Financial Results : Eastern Cement posts lower net profit at SAR 309m at the end of 2013

Eastern Cement posts lower net profit at SAR 309m at the end of 2013

31/12/2013 Argaam Exclusive

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Eastern Province Cement Company, reported SAR 309m net profit at the end of 2013, a 23% decrease compared to last year.



Financials (M)

Item 2012 2013 Change‬
Revenues 854.88 828.72 (3.1 %)
Gross Income 420.68 348.34 (17.2 %)
Operating Income 374.45 297.85 (20.5 %)
Net Income 386.66 309.16 (20.0 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 4.50 3.59 (20.0 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2012 Q4 2013 Change‬
Revenues 228.79 212.57 (7.1 %)
Gross Income 98.73 74.04 (25.0 %)
Operating Income 82.99 57.12 (31.2 %)
Net Income 95.64 54.63 (42.9 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 1.11 0.64 (42.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 - - 60.40 (1.9 %) 53.81 (0.9 %)
Q2 2004 - - 81.48 8.5 % 74.25 9.6 %
Q3 2004 - - 69.80 (4.4 %) 62.08 (6.2 %)
Q4 2004 - - 62.86 18.5 % 55.10 21.5 %
Q1 2005 - - 73.00 20.9 % 65.63 22.0 %
Q2 2005 - - 91.76 12.6 % 83.87 13.0 %
Q3 2005 - - 78.41 12.3 % 72.21 16.3 %
Q4 2005 134.88 - 72.23 14.9 % 63.22 14.7 %
Q1 2006 170.18 - 105.13 44.0 % 98.39 49.9 %
Q2 2006 200.47 - 125.95 37.3 % 114.04 36.0 %
Q3 2006 202.93 - 126.33 61.1 % 116.68 61.6 %
Q4 2006 199.02 47.5 % 115.07 59.3 % 107.70 70.4 %
Q1 2007 225.28 32.4 % 141.38 34.5 % 132.23 34.4 %
Q2 2007 266.12 32.8 % 164.63 30.7 % 152.88 34.1 %
Q3 2007 213.91 5.4 % 136.66 8.2 % 129.44 10.9 %
Q4 2007 218.64 9.9 % 122.12 6.1 % 114.02 5.9 %
Q1 2008 248.66 10.4 % 149.57 5.8 % 141.40 6.9 %
Q2 2008 234.60 (11.8 %) 143.44 (12.9 %) 134.18 (12.2 %)
Q3 2008 146.60 (31.5 %) 80.02 (41.4 %) 70.18 (45.8 %)
Q4 2008 168.97 (22.7 %) 90.28 (26.1 %) 78.77 (30.9 %)
Q1 2009 193.25 (22.3 %) 106.81 (28.6 %) 97.64 (30.9 %)
Q2 2009 206.64 (11.9 %) 115.51 (19.5 %) 108.53 (19.1 %)
Q3 2009 186.31 27.1 % 107.96 34.9 % 101.51 44.6 %
Q4 2009 192.37 13.8 % 71.85 (20.4 %) 60.31 (23.4 %)
Q1 2010 210.23 8.8 % 105.93 (0.8 %) 95.78 (1.9 %)
Q2 2010 231.56 12.1 % 106.39 (7.9 %) 97.01 (10.6 %)
Q3 2010 171.41 (8.0 %) 80.43 (25.5 %) 73.12 (28.0 %)
Q4 2010 206.26 7.2 % 94.92 32.1 % 84.65 40.4 %
Q1 2011 210.50 0.1 % 98.33 (7.2 %) 86.55 (9.6 %)
Q2 2011 214.92 (7.2 %) 109.21 2.6 % 99.28 2.3 %
Q3 2011 170.72 (0.4 %) 93.80 16.6 % 85.67 17.2 %
Q4 2011 216.43 4.9 % 117.35 23.6 % 105.80 25.0 %
Q1 2012 238.21 13.2 % 123.60 25.7 % 111.14 28.4 %
Q2 2012 212.79 (1.0 %) 108.86 (0.3 %) 99.79 0.5 %
Q3 2012 175.09 2.6 % 89.50 (4.6 %) 80.53 (6.0 %)
Q4 2012 228.79 5.7 % 98.73 (15.9 %) 82.99 (21.6 %)
Q1 2013 237.85 (0.2 %) 114.81 (7.1 %) 103.37 (7.0 %)
Q2 2013 203.39 (4.4 %) 80.49 (26.1 %) 68.59 (31.3 %)
Q3 2013 174.92 (0.1 %) 79.00 (11.7 %) 68.78 (14.6 %)
Q4 2013 212.57 (7.1 %) 74.04 (25.0 %) 57.12 (31.2 %)
2013 828.72 (3.1 %) 348.34 (17.2 %) 297.85 (20.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 57.26 (1.3 %) 0.67 - 57.26 0.67
Q2 2004 94.84 35.7 % 1.10 - 94.84 1.10
Q3 2004 62.78 (9.1 %) 0.73 - 62.78 0.73
Q4 2004 55.03 2.4 % 0.64 - 55.03 0.64
Q1 2005 65.55 14.5 % 0.76 - 65.55 0.76
Q2 2005 96.85 2.1 % 1.13 - 96.85 1.13
Q3 2005 74.64 18.9 % 0.87 - 74.64 0.87
Q4 2005 61.79 12.3 % 0.72 - 61.79 0.72
Q1 2006 100.70 53.6 % 1.17 - 100.70 1.17
Q2 2006 115.52 19.3 % 1.34 - 115.52 1.34
Q3 2006 119.11 59.6 % 1.38 - 119.11 1.38
Q4 2006 110.18 78.3 % 1.28 - 110.18 1.28
Q1 2007 132.94 32.0 % 1.55 - 132.94 1.55
Q2 2007 162.80 40.9 % 1.89 - 162.80 1.89
Q3 2007 134.24 12.7 % 1.56 - 134.24 1.56
Q4 2007 111.45 1.2 % 1.30 - 111.45 1.30
Q1 2008 155.04 16.6 % 1.80 - 155.04 1.80
Q2 2008 141.66 (13.0 %) 1.65 - 141.66 1.65
Q3 2008 62.75 (53.3 %) 0.73 - 62.75 0.73
Q4 2008 74.79 (32.9 %) 0.87 - 74.79 0.87
Q1 2009 96.96 (37.5 %) 1.13 - 96.96 1.13
Q2 2009 103.09 (27.2 %) 1.20 - 103.09 1.20
Q3 2009 100.60 60.3 % 1.17 - 100.60 1.17
Q4 2009 50.05 (33.1 %) 0.58 - 50.05 0.58
Q1 2010 92.20 (4.9 %) 1.07 - 92.20 1.07
Q2 2010 104.28 1.2 % 1.21 - 104.28 1.21
Q3 2010 63.59 (36.8 %) 0.74 - 63.59 0.74
Q4 2010 82.91 65.6 % 0.96 - 82.91 0.96
Q1 2011 82.55 (10.5 %) 0.96 - 82.55 0.96
Q2 2011 101.05 (3.1 %) 1.17 - 101.05 1.17
Q3 2011 74.71 17.5 % 0.87 - 74.71 0.87
Q4 2011 105.64 27.4 % 1.23 - 105.64 1.23
Q1 2012 104.06 26.1 % 1.21 - 104.06 1.21
Q2 2012 103.18 2.1 % 1.20 - 103.18 1.20
Q3 2012 83.78 12.1 % 0.97 - 83.78 0.97
Q4 2012 95.64 (9.5 %) 1.11 (3.93) 99.57 1.16
Q1 2013 109.45 5.2 % 1.27 - 109.45 1.27
Q2 2013 77.42 (25.0 %) 0.90 - 77.42 0.90
Q3 2013 67.65 (19.2 %) 0.79 - 67.65 0.79
Q4 2013 54.63 (42.9 %) 0.64 - 54.63 0.64
2013 309.16 (20.0 %) 3.59 - 309.16 3.59

