Financial Results : Najran Cement swings to losses in H1 on soft demand

Najran Cement swings to losses in H1 on soft demand

30/07/2018 Argaam Exclusive

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Najran Cement Co. sustained net losses of SAR 41.90 million for the first half of 2018, versus net profit of SAR 6.99 million in year-earlier period, driven by lower sales volumes and soft market demand.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 189.39 152.34 (19.6 %)
Gross Income 40.88 (3.78) (109.2 %)
Operating Income 21.31 (23.59) (210.7 %)
Net Income 6.99 (41.91) (699.3 %)
Average Shares 170.00 170.00 -
EPS (Riyals) 0.04 (0.25) (699.3 %)

The Saudi cement producer widened Q2 2018 losses nearly seven times to SAR 31.73 million due to lower selling prices, decreased volumes, fierce competition and the market slowdown. Najran also cited higher production costs and higher financing costs, despite lower zakat provisions.

 

On a sequential basis, net losses for the second quarter increased by more than three times.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 78.00 55.31 (29.1 %)
Gross Income 13.31 (13.48) (201.3 %)
Operating Income 3.89 (22.91) (688.4 %)
Net Income (4.22) (31.73) (651.2 %)
Average Shares 170.00 170.00 -
EPS (Riyals) (0.02) (0.19) (651.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
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 -
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 %
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 %)
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 %
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 %)
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 %)
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 %)
Q3 2017 59.11 (50.6 %) (0.78) (102.6 %) (9.57) (145.7 %)
Q4 2017 97.74 (21.7 %) 6.82 (79.1 %) (3.84) (117.5 %)
Q1 2018 97.03 (12.9 %) 9.70 (64.8 %) (0.68) (103.9 %)
Q2 2018 55.31 (29.1 %) (13.48) (201.3 %) (22.91) (688.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
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
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
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
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
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
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
Q1 2017 11.22 (81.7 %) 0.07 - 11.22 0.07
Q2 2017 (4.22) (112.5 %) (0.02) - (4.22) (0.02)
Q3 2017 (17.06) (209.2 %) (0.10) - (17.06) (0.10)
Q4 2017 (11.79) (179.1 %) (0.07) - (11.79) (0.07)
Q1 2018 (10.18) (190.7 %) (0.06) - (10.18) (0.06)
Q2 2018 (31.73) (651.2 %) (0.19) - (31.73) (0.19)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 42.04 % 49.27 % 33.80 %
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 %
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 %
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 %
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 %
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 %
Q1 2017 28.56 % 42.68 % 14.59 %
Q2 2017 23.78 % 41.18 % 8.65 %
Q3 2017 19.50 % 39.32 % 1.30 %
Q4 2017 13.55 % 34.16 % (6.31 %)
Q1 2018 8.75 % 29.79 % (13.03 %)
Q2 2018 0.73 % 22.88 % (22.89 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2017 170.00 0.03 0.03 12.06
Q4 2017 170.00 (0.13) (0.13) 11.93
Q1 2018 170.00 (0.25) (0.25) 11.81
Q2 2018 170.00 (0.42) (0.42) 11.63

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2017 More than 100 More than 100 0.76
Q4 2017 NEG NEG 0.87
Q1 2018 NEG NEG 0.78
Q2 2018 NEG NEG 0.81


Financial Ratios
Current
Market Cap (M Riyal) 1,545.30
Enterprise Value (EV) (M) 1,861.89
Shares Outstanding ((M)) 170.00
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 12.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.40
P/E (TTM) 23.40
Price/book 0.75
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 3.3
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Share Price

Najran Cement Co.
9.09
(0.13) (1.41 %)

Najran Cement Co. (NAJRAN CEMENT)

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