Financial Results : Tabuk Cement posts lower net profit at SAR 87.1mln in I2 of 2014

Tabuk Cement posts lower net profit at SAR 87.1mln in I2 of 2014

30/06/2014 Argaam Exclusive

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Tabuk Cement Company, reported SAR 87.1mln net profit at the end of the first half of 2014, a 19% decrease compared to the same period last year



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 200.82 187.99 (6.4 %)
Gross Income 114.38 99.09 (13.4 %)
Operating Income 105.52 89.61 (15.1 %)
Net Income 106.96 87.11 (18.6 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 1.19 0.97 (18.6 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 93.21 91.35 (2.0 %)
Gross Income 52.16 49.08 (5.9 %)
Operating Income 47.69 43.80 (8.2 %)
Net Income 50.90 43.11 (15.3 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.57 0.48 (15.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 73.33 12.8 % 38.84 29.5 % 34.37 31.2 %
Q2 2005 77.90 3.7 % 43.65 17.6 % 39.89 20.0 %
Q3 2005 78.64 0.3 % 46.79 12.0 % 43.62 14.2 %
Q4 2005 74.11 13.0 % 41.61 24.8 % 37.96 29.6 %
Q1 2006 95.30 30.0 % 57.94 49.2 % 54.86 59.6 %
Q2 2006 107.86 38.5 % 66.16 51.6 % 62.26 56.1 %
Q3 2006 103.22 31.3 % 63.02 34.7 % 60.00 37.6 %
Q4 2006 73.70 (0.6 %) 39.10 (6.0 %) 36.13 (4.8 %)
Q1 2007 91.48 (4.0 %) 59.00 1.8 % 55.82 1.8 %
Q2 2007 91.78 (14.9 %) 59.62 (9.9 %) 56.22 (9.7 %)
Q3 2007 81.82 (20.7 %) 54.13 (14.1 %) 50.87 (15.2 %)
Q4 2007 76.07 3.2 % 45.42 16.2 % 41.65 15.3 %
Q1 2008 90.08 (1.5 %) 50.19 (14.9 %) 46.88 (16.0 %)
Q2 2008 105.52 15.0 % 65.27 9.5 % 61.42 9.2 %
Q3 2008 48.10 (41.2 %) 24.75 (54.3 %) 20.10 (60.5 %)
Q4 2008 47.18 (38.0 %) 14.59 (67.9 %) 9.45 (77.3 %)
Q1 2009 70.95 (21.2 %) 35.48 (29.3 %) 31.68 (32.4 %)
Q2 2009 76.53 (27.5 %) 37.41 (42.7 %) 33.39 (45.6 %)
Q3 2009 56.47 17.4 % 28.90 16.8 % 24.59 22.3 %
Q4 2009 62.98 33.5 % 32.94 125.7 % 28.88 205.7 %
Q1 2010 77.11 8.7 % 38.17 7.6 % 34.70 9.5 %
Q2 2010 77.06 0.7 % 41.61 11.2 % 38.02 13.9 %
Q3 2010 59.71 5.7 % 27.84 (3.7 %) 23.79 (3.3 %)
Q4 2010 60.73 (3.6 %) 27.81 (15.6 %) 23.81 (17.6 %)
Q1 2011 87.33 13.3 % 47.21 23.7 % 42.95 23.8 %
Q2 2011 99.39 29.0 % 45.00 8.1 % 41.68 9.6 %
