Financial Results : Tabuk Cement profit falls 25% in 9M 2016

Tabuk Cement profit falls 25% in 9M 2016

19/10/2016 Argaam Exclusive

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Tabuk Cement Co.’s net income fell 25 percent year-on-year to SAR 51.3 million in the first nine months of 2016 on lower sales volumes, a drop in selling prices and due to a rise in cost of goods sold (COGS) and fuel prices.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 207.24 195.23 (5.8 %)
Gross Income 86.09 67.63 (21.4 %)
Operating Income 69.45 53.42 (23.1 %)
Net Income 68.77 50.23 (27.0 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.76 0.56 (27.0 %)

Third quarter net profit fell 14 percent to SAR 7.9 million compared with the same quarter last year. Profit for the period tumbled 63 percent from SAR 21.2 million in the previous quarter. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 47.32 49.66 4.9 %
Gross Income 14.25 13.20 (7.4 %)
Operating Income 8.76 8.88 1.4 %
Net Income 9.23 7.85 (15.0 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.10 0.09 (15.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2014 56.77 (17.6 %) 27.37 (19.7 %) 22.24 (23.9 %)
Q4 2014 77.53 (9.7 %) 33.90 (24.0 %) 29.12 (25.9 %)
Q1 2015 84.01 (13.1 %) 38.14 (23.7 %) 33.12 (27.7 %)
Q2 2015 75.92 (16.9 %) 33.70 (31.3 %) 27.57 (37.1 %)
Q3 2015 47.32 (16.6 %) 14.25 (47.9 %) 8.76 (60.6 %)
Q4 2015 65.17 (15.9 %) 27.87 (17.8 %) 23.45 (19.5 %)
Q1 2016 75.49 (10.1 %) 26.65 (30.1 %) 22.24 (32.8 %)
Q2 2016 70.09 (7.7 %) 27.78 (17.6 %) 22.30 (19.1 %)
Q3 2016 49.66 4.9 % 13.20 (7.4 %) 8.88 1.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2014 21.62 (23.7 %) 0.24 - 21.62 0.24
Q4 2014 28.85 (24.4 %) 0.32 - 28.85 0.32
Q1 2015 32.63 (25.8 %) 0.36 - 32.63 0.36
Q2 2015 26.91 (37.6 %) 0.30 - 26.91 0.30
Q3 2015 9.23 (57.3 %) 0.10 - 9.23 0.10
Q4 2015 22.64 (21.5 %) 0.25 - 22.64 0.25
Q1 2016 21.31 (34.7 %) 0.24 - 21.31 0.24
Q2 2016 21.08 (21.7 %) 0.23 - 21.08 0.23
Q3 2016 7.85 (15.0 %) 0.09 - 7.85 0.09

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2014 51.75 % 63.63 % 44.58 %
Q4 2014 49.75 % 62.13 % 42.84 %
Q1 2015 47.95 % 61.48 % 40.76 %
Q2 2015 45.24 % 57.37 % 37.39 %
Q3 2015 42.13 % 57.32 % 34.28 %
Q4 2015 41.83 % 57.20 % 33.55 %
Q1 2016 38.83 % 55.93 % 30.35 %
Q2 2016 37.41 % 57.93 % 28.77 %
Q3 2016 36.67 % 56.67 % 27.98 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2014 90.00 1.63 1.64 12.57
Q4 2014 90.00 1.53 1.53 12.88
Q1 2015 90.00 1.40 1.40 13.24
Q2 2015 90.00 1.22 1.22 13.04
Q3 2015 90.00 1.08 1.08 13.14
Q4 2015 90.00 1.02 1.02 13.36
Q1 2016 90.00 0.89 0.89 13.56
Q2 2016 90.00 0.82 0.82 12.89
Q3 2016 90.00 0.81 0.81 12.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2014 19.43 19.36 2.52
Q4 2014 16.22 16.16 1.93
Q1 2015 16.76 16.76 1.77
Q2 2015 20.47 20.47 1.92
Q3 2015 19.08 19.08 1.58
Q4 2015 14.26 14.26 1.08
Q1 2016 16.95 16.95 1.11
Q2 2016 16.79 16.79 1.07
Q3 2016 13.54 13.54 0.84

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 15.17 7.85 (48.3 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Value Capital 13.60 7.85 (42.3) %
SFC 15.00 7.85 (47.7) %
AlJazira Capital 16.90 7.85 (53.6) %


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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