City Cement’s net profit drops 59% in 9M 2017

01/11/2017 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 69.5 million for the first nine months of 2017, a 59 percent year-on-year (YoY) decline due to lower sales, higher cost of sales and an increase in the selling, administrative and general expenses.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	464.03	390.18	(15.9 %)
Gross Income	200.89	95.65	(52.4 %)
Operating Income	181.79	74.52	(59.0 %)
Net Income	170.40	69.48	(59.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.22	0.50	(59.2 %)

The company’s net profit in the third quarter fell 41.5 percent YoY to SAR 19.2 million also due to lower sales, higher cost of sales and an increase in the selling, administrative and general expenses.

Compared to the previous quarter, Q3 net profit rose 55.7 percent due to a decrease in cost of sales, lower general expenses, an increase in other income, and higher profit from fair-value investment.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	116.31	105.84	(9.0 %)
Gross Income	42.25	27.81	(34.2 %)
Operating Income	36.84	21.01	(43.0 %)
Net Income	32.92	19.24	(41.6 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.24	0.14	(41.6 %)

Item	Q2 2017	Q3 2017	Change‬
Revenues	117.04	105.84	(9.6 %)
Gross Income	20.75	27.81	34.0 %
Operating Income	13.52	21.01	55.4 %
Net Income	12.36	19.24	55.6 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.09	0.14	55.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	338.99	-	201.87	-	189.15	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	88.26	-	56.67	-	54.39	-
Q4 2010	108.74	-	66.93	-	63.35	-
2010	426.66	25.9 %	262.62	30.1 %	250.55	32.5 %
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 %
2011	414.97	(2.7 %)	242.33	(7.7 %)	230.46	(8.0 %)
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 %)
2012	428.56	3.3 %	280.59	15.8 %	266.31	15.6 %
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 %
2013	433.43	1.1 %	252.56	(10.0 %)	237.70	(10.7 %)
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 %)
2014	454.85	4.9 %	254.47	0.8 %	232.95	(2.0 %)
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 %
2015	560.52	23.2 %	278.27	9.4 %	254.32	9.2 %
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 %)
Q3 2016	116.31	2.1 %	42.25	(25.5 %)	36.84	(26.1 %)
Q4 2016	137.86	(11.4 %)	55.18	(20.5 %)	48.97	(21.6 %)
2016	601.89	7.4 %	256.08	(8.0 %)	230.76	(9.3 %)
Q1 2017	167.30	(7.2 %)	47.09	(43.9 %)	39.99	(48.2 %)
Q2 2017	117.04	(30.1 %)	20.75	(72.2 %)	13.52	(80.0 %)
Q3 2017	105.84	(9.0 %)	27.81	(34.2 %)	21.01	(43.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	338.99	-	201.87	-	189.15	-
2010	426.66	25.9 %	262.62	30.1 %	250.55	32.5 %
2011	414.97	(2.7 %)	242.33	(7.7 %)	230.46	(8.0 %)
2012	428.56	3.3 %	280.59	15.8 %	266.31	15.6 %
2013	433.43	1.1 %	252.56	(10.0 %)	237.70	(10.7 %)
2014	454.85	4.9 %	254.47	0.8 %	232.95	(2.0 %)
2015	560.52	23.2 %	278.27	9.4 %	254.32	9.2 %
2016	601.89	7.4 %	256.08	(8.0 %)	230.76	(9.3 %)

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	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	178.42	-	1.27	-	178.42	1.27
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	50.54	-	0.36	-	50.54	0.36
Q4 2010	61.60	-	0.44	-	61.60	0.44
2010	237.18	32.9 %	1.69	-	237.18	1.69
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
2011	222.66	(6.1 %)	1.59	-	222.66	1.59
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
2012	242.91	9.1 %	1.74	(14.32)	257.22	1.84
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
2013	218.42	(10.1 %)	1.56	-	218.42	1.56
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
2014	221.75	1.5 %	1.58	-	221.75	1.58
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
2015	241.87	9.1 %	1.73	-	241.87	1.73
Q1 2016	73.32	8.5 %	0.52	-	73.32	0.52
Q2 2016	64.16	(6.0 %)	0.46	-	64.16	0.46
Q3 2016	32.92	(30.5 %)	0.24	-	32.92	0.24
Q4 2016	45.91	(21.7 %)	0.33	-	45.91	0.33
2016	216.31	(10.6 %)	1.55	-	216.31	1.55
Q1 2017	37.87	(48.3 %)	0.27	-	37.87	0.27
Q2 2017	12.36	(80.7 %)	0.09	-	12.36	0.09
Q3 2017	19.24	(41.6 %)	0.14	-	19.24	0.14

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	178.42	-	1.27	-	178.42	1.27
2010	237.18	32.9 %	1.69	-	237.18	1.69
2011	222.66	(6.1 %)	1.59	-	222.66	1.59
2012	242.91	9.1 %	1.74	(14.32)	257.22	1.84
2013	218.42	(10.1 %)	1.56	-	218.42	1.56
2014	221.75	1.5 %	1.58	-	221.75	1.58
2015	241.87	9.1 %	1.73	-	241.87	1.73
2016	216.31	(10.6 %)	1.55	-	216.31	1.55

