Yanbu Cement 2014 net profit down 2% to 802 mln

11/01/2015 Argaam Exclusive

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Yanbu Cement Company, Saudi Arabia’s third largest cement company, reported that its net profit dropped two percent compared to last year, reaching SAR 802 million.



Financials (M)

Item 2013 2014 Change‬
Revenues 1,620.26 1,559.39 (3.8 %)
Gross Income 885.11 853.22 (3.6 %)
Operating Income 846.98 812.82 (4.0 %)
Net Income 821.30 801.93 (2.4 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 5.21 5.09 (2.4 %)

 

During fourth quarter of 2014, the company reported a net profit of SAR 193 million, compared to SAR 163 million in third quarter.

 

The company attributed the decline of last year’s net profit compared to 2013 to the drop of sales, as a result of low demand.

 

The increase of Q4-2014’s profit compared to the same quarter last year (Q4-2013), and the previous quarter (Q3-2014) was attributed to the increase in the volume of sales and the decline of cost of goods sold due to improved operating efficiency.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 359.13 378.22 5.3 %
Gross Income 171.22 210.28 22.8 %
Operating Income 158.12 198.78 25.7 %
Net Income 160.22 193.31 20.7 %
Average Shares 157.50 157.50 -
EPS (Riyals) 1.02 1.23 20.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 194.58 3.1 % 111.04 2.0 % 106.87 1.8 %
Q2 2005 199.95 (3.6 %) 116.03 (0.4 %) 112.00 (0.7 %)
Q3 2005 184.63 (6.3 %) 128.71 (1.2 %) 124.58 (1.6 %)
Q4 2005 199.77 10.2 % 120.53 28.2 % 114.37 28.1 %
Q1 2006 210.22 8.0 % 126.36 13.8 % 121.83 14.0 %
Q2 2006 242.26 21.2 % 160.56 38.4 % 156.30 39.6 %
Q3 2006 217.20 17.6 % 127.89 (0.6 %) 123.41 (0.9 %)
Q4 2006 173.57 (13.1 %) 111.11 (7.8 %) 105.31 (7.9 %)
Q1 2007 268.88 27.9 % 150.79 19.3 % 145.40 19.3 %
Q2 2007 345.98 42.8 % 227.43 41.6 % 222.15 42.1 %
Q3 2007 293.78 35.3 % 186.39 45.7 % 180.90 46.6 %
Q4 2007 262.08 51.0 % 115.73 4.2 % 107.75 2.3 %
Q1 2008 323.12 20.2 % 173.79 15.2 % 167.68 15.3 %
Q2 2008 273.55 (20.9 %) 157.47 (30.8 %) 152.00 (31.6 %)
Q3 2008 244.03 (16.9 %) 132.27 (29.0 %) 127.12 (29.7 %)
Q4 2008 252.82 (3.5 %) 121.45 4.9 % 114.05 5.9 %
Q1 2009 277.40 (14.1 %) 159.88 (8.0 %) 154.23 (8.0 %)
Q2 2009 275.23 0.6 % 157.25 (0.1 %) 151.80 (0.1 %)
Q3 2009 200.40 (17.9 %) 108.46 (18.0 %) 102.83 (19.1 %)
Q4 2009 190.19 (24.8 %) 83.95 (30.9 %) 76.84 (32.6 %)
Q1 2010 239.53 (13.7 %) 127.65 (20.2 %) 121.80 (21.0 %)
Q2 2010 252.03 (8.4 %) 122.10 (22.4 %) 115.84 (23.7 %)
Q3 2010 191.51 (4.4 %) 103.64 (4.4 %) 97.23 (5.4 %)
Q4 2010 212.43 11.7 % 111.38 32.7 % 103.91 35.2 %
