Financial Results : City Cement’s H1 net profit up 2%

City Cement’s H1 net profit up 2%

18/07/2016 Argaam Exclusive

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City Cement reported a net profit of SAR 138.1 million for the first half of 2016; a 1.6 percent year-on-year (YoY) increase attributed to higher sales and other income, along with lower selling expenses despite the rise in general & administrative expenses, cost of sales and Zakat provision.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 291.00 347.72 19.5 %
Gross Income 154.32 158.64 2.8 %
Operating Income 141.65 144.95 2.3 %
Net Income 135.84 137.48 1.2 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.97 0.98 1.2 %

Net profit for the second quarter fell 5 percent year-on-year to SAR 64.85 million on higher cost of sales and Zakat provision despite the increase in sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 145.59 167.36 15.0 %
Gross Income 78.57 74.74 (4.9 %)
Operating Income 71.07 67.77 (4.7 %)
Net Income 68.25 64.16 (6.0 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.49 0.46 (6.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 88.26 - 56.67 - 54.39 -
Q4 2010 108.74 - 66.93 - 63.35 -
Q1 2011 116.28 - 67.59 - 64.96 -
Q2 2011 97.53 - 53.85 - 51.89 -
Q3 2011 67.19 (23.9 %) 42.08 (25.7 %) 40.20 (26.1 %)
Q4 2011 133.97 23.2 % 78.81 17.8 % 73.42 15.9 %
Q1 2012 132.66 14.1 % 87.65 29.7 % 84.89 30.7 %
Q2 2012 131.30 34.6 % 82.50 53.2 % 78.30 50.9 %
Q3 2012 87.05 29.6 % 57.55 36.8 % 54.36 35.2 %
Q4 2012 77.55 (42.1 %) 52.88 (32.9 %) 48.76 (33.6 %)
Q1 2013 98.18 (26.0 %) 57.06 (34.9 %) 54.48 (35.8 %)
Q2 2013 139.44 6.2 % 82.16 (0.4 %) 78.93 0.8 %
Q3 2013 97.49 12.0 % 56.39 (2.0 %) 51.46 (5.3 %)
Q4 2013 98.32 26.8 % 56.96 7.7 % 52.83 8.3 %
Q1 2014 121.74 24.0 % 73.33 28.5 % 68.24 25.2 %
Q2 2014 127.62 (8.5 %) 71.26 (13.3 %) 65.20 (17.4 %)
Q3 2014 90.61 (7.1 %) 56.32 (0.1 %) 50.54 (1.8 %)
Q4 2014 114.88 16.8 % 55.70 (2.2 %) 49.52 (6.3 %)
Q1 2015 145.41 19.4 % 75.75 3.3 % 70.58 3.4 %
Q2 2015 145.59 14.1 % 78.57 10.3 % 71.07 9.0 %
Q3 2015 113.91 25.7 % 56.69 0.7 % 49.88 (1.3 %)
Q4 2015 155.62 35.5 % 69.41 24.6 % 62.47 26.1 %
Q1 2016 180.36 24.0 % 83.90 10.8 % 77.18 9.4 %
Q2 2016 167.36 15.0 % 74.74 (4.9 %) 67.77 (4.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 50.54 - 0.36 - 50.54 0.36
Q4 2010 61.60 - 0.44 - 61.60 0.44
Q1 2011 63.49 - 0.45 - 63.49 0.45
Q2 2011 50.91 - 0.36 - 50.91 0.36
Q3 2011 38.18 (24.5 %) 0.27 - 38.18 0.27
Q4 2011 70.08 13.8 % 0.50 - 70.08 0.50
Q1 2012 83.44 31.4 % 0.60 - 83.44 0.60
Q2 2012 76.98 51.2 % 0.55 - 76.98 0.55
Q3 2012 39.03 2.2 % 0.28 - 39.03 0.28
Q4 2012 43.46 (38.0 %) 0.31 (14.32) 57.77 0.41
Q1 2013 51.79 (37.9 %) 0.37 - 51.79 0.37
Q2 2013 72.94 (5.2 %) 0.52 - 72.94 0.52
Q3 2013 45.42 16.4 % 0.32 - 45.42 0.32
Q4 2013 48.28 11.1 % 0.34 - 48.28 0.34
Q1 2014 65.25 26.0 % 0.47 - 65.25 0.47
Q2 2014 62.24 (14.7 %) 0.44 - 62.24 0.44
Q3 2014 46.96 3.4 % 0.34 - 46.96 0.34
