Financial Results : Yamama Cement's Q1 net profit drops 53%

Yamama Cement's Q1 net profit drops 53%

16/04/2018 Argaam Exclusive

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Yamama Cement Co. posted a net profit of SAR 23.8 million for the first quarter of 2018, a 53.09 percent year-on-year (YoY) decline, hurt by lower sales volumes on soft demand along with a drop in other income.

Compared to the previous quarter, Q1 net profit jumped 40.7 percent, due to higher other income, as Q4 2017 included SAR 21 million in debt provisions.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 220.19 141.15 (35.9 %)
Gross Income 62.92 38.81 (38.3 %)
Operating Income 48.08 24.96 (48.1 %)
Net Income 50.82 23.84 (53.1 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 0.25 0.12 (53.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 258.67 (23.6 %) 138.82 (34.7 %) 129.13 (34.2 %)
Q2 2009 312.80 (17.4 %) 176.70 (26.3 %) 166.09 (24.9 %)
Q3 2009 278.99 33.6 % 138.73 34.0 % 129.10 32.7 %
Q4 2009 312.55 58.8 % 161.80 82.4 % 149.54 76.8 %
Q1 2010 349.01 34.9 % 179.29 29.2 % 168.62 30.6 %
Q2 2010 336.87 7.7 % 198.82 12.5 % 187.51 12.9 %
Q3 2010 271.06 (2.8 %) 155.11 11.8 % 144.10 11.6 %
Q4 2010 314.99 0.8 % 178.65 10.4 % 166.01 11.0 %
Q1 2011 351.49 0.7 % 196.02 9.3 % 184.05 9.2 %
Q2 2011 420.19 24.7 % 232.95 17.2 % 218.24 16.4 %
Q3 2011 301.09 11.1 % 167.70 8.1 % 152.57 5.9 %
Q4 2011 369.45 17.3 % 212.59 19.0 % 195.78 17.9 %
Q1 2012 491.59 39.9 % 299.51 52.8 % 286.82 55.8 %
Q2 2012 412.62 (1.8 %) 226.00 (3.0 %) 213.63 (2.1 %)
Q3 2012 306.20 1.7 % 175.76 4.8 % 164.61 7.9 %
Q4 2012 365.44 (1.1 %) 212.81 0.1 % 197.90 1.1 %
Q1 2013 482.64 (1.8 %) 292.76 (2.3 %) 279.06 (2.7 %)
Q2 2013 455.52 10.4 % 268.89 19.0 % 256.26 20.0 %
Q3 2013 293.80 (4.0 %) 154.13 (12.3 %) 141.42 (14.1 %)
Q4 2013 309.90 (15.2 %) 165.25 (22.3 %) 151.96 (23.2 %)
Q1 2014 367.36 (23.9 %) 181.30 (38.1 %) 168.94 (39.5 %)
Q2 2014 366.02 (19.6 %) 198.63 (26.1 %) 182.69 (28.7 %)
Q3 2014 277.23 (5.6 %) 148.57 (3.6 %) 135.57 (4.1 %)
Q4 2014 318.26 2.7 % 183.72 11.2 % 171.10 12.6 %
Q1 2015 338.94 (7.7 %) 182.05 0.4 % 167.67 (0.8 %)
Q2 2015 339.50 (7.2 %) 188.03 (5.3 %) 169.92 (7.0 %)
