Financial Results : Qassim Cement posts lower net profit at SAR 320.2mln in I2 of 2014

Qassim Cement posts lower net profit at SAR 320.2mln in I2 of 2014

30/06/2014 Argaam Exclusive

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The Qassim Cement Company, reported SAR 320.2m net profit at the end of the first half of 2014, a 4% decrease compared to the same period last year.



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 591.53 543.00 (8.2 %)
Gross Income 363.82 341.01 (6.3 %)
Operating Income 347.62 325.33 (6.4 %)
Net Income 334.59 320.16 (4.3 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 3.72 3.56 (4.3 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 300.74 270.13 (10.2 %)
Gross Income 181.24 171.25 (5.5 %)
Operating Income 173.41 163.59 (5.7 %)
Net Income 165.93 161.11 (2.9 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 1.84 1.79 (2.9 %)


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 %)


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

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 %


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

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

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


Financial Ratios
Current
Market Cap (M Riyal) 5,937.02
Enterprise Value (EV) (M) 5,368.34
Shares Outstanding ((M)) 110.56
EPS ( Riyal) (TTM) 2.47
Book Value (BV) ( Riyal) 24.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.37
P/E (TTM) 22.80
Price/book 2.16
Return on Average Assets (%) (TTM) 10.6
Return on Average Equity (%) (TTM) 12.0
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Share Price

Qassim Cement Co.
53.70
(0.80) (1.47 %)

Qassim Cement Co. (QACCO)

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