Financial Results : City Cement profit more than doubles in H1 2019

City Cement profit more than doubles in H1 2019

05/08/2019 Argaam Exclusive

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City Cement Co. 's net profit after zakat and tax more than doubled year-on-year (YoY) to SAR 73.7 million for H1 2019, driven by higher sales revenue, average selling prices and other income.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 191.17 245.16 28.2 %
Gross Income 53.65 93.54 74.4 %
Operating Income 38.67 75.31 94.7 %
Net Income 34.79 73.67 111.8 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.25 0.53 111.8 %

The second quarter net profit after zakat and tax saw an over three-fold increase YoY to SAR 32.3 million also due to higher sales revenue, average selling prices and other income.

 

When compared to the previous quarter, Q2 2019 net profit dropped 22 percent on lower sales volumes amid weak demand and seasonal factors. Lower other income also weighed negatively on the quarterly profit.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 70.07 108.06 54.2 %
Gross Income 19.43 42.25 117.5 %
Operating Income 12.01 33.19 176.5 %
Net Income 9.88 32.25 226.3 %
Average Shares 140.00 140.00 -
EPS (Riyals) 0.07 0.23 226.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %)
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 %)
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 %)
Q3 2018 65.35 (38.3 %) 5.27 (81.1 %) (1.16) (105.5 %)
Q4 2018 88.39 (39.1 %) 45.32 38.1 % 35.61 32.5 %
Q1 2019 137.10 13.2 % 51.29 49.9 % 42.12 57.9 %
Q2 2019 108.06 54.2 % 42.25 117.5 % 33.19 176.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2016 32.92 (30.5 %) 0.24 - 32.92 0.24
Q4 2016 45.91 (21.7 %) 0.33 - 45.91 0.33
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
Q1 2018 24.90 (34.2 %) 0.18 - 24.90 0.18
Q2 2018 9.88 (20.0 %) 0.07 - 9.88 0.07
Q3 2018 (2.39) (112.4 %) (0.02) - (2.39) (0.02)
Q4 2018 79.91 235.3 % 0.57 47.96 31.95 0.23
Q1 2019 41.42 66.3 % 0.30 - 41.42 0.30
Q2 2019 32.25 226.3 % 0.23 - 32.25 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2016 43.62 % 58.35 % 36.96 %
Q4 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 %
Q1 2018 23.63 % 40.18 % 16.42 %
Q2 2018 25.84 % 42.07 % 17.61 %
Q3 2018 22.84 % 38.58 % 14.00 %
Q4 2018 30.22 % 44.88 % 18.66 %
Q1 2019 33.61 % 47.61 % 22.41 %
Q2 2019 36.13 % 48.68 % 25.88 %


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 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
Q3 2018 140.00 0.40 0.40 14.75
Q4 2018 140.00 0.80 0.46 15.30
Q1 2019 140.00 0.92 0.58 15.58
Q2 2019 140.00 1.08 0.74 15.27

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 - - -
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
Q3 2018 24.50 24.50 0.67
Q4 2018 11.48 20.04 0.60
Q1 2019 12.28 19.56 0.73
Q2 2019 12.04 17.63 0.85

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average 34.00 32.25 (5.1 %)

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
OSOOL AND BAKHEET 31.20 32.25 3.4 %
AlJazira Capital 36.80 32.25 (12.4) %


Financial Ratios
Current
Market Cap (M Riyal) 2,525.60
Enterprise Value (EV) (M) 2,131.80
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) 19.62
P/E (TTM) 19.62
Price/book 1.44
Return on Average Assets (%) (TTM) 7.0
Return on Average Equity (%) (TTM) 7.4
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Share Price

City Cement Co.
18.04
(0.08) (0.44 %)

City Cement Co. (CITY CEMENT)

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