Q3 2011 72.88 22.1 % 29.90 7.4 % 25.80 8.5 %
Q4 2011 90.14 48.4 % 34.92 25.6 % 30.72 29.0 %
Q1 2012 100.83 15.5 % 56.83 20.4 % 52.01 21.1 %
Q2 2012 106.17 6.8 % 61.60 36.9 % 56.88 36.5 %
Q3 2012 77.87 6.8 % 42.30 41.5 % 37.97 47.2 %
Q4 2012 106.91 18.6 % 57.22 63.9 % 52.56 71.1 %
Q1 2013 107.61 6.7 % 62.22 9.5 % 57.82 11.2 %
Q2 2013 93.21 (12.2 %) 52.16 (15.3 %) 47.69 (16.2 %)
Q3 2013 68.93 (11.5 %) 34.10 (19.4 %) 29.23 (23.0 %)
Q4 2013 85.84 (19.7 %) 44.62 (22.0 %) 39.31 (25.2 %)
Q1 2014 96.64 (10.2 %) 50.00 (19.6 %) 45.80 (20.8 %)
Q2 2014 91.35 (2.0 %) 49.08 (5.9 %) 43.80 (8.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 33.96 32.5 % 0.38 - 33.96 0.38
Q2 2005 40.06 21.7 % 0.45 - 40.06 0.45
Q3 2005 43.20 16.1 % 0.48 - 43.20 0.48
Q4 2005 37.61 14.5 % 0.42 - 37.61 0.42
Q1 2006 56.46 66.2 % 0.63 - 56.46 0.63
Q2 2006 63.58 58.7 % 0.71 - 63.58 0.71
Q3 2006 59.98 38.8 % 0.67 - 59.98 0.67
Q4 2006 37.54 (0.2 %) 0.42 - 37.54 0.42
Q1 2007 57.24 1.4 % 0.64 - 57.24 0.64
Q2 2007 62.86 (1.1 %) 0.70 - 62.86 0.70
Q3 2007 54.62 (8.9 %) 0.61 - 54.62 0.61
Q4 2007 45.67 21.7 % 0.51 - 45.67 0.51
Q1 2008 50.58 (11.6 %) 0.56 - 50.58 0.56
Q2 2008 68.79 9.4 % 0.76 - 68.79 0.76
Q3 2008 22.91 (58.1 %) 0.25 - 22.91 0.25
Q4 2008 8.87 (80.6 %) 0.10 - 8.87 0.10
Q1 2009 33.51 (33.7 %) 0.37 - 33.51 0.37
Q2 2009 37.83 (45.0 %) 0.42 - 37.83 0.42
Q3 2009 24.24 5.8 % 0.27 - 24.24 0.27
Q4 2009 25.55 188.1 % 0.28 - 25.55 0.28
Q1 2010 34.02 1.5 % 0.38 - 34.02 0.38
Q2 2010 41.71 10.3 % 0.46 - 41.71 0.46
Q3 2010 23.79 (1.8 %) 0.26 - 23.79 0.26
Q4 2010 21.42 (16.1 %) 0.24 - 21.42 0.24
Q1 2011 41.22 21.2 % 0.46 - 41.22 0.46
Q2 2011 42.92 2.9 % 0.48 - 42.92 0.48
Q3 2011 24.72 3.9 % 0.27 - 24.72 0.27
Q4 2011 28.05 30.9 % 0.31 - 28.05 0.31
Q1 2012 49.21 19.4 % 0.55 - 49.21 0.55
Q2 2012 56.71 32.1 % 0.63 - 56.71 0.63
Q3 2012 32.76 32.5 % 0.36 - 32.76 0.36
Q4 2012 50.27 79.2 % 0.56 - 50.27 0.56
Q1 2013 56.06 13.9 % 0.62 - 56.06 0.62
Q2 2013 50.90 (10.3 %) 0.57 - 50.90 0.57
Q3 2013 28.35 (13.5 %) 0.32 - 28.35 0.32
Q4 2013 38.14 (24.1 %) 0.42 - 38.14 0.42
Q1 2014 44.00 (21.5 %) 0.49 (0.50) 44.50 0.49
Q2 2014 43.11 (15.3 %) 0.48 - 43.11 0.48

