Financial Results : Eastern Cement​'s Q1-2015​​ profit​ drops​ 46% to SAR​ ​85​ ​m​ln​

Eastern Cement​'s Q1-2015​​ profit​ drops​ 46% to SAR​ ​85​ ​m​ln​

21/04/2015 Argaam Exclusive

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Eastern Province Cement C​o​. ​saw its profit drop to SAR 85 million, 46% ​lower compared to the same period a year ago​.

 

The company said
​ losses ​
from 
​its​
 sister company in 
​first quarter 
and one-off profits coming
​ from​
 
​the sales of some of its investments 
in 
​Q1-
2014 were behind the 
​year-on-year
​ decline.
 
However,
​ on a quarterly basis, first quarter earnings
 were 
​about 8 percent ​higher 
due to 
​increased 
cement​ sales
.


Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Revenues 214.60 254.48 18.6 %
Gross Income 92.28 108.33 17.4 %
Operating Income 76.21 90.05 18.1 %
Net Income 156.73 84.94 (45.8 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 1.82 0.99 (45.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2014 214.60 (9.8 %) 92.28 (19.6 %) 76.21 (26.3 %)
Q2 2014 217.73 7.1 % 94.15 17.0 % 80.60 17.5 %
Q3 2014 193.08 10.4 % 73.56 (6.9 %) 59.37 (13.7 %)
Q4 2014 219.70 3.4 % 92.72 25.2 % 78.20 36.9 %
Q1 2015 254.48 18.6 % 108.33 17.4 % 90.05 18.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2014 156.73 43.2 % 1.82 80.70 76.03 0.88
Q2 2014 81.64 5.4 % 0.95 0.00 81.63 0.95
Q3 2014 55.94 (17.3 %) 0.65 - 55.94 0.65
Q4 2014 79.25 45.0 % 0.92 - 79.25 0.92
Q1 2015 84.94 (45.8 %) 0.99 - 84.94 0.99

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2014 40.45 % 45.79 % 34.23 %
Q2 2014 41.41 % 48.07 % 34.15 %
Q3 2014 39.86 % 46.57 % 32.01 %
Q4 2014 41.73 % 50.17 % 34.65 %
Q1 2015 41.67 % 49.66 % 34.10 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2014 86.00 4.14 3.21 24.03
Q2 2014 86.00 4.19 3.26 25.04
Q3 2014 86.00 4.06 3.12 25.79
Q4 2014 86.00 4.34 3.41 26.29
Q1 2015 86.00 3.51 3.51 24.72

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2014 13.87 17.93 2.39
Q2 2014 14.37 18.51 2.41
Q3 2014 15.63 20.33 2.46
Q4 2014 12.74 16.25 2.10
Q1 2015 15.71 15.71 2.23

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
Q1 2014 195.12 2.88 16.61
Q2 2014 196.02 30.34 -
Q3 2014 145.32 43.77 3.99
Q4 2014 188.96 41.70 -
Q1 2015 204.72 48.51 1.25

Analysts Estimates (Million)

Item Q1 2015 (e) Q1 2015 (a) Change‬
Average 80.63 84.94 5.34 %

Estimates vs Actual (Million)

Item Q1 2015 (e) Q1 2015 (a) Change
AlJazira Capital 88.90 84.94 (4.5) %
SNB Capital 81.00 84.94 4.9 %
SFC 72.00 84.94 18.0 %


Financial Ratios
Current
Market Cap (M Riyal) 2,919.70
Enterprise Value (EV) (M) 2,697.90
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) 11.60
P/E (TTM) 13.31
Price/book 1.20
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.2
more

Share Price

Eastern Province Cement Co.
33.95
0.15 0.44 %

Eastern Province Cement Co. (EPCCO)

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