Q1 2011 229.05 (4.4 %) 110.85 (13.2 %) 103.53 (15.0 %)
Q2 2011 311.37 23.5 % 158.57 29.9 % 150.09 29.6 %
Q3 2011 272.50 42.3 % 134.68 30.0 % 128.42 32.1 %
Q4 2011 319.35 50.3 % 151.41 35.9 % 142.27 36.9 %
Q1 2012 309.34 35.1 % 157.75 42.3 % 149.51 44.4 %
Q2 2012 431.73 38.7 % 234.87 48.1 % 226.15 50.7 %
Q3 2012 338.95 24.4 % 174.32 29.4 % 166.95 30.0 %
Q4 2012 416.48 30.4 % 225.10 48.7 % 214.89 51.0 %
Q1 2013 455.76 47.3 % 263.22 66.9 % 254.88 70.5 %
Q2 2013 479.95 11.2 % 293.97 25.2 % 286.46 26.7 %
Q3 2013 325.42 (4.0 %) 156.71 (10.1 %) 147.52 (11.6 %)
Q4 2013 359.13 (13.8 %) 171.22 (23.9 %) 158.12 (26.4 %)
Q1 2014 439.50 (3.6 %) 223.25 (15.2 %) 213.03 (16.4 %)
Q2 2014 445.90 (7.1 %) 238.28 (18.9 %) 229.31 (20.0 %)
Q3 2014 295.77 (9.1 %) 181.40 15.8 % 171.70 16.4 %
Q4 2014 378.22 5.3 % 210.28 22.8 % 198.78 25.7 %
2014 1,559.39 (3.8 %) 853.22 (3.6 %) 812.82 (4.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 105.07 0.2 % 0.67 - 105.07 0.67
Q2 2005 110.23 0.7 % 0.70 - 110.23 0.70
Q3 2005 122.82 (0.4 %) 0.78 - 122.82 0.78
Q4 2005 115.49 28.2 % 0.73 - 115.49 0.73
Q1 2006 121.25 15.4 % 0.77 - 121.25 0.77
Q2 2006 154.08 39.8 % 0.98 - 154.08 0.98
Q3 2006 130.75 6.5 % 0.83 - 123.75 0.79
Q4 2006 106.13 (8.1 %) 0.67 - 104.47 0.66
Q1 2007 151.64 25.1 % 0.96 - 143.91 0.91
Q2 2007 219.90 42.7 % 1.40 - 219.90 1.40
Q3 2007 179.15 37.0 % 1.14 - 179.15 1.14
Q4 2007 110.26 3.9 % 0.70 - 110.26 0.70
Q1 2008 168.37 11.0 % 1.07 - 168.37 1.07
Q2 2008 149.45 (32.0 %) 0.95 - 149.45 0.95
Q3 2008 121.67 (32.1 %) 0.77 - 121.67 0.77
Q4 2008 120.25 9.1 % 0.76 - 120.25 0.76
Q1 2009 151.78 (9.9 %) 0.96 - 151.78 0.96
Q2 2009 151.07 1.1 % 0.96 - 151.07 0.96
Q3 2009 97.63 (19.8 %) 0.62 - 97.63 0.62
Q4 2009 81.59 (32.2 %) 0.52 - 81.59 0.52
Q1 2010 123.18 (18.8 %) 0.78 - 123.18 0.78
Q2 2010 113.42 (24.9 %) 0.72 - 113.42 0.72
Q3 2010 94.24 (3.5 %) 0.60 - 94.24 0.60
Q4 2010 99.53 22.0 % 0.63 - 99.53 0.63
Q1 2011 101.10 (17.9 %) 0.64 - 101.10 0.64
Q2 2011 149.90 32.2 % 0.95 - 149.90 0.95
Q3 2011 124.88 32.5 % 0.79 - 124.88 0.79
Q4 2011 153.40 54.1 % 0.97 - 153.40 0.97
Q1 2012 144.76 43.2 % 0.92 - 144.76 0.92
Q2 2012 215.59 43.8 % 1.37 - 215.59 1.37
Q3 2012 156.71 25.5 % 0.99 - 156.71 0.99
Q4 2012 203.43 32.6 % 1.29 - 203.43 1.29
Q1 2013 247.02 70.6 % 1.57 - 247.02 1.57
Q2 2013 274.41 27.3 % 1.74 - 274.41 1.74
Q3 2013 139.64 (10.9 %) 0.89 - 139.64 0.89
Q4 2013 160.22 (21.2 %) 1.02 - 160.22 1.02
Q1 2014 205.22 (16.9 %) 1.30 - 205.22 1.30
Q2 2014 240.56 (12.3 %) 1.53 19.75 220.81 1.40
Q3 2014 162.84 16.6 % 1.03 - 162.84 1.03
Q4 2014 193.31 20.7 % 1.23 - 193.31 1.23
2014 801.93 (2.4 %) 5.09 19.75 782.18 4.97

