Financial Results : Qassim Cement net profit down 4% to 563.4 mln in 2014

Qassim Cement net profit down 4% to 563.4 mln in 2014

11/01/2015 Argaam Exclusive

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Qassim Cement Company reported that its net profit for 2014 amounted to SAR 563.4 million, a four percent decrease compared to the previous year.



Financials (M)

Item 2013 2014 Change‬
Revenues 1,050.61 985.69 (6.2 %)
Gross Income 644.03 615.35 (4.5 %)
Operating Income 606.27 575.53 (5.1 %)
Net Income 585.01 563.61 (3.7 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 6.50 6.26 (3.7 %)

 

The company reported a net profit of SAR 134.2 million for the fourth quarter of 2014, compared to SAR 109.0 million for third quarter.

 

Net profit for Q4-2014 increased compared to Q3-2014 due to higher sales value and volume, in addition to the improved results of the subsidiary's operations.

 

The decrease of Q4-2014’s net profit compared to the same period in 2013​, however, ​was attributed to the increase of some expenses in addition to the decrease of other incomes.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 240.98 252.84 4.9 %
Gross Income 146.91 157.71 7.3 %
Operating Income 138.52 141.11 1.9 %
Net Income 135.31 134.23 (0.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 1.50 1.49 (0.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 - - 61.68 2.1 % 58.03 1.0 %
Q2 2005 - - 75.59 14.2 % 73.28 15.2 %
Q3 2005 134.25 - 83.88 31.1 % 81.76 31.3 %
Q4 2005 123.97 - 77.02 37.9 % 73.41 39.5 %
Q1 2006 132.63 - 86.04 39.5 % 82.18 41.6 %
Q2 2006 139.97 - 81.81 8.2 % 79.00 7.8 %
Q3 2006 142.07 5.8 % 91.74 9.4 % 88.63 8.4 %
Q4 2006 128.41 3.6 % 75.20 (2.4 %) 69.71 (5.0 %)
Q1 2007 140.04 5.6 % 90.87 5.6 % 87.76 6.8 %
Q2 2007 213.61 52.6 % 146.15 78.6 % 141.87 79.6 %
Q3 2007 252.05 77.4 % 161.07 75.6 % 153.84 73.6 %
Q4 2007 241.30 87.9 % 159.30 111.8 % 154.20 121.2 %
Q1 2008 242.77 73.4 % 157.81 73.7 % 152.35 73.6 %
Q2 2008 232.27 8.7 % 152.03 4.0 % 148.10 4.4 %
Q3 2008 179.78 (28.7 %) 117.27 (27.2 %) 112.95 (26.6 %)
Q4 2008 165.39 (31.5 %) 98.92 (37.9 %) 90.72 (41.2 %)
Q1 2009 242.51 (0.1 %) 151.84 (3.8 %) 146.52 (3.8 %)
Q2 2009 279.83 20.5 % 159.54 4.9 % 153.22 3.5 %
Q3 2009 226.80 26.2 % 136.92 16.8 % 131.90 16.8 %
Q4 2009 237.41 43.5 % 120.93 22.2 % 102.97 13.5 %
Q1 2010 272.46 12.3 % 156.79 3.3 % 147.46 0.6 %
Q2 2010 255.54 (8.7 %) 149.52 (6.3 %) 141.07 (7.9 %)
Q3 2010 199.22 (12.2 %) 114.97 (16.0 %) 106.57 (19.2 %)
Q4 2010 241.21 1.6 % 135.48 12.0 % 123.52 20.0 %
Q1 2011 275.44 1.1 % 162.70 3.8 % 151.69 2.9 %
