Financial Results : Saudi Cement’s net profit falls 5% in nine-months 2015

Saudi Cement’s net profit falls 5% in nine-months 2015

15/10/2015 Argaam Exclusive

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Saudi Cement Co. reported a net profit of SAR 764 million for the first nine months of 2015; a 5.2 percent year-on-year drop it attributed to a decline in domestic sales.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 1,498.88 1,448.81 (3.3 %)
Gross Income 913.33 855.93 (6.3 %)
Operating Income 836.61 778.59 (6.9 %)
Net Income 806.06 764.49 (5.2 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 5.27 5.00 (5.2 %)

 

The cement producer’s Q3-2015 net profit fell ten percent to SAR 208 million from SAR 232 million in the same quarter last year. Profit dropped by over 18 percent quarter-on-quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 425.74 398.31 (6.4 %)
Gross Income 264.43 232.75 (12.0 %)
Operating Income 237.23 209.94 (11.5 %)
Net Income 231.72 207.57 (10.4 %)
Average Shares 153.00 153.00 -
EPS (Riyals) 1.51 1.36 (10.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 293.03 15.4 % 162.87 24.5 % 148.40 19.2 %
Q2 2006 325.97 17.9 % 183.72 29.8 % 166.64 23.0 %
Q3 2006 297.11 0.3 % 169.37 25.9 % 154.29 19.7 %
Q4 2006 284.13 (2.0 %) 160.07 31.4 % 143.94 74.9 %
Q1 2007 341.45 16.5 % 182.42 12.0 % 164.68 11.0 %
Q2 2007 348.71 7.0 % 200.11 8.9 % 184.00 10.4 %
Q3 2007 338.30 13.9 % 176.46 4.2 % 158.66 2.8 %
Q4 2007 333.49 17.4 % 187.99 17.4 % 165.45 14.9 %
Q1 2008 342.69 0.4 % 190.29 4.3 % 167.14 1.5 %
Q2 2008 350.17 0.4 % 188.73 (5.7 %) 165.43 (10.1 %)
Q3 2008 325.22 (3.9 %) 174.45 (1.1 %) 149.54 (5.7 %)
Q4 2008 241.54 (27.6 %) 151.15 (19.6 %) 123.57 (25.3 %)
Q1 2009 350.67 2.3 % 182.93 (3.9 %) 160.22 (4.1 %)
Q2 2009 357.18 2.0 % 180.97 (4.1 %) 162.38 (1.8 %)
Q3 2009 307.74 (5.4 %) 148.14 (15.1 %) 128.17 (14.3 %)
Q4 2009 330.29 36.7 % 167.49 10.8 % 146.88 18.9 %
Q1 2010 410.89 17.2 % 205.89 12.5 % 182.91 14.2 %
Q2 2010 420.42 17.7 % 219.99 21.6 % 197.77 21.8 %
Q3 2010 327.10 6.3 % 163.93 10.7 % 143.03 11.6 %
Q4 2010 367.74 11.3 % 179.09 6.9 % 157.67 7.4 %
Q1 2011 423.13 3.0 % 243.65 18.3 % 217.86 19.1 %
Q2 2011 462.98 10.1 % 243.45 10.7 % 222.65 12.6 %
Q3 2011 387.26 18.4 % 224.21 36.8 % 204.55 43.0 %
Q4 2011 442.73 20.4 % 239.69 33.8 % 220.01 39.5 %
