Najran Cement’s H1 profit rises 23% to SAR 170 mln

14/07/2015 Argaam Exclusive

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Najran Cement Company reported a net profit of SAR 169.8 million for H1-2015, a 22.99 percent increase compared to the same period in 2014; mainly attributed to higher sales volume, despite an increase in selling and distribution costs, as well as finance and Zakat expenses.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	401.70	598.42	49.0 %
Gross Income	194.70	311.02	59.7 %
Operating Income	155.24	196.31	26.5 %
Net Income	138.08	169.82	23.0 %
Average Shares	170.00	170.00	-
EPS (Riyals)	0.81	1.00	23.0 %

Net profit in Q2-2015, however, dropped 7.8 percent year-on-year to SAR 77.8 million on higher selling and distribution expenses, general and administrative expenses, financial charges, and zakat expenses. Profit in Q2 fell 15.4 percent when compared to the previous quarter (Q1-2015).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	233.02	294.19	26.2 %
Gross Income	119.64	151.06	26.3 %
Operating Income	93.48	91.32	(2.3 %)
Net Income	84.39	77.83	(7.8 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.50	0.46	(7.8 %)

Item	Q1 2015	Q2 2015	Change‬
Revenues	304.23	294.19	(3.3 %)
Gross Income	159.97	151.06	(5.6 %)
Operating Income	104.98	91.32	(13.0 %)
Net Income	92.00	77.83	(15.4 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.54	0.46	(15.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	198.77	-	113.33	-	100.96	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	373.23	87.8 %	177.81	56.9 %	154.32	52.9 %
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	637.43	70.8 %	300.73	69.1 %	269.35	74.5 %
Q1 2011	179.94	-	82.21	-	75.11	-
Q2 2011	201.95	-	97.05	-	87.50	-
Q3 2011	159.26	-	93.29	-	87.65	-
Q4 2011	156.46	-	20.75	-	10.99	-
2011	697.45	9.4 %	296.41	(1.4 %)	263.35	(2.2 %)
Q1 2012	187.09	4.0 %	93.81	14.1 %	86.27	14.9 %
Q2 2012	154.08	(23.7 %)	63.67	(34.4 %)	52.73	(39.7 %)
Q3 2012	113.46	(28.8 %)	52.30	(43.9 %)	45.31	(48.3 %)
Q4 2012	158.72	1.4 %	67.71	226.3 %	60.67	452.3 %
2012	613.35	(12.1 %)	277.48	(6.4 %)	244.51	(7.2 %)
Q1 2013	216.62	15.8 %	102.86	9.7 %	94.56	9.6 %
Q2 2013	176.83	14.8 %	81.97	28.7 %	75.16	42.5 %
Q3 2013	111.83	(1.4 %)	36.63	(30.0 %)	27.25	(39.9 %)
Q4 2013	126.36	(20.4 %)	37.75	(44.2 %)	28.97	(52.2 %)
2013	631.64	3.0 %	259.22	(6.6 %)	225.63	(7.7 %)
Q1 2014	168.68	(22.1 %)	75.07	(27.0 %)	61.76	(34.7 %)
Q2 2014	233.02	31.8 %	119.64	46.0 %	93.48	24.4 %
Q3 2014	173.59	55.2 %	80.01	118.4 %	50.51	85.4 %
Q4 2014	252.60	99.9 %	124.14	228.8 %	74.49	157.1 %
2014	827.89	31.1 %	398.86	53.9 %	279.93	24.1 %
Q1 2015	304.23	80.4 %	159.97	113.1 %	104.98	70.0 %
Q2 2015	294.19	26.2 %	151.06	26.3 %	91.32	(2.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	198.77	-	113.33	-	100.96	-
2009	373.23	87.8 %	177.81	56.9 %	154.32	52.9 %
2010	637.43	70.8 %	300.73	69.1 %	269.35	74.5 %
2011	697.45	9.4 %	296.41	(1.4 %)	263.35	(2.2 %)
2012	613.35	(12.1 %)	277.48	(6.4 %)	244.51	(7.2 %)
2013	631.64	3.0 %	259.22	(6.6 %)	225.63	(7.7 %)
2014	827.89	31.1 %	398.86	53.9 %	279.93	24.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	(52.26)	-	(0.43)	-	(52.26)	(0.43)
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	152.07	391.0 %	1.25	-	152.07	1.25
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	241.72	59.0 %	1.98	(3.86)	245.58	2.01
Q1 2011	68.24	-	0.56	-	68.24	0.56
Q2 2011	78.11	-	0.64	-	79.28	0.65
Q3 2011	83.32	-	0.68	-	83.32	0.68
Q4 2011	4.96	-	0.04	-	4.96	0.04
2011	234.63	(2.9 %)	1.92	-	234.63	1.92
Q1 2012	80.62	18.1 %	0.66	-	80.62	0.66
Q2 2012	26.58	(66.0 %)	0.16	-	26.58	0.16
Q3 2012	36.20	(56.6 %)	0.21	-	36.20	0.21
Q4 2012	58.83	1087.0 %	0.35	-	58.83	0.35
2012	202.24	(13.8 %)	1.19	-	202.24	1.19
Q1 2013	87.54	8.6 %	0.51	-	87.54	0.51
Q2 2013	63.66	139.5 %	0.37	-	63.66	0.37
Q3 2013	26.56	(26.6 %)	0.16	-	26.56	0.16
Q4 2013	20.38	(65.4 %)	0.12	-	20.38	0.12
2013	198.14	(2.0 %)	1.17	-	198.14	1.17
Q1 2014	53.69	(38.7 %)	0.32	-	53.69	0.32
Q2 2014	84.39	32.6 %	0.50	-	84.39	0.50
Q3 2014	41.16	55.0 %	0.24	-	41.16	0.24
Q4 2014	63.96	213.8 %	0.38	-	63.96	0.38
2014	243.20	22.7 %	1.43	-	243.20	1.43
Q1 2015	92.00	71.3 %	0.54	-	92.00	0.54
Q2 2015	77.83	(7.8 %)	0.46	-	77.83	0.46

