City Cement H1 profit drops 31% on lower sales

31/07/2018 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 34.78 million for the first half of 2018, down by 30.76 percent year-on-year (YoY), driven by weak sales, higher G&A expenses, increased zakat provisions, despite a decline in cost of sales.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	284.34	191.17	(32.8 %)
Gross Income	67.84	53.65	(20.9 %)
Operating Income	53.51	38.67	(27.7 %)
Net Income	50.24	34.79	(30.8 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.36	0.25	(30.8 %)

The cement producer’s net profit for the second quarter fell 20.06 percent YoY to SAR 9.88 million due to lower sales and higher G&A expenses.

On a sequential basis, the profit for the current period retreated 60.32 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	117.04	70.07	(40.1 %)
Gross Income	20.75	19.43	(6.4 %)
Operating Income	13.52	12.01	(11.2 %)
Net Income	12.36	9.88	(20.0 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.09	0.07	(20.0 %)

Item	Q1 2018	Q2 2018	Change‬
Revenues	121.10	70.07	(42.1 %)
Gross Income	34.22	19.43	(43.2 %)
Operating Income	26.67	12.01	(55.0 %)
Net Income	24.90	9.88	(60.3 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.18	0.07	(60.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q4 2017	145.22	5.3 %	32.82	(40.5 %)	26.88	(45.1 %)
2017	535.39	(11.0 %)	128.48	(49.8 %)	101.40	(56.1 %)
Q1 2018	121.10	(27.6 %)	34.22	(27.3 %)	26.67	(33.3 %)
Q2 2018	70.07	(40.1 %)	19.43	(6.4 %)	12.01	(11.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2017	535.39	(11.0 %)	128.48	(49.8 %)	101.40	(56.1 %)

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	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
Q4 2017	23.83	(48.1 %)	0.17	-	23.83	0.17
2017	93.31	(56.9 %)	0.67	-	93.31	0.67
Q1 2018	24.90	(34.2 %)	0.18	-	24.90	0.18
Q2 2018	9.88	(20.0 %)	0.07	-	9.88	0.07

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2017	93.31	(56.9 %)	0.67	-	93.31	0.67

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	24.00 %	40.99 %	17.43 %
2017	24.00 %	40.99 %	17.43 %
Q1 2018	23.63 %	40.18 %	16.42 %
Q2 2018	25.84 %	42.07 %	17.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	24.00 %	40.99 %	17.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	22.60 %	38.74 %	16.41 %
Q1 2018	28.26 %	38.65 %	20.56 %
Q2 2018	27.72 %	46.50 %	14.11 %

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	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
Q4 2017	140.00	0.67	0.67	15.04
Q1 2018	140.00	0.57	0.57	15.22
Q2 2018	140.00	0.56	0.56	14.76

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	140.00	0.67	0.67	15.04

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	-	-	-
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
Q4 2017	17.74	17.74	0.79
Q1 2018	19.78	19.78	0.75
Q2 2018	20.21	20.21	0.76

Period	P/E	Adjusted P/E	Price/book
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
2017	17.74	17.74	0.79

Analysts Estimates (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change‬
Average	13.70	9.88	(27.9 %)

Estimates vs Actual (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change
AlJazira Capital	7.40	9.88	33.6 %
OSOOL AND BAKHEET	20.00	9.88	(50.6) %

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 H1 profit drops 31% on lower sales

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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 H1 profit drops 31% on lower sales

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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