Financial Results : Arabian Cement posts lower net profit at SAR 298.8mln in I3 of 2013

Arabian Cement posts lower net profit at SAR 298.8mln in I3 of 2013

30/09/2013 Argaam Exclusive

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Arabian Cement Company, the first cement company in Saudi Arabia, reported SAR 298.8m net profit in I3 of 2013, a 2% decrease compared to the same period last year.

 



Financials (M)

Item 9m 2012 9m 2013 Change‬
Revenues 1,062.32 1,016.16 (4.3 %)
Gross Income 446.18 409.03 (8.3 %)
Operating Income 404.03 377.70 (6.5 %)
Net Income 305.10 298.76 (2.1 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 3.05 2.99 (2.1 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Revenues 337.90 290.44 (14.0 %)
Gross Income 98.58 95.19 (3.4 %)
Operating Income 89.92 85.36 (5.1 %)
Net Income 87.03 16.85 (80.6 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.87 0.17 (80.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 134.08 7.9 % 58.49 8.1 % 49.77 7.5 %
Q2 2004 149.32 0.9 % 70.77 4.2 % 61.43 3.0 %
Q3 2004 161.20 21.2 % 79.72 41.7 % 70.24 47.0 %
Q4 2004 134.20 14.3 % 54.76 9.0 % 41.43 49.7 %
Q1 2005 163.44 21.9 % 78.01 33.4 % 70.06 40.8 %
Q2 2005 179.25 20.0 % 98.20 38.8 % 90.21 46.8 %
Q3 2005 177.01 9.8 % 95.07 19.3 % 87.13 24.0 %
Q4 2005 167.53 24.8 % 77.27 41.1 % 65.93 59.1 %
Q1 2006 182.24 11.5 % 97.27 24.7 % 88.74 26.7 %
Q2 2006 199.23 11.2 % 105.78 7.7 % 98.96 9.7 %
Q3 2006 183.29 3.5 % 88.13 (7.3 %) 77.46 (11.1 %)
Q4 2006 183.08 9.3 % 81.47 5.4 % 58.84 (10.8 %)
Q1 2007 183.08 0.5 % 97.31 0.0 % 87.88 (1.0 %)
Q2 2007 191.37 (3.9 %) 108.68 2.7 % 100.68 1.7 %
Q3 2007 183.40 0.1 % 115.18 30.7 % 103.78 34.0 %
Q4 2007 163.73 (10.6 %) 90.56 11.1 % 81.85 39.1 %
Q1 2008 209.44 14.4 % 121.73 25.1 % 110.30 25.5 %
Q2 2008 189.13 (1.2 %) 112.28 3.3 % 99.12 (1.5 %)
Q3 2008 174.15 (5.0 %) 77.59 (32.6 %) 65.73 (36.7 %)
Q4 2008 148.59 (9.2 %) 67.74 (25.2 %) 51.82 (36.7 %)
Q1 2009 203.86 (2.7 %) 115.31 (5.3 %) 103.38 (6.3 %)
Q2 2009 191.04 1.0 % 99.37 (11.5 %) 87.51 (11.7 %)
Q3 2009 162.84 (6.5 %) 88.09 13.5 % 77.70 18.2 %
Q4 2009 179.30 20.7 % 87.44 29.1 % 72.38 39.7 %
Q1 2010 201.72 (1.0 %) 90.03 (21.9 %) 80.63 (22.0 %)
Q2 2010 194.43 1.8 % 95.19 (4.2 %) 86.14 (1.6 %)
Q3 2010 164.23 0.9 % 89.54 1.6 % 78.47 1.0 %
Q4 2010 184.21 2.7 % 44.17 (49.5 %) 25.51 (64.8 %)
Q1 2011 230.10 14.1 % 133.97 48.8 % 121.67 50.9 %
Q2 2011 302.99 55.8 % 139.30 46.3 % 127.53 48.1 %
Q3 2011 277.72 69.1 % 125.69 40.4 % 114.29 45.7 %
Q4 2011 267.76 45.4 % 104.89 137.5 % 88.37 246.4 %
Q1 2012 355.12 54.3 % 174.38 30.2 % 151.67 24.7 %
Q2 2012 369.30 21.9 % 173.23 24.4 % 162.44 27.4 %
Q3 2012 337.90 21.7 % 98.58 (21.6 %) 89.92 (21.3 %)
Q4 2012 308.32 15.1 % 91.15 (13.1 %) 77.65 (12.1 %)
Q1 2013 352.30 (0.8 %) 169.10 (3.0 %) 158.45 4.5 %
Q2 2013 373.42 1.1 % 144.75 (16.4 %) 133.89 (17.6 %)
Q3 2013 290.44 (14.0 %) 95.19 (3.4 %) 85.36 (5.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 60.19 32.2 % 0.64 - 60.19 0.64
Q2 2004 131.83 94.8 % 1.41 - 131.83 1.41
Q3 2004 69.04 47.3 % 0.74 - 69.04 0.74
Q4 2004 45.31 (10.3 %) 0.48 - 45.31 0.48
Q1 2005 69.14 14.9 % 0.74 - 69.14 0.74
Q2 2005 96.72 (26.6 %) 1.03 - 96.72 1.03
Q3 2005 86.14 24.8 % 0.92 - 86.14 0.92
Q4 2005 78.85 74.0 % 0.84 - 78.85 0.84
Q1 2006 89.53 29.5 % 0.96 - 89.53 0.96
Q2 2006 102.67 6.2 % 1.10 - 102.67 1.10
Q3 2006 82.23 (4.5 %) 0.88 - 82.23 0.88
Q4 2006 59.14 (25.0 %) 0.63 - 59.14 0.63
Q1 2007 93.23 4.1 % 1.00 - 93.23 1.00
Q2 2007 102.26 (0.4 %) 1.09 - 102.26 1.09
Q3 2007 110.66 34.6 % 1.18 - 110.66 1.18
Q4 2007 86.02 45.4 % 0.92 - 86.02 0.92
Q1 2008 115.26 23.6 % 1.15 - 115.26 1.15
Q2 2008 90.38 (11.6 %) 0.90 - 90.38 0.90
Q3 2008 71.77 (35.1 %) 0.72 - 71.77 0.72
Q4 2008 46.76 (45.6 %) 0.47 - 46.76 0.47
Q1 2009 103.78 (10.0 %) 1.04 - 103.78 1.04
Q2 2009 82.65 (8.6 %) 0.83 - 82.65 0.83
Q3 2009 72.82 1.5 % 0.73 - 72.82 0.73
Q4 2009 (87.23) (286.5 %) (0.87) (131.00) 43.77 0.44
Q1 2010 81.74 (21.2 %) 0.82 - 81.74 0.82
Q2 2010 81.17 (1.8 %) 0.81 - 81.17 0.81
Q3 2010 81.68 12.2 % 0.82 - 81.68 0.82
Q4 2010 10.85 112.4 % 0.11 (12.45) 23.30 0.23
Q1 2011 116.02 41.9 % 1.16 - 116.02 1.16
Q2 2011 111.75 37.7 % 1.12 - 111.75 1.12
Q3 2011 104.92 28.5 % 1.05 - 104.92 1.05
Q4 2011 70.35 548.4 % 0.70 (1.57) 71.92 0.72
Q1 2012 146.14 26.0 % 1.46 - 146.14 1.46
Q2 2012 71.93 (35.6 %) 0.72 (86.80) 158.73 1.59
Q3 2012 87.03 (17.1 %) 0.87 - 87.03 0.87
Q4 2012 82.33 17.0 % 0.82 - 82.33 0.82
Q1 2013 157.26 7.6 % 1.57 - 157.26 1.57
Q2 2013 124.65 73.3 % 1.25 (14.54) 139.19 1.39
Q3 2013 16.85 (80.6 %) 0.17 (79.34) 96.18 0.96