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	(52.26)	-	(0.43)	-	(52.26)	(0.43)
2009	152.07	391.0 %	1.25	-	152.07	1.25
2010	241.72	59.0 %	1.98	(3.86)	245.58	2.01
2011	234.63	(2.9 %)	1.92	-	234.63	1.92
2012	202.24	(13.8 %)	1.19	-	202.24	1.19
2013	198.14	(2.0 %)	1.17	-	198.14	1.17
2014	243.20	22.7 %	1.43	-	243.20	1.43

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	57.01 %	60.84 %	(26.29 %)
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	47.64 %	62.90 %	40.74 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	47.18 %	55.27 %	38.53 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	42.04 %	49.27 %	33.80 %
2011	42.50 %	49.59 %	33.64 %
Q1 2012	43.26 %	50.20 %	35.21 %
Q2 2012	41.33 %	48.64 %	29.76 %
Q3 2012	37.72 %	45.27 %	24.28 %
Q4 2012	45.24 %	54.04 %	32.97 %
2012	45.24 %	53.96 %	32.97 %
Q1 2013	44.57 %	52.88 %	32.53 %
Q2 2013	45.80 %	54.13 %	36.99 %
Q3 2013	43.55 %	51.59 %	35.63 %
Q4 2013	41.04 %	50.23 %	31.37 %
2013	41.04 %	50.18 %	31.37 %
Q1 2014	39.65 %	50.02 %	28.15 %
Q2 2014	42.05 %	50.08 %	28.91 %
Q3 2014	44.53 %	50.30 %	28.45 %
Q4 2014	48.18 %	48.71 %	29.38 %
2014	48.18 %	48.67 %	29.38 %
Q1 2015	50.21 %	46.69 %	29.22 %
Q2 2015	50.28 %	44.06 %	26.83 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	57.01 %	60.84 %	(26.29 %)
2009	47.64 %	62.90 %	40.74 %
2010	47.18 %	55.27 %	38.53 %
2011	42.50 %	49.59 %	33.64 %
2012	45.24 %	53.96 %	32.97 %
2013	41.04 %	50.18 %	31.37 %
2014	48.18 %	48.67 %	29.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	45.69 %	53.51 %	37.92 %
Q2 2011	48.06 %	54.45 %	39.26 %
Q3 2011	58.58 %	68.92 %	52.32 %
Q4 2011	13.26 %	17.73 %	3.17 %
Q1 2012	50.14 %	56.83 %	43.09 %
Q2 2012	41.32 %	49.13 %	17.25 %
Q3 2012	46.09 %	58.96 %	31.91 %
Q4 2012	42.66 %	52.00 %	37.07 %
Q1 2013	47.49 %	53.00 %	40.41 %
Q2 2013	46.35 %	54.32 %	36.00 %
Q3 2013	32.76 %	43.98 %	23.75 %
Q4 2013	29.88 %	45.28 %	16.13 %
Q1 2014	44.50 %	53.07 %	31.83 %
Q2 2014	51.34 %	53.45 %	36.21 %
Q3 2014	46.09 %	47.03 %	23.71 %
Q4 2014	49.15 %	42.57 %	25.32 %
Q1 2015	52.58 %	44.74 %	30.24 %
Q2 2015	51.35 %	42.89 %	26.46 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	121.90	-	-	10.38
Q2 2011	121.90	-	-	10.52
Q3 2011	121.90	-	-	10.62
Q4 2011	121.90	1.92	1.93	10.03
Q1 2012	121.90	2.03	2.04	10.70