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 60.64 % 64.59 % 56.05 %
Q4 2006 61.16 % 65.01 % 57.66 %
Q1 2007 61.46 % 65.51 % 57.72 %
Q2 2007 61.28 % 65.18 % 58.77 %
Q3 2007 61.68 % 65.79 % 59.73 %
Q4 2007 61.13 % 65.28 % 58.60 %
Q1 2008 60.48 % 65.10 % 59.49 %
Q2 2008 60.25 % 65.64 % 59.22 %
Q3 2008 58.36 % 64.23 % 55.50 %
Q4 2008 58.00 % 64.22 % 54.36 %
Q1 2009 56.57 % 61.97 % 50.60 %
Q2 2009 54.88 % 60.94 % 47.18 %
Q3 2009 55.69 % 62.02 % 49.71 %
Q4 2009 51.65 % 57.62 % 45.04 %
Q1 2010 50.44 % 57.67 % 43.48 %
Q2 2010 47.79 % 54.40 % 42.31 %
Q3 2010 45.26 % 52.03 % 38.50 %
Q4 2010 47.31 % 54.30 % 41.85 %
Q1 2011 46.36 % 53.20 % 40.66 %
Q2 2011 47.68 % 55.18 % 41.10 %
Q3 2011 49.38 % 57.07 % 42.53 %
Q4 2011 51.53 % 58.79 % 44.79 %
Q1 2012 52.83 % 59.64 % 45.87 %
Q2 2012 52.93 % 59.02 % 46.25 %
Q3 2012 52.14 % 57.68 % 47.08 %
Q4 2012 49.21 % 54.65 % 45.69 %
Q1 2013 48.20 % 53.88 % 46.34 %
Q2 2013 45.38 % 50.46 % 43.81 %
Q3 2013 44.15 % 49.61 % 41.91 %
Q4 2013 42.03 % 47.15 % 37.31 %
2013 42.03 % 47.15 % 37.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 86.00 2.91 2.91 13.03
Q2 2004 86.00 3.20 3.20 14.13
Q3 2004 86.00 3.12 3.12 14.86
Q4 2004 86.00 3.14 3.14 17.05
Q1 2005 86.00 3.23 3.23 16.19
Q2 2005 86.00 3.26 3.26 17.36
Q3 2005 86.00 3.40 3.40 18.76
Q4 2005 86.00 3.47 3.47 19.70
Q1 2006 86.00 3.88 3.88 19.53
Q2 2006 86.00 4.10 4.10 19.99
Q3 2006 86.00 4.62 4.62 20.93
Q4 2006 86.00 5.18 5.18 21.31
Q1 2007 86.00 5.56 5.56 18.80
Q2 2007 86.00 6.10 6.10 20.77
Q3 2007 86.00 6.28 6.28 22.45
Q4 2007 86.00 6.30 6.30 24.58
Q1 2008 86.00 6.55 6.55 19.92
Q2 2008 86.00 6.31 6.31 21.96
Q3 2008 86.00 5.48 5.48 21.83
Q4 2008 86.00 5.05 5.05 21.79
Q1 2009 86.00 4.37 4.37 20.05
Q2 2009 86.00 3.93 3.93 21.67
Q3 2009 86.00 4.37 4.37 23.10
Q4 2009 86.00 4.08 4.08 23.58
Q1 2010 86.00 4.02 4.02 21.66
Q2 2010 86.00 4.04 4.04 22.59
Q3 2010 86.00 3.61 3.61 23.40
Q4 2010 86.00 3.99 3.99 24.55
Q1 2011 86.00 3.88 3.88 22.10
Q2 2011 86.00 3.84 3.84 23.27
Q3 2011 86.00 3.97 3.97 23.91
Q4 2011 86.00 4.23 4.23 25.09
Q1 2012 86.00 4.48 4.48 23.16
Q2 2012 86.00 4.51 4.51 24.09
Q3 2012 86.00 4.61 4.61 25.22
Q4 2012 86.00 4.50 4.54 26.35
Q1 2013 86.00 4.56 4.60 23.66
Q2 2013 86.00 4.26 4.30 24.74
Q3 2013 86.00 4.07 4.12 25.56
Q4 2013 86.00 3.59 3.59 26.55