Q3 2015 280.27 1.1 % 166.47 12.0 % 150.44 11.0 %
Q4 2015 352.36 10.7 % 199.89 8.8 % 185.12 8.2 %
Q1 2016 376.04 10.9 % 186.55 2.5 % 171.01 2.0 %
Q2 2016 280.46 (17.4 %) 113.02 (39.9 %) 97.02 (42.9 %)
Q3 2016 235.63 (15.9 %) 98.99 (40.5 %) 85.94 (42.9 %)
Q4 2016 232.88 (33.9 %) 71.50 (64.2 %) 57.61 (68.9 %)
Q1 2017 220.19 (41.4 %) 62.92 (66.3 %) 48.08 (71.9 %)
Q2 2017 194.75 (30.6 %) 32.95 (70.8 %) 15.25 (84.3 %)
Q3 2017 164.19 (30.3 %) 41.95 (57.6 %) 25.46 (70.4 %)
Q4 2017 169.12 (27.4 %) 53.85 (24.7 %) 41.43 (28.1 %)
Q1 2018 141.15 (35.9 %) 38.81 (38.3 %) 24.96 (48.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 125.99 (36.2 %) 0.62 - 125.99 0.62
Q2 2009 165.35 (27.4 %) 0.82 - 165.35 0.82
Q3 2009 125.29 24.7 % 0.62 - 125.29 0.62
Q4 2009 145.12 70.5 % 0.72 - 145.12 0.72
Q1 2010 165.19 31.1 % 0.82 - 165.19 0.82
Q2 2010 192.07 16.2 % 0.95 - 192.07 0.95
Q3 2010 139.80 11.6 % 0.69 - 139.80 0.69
Q4 2010 159.86 10.2 % 0.79 - 159.86 0.79
Q1 2011 179.72 8.8 % 0.89 - 179.72 0.89
Q2 2011 220.42 14.8 % 1.09 - 220.42 1.09
Q3 2011 148.57 6.3 % 0.73 - 148.57 0.73
Q4 2011 191.05 19.5 % 0.94 - 191.05 0.94
Q1 2012 277.64 54.5 % 1.37 - 277.64 1.37
Q2 2012 209.46 (5.0 %) 1.03 - 209.46 1.03
Q3 2012 156.65 5.4 % 0.77 - 156.65 0.77
Q4 2012 173.81 (9.0 %) 0.86 (15.00) 188.81 0.93
Q1 2013 276.80 (0.3 %) 1.37 - 276.80 1.37
Q2 2013 267.63 27.8 % 1.32 - 267.63 1.32
Q3 2013 148.08 (5.5 %) 0.73 - 148.08 0.73
Q4 2013 177.73 2.3 % 0.88 24.86 152.87 0.75
Q1 2014 174.64 (36.9 %) 0.86 - 174.64 0.86
Q2 2014 207.36 (22.5 %) 1.02 31.00 176.36 0.87
Q3 2014 137.16 (7.4 %) 0.68 - 137.16 0.68
Q4 2014 151.69 (14.6 %) 0.75 (15.00) 166.69 0.82
Q1 2015 175.41 0.4 % 0.87 - 175.41 0.87
Q2 2015 191.48 (7.7 %) 0.95 - 191.48 0.95
Q3 2015 95.53 (30.4 %) 0.47 - 95.53 0.47
Q4 2015 152.80 0.7 % 0.75 (15.00) 167.80 0.83
Q1 2016 150.46 (14.2 %) 0.74 - 150.46 0.74
Q2 2016 116.29 (39.3 %) 0.57 - 116.29 0.57
Q3 2016 56.31 (41.1 %) 0.28 - 56.31 0.28
Q4 2016 34.81 (77.2 %) 0.17 (15.00) 49.81 0.25
Q1 2017 50.82 (66.2 %) 0.25 - 50.82 0.25
Q2 2017 12.17 (89.5 %) 0.06 - 12.17 0.06
Q3 2017 29.15 (48.2 %) 0.14 - 29.15 0.14
Q4 2017 12.45 (64.2 %) 0.06 (21.08) 33.53 0.17
Q1 2018 23.84 (53.1 %) 0.12 - 23.84 0.12

