Najran Cement posts SAR 3.5 mln profit in H1 2019

28/07/2019 Argaam Exclusive

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Najran Cement Co. posted a net profit after zakat and tax of SAR 3.5 million for the first half of 2019, versus net loss of SAR 41.9 million a year earlier, driven by higher sales volumes and selling prices.

The results were also bolstered by a decline in productions costs as well as general and administrative expenses.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	152.34	182.76	20.0 %
Gross Income	(3.78)	36.89	1076.4 %
Operating Income	(23.59)	19.65	183.3 %
Net Income	(41.91)	3.47	108.3 %
Average Shares	170.00	170.00	-
EPS (Riyals)	(0.25)	0.02	108.3 %

The Saudi cement producer trimmed Q2 2019 losses after zakat and tax by 91.8 percent YoY to SAR 2.6 million due to a rise in sales volumes and prices.

Najran incurred losses in Q2 2019, compared to net profit of SAR 6.1 million in the previous quarter on lower sales volumes during Ramadan.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	55.31	76.26	37.9 %
Gross Income	(13.48)	14.28	205.9 %
Operating Income	(22.91)	5.61	124.5 %
Net Income	(31.73)	(2.59)	91.8 %
Average Shares	170.00	170.00	-
EPS (Riyals)	(0.19)	(0.02)	91.8 %