Q4 2014 47.30 (2.0 %) 0.34 - 47.30 0.34
Q1 2015 67.59 3.6 % 0.48 - 67.59 0.48
Q2 2015 68.25 9.7 % 0.49 - 68.25 0.49
Q3 2015 47.39 0.9 % 0.34 - 47.39 0.34
Q4 2015 58.63 23.9 % 0.42 - 58.63 0.42
Q1 2016 73.32 8.5 % 0.52 - 73.32 0.52
Q2 2016 64.16 (6.0 %) 0.46 - 64.16 0.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 59.65 % - 55.14 %
Q3 2011 59.13 % - 54.95 %
Q4 2011 58.40 % 61.51 % 53.66 %
Q1 2012 60.83 % 63.92 % 56.24 %
Q2 2012 62.58 % 67.67 % 57.76 %
Q3 2012 63.20 % 70.42 % 55.58 %
Q4 2012 65.47 % 73.89 % 60.02 %
Q1 2013 63.44 % 72.62 % 57.24 %
Q2 2013 62.07 % 71.13 % 55.08 %
Q3 2013 60.22 % 68.78 % 55.23 %
Q4 2013 58.27 % 67.26 % 50.39 %
Q1 2014 58.83 % 67.19 % 50.74 %
Q2 2014 57.94 % 66.43 % 49.69 %
Q3 2014 58.83 % 67.51 % 50.82 %
Q4 2014 56.42 % 63.87 % 48.75 %
Q1 2015 54.13 % 61.44 % 46.83 %
Q2 2015 53.65 % 62.03 % 46.35 %
Q3 2015 51.31 % 61.39 % 44.35 %
Q4 2015 50.03 % 62.11 % 43.15 %
Q1 2016 48.46 % 61.81 % 41.58 %
Q2 2016 46.13 % 60.16 % 39.45 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 140.00 - - 7.56
Q4 2010 140.00 - - 7.06
Q1 2011 140.00 - - 7.51
Q2 2011 140.00 1.62 1.62 -
Q3 2011 140.00 1.53 1.53 7.58
Q4 2011 140.00 1.59 1.59 7.14
Q1 2012 140.00 1.73 1.73 7.22
Q2 2012 140.00 1.92 1.92 7.77
Q3 2012 140.00 1.93 1.93 13.80
Q4 2012 140.00 1.74 1.84 14.11
Q1 2013 140.00 1.51 1.61 14.48
Q2 2013 140.00 1.48 1.58 15.00
Q3 2013 140.00 1.53 1.63 15.32
Q4 2013 140.00 1.56 1.56 14.31
Q1 2014 140.00 1.66 1.66 14.77
Q2 2014 140.00 1.58 1.58 14.88
Q3 2014 140.00 1.59 1.59 15.21
Q4 2014 140.00 1.58 1.58 14.19
Q1 2015 140.00 1.60 1.60 14.67
Q2 2015 140.00 1.64 1.64 15.16
Q3 2015 140.00 1.65 1.65 15.50
Q4 2015 140.00 1.73 1.73 14.56
Q1 2016 140.00 1.77 1.77 15.08
Q2 2016 140.00 1.74 1.74 15.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
Q3 2012 - - -
Q4 2012 9.94 9.39 1.22
Q1 2013 11.66 10.92 1.22
Q2 2013 14.42 13.49 1.42
Q3 2013 16.84 15.79 1.68
Q4 2013 14.71 14.71 1.60
Q1 2014 14.04 14.04 1.57
Q2 2014 18.41 18.41 1.96
Q3 2014 18.63 18.63 1.95
Q4 2014 14.36 14.36 1.60
Q1 2015 13.78 13.78 1.50
Q2 2015 14.36 14.36 1.56
Q3 2015 10.86 10.86 1.15
Q4 2015 8.71 8.71 1.03
Q1 2016 7.72 7.72 0.91
Q2 2016 8.74 8.74 1.00

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 68.98 64.16 (7.0 %)

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
OSOOL AND BAKHEET 61.90 64.16 3.7 %
Value Capital 66.70 64.16 (3.8) %
AlJazira Capital 73.33 64.16 (12.5) %
SFC 74.00 64.16 (13.3) %


Financial Ratios
Current
Market Cap (M Riyal) 2,469.60
Enterprise Value (EV) (M) 2,075.80
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 0.92
Book Value (BV) ( Riyal) 12.52
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.18
P/E (TTM) 19.18
Price/book 1.41
Return on Average Assets (%) (TTM) 7.0
Return on Average Equity (%) (TTM) 7.4
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Share Price

City Cement Co.
17.64
0.04 0.23 %

City Cement Co. (CITY CEMENT)

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