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 54.74 % 68.42 % 51.72 %
Q2 2009 51.97 % 67.38 % 48.82 %
Q3 2009 51.84 % 66.15 % 47.91 %
Q4 2009 52.97 % 64.95 % 48.30 %
Q1 2010 52.38 % 63.40 % 47.95 %
Q2 2010 53.13 % 63.90 % 49.14 %
Q3 2010 54.75 % 65.32 % 50.59 %
Q4 2010 55.97 % 66.74 % 51.65 %
Q1 2011 57.17 % 67.96 % 52.69 %
Q2 2011 56.18 % 66.14 % 51.54 %
Q3 2011 55.87 % 65.41 % 51.06 %
Q4 2011 56.11 % 65.10 % 51.29 %
Q1 2012 57.68 % 65.87 % 52.94 %
Q2 2012 57.52 % 65.93 % 52.50 %
Q3 2012 57.84 % 66.51 % 52.84 %
Q4 2012 58.01 % 66.84 % 52.83 %
Q1 2013 57.91 % 66.75 % 53.08 %
Q2 2013 59.03 % 67.62 % 55.28 %
Q3 2013 58.13 % 66.67 % 55.17 %
Q4 2013 57.14 % 66.10 % 54.83 %
Q1 2014 53.94 % 63.64 % 52.10 %
Q2 2014 52.30 % 62.41 % 48.76 %
Q3 2014 52.54 % 62.78 % 48.54 %
Q4 2014 53.60 % 63.82 % 49.28 %
Q1 2015 54.82 % 65.14 % 50.41 %
Q2 2015 55.13 % 65.64 % 52.65 %
Q3 2015 56.41 % 66.81 % 49.27 %
Q4 2015 56.17 % 66.76 % 48.07 %
Q1 2016 54.96 % 66.81 % 44.90 %
Q2 2016 51.66 % 66.29 % 41.12 %
Q3 2016 48.09 % 65.68 % 39.44 %
Q4 2016 41.78 % 63.24 % 33.14 %
Q1 2017 35.75 % 58.97 % 28.19 %
Q2 2017 30.15 % 52.41 % 19.14 %
Q3 2017 25.78 % 46.15 % 17.48 %
Q4 2017 25.61 % 44.06 % 16.80 %
Q1 2018 25.04 % 45.58 % 14.75 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 202.50 2.66 2.66 13.36
Q2 2009 202.50 2.36 2.36 14.28
Q3 2009 202.50 2.48 2.48 14.35
Q4 2009 202.50 2.77 2.77 15.09
Q1 2010 202.50 2.97 2.97 14.51
Q2 2010 202.50 3.10 3.10 15.38
Q3 2010 202.50 3.17 3.17 14.76
Q4 2010 202.50 3.24 3.24 15.60
Q1 2011 202.50 3.32 3.32 15.12
Q2 2011 202.50 3.46 3.46 14.94
Q3 2011 202.50 3.50 3.50 15.58
Q4 2011 202.50 3.65 3.65 16.67
Q1 2012 202.50 4.14 4.14 17.16
Q2 2012 202.50 4.08 4.08 16.04
Q3 2012 202.50 4.12 4.12 16.89
Q4 2012 202.50 4.04 4.11 17.77
Q1 2013 202.50 4.03 4.11 17.58
Q2 2013 202.50 4.32 4.39 17.49
Q3 2013 202.50 4.28 4.35 18.26
Q4 2013 202.50 4.30 4.17 19.23
Q1 2014 202.50 3.79 3.67 18.68
Q2 2014 202.50 3.50 3.22 19.69
Q3 2014 202.50 3.44 3.17 19.06
Q4 2014 202.50 3.31 3.23 18.43
Q1 2015 202.50 3.32 3.24 18.52
Q2 2015 202.50 3.24 3.31 18.70
Q3 2015 202.50 3.03 3.11 18.29
Q4 2015 202.50 3.04 3.11 18.18
Q1 2016 202.50 2.91 2.99 18.16
Q2 2016 202.50 2.54 2.62 18.19
Q3 2016 202.50 2.35 2.42 18.16
Q4 2016 202.50 1.77 1.84 16.79
Q1 2017 202.50 1.28 1.35 16.82
Q2 2017 202.50 0.76 0.84 16.79
Q3 2017 202.50 0.63 0.70 16.92
Q4 2017 202.50 0.52 0.62 16.96
Q1 2018 202.50 0.38 0.49 17.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 8.66 8.66 1.73
Q2 2009 11.32 11.32 1.87
Q3 2009 12.89 12.89 2.23
Q4 2009 11.39 11.39 2.09
Q1 2010 11.51 11.51 2.35
Q2 2010 10.54 10.54 2.12
Q3 2010 10.77 10.77 2.31
Q4 2010 10.58 10.58 2.20
Q1 2011 10.76 10.76 2.36
Q2 2011 12.68 12.68 2.93
Q3 2011 12.00 12.00 2.70
Q4 2011 12.78 12.78 2.80
Q1 2012 12.04 12.04 2.90
Q2 2012 12.20 12.20 3.10
Q3 2012 10.70 10.70 2.61
Q4 2012 11.77 11.55 2.67
Q1 2013 11.48 11.27 2.63
Q2 2013 11.69 11.49 2.89
Q3 2013 12.39 12.18 2.90
Q4 2013 13.32 13.71 2.98
Q1 2014 15.36 15.87 3.12
Q2 2014 18.01 19.56 3.20
Q3 2014 18.89 20.53 3.41
Q4 2014 14.47 14.82 2.60
Q1 2015 13.55 13.88 2.43
Q2 2015 14.11 13.80 2.44
Q3 2015 12.70 12.39 2.11
Q4 2015 10.36 10.11 1.73
Q1 2016 9.59 9.35 1.54
Q2 2016 10.87 10.57 1.52
Q3 2016 8.33 8.08 1.08
Q4 2016 12.93 12.41 1.36
Q1 2017 14.30 13.52 1.08
Q2 2017 23.13 21.08 1.05
Q3 2017 26.45 23.65 0.98
Q4 2017 34.13 28.41 1.04
Q1 2018 41.54 32.66 0.93

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average 24.59 23.84 (3.0 %)

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
Sico 22.00 23.84 8.4 %
OSOOL AND BAKHEET 20.00 23.84 19.2 %
AlJazira Capital 31.10 23.84 (23.3) %
Albilad Capital 34.00 23.84 (29.9) %
Riyad Capital 34.00 23.84 (29.9) %
Al Rajhi Capital 16.00 23.84 49.0 %
SNB Capital 15.00 23.84 59.0 %


Financial Ratios
Current
Market Cap (M Riyal) 6,277.50
Enterprise Value (EV) (M) 7,857.11
Shares Outstanding ((M)) 202.50
EPS ( Riyal) (TTM) 1.73
Book Value (BV) ( Riyal) 23.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.86
P/E (TTM) 17.92
Price/book 1.30
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 7.4
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Share Price

Yamama Cement Co.
31.00
(0.25) (0.80 %)

Yamama Cement Co. (YC)

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