Financial Results : Saudi Cement’s net profit drops 51% in 9M 2017

Saudi Cement’s net profit drops 51% in 9M 2017

23/10/2017 Argaam Exclusive

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Saudi Cement Company reported a net profit of SAR 346 million in the first nine months of 2017, down 51.5 percent year-on-year (YoY) due to a decrease in sales, an increase in the cost of sales, lower share in net results from associates, and a decrease in other income.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 1,380.76 866.00 (37.3 %)
Gross Income 809.76 427.92 (47.2 %)
Operating Income 737.26 361.07 (51.0 %)
Net Income 714.31 346.00 (51.6 %)
Average Shares 153.00 153.00 -
Earnings Per Share before unusual items (Riyals) 4.67 2.26 (51.6 %)
EPS (Riyal) 4.67 2.26 (51.6 %)

Net profit in the third quarter fell nearly 57 percent to SAR 87 million on lower sales, higher cost of sales, lower share in net results from associates, and a decline in other income.

 

Q3 net profit fell 7.5 percent compared to the previous quarter due to lower sales, higher Islamic financial charges, and lower share in net results of associates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 375.05 250.19 (33.3 %)
Gross Income 232.19 115.58 (50.2 %)
Operating Income 208.61 93.71 (55.1 %)
Net Income 202.28 87.35 (56.8 %)
Average Shares 153.00 153.00 -
Earnings Per Share before unusual items (Riyal) 1.32 0.57 (56.8 %)
EPS (Riyal) 1.32 0.57 (56.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q4 2015 175.70 (34.4 %) 1.15 (66.15) 241.85 1.58
Q1 2016 262.57 (13.4 %) 1.72 - 262.57 1.72
Q2 2016 249.46 (1.7 %) 1.63 - 249.46 1.63
Q3 2016 202.28 (2.5 %) 1.32 - 202.28 1.32
Q4 2016 186.66 6.2 % 1.22 - 186.66 1.22
Q1 2017 164.70 (37.3 %) 1.08 - 164.70 1.08
Q2 2017 93.95 (62.3 %) 0.61 - 93.95 0.61
Q3 2017 87.35 (56.8 %) 0.57 - 87.35 0.57


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2015 483.58 (8.0 %) 280.09 (11.3 %) 251.17 (12.4 %)
Q1 2016 506.93 (8.0 %) 295.22 (13.0 %) 271.34 (12.5 %)
Q2 2016 498.78 (0.2 %) 282.36 (0.6 %) 257.31 (0.4 %)
Q3 2016 375.05 (5.8 %) 232.19 (0.2 %) 208.61 (0.6 %)
Q4 2016 397.38 (17.8 %) 220.82 (21.2 %) 194.85 (22.4 %)
Q1 2017 346.35 (31.7 %) 191.19 (35.2 %) 168.27 (38.0 %)
Q2 2017 269.45 (46.0 %) 121.16 (57.1 %) 99.09 (61.5 %)
Q3 2017 250.19 (33.3 %) 115.58 (50.2 %) 93.71 (55.1 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2015 58.79 % 64.64 % 52.08 %
Q1 2016 57.82 % 64.19 % 51.14 %
Q2 2016 57.77 % 64.19 % 50.94 %
Q3 2016 58.46 % 65.04 % 51.29 %
Q4 2016 57.96 % 65.13 % 50.67 %
2016 57.96 % 65.13 % 50.67 %
Q1 2017 57.28 % 65.04 % 49.65 %
Q2 2017 55.13 % 64.08 % 46.65 %
Q3 2017 51.35 % 60.90 % 42.16 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2015 153.00 6.15 6.58 21.28
Q1 2016 153.00 5.88 6.31 19.37
Q2 2016 153.00 5.85 6.28 18.25
Q3 2016 153.00 5.82 6.25 19.57
Q4 2016 153.00 5.89 5.89 20.85
Q1 2017 153.00 5.25 5.25 21.92
Q2 2017 153.00 4.23 4.23 17.54
Q3 2017 153.00 3.48 3.48 18.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 10.56 9.86 3.05
Q1 2016 10.73 9.99 3.26
Q2 2016 10.80 10.05 3.46
Q3 2016 9.55 8.89 2.84
Q4 2016 12.09 12.09 3.42
Q1 2017 11.40 11.40 2.73
Q2 2017 12.27 12.27 2.96
Q3 2017 12.03 12.03 2.31

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 83.75 87.35 4.31 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Al Rajhi Capital 88.00 87.35 (0.7) %
Value Capital 90.10 87.35 (3.1) %
OSOOL AND BAKHEET 84.30 87.35 3.5 %
Sico 84.00 87.35 3.8 %
SNB Capital 83.00 87.35 5.0 %
Alistithmar Capital 82.02 87.35 6.1 %
Riyad Capital 81.00 87.35 7.3 %
Albilad Capital 81.00 87.35 7.3 %
AlJazira Capital 80.30 87.35 8.1 %


Financial Ratios
Current
Market Cap (M Riyal) 6,120.01
Enterprise Value (EV) (M) 6,167.54
Shares Outstanding ((M)) 153.00
EPS ( Riyal) (TTM) 2.72
Book Value (BV) ( Riyal) 15.35
Par Value ( Riyal) 10.00
Recurring P/E 14.69
P/E (TTM) 14.69
Price/book 2.61
Return on Average Assets (%) (TTM) 13.1
Return on Average Equity (%) (TTM) 18.0
EV/adj EBITDA 9.48
EV/Revenues 3.66
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Share Price

Saudi Cement Co.
40.00
(0.22) (0.55 %)

Saudi Cement Co. (SAUDI CEMENT)

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