Najran Cement widens losses to SAR 66 mln in 9M

01/11/2018 Argaam Exclusive

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Najran Cement Co. widened its net losses more than six-fold year-on-year (YoY) to SAR 65.6 million in the first nine months of 2018, due to lower selling price, decreased sales volumes and higher cost of production.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	248.50	206.18	(17.0 %)
Gross Income	40.09	(10.41)	(126.0 %)
Operating Income	11.73	(38.61)	(429.1 %)
Net Income	(10.07)	(65.63)	(552.0 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	(0.06)	(0.39)	(552.0 %)

The Saudi cement producer widened the third-quarter losses by 39.07 percent YoY to SAR 23.7 million, driven by lower selling prices on subdued demand and fierce competition.

When compared to the previous quarter, Q3 losses narrowed by 25.2 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	59.11	53.85	(8.9 %)
Gross Income	(0.78)	(6.64)	(746.3 %)
Operating Income	(9.57)	(15.02)	(56.9 %)
Net Income	(17.06)	(23.73)	(39.1 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	(0.10)	(0.14)	(39.1 %)

Item	Q2 2018	Q3 2018	Change‬
Revenues	55.31	53.85	(2.7 %)
Gross Income	(13.48)	(6.64)	50.8 %
Operating Income	(22.91)	(15.02)	34.4 %
Net Income	(31.73)	(23.73)	25.2 %
Average Shares	170.00	170.00	-
EPS (Riyals)	(0.19)	(0.14)	25.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
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 %)
2017	346.24	(45.1 %)	46.91	(77.2 %)	7.90	(95.1 %)
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 %)
Q3 2018	53.85	(8.9 %)	(6.64)	(746.3 %)	(15.02)	(56.9 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2017	346.24	(45.1 %)	46.91	(77.2 %)	7.90	(95.1 %)

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	-	-	-	-	-	-
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)
Q3 2017	(17.06)	(209.2 %)	(0.10)	-	(17.06)	(0.10)
Q4 2017	(11.79)	(179.1 %)	(0.07)	-	(11.79)	(0.07)
2017	(21.86)	(117.4 %)	(0.13)	-	(21.86)	(0.13)
Q1 2018	(10.18)	(190.7 %)	(0.06)	-	(10.18)	(0.06)
Q2 2018	(31.73)	(651.2 %)	(0.19)	-	(31.73)	(0.19)
Q3 2018	(23.73)	(39.1 %)	(0.14)	-	(23.73)	(0.14)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2017	(21.86)	(117.4 %)	(0.13)	-	(21.86)	(0.13)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	19.50 %	39.32 %	1.30 %
Q4 2017	13.55 %	34.16 %	(6.31 %)
2017	13.55 %	34.16 %	(6.31 %)
Q1 2018	8.75 %	29.79 %	(13.03 %)
Q2 2018	0.73 %	22.88 %	(22.89 %)
Q3 2018	(1.18 %)	18.82 %	(25.48 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	13.55 %	34.16 %	(6.31 %)

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	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 %)
Q3 2017	(1.33 %)	31.23 %	(28.86 %)
Q4 2017	6.98 %	24.16 %	(12.07 %)
Q1 2018	10.00 %	26.06 %	(10.49 %)
Q2 2018	(24.37 %)	6.14 %	(57.37 %)
Q3 2018	(12.32 %)	9.13 %	(44.06 %)

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
Q3 2018	170.00	(0.46)	(0.46)	11.49

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	170.00	(0.13)	(0.13)	11.93

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
Q3 2018	NEG	NEG	0.70

Period	P/E	Adjusted P/E	Price/book
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
2017	NEG	NEG	0.87

Financial Ratios

	Current
Market Cap (M Riyal)	1,511.30
Enterprise Value (EV) (M)	1,826.06
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)	24.38
P/E (TTM)	24.38
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 widens losses to SAR 66 mln in 9M

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

Financial Ratios

Share Price

Najran Cement Co. (NAJRAN CEMENT)

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