Q2 2012	170.00	1.15	1.15	10.65
Q3 2012	170.00	0.87	0.87	10.37
Q4 2012	170.00	1.19	1.19	10.71
Q1 2013	170.00	1.23	1.23	10.67
Q2 2013	170.00	1.45	1.45	11.05
Q3 2013	170.00	1.39	1.39	10.60
Q4 2013	170.00	1.17	1.17	10.71
Q1 2014	170.00	0.97	0.97	11.02
Q2 2014	170.00	1.09	1.09	11.52
Q3 2014	170.00	1.17	1.17	11.76
Q4 2014	170.00	1.43	1.43	12.13
Q1 2015	170.00	1.66	1.66	12.07
Q2 2015	170.00	1.62	1.62	12.53

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
2006	-	-	-	-
2007	-	-	-	-
2008	121.90	(0.43)	(0.43)	9.55
2009	121.90	1.25	1.25	10.79
2010	121.90	1.98	2.01	10.65
2011	121.90	1.92	1.92	10.03
2012	170.00	1.19	1.19	10.71
2013	170.00	1.17	1.17	10.71
2014	170.00	1.43	1.43	12.13

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	18.87	18.87	2.04
Q3 2012	23.89	23.89	2.01
Q4 2012	15.89	15.89	1.77
Q1 2013	18.57	18.57	2.14
Q2 2013	18.57	18.57	2.44
Q3 2013	18.97	18.97	2.49
Q4 2013	20.76	20.76	2.26
Q1 2014	25.77	25.77	2.26
Q2 2014	27.68	27.68	2.61
Q3 2014	32.40	32.40	3.23
Q4 2014	18.48	18.48	2.18
Q1 2015	15.62	15.62	2.14
Q2 2015	16.13	16.13	2.08

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	15.89	15.89	1.77
2013	20.76	20.76	2.26
2014	18.48	18.48	2.18

Analysts Estimates (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change‬
Average	91.10	77.83	(14.6 %)

Estimates vs Actual (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change
OSOOL AND BAKHEET	89.70	77.83	(13.2) %
AlJazira Capital	90.60	77.83	(14.1) %
SFC	93.00	77.83	(16.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,463.70
Enterprise Value (EV) (M)	1,776.23
Shares Outstanding ((M))	170.00
EPS ( Riyal) (TTM)	0.37
Book Value (BV) ( Riyal)	11.95
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.56
P/E (TTM)	23.56
Price/book	0.72
Return on Average Assets (%) (TTM)	2.5
Return on Average Equity (%) (TTM)	3.1

Najran Cement Co. (NAJRAN CEMENT)

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Najran Cement’s H1 profit rises 23% to SAR 170 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Najran Cement Co. (NAJRAN CEMENT)

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Najran Cement’s H1 profit rises 23% to SAR 170 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Najran Cement Co. (NAJRAN CEMENT)

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