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 51.67 % 66.81 % 46.82 %
Q2 2005 53.39 % 68.84 % 48.80 %
Q3 2005 55.04 % 71.14 % 50.79 %
Q4 2005 56.22 % 72.17 % 50.93 %
Q1 2006 58.29 % 73.59 % 54.40 %
Q2 2006 59.71 % 73.69 % 56.43 %
Q3 2006 60.11 % 73.15 % 57.19 %
Q4 2006 59.52 % 72.70 % 57.24 %
Q1 2007 60.41 % 73.60 % 58.03 %
Q2 2007 61.29 % 74.88 % 60.42 %
Q3 2007 62.53 % 76.51 % 62.65 %
Q4 2007 63.95 % 77.16 % 64.60 %
Q1 2008 61.62 % 74.49 % 62.91 %
Q2 2008 60.82 % 72.96 % 62.14 %
Q3 2008 58.05 % 71.12 % 58.77 %
Q4 2008 53.22 % 67.20 % 51.96 %
Q1 2009 51.55 % 66.52 % 49.34 %
Q2 2009 46.23 % 62.53 % 42.48 %
Q3 2009 46.34 % 61.76 % 41.59 %
Q4 2009 50.47 % 65.42 % 45.38 %
Q1 2010 50.32 % 64.98 % 44.54 %
Q2 2010 51.76 % 67.52 % 45.87 %
Q3 2010 50.77 % 67.54 % 45.17 %
Q4 2010 49.31 % 65.03 % 44.04 %
Q1 2011 50.72 % 65.98 % 44.99 %
Q2 2011 48.14 % 64.66 % 42.11 %
Q3 2011 46.80 % 62.81 % 40.67 %
Q4 2011 44.90 % 59.96 % 39.14 %
Q1 2012 45.88 % 59.65 % 39.89 %
Q2 2012 49.53 % 61.15 % 42.89 %
Q3 2012 52.17 % 63.13 % 44.46 %
Q4 2012 55.63 % 66.33 % 48.23 %
Q1 2013 56.04 % 66.64 % 49.13 %
Q2 2013 55.47 % 65.38 % 49.27 %
Q3 2013 54.61 % 64.01 % 49.27 %
Q4 2013 54.31 % 64.81 % 48.78 %
Q1 2014 52.49 % 63.25 % 46.98 %
Q2 2014 51.88 % 63.38 % 44.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 90.00 1.52 1.52 9.40
Q2 2005 90.00 1.60 1.60 9.84
Q3 2005 90.00 1.67 1.67 10.32
Q4 2005 90.00 1.72 1.72 9.16
Q1 2006 90.00 1.97 1.97 9.77
Q2 2006 90.00 2.23 2.23 10.48
Q3 2006 90.00 2.42 2.42 11.15
Q4 2006 90.00 2.42 2.42 9.32
Q1 2007 90.00 2.43 2.43 12.16
Q2 2007 90.00 2.42 2.42 12.86
Q3 2007 90.00 2.36 2.36 13.47
Q4 2007 90.00 2.45 2.45 11.45
Q1 2008 90.00 2.37 2.37 12.01
Q2 2008 90.00 2.44 2.44 12.77
Q3 2008 90.00 2.09 2.09 11.52
Q4 2008 90.00 1.68 1.68 11.61
Q1 2009 90.00 1.49 1.49 11.98
Q2 2009 90.00 1.15 1.15 12.40
Q3 2009 90.00 1.16 1.16 11.92
Q4 2009 90.00 1.35 1.35 11.69
Q1 2010 90.00 1.35 1.35 12.06
Q2 2010 90.00 1.39 1.39 12.53
Q3 2010 90.00 1.39 1.39 11.89
Q4 2010 90.00 1.34 1.34 12.11
Q1 2011 90.00 1.42 1.42 12.12
Q2 2011 90.00 1.44 1.44 11.70
Q3 2011 90.00 1.45 1.45 11.97
Q4 2011 90.00 1.52 1.52 11.77
Q1 2012 90.00 1.61 1.61 12.32
Q2 2012 90.00 1.76 1.76 12.95
Q3 2012 90.00 1.85 1.85 12.41
Q4 2012 90.00 2.10 2.10 12.95
Q1 2013 90.00 2.18 2.18 13.58
Q2 2013 90.00 2.11 2.11 13.44
Q3 2013 90.00 2.06 2.06 12.76
Q4 2013 90.00 1.93 1.93 13.16
Q1 2014 90.00 1.79 1.80 13.65
Q2 2014 90.00 1.71 1.71 13.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 32.53 32.53 5.27
Q2 2005 51.59 51.59 8.39
Q3 2005 53.02 53.02 8.57
Q4 2005 56.41 56.41 10.59
Q1 2006 35.76 35.76 7.21
Q2 2006 28.31 28.31 6.03
Q3 2006 21.06 21.06 4.57
Q4 2006 13.35 13.35 3.46
Q1 2007 14.53 14.53 2.90
Q2 2007 12.61 12.61 2.37
Q3 2007 13.25 13.25 2.32
Q4 2007 17.15 17.15 3.67
Q1 2008 16.11 16.11 3.18
Q2 2008 14.65 14.65 2.80
Q3 2008 15.42 15.42 2.79
Q4 2008 11.82 11.82 1.71
Q1 2009 12.85 12.85 1.60
Q2 2009 18.72 18.72 1.73
Q3 2009 17.79 17.79 1.73
Q4 2009 14.38 14.38 1.66
Q1 2010 14.24 14.24 1.60
Q2 2010 13.27 13.27 1.48
Q3 2010 13.02 13.02 1.52
Q4 2010 13.84 13.84 1.54
Q1 2011 13.06 13.06 1.53
Q2 2011 16.84 16.84 2.07
Q3 2011 15.37 15.37 1.86
Q4 2011 14.82 14.82 1.92
Q1 2012 16.58 16.58 2.17
Q2 2012 13.30 13.30 1.81
Q3 2012 12.95 12.95 1.93
Q4 2012 11.55 11.55 1.87
Q1 2013 11.63 11.63 1.86
Q2 2013 13.74 13.74 2.16
Q3 2013 14.40 14.40 2.33
Q4 2013 14.68 14.68 2.15
Q1 2014 16.67 16.62 2.19
Q2 2014 17.58 17.52 2.25


Financial Ratios
Current
Market Cap (M Riyal) 1,110.60
Enterprise Value (EV) (M) 1,180.79
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 0.72
Book Value (BV) ( Riyal) 14.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.06
P/E (TTM) 17.06
Price/book 0.83
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 4.9
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Share Price

Tabuk Cement Co.
12.34
(0.32) (2.53 %)

Tabuk Cement Co. (TCC)

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