Q1 2012 639.29 51.1 % 352.60 44.7 % 329.36 51.2 %
Q2 2012 591.03 27.7 % 316.21 29.9 % 294.07 32.1 %
Q3 2012 433.14 11.8 % 238.40 6.3 % 218.54 6.8 %
Q4 2012 539.99 22.0 % 322.00 34.3 % 300.09 36.4 %
Q1 2013 612.75 (4.2 %) 374.11 6.1 % 350.59 6.4 %
Q2 2013 626.42 6.0 % 339.99 7.5 % 316.31 7.6 %
Q3 2013 455.13 5.1 % 260.41 9.2 % 237.85 8.8 %
Q4 2013 492.95 (8.7 %) 309.75 (3.8 %) 281.63 (6.2 %)
Q1 2014 534.76 (12.7 %) 326.08 (12.8 %) 303.59 (13.4 %)
Q2 2014 538.38 (14.1 %) 322.82 (5.0 %) 295.78 (6.5 %)
Q3 2014 425.74 (6.5 %) 264.43 1.5 % 237.23 (0.3 %)
Q4 2014 525.71 6.6 % 315.73 1.9 % 286.84 1.8 %
Q1 2015 550.88 3.0 % 339.26 4.0 % 310.22 2.2 %
Q2 2015 499.63 (7.2 %) 283.93 (12.0 %) 258.44 (12.6 %)
Q3 2015 398.31 (6.4 %) 232.75 (12.0 %) 209.94 (11.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 152.64 19.2 % 1.00 - 152.64 1.00
Q2 2006 174.99 26.7 % 1.14 - 174.99 1.14
Q3 2006 155.49 20.7 % 1.02 - 155.49 1.02
Q4 2006 154.64 73.2 % 1.01 - 154.64 1.01
Q1 2007 169.00 10.7 % 1.10 - 169.00 1.10
Q2 2007 189.47 8.3 % 1.24 - 189.47 1.24
Q3 2007 159.43 2.5 % 1.04 - 159.43 1.04
Q4 2007 168.49 9.0 % 1.10 - 168.49 1.10
Q1 2008 173.30 2.5 % 1.13 - 173.30 1.13
Q2 2008 171.59 (9.4 %) 1.12 - 171.59 1.12
Q3 2008 144.73 (9.2 %) 0.95 - 144.73 0.95
Q4 2008 131.70 (21.8 %) 0.86 - 131.70 0.86
Q1 2009 152.00 (12.3 %) 0.99 - 152.00 0.99
Q2 2009 167.66 (2.3 %) 1.10 - 167.66 1.10
Q3 2009 123.14 (14.9 %) 0.80 - 123.14 0.80
Q4 2009 139.59 6.0 % 0.91 - 139.59 0.91
Q1 2010 176.58 16.2 % 1.15 - 176.58 1.15
Q2 2010 190.62 13.7 % 1.25 - 190.62 1.25
Q3 2010 140.28 13.9 % 0.92 - 140.28 0.92
Q4 2010 152.04 8.9 % 0.99 - 152.04 0.99
Q1 2011 210.85 19.4 % 1.38 - 210.85 1.38
Q2 2011 213.76 12.1 % 1.40 - 213.76 1.40
Q3 2011 195.26 39.2 % 1.28 - 195.26 1.28
Q4 2011 211.37 39.0 % 1.38 - 211.37 1.38
Q1 2012 325.56 54.4 % 2.13 - 325.56 2.13
Q2 2012 290.24 35.8 % 1.90 - 290.24 1.90
Q3 2012 209.45 7.3 % 1.37 - 209.45 1.37
Q4 2012 276.54 30.8 % 1.81 - 276.54 1.81
Q1 2013 340.30 4.5 % 2.22 - 340.30 2.22
Q2 2013 307.14 5.8 % 2.01 - 307.14 2.01
Q3 2013 229.06 9.4 % 1.50 - 229.06 1.50
Q4 2013 247.30 (10.6 %) 1.62 - 247.30 1.62
Q1 2014 286.05 (15.9 %) 1.87 - 286.05 1.87
Q2 2014 288.30 (6.1 %) 1.88 - 288.30 1.88
Q3 2014 231.72 1.2 % 1.51 - 231.72 1.51
Q4 2014 268.02 8.4 % 1.75 - 268.02 1.75