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 43.74 % 48.24 % 42.30 %
Q2 2004 44.17 % 48.71 % 54.21 %
Q3 2004 46.12 % 50.60 % 55.44 %
Q4 2004 45.57 % 51.93 % 52.93 %
Q1 2005 46.58 % 52.82 % 51.85 %
Q2 2005 48.69 % 53.46 % 43.92 %
Q3 2005 49.86 % 55.00 % 45.47 %
Q4 2005 50.72 % 56.96 % 48.14 %
Q1 2006 52.10 % 58.14 % 49.75 %
Q2 2006 51.70 % 58.73 % 49.20 %
Q3 2006 50.31 % 56.70 % 48.24 %
Q4 2006 49.83 % 54.15 % 44.61 %
Q1 2007 49.78 % 54.08 % 45.05 %
Q2 2007 50.70 % 53.99 % 45.47 %
Q3 2007 54.34 % 55.63 % 49.30 %
Q4 2007 57.06 % 58.66 % 54.35 %
Q1 2008 58.31 % 59.63 % 55.38 %
Q2 2008 58.97 % 58.99 % 53.95 %
Q3 2008 54.61 % 56.51 % 49.35 %
Q4 2008 52.59 % 53.83 % 44.94 %
Q1 2009 52.11 % 53.21 % 43.69 %
Q2 2009 50.17 % 54.59 % 42.49 %
Q3 2009 52.46 % 58.48 % 43.32 %
Q4 2009 52.94 % 61.16 % 41.11 %
Q1 2010 49.66 % 60.00 % 38.23 %
Q2 2010 48.86 % 59.78 % 37.86 %
Q3 2010 48.97 % 59.93 % 38.99 %
Q4 2010 42.83 % 53.17 % 35.98 %
Q1 2011 46.95 % 56.30 % 39.09 %
Q2 2011 46.17 % 55.86 % 37.75 %
Q3 2011 44.54 % 54.78 % 35.78 %
Q4 2011 46.72 % 57.34 % 37.51 %
Q1 2012 45.22 % 55.28 % 36.12 %
Q2 2012 45.53 % 53.52 % 37.93 %
Q3 2012 41.43 % 48.18 % 34.87 %
Q4 2012 39.20 % 48.50 % 34.60 %
Q1 2013 38.90 % 48.96 % 35.48 %
Q2 2013 36.71 % 48.19 % 33.95 %
Q3 2013 37.77 % 50.58 % 35.86 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 93.63 2.41 2.41 13.73
Q2 2004 93.63 3.09 3.09 14.49
Q3 2004 93.63 3.33 3.33 15.19
Q4 2004 93.63 3.27 3.27 15.18
Q1 2005 93.63 3.37 3.37 14.69
Q2 2005 93.63 2.99 2.99 16.76
Q3 2005 93.63 3.18 3.18 16.46
Q4 2005 93.63 3.53 3.53 17.41
Q1 2006 93.63 3.75 3.75 16.99
Q2 2006 93.63 3.81 3.81 17.68
Q3 2006 93.63 3.77 3.77 17.36
Q4 2006 93.63 3.56 3.56 17.59
Q1 2007 93.63 3.60 3.60 16.58
Q2 2007 93.63 3.60 3.60 17.75
Q3 2007 93.63 3.90 3.90 18.46
Q4 2007 93.63 4.19 4.19 19.66
Q1 2008 100.00 4.14 4.14 21.76
Q2 2008 100.00 4.02 4.02 22.73
Q3 2008 100.00 3.63 3.63 22.43
Q4 2008 100.00 3.24 3.24 22.44
Q1 2009 100.00 3.13 3.13 22.11
Q2 2009 100.00 3.05 3.05 22.99
Q3 2009 100.00 3.06 3.06 23.04
Q4 2009 100.00 1.72 3.03 22.22
Q1 2010 100.00 1.50 2.81 23.12
Q2 2010 100.00 1.49 2.80 23.66
Q3 2010 100.00 1.57 2.88 24.45
Q4 2010 100.00 2.55 2.68 24.44
Q1 2011 100.00 2.90 3.02 25.59
Q2 2011 100.00 3.20 3.33 25.44
Q3 2011 100.00 3.44 3.56 26.42
Q4 2011 100.00 4.03 4.05 27.44
Q1 2012 100.00 4.33 4.35 29.03
Q2 2012 100.00 3.93 4.82 27.50
Q3 2012 100.00 3.75 4.64 28.35
Q4 2012 100.00 3.87 4.74 29.19
Q1 2013 100.00 3.99 4.85 30.77
Q2 2013 100.00 4.51 4.66 30.48
Q3 2013 100.00 3.81 4.75 29.71