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	59.55 %	70.14 %	52.63 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	61.55 %	70.31 %	55.59 %
Q1 2011	-	-	-
Q2 2011	59.65 %	-	55.14 %
Q3 2011	59.13 %	-	54.95 %
Q4 2011	58.40 %	61.51 %	53.66 %
2011	58.40 %	67.34 %	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 %
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 %
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 %
2014	55.95 %	63.75 %	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 %
2015	49.65 %	62.17 %	43.15 %
Q1 2016	48.46 %	61.81 %	41.58 %
Q2 2016	46.13 %	60.16 %	39.45 %
Q3 2016	43.62 %	58.35 %	36.96 %
Q4 2016	42.55 %	57.82 %	35.94 %
2016	42.55 %	57.82 %	35.94 %
Q1 2017	37.24 %	52.96 %	30.72 %
Q2 2017	30.69 %	47.94 %	23.97 %
Q3 2017	28.56 %	45.89 %	21.85 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	59.55 %	70.14 %	52.63 %
2010	61.55 %	70.31 %	55.59 %
2011	58.40 %	67.34 %	53.66 %
2012	65.47 %	73.89 %	60.02 %
2013	58.27 %	67.26 %	50.39 %
2014	55.95 %	63.75 %	48.75 %
2015	49.65 %	62.17 %	43.15 %
2016	42.55 %	57.82 %	35.94 %

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	64.21 %	-	57.26 %
Q4 2010	61.55 %	69.69 %	56.65 %
Q1 2011	58.12 %	66.22 %	54.60 %
Q2 2011	55.22 %	-	52.20 %
Q3 2011	62.63 %	-	56.82 %
Q4 2011	58.83 %	64.32 %	52.31 %
Q1 2012	66.07 %	73.47 %	62.90 %
Q2 2012	62.83 %	69.25 %	58.63 %
Q3 2012	66.11 %	76.94 %	44.84 %
Q4 2012	68.19 %	79.03 %	74.50 %
Q1 2013	58.12 %	68.23 %	52.75 %
Q2 2013	58.92 %	65.15 %	52.31 %
Q3 2013	57.84 %	66.37 %	46.59 %
Q4 2013	57.93 %	70.16 %	49.11 %
Q1 2014	60.24 %	67.78 %	53.60 %
Q2 2014	55.84 %	62.30 %	48.77 %
Q3 2014	62.16 %	71.59 %	51.83 %
Q4 2014	48.49 %	55.39 %	41.18 %
Q1 2015	52.09 %	59.14 %	46.49 %
Q2 2015	53.97 %	64.22 %	46.88 %
Q3 2015	49.77 %	66.70 %	41.60 %
Q4 2015	44.60 %	59.55 %	37.68 %
Q1 2016	46.52 %	58.73 %	40.65 %
Q2 2016	44.66 %	57.83 %	38.34 %
Q3 2016	36.33 %	56.94 %	28.30 %
Q4 2016	40.03 %	57.39 %	33.30 %
Q1 2017	28.15 %	41.69 %	22.64 %
Q2 2017	17.73 %	36.79 %	10.56 %
Q3 2017	26.27 %	47.63 %	18.18 %

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	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
Q3 2016	140.00	1.64	1.64	14.39
Q4 2016	140.00	1.55	1.55	14.71
Q1 2017	140.00	1.29	1.29	14.98
Q2 2017	140.00	0.92	0.92	14.73
Q3 2017	140.00	0.82	0.82	14.87

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	-	-	-	-
2009	140.00	1.27	1.27	6.30
2010	140.00	1.69	1.69	7.06
2011	140.00	1.59	1.59	7.14
2012	140.00	1.74	1.84	14.11
2013	140.00	1.56	1.56	14.31
2014	140.00	1.58	1.58	14.19
2015	140.00	1.73	1.73	14.56
2016	140.00	1.55	1.55	14.71

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	-	-	-
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
Q3 2016	7.32	7.32	0.83
Q4 2016	9.89	9.89	1.04
Q1 2017	9.69	9.69	0.84
Q2 2017	12.56	12.56	0.79
Q3 2017	12.44	12.44	0.69

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	9.94	9.39	1.22
2013	14.71	14.71	1.60
2014	14.36	14.36	1.60
2015	8.71	8.71	1.03
2016	9.89	9.89	1.04

Analysts Estimates (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change‬
Average	9.85	19.24	95.32 %

Estimates vs Actual (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change
OSOOL AND BAKHEET	11.10	19.24	73.3 %
AlJazira Capital	8.60	19.24	123.7 %

Financial Ratios

	Current
Market Cap (M Riyal)	2,542.40
Enterprise Value (EV) (M)	2,148.60
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)	19.75
P/E (TTM)	19.75
Price/book	1.45
Return on Average Assets (%) (TTM)	7.0
Return on Average Equity (%) (TTM)	7.4

City Cement Co. (CITY CEMENT)

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City Cement’s net profit drops 59% in 9M 2017

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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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

City Cement Co. (CITY CEMENT)

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City Cement’s net profit drops 59% in 9M 2017

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

City Cement Co. (CITY CEMENT)

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