Q1 2015 303.10 6.0 % 1.98 - 303.10 1.98
Q2 2015 253.82 (12.0 %) 1.66 - 253.82 1.66
Q3 2015 207.57 (10.4 %) 1.36 - 207.57 1.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 48.54 % 54.34 % 44.04 %
Q2 2006 50.04 % 54.72 % 45.28 %
Q3 2006 52.88 % 56.73 % 47.46 %
Q4 2006 56.32 % 62.10 % 53.14 %
Q1 2007 55.71 % 61.92 % 52.39 %
Q2 2007 56.00 % 61.15 % 52.59 %
Q3 2007 54.78 % 59.25 % 51.24 %
Q4 2007 54.85 % 58.25 % 50.40 %
Q1 2008 55.37 % 57.03 % 50.67 %
Q2 2008 54.48 % 56.10 % 49.30 %
Q3 2008 54.86 % 55.84 % 48.69 %
Q4 2008 55.94 % 56.60 % 49.33 %
Q1 2009 55.01 % 57.42 % 47.34 %
Q2 2009 54.10 % 58.91 % 46.77 %
Q3 2009 52.76 % 60.33 % 45.70 %
Q4 2009 50.49 % 60.28 % 43.27 %
Q1 2010 49.96 % 59.64 % 43.17 %
Q2 2010 50.47 % 59.49 % 42.87 %
Q3 2010 50.87 % 59.53 % 43.47 %
Q4 2010 50.38 % 58.59 % 43.22 %
Q1 2011 52.44 % 59.80 % 45.10 %
Q2 2011 52.51 % 59.80 % 45.35 %
Q3 2011 54.26 % 60.47 % 47.04 %
Q4 2011 55.42 % 61.26 % 48.44 %
Q1 2012 54.86 % 60.51 % 48.96 %
Q2 2012 54.98 % 60.04 % 49.62 %
Q3 2012 54.45 % 59.94 % 49.22 %
Q4 2012 55.79 % 60.94 % 50.00 %
Q1 2013 57.45 % 62.67 % 51.29 %
Q2 2013 57.61 % 62.66 % 51.23 %
Q3 2013 58.03 % 62.90 % 51.61 %
Q4 2013 58.72 % 63.38 % 51.38 %
Q1 2014 58.61 % 63.45 % 50.71 %
Q2 2014 60.31 % 65.26 % 51.98 %
Q3 2014 61.40 % 66.27 % 52.88 %
Q4 2014 60.71 % 65.63 % 53.05 %
Q1 2015 60.87 % 65.62 % 53.47 %
Q2 2015 60.11 % 65.26 % 52.78 %
Q3 2015 59.34 % 64.97 % 52.29 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 153.00 3.33 3.33 12.66
Q2 2006 153.00 3.57 3.57 13.80
Q3 2006 153.00 3.74 3.74 14.82
Q4 2006 153.00 4.17 4.17 15.83
Q1 2007 153.00 4.28 4.28 14.52
Q2 2007 153.00 4.37 4.37 15.76
Q3 2007 153.00 4.40 4.40 16.80
Q4 2007 153.00 4.49 4.49 17.90
Q1 2008 153.00 4.51 4.51 15.68
Q2 2008 153.00 4.40 4.40 16.81
Q3 2008 153.00 4.30 4.30 17.75
Q4 2008 153.00 4.06 4.06 18.61
Q1 2009 153.00 3.92 3.92 17.26
Q2 2009 153.00 3.90 3.90 18.35
Q3 2009 153.00 3.75 3.75 19.16
Q4 2009 153.00 3.81 3.81 20.07
Q1 2010 153.00 3.97 3.97 18.88
Q2 2010 153.00 4.12 4.12 20.12
Q3 2010 153.00 4.23 4.23 21.05
Q4 2010 153.00 4.31 4.31 22.03
Q1 2011 153.00 4.53 4.53 23.41
Q2 2011 153.00 4.69 4.69 18.80
Q3 2011 153.00 5.05 5.05 20.07
Q4 2011 153.00 5.43 5.43 21.45
Q1 2012 153.00 6.18 6.18 19.07
Q2 2012 153.00 6.68 6.68 17.46
Q3 2012 153.00 6.78 6.78 18.83
Q4 2012 153.00 7.20 7.20 20.64