Item	Q1 2019	Q2 2019	Change‬
Revenues	106.50	76.26	(28.4 %)
Gross Income	22.61	14.28	(36.9 %)
Operating Income	14.04	5.61	(60.0 %)
Net Income	6.06	(2.59)	(142.8 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.04	(0.02)	(142.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	637.43	70.8 %	300.73	69.1 %	241.72	59.0 %	1.98
Q1 2011	179.94	-	82.21	-	68.24	-	0.56
Q2 2011	201.95	-	97.05	-	78.11	-	0.64
Q3 2011	159.26	-	93.29	-	83.32	-	0.68
Q4 2011	156.46	-	20.75	-	4.96	-	0.04
2011	697.45	9.4 %	296.41	(1.4 %)	234.63	(2.9 %)	1.92
Q1 2012	187.09	4.0 %	93.81	14.1 %	80.62	18.1 %	0.66
Q2 2012	154.08	(23.7 %)	63.67	(34.4 %)	26.58	(66.0 %)	0.16
Q3 2012	113.46	(28.8 %)	52.30	(43.9 %)	36.20	(56.6 %)	0.21
Q4 2012	158.72	1.4 %	67.71	226.3 %	58.83	1087.0 %	0.35
2012	613.35	(12.1 %)	277.48	(6.4 %)	202.24	(13.8 %)	1.19
Q1 2013	216.62	15.8 %	102.86	9.7 %	87.54	8.6 %	0.51
Q2 2013	176.83	14.8 %	81.97	28.7 %	63.66	139.5 %	0.37
Q3 2013	111.83	(1.4 %)	36.63	(30.0 %)	26.56	(26.6 %)	0.16
Q4 2013	126.36	(20.4 %)	37.75	(44.2 %)	20.38	(65.4 %)	0.12
2013	631.64	3.0 %	259.22	(6.6 %)	198.14	(2.0 %)	1.17
Q1 2014	168.68	(22.1 %)	75.07	(27.0 %)	53.69	(38.7 %)	0.32
Q2 2014	233.02	31.8 %	119.64	46.0 %	84.39	32.6 %	0.50
Q3 2014	173.59	55.2 %	80.01	118.4 %	41.16	55.0 %	0.24
Q4 2014	252.60	99.9 %	124.14	228.8 %	63.96	213.8 %	0.38
2014	827.89	31.1 %	398.86	53.9 %	243.20	22.7 %	1.43
Q1 2015	304.23	80.4 %	159.97	113.1 %	92.00	71.3 %	0.54
Q2 2015	294.19	26.2 %	151.06	26.3 %	77.83	(7.8 %)	0.46
Q3 2015	211.89	22.1 %	91.15	13.9 %	32.07	(22.1 %)	0.19
Q4 2015	276.35	9.4 %	119.42	(3.8 %)	53.73	(16.0 %)	0.32
2015	1,086.65	31.3 %	521.60	30.8 %	255.62	5.1 %	1.50
Q1 2016	224.43	(26.2 %)	84.99	(46.9 %)	61.34	(33.3 %)	0.36
Q2 2016	162.24	(44.9 %)	58.07	(61.6 %)	33.87	(56.5 %)	0.20
Q3 2016	119.69	(43.5 %)	29.62	(67.5 %)	15.62	(51.3 %)	0.09
Q4 2016	124.84	(54.8 %)	32.71	(72.6 %)	14.91	(72.2 %)	0.09
2016	631.20	(41.9 %)	205.39	(60.6 %)	125.74	(50.8 %)	0.74
Q1 2017	111.39	(50.4 %)	27.57	(67.6 %)	11.22	(81.7 %)	0.07
Q2 2017	78.00	(51.9 %)	13.31	(77.1 %)	(4.22)	(112.5 %)	(0.02)
Q3 2017	59.11	(50.6 %)	(0.78)	(102.6 %)	(17.06)	(209.2 %)	(0.10)
Q4 2017	97.74	(21.7 %)	6.82	(79.1 %)	(11.79)	(179.1 %)	(0.07)
2017	346.24	(45.1 %)	46.91	(77.2 %)	(21.86)	(117.4 %)	(0.13)
Q1 2018	97.03	(12.9 %)	9.70	(64.8 %)	(10.18)	(190.7 %)	(0.06)
Q2 2018	55.31	(29.1 %)	(13.48)	(201.3 %)	(31.73)	(651.2 %)	(0.19)
Q3 2018	53.85	(8.9 %)	(6.64)	(746.3 %)	(23.73)	(39.1 %)	(0.14)
Q4 2018	72.23	(26.1 %)	(3.54)	(151.9 %)	(17.87)	(51.5 %)	(0.11)
2018	278.41	(19.6 %)	(13.95)	(129.7 %)	(83.50)	(282.0 %)	(0.49)
Q1 2019	106.50	9.8 %	22.61	133.1 %	6.06	159.5 %	0.04
Q2 2019	76.26	37.9 %	14.28	205.9 %	(2.59)	91.8 %	(0.02)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	373.23	87.8 %	177.81	56.9 %	152.07	391.0 %	1.25
2010	637.43	70.8 %	300.73	69.1 %	241.72	59.0 %	1.98
2011	697.45	9.4 %	296.41	(1.4 %)	234.63	(2.9 %)	1.92
2012	613.35	(12.1 %)	277.48	(6.4 %)	202.24	(13.8 %)	1.19
2013	631.64	3.0 %	259.22	(6.6 %)	198.14	(2.0 %)	1.17
2014	827.89	31.1 %	398.86	53.9 %	243.20	22.7 %	1.43
2015	1,086.65	31.3 %	521.60	30.8 %	255.62	5.1 %	1.50
2016	631.20	(41.9 %)	205.39	(60.6 %)	125.74	(50.8 %)	0.74
2017	346.24	(45.1 %)	46.91	(77.2 %)	(21.86)	(117.4 %)	(0.13)
2018	278.41	(19.6 %)	(13.95)	(129.7 %)	(83.50)	(282.0 %)	(0.49)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2018	(5.01 %)	15.70 %	(29.99 %)
2018	(5.01 %)	15.70 %	(29.99 %)
Q1 2019	(0.36 %)	17.80 %	(23.37 %)
Q2 2019	8.65 %	23.50 %	(12.35 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2018	(5.01 %)	15.70 %	(29.99 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2018	(4.90 %)	13.99 %	(24.74 %)
Q1 2019	21.23 %	30.84 %	5.69 %
Q2 2019	18.72 %	32.41 %	(3.40 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2018	170.00	(0.49)	(0.49)	11.37
Q1 2019	170.00	(0.40)	(0.40)	11.41
Q2 2019	170.00	(0.22)	(0.22)	11.39

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2018	170.00	(0.49)	(0.49)	11.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2018	NEG	NEG	0.74
Q1 2019	NEG	NEG	0.74
Q2 2019	NEG	NEG	0.73

Period	P/E	Adjusted P/E	Price/book
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
2018	NEG	NEG	0.74

Analysts Estimates (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change‬
Average	3.30	(2.59)	(178.5 %)

Estimates vs Actual (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change
OSOOL AND BAKHEET	3.30	(2.59)	(178.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,533.40
Enterprise Value (EV) (M)	1,848.16
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)	24.73
P/E (TTM)	24.73
Price/book	0.76
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 posts SAR 3.5 mln profit in H1 2019

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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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