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 17.65 17.65 3.94
Q2 2004 16.13 16.13 3.65
Q3 2004 17.89 17.89 3.76
Q4 2004 20.89 20.89 3.84
Q1 2005 20.08 20.08 4.01
Q2 2005 35.83 35.83 6.73
Q3 2005 31.53 31.53 5.71
Q4 2005 35.18 35.18 6.20
Q1 2006 30.33 30.33 6.03
Q2 2006 25.85 25.85 5.30
Q3 2006 19.71 19.71 4.35
Q4 2006 13.71 13.71 3.33
Q1 2007 11.57 11.57 3.42
Q2 2007 11.30 11.30 3.32
Q3 2007 12.10 12.10 3.39
Q4 2007 14.14 14.14 3.62
Q1 2008 12.67 12.67 4.17
Q2 2008 12.57 12.57 3.61
Q3 2008 11.19 11.19 2.81
Q4 2008 7.92 7.92 1.84
Q1 2009 9.76 9.76 2.13
Q2 2009 11.31 11.31 2.05
Q3 2009 10.45 10.45 1.97
Q4 2009 12.21 12.21 2.11
Q1 2010 12.43 12.43 2.31
Q2 2010 10.70 10.70 1.91
Q3 2010 12.45 12.45 1.92
Q4 2010 11.36 11.36 1.85
Q1 2011 12.05 12.05 2.11
Q2 2011 12.90 12.90 2.13
Q3 2011 12.07 12.07 2.00
Q4 2011 13.11 13.11 2.21
Q1 2012 13.16 13.16 2.55
Q2 2012 11.76 11.76 2.20
Q3 2012 11.27 11.27 2.06
Q4 2012 12.79 12.66 2.18
Q1 2013 12.34 12.22 2.38
Q2 2013 13.79 13.65 2.37
Q3 2013 14.12 13.97 2.25
Q4 2013 16.55 16.55 2.24

Business Segments (Million)

Compared With The
Period Cement Ready-mixed Concrete Construction support business
Q3 2012 175.08 - -
Q4 2012 152.98 33.66 42.16
Q1 2013 216.34 16.81 4.70
Q2 2013 186.01 12.24 5.14
Q3 2013 155.15 18.27 1.49
Q4 2013 192.22 19.89 0.46


Financial Ratios
Current
Market Cap (M Riyal) 2,911.10
Enterprise Value (EV) (M) 2,689.30
Shares Outstanding ((M)) 86.00
EPS ( Riyal) (TTM) 2.55
Book Value (BV) ( Riyal) 28.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.57
P/E (TTM) 13.27
Price/book 1.20
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.2
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Share Price

Eastern Province Cement Co.
33.85
(0.30) (0.88 %)

Eastern Province Cement Co. (EPCCO)

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