Q2 2011 275.59 7.8 % 154.91 3.6 % 145.60 3.2 %
Q3 2011 213.36 7.1 % 126.27 9.8 % 118.45 11.1 %
Q4 2011 270.40 12.1 % 165.37 22.1 % 156.02 26.3 %
Q1 2012 287.79 4.5 % 170.62 4.9 % 162.20 6.9 %
Q2 2012 286.18 3.8 % 161.55 4.3 % 153.33 5.3 %
Q3 2012 212.89 (0.2 %) 121.15 (4.1 %) 113.25 (4.4 %)
Q4 2012 261.05 (3.5 %) 160.62 (2.9 %) 150.97 (3.2 %)
Q1 2013 290.78 1.0 % 182.58 7.0 % 174.21 7.4 %
Q2 2013 300.74 5.1 % 181.24 12.2 % 173.41 13.1 %
Q3 2013 218.10 2.4 % 133.28 10.0 % 120.12 6.1 %
Q4 2013 240.98 (7.7 %) 146.91 (8.5 %) 138.52 (8.2 %)
Q1 2014 272.87 (6.2 %) 169.75 (7.0 %) 161.74 (7.2 %)
Q2 2014 270.13 (10.2 %) 171.25 (5.5 %) 163.59 (5.7 %)
Q3 2014 189.86 (12.9 %) 116.64 (12.5 %) 109.09 (9.2 %)
Q4 2014 252.84 4.9 % 157.71 7.3 % 141.11 1.9 %
2014 985.69 (6.2 %) 615.35 (4.5 %) 575.53 (5.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 58.64 3.8 % 0.65 - 58.64 0.65
Q2 2005 72.73 4.9 % 0.81 - 72.73 0.81
Q3 2005 77.14 19.0 % 0.86 - 77.14 0.86
Q4 2005 73.02 30.9 % 0.81 - 73.02 0.81
Q1 2006 81.09 38.3 % 0.90 - 81.09 0.90
Q2 2006 80.33 10.4 % 0.89 - 80.33 0.89
Q3 2006 85.87 11.3 % 0.95 - 85.87 0.95
Q4 2006 68.29 (6.5 %) 0.76 - 68.29 0.76
Q1 2007 90.16 11.2 % 1.00 - 90.16 1.00
Q2 2007 148.01 84.3 % 1.64 - 148.01 1.64
Q3 2007 154.04 79.4 % 1.71 - 154.04 1.71
Q4 2007 148.34 117.2 % 1.65 9.71 138.62 1.54
Q1 2008 160.24 77.7 % 1.78 - 160.24 1.78
Q2 2008 151.93 2.6 % 1.69 - 151.93 1.69
Q3 2008 113.49 (26.3 %) 1.26 - 113.49 1.26
Q4 2008 91.09 (38.6 %) 1.01 (7.93) 99.02 1.10
Q1 2009 151.53 (5.4 %) 1.68 - 151.53 1.68
Q2 2009 148.22 (2.4 %) 1.65 - 148.22 1.65
Q3 2009 128.77 13.5 % 1.43 - 128.77 1.43
Q4 2009 173.48 90.4 % 1.93 89.40 84.08 0.93
Q1 2010 145.23 (4.2 %) 1.61 - 145.23 1.61
Q2 2010 135.76 (8.4 %) 1.51 - 135.76 1.51
Q3 2010 107.09 (16.8 %) 1.19 - 107.09 1.19
Q4 2010 112.48 (35.2 %) 1.25 - 112.48 1.25
Q1 2011 147.18 1.3 % 1.64 - 147.18 1.64
Q2 2011 144.65 6.5 % 1.61 - 144.65 1.61
Q3 2011 114.97 7.4 % 1.28 - 114.97 1.28
Q4 2011 146.10 29.9 % 1.62 - 146.10 1.62
Q1 2012 158.44 7.7 % 1.76 - 158.44 1.76
Q2 2012 148.98 3.0 % 1.66 - 148.98 1.66
Q3 2012 110.51 (3.9 %) 1.23 - 110.51 1.23
Q4 2012 143.03 (2.1 %) 1.59 - 143.03 1.59
Q1 2013 168.46 6.3 % 1.87 - 168.46 1.87
Q2 2013 165.93 11.4 % 1.84 - 165.93 1.84
Q3 2013 114.70 3.8 % 1.27 0.46 114.24 1.27
Q4 2013 135.31 (5.4 %) 1.50 0.67 134.64 1.50
Q1 2014 159.05 (5.6 %) 1.77 2.51 156.54 1.74
Q2 2014 161.11 (2.9 %) 1.79 3.32 157.79 1.75
Q3 2014 109.03 (4.9 %) 1.21 2.41 106.62 1.18
Q4 2014 134.23 (0.8 %) 1.49 1.56 132.67 1.47
2014 563.61 (3.7 %) 6.26 9.80 553.81 6.15