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 17.69 17.69 3.10
Q2 2004 15.99 15.99 3.41
Q3 2004 15.52 15.52 3.40
Q4 2004 19.04 19.04 4.10
Q1 2005 17.30 17.30 3.97
Q2 2005 38.99 38.99 6.96
Q3 2005 35.83 35.83 6.91
Q4 2005 41.40 41.40 8.40
Q1 2006 29.26 29.26 6.46
Q2 2006 25.94 25.94 5.60
Q3 2006 21.09 21.09 4.59
Q4 2006 15.64 15.64 3.17
Q1 2007 13.98 13.98 3.04
Q2 2007 15.00 15.00 3.04
Q3 2007 14.33 14.33 3.03
Q4 2007 19.58 19.58 4.17
Q1 2008 14.10 14.10 2.68
Q2 2008 16.06 16.06 2.84
Q3 2008 12.16 12.16 1.97
Q4 2008 7.67 7.67 1.11
Q1 2009 8.93 8.93 1.26
Q2 2009 11.81 11.81 1.57
Q3 2009 12.03 12.03 1.60
Q4 2009 20.23 11.48 1.57
Q1 2010 22.35 11.93 1.45
Q2 2010 19.02 10.10 1.19
Q3 2010 18.30 9.99 1.18
Q4 2010 10.71 10.21 1.12
Q1 2011 8.73 8.37 0.99
Q2 2011 11.29 10.87 1.42
Q3 2011 9.73 9.39 1.27
Q4 2011 8.91 8.88 1.31
Q1 2012 10.71 10.67 1.60
Q2 2012 11.34 9.26 1.62
Q3 2012 11.03 8.93 1.46
Q4 2012 10.32 8.43 1.37
Q1 2013 11.34 9.31 1.47
Q2 2013 12.01 11.64 1.78
Q3 2013 14.64 11.75 1.88


Financial Ratios
Current
Market Cap (M Riyal) 2,650.00
Enterprise Value (EV) (M) 2,763.41
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.62
Book Value (BV) ( Riyal) 25.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.39
P/E (TTM) 16.40
Price/book 1.05
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 6.4
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Share Price

Arabian Cement Co.
26.50
(0.10) (0.38 %)

Arabian Cement Co. (ACC)

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