Q1 2013 153.00 7.30 7.30 19.35
Q2 2013 153.00 7.41 7.41 17.86
Q3 2013 153.00 7.54 7.54 19.35
Q4 2013 153.00 7.35 7.35 20.97
Q1 2014 153.00 6.99 6.99 19.33
Q2 2014 153.00 6.87 6.87 17.38
Q3 2014 153.00 6.88 6.88 18.90
Q4 2014 153.00 7.02 7.02 20.65
Q1 2015 153.00 7.13 7.13 20.12
Q2 2015 153.00 6.91 6.91 18.77
Q3 2015 153.00 6.75 6.75 20.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 24.17 24.17 6.35
Q2 2006 22.01 22.01 5.69
Q3 2006 19.42 19.42 4.90
Q4 2006 15.75 15.75 4.15
Q1 2007 13.10 13.10 3.86
Q2 2007 12.17 12.17 3.37
Q3 2007 13.46 13.46 3.52
Q4 2007 18.87 18.87 4.73
Q1 2008 16.69 16.69 4.80
Q2 2008 17.36 17.36 4.54
Q3 2008 12.79 12.79 3.10
Q4 2008 9.28 9.28 2.02
Q1 2009 9.77 9.77 2.22
Q2 2009 9.75 9.75 2.07
Q3 2009 11.45 11.45 2.24
Q4 2009 10.07 10.07 1.91
Q1 2010 12.27 12.27 2.58
Q2 2010 10.78 10.78 2.21
Q3 2010 10.47 10.47 2.10
Q4 2010 11.55 11.55 2.26
Q1 2011 11.63 11.63 2.25
Q2 2011 13.66 13.66 3.41
Q3 2011 12.54 12.54 3.15
Q4 2011 13.25 13.25 3.36
Q1 2012 13.67 13.67 4.43
Q2 2012 13.51 13.51 5.17
Q3 2012 12.99 12.99 4.67
Q4 2012 13.19 13.19 4.60
Q1 2013 12.33 12.33 4.65
Q2 2013 13.63 13.63 5.66
Q3 2013 14.33 14.33 5.58
Q4 2013 13.82 13.82 4.84
Q1 2014 15.23 15.23 5.51
Q2 2014 16.78 16.78 6.63
Q3 2014 16.59 16.59 6.04
Q4 2014 13.63 13.63 4.63
Q1 2015 12.58 12.58 4.46
Q2 2015 14.00 14.00 5.15
Q3 2015 10.63 10.63 3.56

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 222.73 207.57 (6.8 %)

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
SNB Capital 208.00 207.57 (0.2) %
AlJazira Capital 214.40 207.57 (3.2) %
Albilad Capital 215.00 207.57 (3.5) %
SFC 200.00 207.57 3.8 %
Alistithmar Capital 222.00 207.57 (6.5) %
Riyad Capital 187.00 207.57 11.0 %
OSOOL AND BAKHEET 243.10 207.57 (14.6) %
Value Capital 292.30 207.57 (29.0) %


Financial Ratios
Current
Market Cap (M Riyal) 6,250.05
Enterprise Value (EV) (M) 6,674.15
Shares Outstanding ((M)) 153.00
EPS ( Riyal) (TTM) 2.65
Book Value (BV) ( Riyal) 13.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.43
P/E (TTM) 15.43
Price/book 2.95
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 19.3
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Share Price

Saudi Cement Co.
40.85
(0.55) (1.33 %)

Saudi Cement Co. (SAUDI CEMENT)

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