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 61.93 % 66.42 % 58.70 %
Q3 2006 62.49 % 66.89 % 59.47 %
Q4 2006 61.65 % 65.82 % 58.11 %
Q1 2007 61.69 % 66.10 % 58.98 %
Q2 2007 64.72 % 69.39 % 62.86 %
Q3 2007 64.47 % 69.15 % 62.73 %
Q4 2007 65.81 % 71.02 % 62.67 %
Q1 2008 65.74 % 71.12 % 63.27 %
Q2 2008 65.08 % 70.67 % 62.46 %
Q3 2008 65.44 % 71.78 % 62.97 %
Q4 2008 64.13 % 71.94 % 63.97 %
Q1 2009 63.43 % 71.50 % 62.93 %
Q2 2009 60.81 % 68.50 % 59.05 %
Q3 2009 59.84 % 67.36 % 57.68 %
Q4 2009 57.70 % 63.03 % 51.96 %
Q1 2010 56.49 % 61.39 % 49.81 %
Q2 2010 56.86 % 61.74 % 49.77 %
Q3 2010 56.21 % 60.94 % 48.95 %
Q4 2010 57.49 % 62.69 % 51.69 %
Q1 2011 57.92 % 62.85 % 51.73 %
Q2 2011 57.30 % 62.02 % 51.58 %
Q3 2011 57.61 % 62.28 % 51.64 %
Q4 2011 58.88 % 63.65 % 53.43 %
Q1 2012 58.94 % 63.89 % 53.88 %
Q2 2012 58.98 % 63.93 % 53.75 %
Q3 2012 58.52 % 63.44 % 53.35 %
Q4 2012 58.59 % 63.56 % 53.53 %
Q1 2013 59.56 % 64.48 % 54.33 %
Q2 2013 60.59 % 65.49 % 55.18 %
Q3 2013 61.43 % 65.84 % 55.26 %
Q4 2013 61.30 % 65.93 % 55.52 %
Q1 2014 61.12 % 65.81 % 55.33 %
Q2 2014 61.99 % 66.79 % 56.20 %
Q3 2014 62.08 % 67.53 % 57.05 %
Q4 2014 62.43 % 66.86 % 56.17 %
2014 62.43 % 66.86 % 56.19 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 90.00 2.76 2.76 10.72
Q2 2005 90.00 2.80 2.80 11.53
Q3 2005 90.00 2.94 2.94 12.39
Q4 2005 90.00 3.13 3.13 13.20
Q1 2006 90.00 3.38 3.38 11.78
Q2 2006 90.00 3.46 3.46 12.67
Q3 2006 90.00 3.56 3.56 13.63
Q4 2006 90.00 3.51 3.51 14.39
Q1 2007 90.00 3.61 3.61 13.07
Q2 2007 90.00 4.36 4.36 13.57
Q3 2007 90.00 5.12 5.12 15.28
Q4 2007 90.00 6.01 5.90 16.93
Q1 2008 90.00 6.78 6.68 16.69
Q2 2008 90.00 6.83 6.72 18.38
Q3 2008 90.00 6.38 6.27 18.14
Q4 2008 90.00 5.74 5.83 19.15
Q1 2009 90.00 5.64 5.73 20.83
Q2 2009 90.00 5.60 5.69 19.97
Q3 2009 90.00 5.77 5.86 18.40
Q4 2009 90.00 6.69 5.70 20.32
Q1 2010 90.00 6.62 5.63 18.92
Q2 2010 90.00 6.48 5.49 20.43
Q3 2010 90.00 6.24 5.25 19.37
Q4 2010 90.00 5.56 5.56 20.62
Q1 2011 90.00 5.58 5.58 19.49
Q2 2011 90.00 5.68 5.68 21.09
Q3 2011 90.00 5.77 5.77 20.12
Q4 2011 90.00 6.14 6.14 21.74
Q1 2012 90.00 6.27 6.27 19.99
Q2 2012 90.00 6.32 6.32 21.64
Q3 2012 90.00 6.27 6.27 20.37
Q4 2012 90.00 6.23 6.23 21.96
Q1 2013 90.00 6.34 6.34 20.31
Q2 2013 90.00 6.53 6.53 22.15
Q3 2013 90.00 6.58 6.57 20.68
