65.15

Financials Highlights

Valuation Data (Latest Share Price)

P/E (TTM) 24.76
P/BV 1.48
Dividend Yield 4.19 %
Sector Capitalization (M) 46,966.94
Market Cap. (M) 3,234,607.23
Return on Average Assets (TTM) 5.22 %
Return on Average Equity (TTM) 6.82 %

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