Najran Cement H1 net profit plunges 93%

07/08/2017 Argaam Exclusive

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Najran Cement Co. reported a net profit of SAR 6.9 million for the first half of 2017, a slump of 93 percent year-on-year (YoY) attributed to lower average selling prices and sales volumes due to subdued demand.

Fierce competition and low production capacity utilization also weighed on the company's net profit.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	386.67	189.39	(51.0 %)
Gross Income	143.06	40.88	(71.4 %)
Operating Income	117.22	21.31	(81.8 %)
Net Income	95.21	6.99	(92.7 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.56	0.04	(92.7 %)

In Q2 2017, the cement producer swung to a net loss of SAR 4.2 million compared to a net profit of SAR 33.8 million also due to lower sales and average selling prices, along with the seasonal slowdown during Ramadan and Eid Al-Fitr holidays.

Najran recorded a net profit of SAR 11.2 million in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	162.24	78.00	(51.9 %)
Gross Income	58.07	13.31	(77.1 %)
Operating Income	44.94	3.89	(91.3 %)
Net Income	33.87	(4.22)	(112.5 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.20	(0.02)	(112.5 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	111.39	78.00	(30.0 %)
Gross Income	27.57	13.31	(51.7 %)
Operating Income	17.41	3.89	(77.6 %)
Net Income	11.22	(4.22)	(137.7 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.07	(0.02)	(137.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q3 2015	211.89	22.1 %	91.15	13.9 %	45.23	(10.5 %)
Q4 2015	276.35	9.4 %	119.42	(3.8 %)	67.73	(9.1 %)
2015	1,086.65	31.3 %	521.60	30.8 %	309.27	10.5 %
Q1 2016	224.43	(26.2 %)	84.99	(46.9 %)	72.29	(31.1 %)
Q2 2016	162.24	(44.9 %)	58.07	(61.6 %)	44.94	(50.8 %)
Q3 2016	119.69	(43.5 %)	29.62	(67.5 %)	20.94	(53.7 %)
Q4 2016	124.84	(54.8 %)	32.71	(72.6 %)	21.95	(67.6 %)
2016	631.20	(41.9 %)	205.39	(60.6 %)	160.11	(48.2 %)
Q1 2017	111.39	(50.4 %)	27.57	(67.6 %)	17.41	(75.9 %)
Q2 2017	78.00	(51.9 %)	13.31	(77.1 %)	3.89	(91.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2015	1,086.65	31.3 %	521.60	30.8 %	309.27	10.5 %
2016	631.20	(41.9 %)	205.39	(60.6 %)	160.11	(48.2 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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	-	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
Q3 2015	32.07	(22.1 %)	0.19	-	32.07	0.19
Q4 2015	53.73	(16.0 %)	0.32	-	53.73	0.32
2015	255.62	5.1 %	1.50	-	255.62	1.50
Q1 2016	61.34	(33.3 %)	0.36	-	61.34	0.36
Q2 2016	33.87	(56.5 %)	0.20	-	33.87	0.20
Q3 2016	15.62	(51.3 %)	0.09	-	15.62	0.09
Q4 2016	14.91	(72.2 %)	0.09	-	14.91	0.09
2016	125.74	(50.8 %)	0.74	-	125.74	0.74
Q1 2017	11.22	(81.7 %)	0.07	-	11.22	0.07
Q2 2017	(4.22)	(112.5 %)	(0.02)	-	(4.22)	(0.02)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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	-	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
2015	255.62	5.1 %	1.50	-	255.62	1.50
2016	125.74	(50.8 %)	0.74	-	125.74	0.74

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2015	49.52 %	42.01 %	25.01 %
Q4 2015	48.00 %	40.30 %	23.52 %
2015	48.00 %	40.30 %	23.52 %
Q1 2016	44.36 %	40.03 %	22.34 %
Q2 2016	40.42 %	40.10 %	20.69 %
Q3 2016	37.32 %	41.46 %	21.02 %
Q4 2016	32.54 %	44.00 %	19.92 %
2016	32.54 %	44.00 %	19.92 %
Q1 2017	28.56 %	42.68 %	14.59 %
Q2 2017	23.78 %	41.18 %	8.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	48.00 %	40.30 %	23.52 %
2016	32.54 %	44.00 %	19.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2015	43.02 %	36.20 %	15.14 %
Q4 2015	43.21 %	35.79 %	19.44 %
Q1 2016	37.87 %	45.11 %	27.33 %
Q2 2016	35.80 %	45.59 %	20.87 %
Q3 2016	24.75 %	42.07 %	13.05 %
Q4 2016	26.20 %	41.77 %	11.95 %
Q1 2017	24.75 %	40.12 %	10.07 %
Q2 2017	17.06 %	40.40 %	(5.42 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2015	170.00	1.56	1.56	12.22
Q4 2015	170.00	1.50	1.50	12.52
Q1 2016	170.00	1.32	1.32	12.35
Q2 2016	170.00	1.06	1.06	11.95
Q3 2016	170.00	0.97	0.97	12.04
Q4 2016	170.00	0.74	0.74	12.10
Q1 2017	170.00	0.44	0.44	12.19
Q2 2017	170.00	0.22	0.22	12.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	170.00	1.50	1.50	12.52
2016	170.00	0.74	0.74	12.10

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2015	11.73	11.73	1.50
Q4 2015	9.71	9.71	1.17
Q1 2016	9.95	9.95	1.07
Q2 2016	12.45	12.45	1.11
Q3 2016	10.81	10.81	0.87
Q4 2016	16.12	16.12	0.99
Q1 2017	24.44	24.44	0.89
Q2 2017	45.30	45.30	0.82

Period	P/E	Adjusted P/E	Price/book
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
2015	9.71	9.71	1.17
2016	16.12	16.12	0.99

Financial Ratios

	Current
Market Cap (M Riyal)	1,509.60
Enterprise Value (EV) (M)	1,824.36
Shares Outstanding ((M))	170.00
EPS ( Riyal) (TTM)	0.36
Book Value (BV) ( Riyal)	11.90
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	24.35
P/E (TTM)	24.35
Price/book	0.75
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 H1 net profit plunges 93%

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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

Financial Ratios

Share Price

Najran Cement Co. (NAJRAN CEMENT)

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