Q4 2013 90.00 6.49 6.48 22.19
Q1 2014 90.00 6.39 6.35 20.44
Q2 2014 90.00 6.34 6.26 22.22
Q3 2014 90.00 6.27 6.17 20.43
Q4 2014 90.00 6.26 6.15 21.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 22.69 22.69 5.84
Q2 2005 34.66 34.66 8.42
Q3 2005 33.68 33.68 7.98
Q4 2005 46.49 46.49 11.02
Q1 2006 45.90 45.90 13.16
Q2 2006 47.90 47.90 13.09
Q3 2006 35.25 35.25 9.21
Q4 2006 27.15 27.15 6.62
Q1 2007 21.11 21.11 5.83
Q2 2007 17.26 17.26 5.55
Q3 2007 16.18 16.18 5.42
Q4 2007 18.51 18.85 6.57
Q1 2008 14.12 14.35 5.74
Q2 2008 14.28 14.51 5.31
Q3 2008 10.98 11.17 3.86
Q4 2008 8.64 8.51 2.59
Q1 2009 9.25 9.11 2.51
Q2 2009 12.82 12.63 3.60
Q3 2009 14.68 14.46 4.61
Q4 2009 12.76 14.99 4.20
Q1 2010 13.83 16.27 4.84
Q2 2010 13.41 15.84 4.25
Q3 2010 12.85 15.28 4.14
Q4 2010 13.75 13.75 3.71
Q1 2011 13.26 13.26 3.80
Q2 2011 15.30 15.30 4.12
Q3 2011 14.53 14.53 4.17
Q4 2011 14.55 14.55 4.11
Q1 2012 15.53 15.53 4.87
Q2 2012 15.17 15.17 4.43
Q3 2012 14.90 14.90 4.58
Q4 2012 15.87 15.87 4.50
Q1 2013 15.15 15.15 4.73
Q2 2013 15.47 15.47 4.56
Q3 2013 15.64 15.65 4.97
Q4 2013 16.93 16.96 4.95
Q1 2014 17.40 17.51 5.44
Q2 2014 19.26 19.49 5.49
Q3 2014 20.07 20.40 6.16
Q4 2014 17.49 17.80 4.99

Business Segments (Million)

Compared With The
Period Cement Ready mixed concrete
Q3 2012 202.97 9.92
Q4 2012 248.60 12.46
Q1 2013 275.43 15.35
Q2 2013 284.96 15.78
Q3 2013 207.91 10.19
Q4 2013 228.09 12.89
Q1 2014 256.58 16.29
Q2 2014 256.32 13.81
Q3 2014 180.85 9.01
Q4 2014 239.95 12.88

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 140.17 134.23 (4.2 %)

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
Riyad Capital 133.00 134.23 0.9 %
Alistithmar Capital 138.90 134.23 (3.4) %
OSOOL AND BAKHEET 148.60 134.23 (9.7) %


Financial Ratios
Current
Market Cap (M Riyal) 5,682.73
Enterprise Value (EV) (M) 5,046.80
Shares Outstanding ((M)) 110.56
EPS ( Riyal) (TTM) 1.86
Book Value (BV) ( Riyal) 25.53
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.23
P/E (TTM) 28.99
Price/book 2.01
Return on Average Assets (%) (TTM) 7.8
Return on Average Equity (%) (TTM) 8.8
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Share Price

Qassim Cement Co.
51.40
(0.90) (1.72 %)

Qassim Cement Co. (QACCO)

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