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 57.90 % 67.23 % 54.83 %
Q2 2005 58.40 % 67.74 % 55.46 %
Q3 2005 59.14 % 68.57 % 56.30 %
Q4 2005 61.15 % 70.22 % 58.24 %
Q1 2006 61.87 % 70.82 % 59.13 %
Q2 2006 64.07 % 72.68 % 61.38 %
Q3 2006 61.57 % 69.96 % 59.18 %
Q4 2006 62.37 % 71.29 % 59.71 %
Q1 2007 61.02 % 69.66 % 58.34 %
Q2 2007 61.38 % 69.34 % 58.87 %
Q3 2007 62.44 % 70.05 % 59.83 %
Q4 2007 58.11 % 65.17 % 55.80 %
Q1 2008 57.42 % 63.97 % 55.32 %
Q2 2008 54.96 % 61.74 % 52.69 %
Q3 2008 52.53 % 59.48 % 49.85 %
Q4 2008 53.50 % 60.33 % 51.19 %
Q1 2009 54.50 % 61.64 % 51.84 %
Q2 2009 54.39 % 61.46 % 51.91 %
Q3 2009 54.39 % 61.69 % 51.77 %
Q4 2009 54.02 % 61.86 % 51.11 %
Q1 2010 52.72 % 60.95 % 50.09 %
Q2 2010 50.12 % 58.58 % 47.14 %
Q3 2010 50.08 % 58.60 % 47.23 %
Q4 2010 51.90 % 60.21 % 48.06 %
Q1 2011 50.62 % 59.02 % 46.13 %
Q2 2011 51.30 % 59.13 % 47.10 %
Q3 2011 50.27 % 57.87 % 46.37 %
Q4 2011 49.06 % 56.71 % 46.74 %
Q1 2012 49.68 % 57.26 % 47.25 %
Q2 2012 50.92 % 59.65 % 47.91 %
Q3 2012 51.33 % 61.22 % 47.91 %
Q4 2012 52.93 % 63.15 % 48.14 %
Q1 2013 54.63 % 65.08 % 50.08 %
Q2 2013 56.57 % 66.79 % 52.13 %
Q3 2013 55.97 % 66.15 % 51.53 %
Q4 2013 54.63 % 65.00 % 50.69 %
Q1 2014 52.69 % 63.16 % 48.60 %
Q2 2014 50.29 % 61.01 % 46.24 %
Q3 2014 52.86 % 63.87 % 48.63 %
Q4 2014 54.71 % 65.75 % 50.16 %
2014 54.71 % 65.75 % 50.16 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 157.50 2.72 2.72 10.79
Q2 2005 157.50 2.72 2.72 11.49
Q3 2005 157.50 2.72 2.72 11.60
Q4 2005 157.50 2.88 2.88 12.33
Q1 2006 157.50 2.98 2.98 11.09
Q2 2006 157.50 3.26 3.26 12.07
Q3 2006 157.50 3.31 3.27 12.56
Q4 2006 157.50 3.25 3.20 13.24
Q1 2007 157.50 3.45 3.34 11.52
Q2 2007 157.50 3.86 3.76 12.91
Q3 2007 157.50 4.17 4.11 14.05
Q4 2007 157.50 4.20 4.15 14.75
Q1 2008 157.50 4.30 4.30 12.47
Q2 2008 157.50 3.86 3.86 13.42
Q3 2008 157.50 3.49 3.49 14.20
Q4 2008 157.50 3.55 3.55 14.96
Q1 2009 157.50 3.45 3.45 13.24
Q2 2009 157.50 3.46 3.46 14.20
Q3 2009 157.50 3.31 3.31 14.82
Q4 2009 157.50 3.06 3.06 15.34
Q1 2010 157.50 2.88 2.88 14.11
Q2 2010 157.50 2.64 2.64 14.83
Q3 2010 157.50 2.62 2.62 15.43
Q4 2010 157.50 2.73 2.73 16.06
Q1 2011 157.50 2.59 2.59 15.35
Q2 2011 157.50 2.82 2.82 16.30
Q3 2011 157.50 3.02 3.02 17.10
Q4 2011 157.50 3.36 3.36 18.07
Q1 2012 157.50 3.64 3.64 17.31
Q2 2012 157.50 4.05 4.05 18.68
Q3 2012 157.50 4.26 4.26 19.67
Q4 2012 157.50 4.57 4.57 20.96
Q1 2013 157.50 5.22 5.22 19.19
Q2 2013 157.50 5.60 5.60 20.93
Q3 2013 157.50 5.49 5.49 19.81
Q4 2013 157.50 5.21 5.21 20.83
Q1 2014 157.50 4.95 4.95 20.12
Q2 2014 157.50 4.73 4.61 21.65
Q3 2014 157.50 4.88 4.76 21.18
Q4 2014 157.50 5.09 4.97 22.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 22.60 22.60 5.69
Q2 2005 37.70 37.70 8.93
Q3 2005 33.11 33.11 7.76
Q4 2005 33.66 33.66 7.86
Q1 2006 26.64 26.64 7.17
Q2 2006 23.31 23.31 6.30
Q3 2006 18.32 18.57 4.83
Q4 2006 14.76 15.01 3.63
Q1 2007 12.44 12.82 3.72
Q2 2007 11.65 11.97 3.48
Q3 2007 12.67 12.85 3.76
Q4 2007 14.97 15.15 4.26
Q1 2008 12.36 12.36 4.26
Q2 2008 13.32 13.32 3.82
Q3 2008 11.84 11.84 2.91
Q4 2008 7.32 7.32 1.74
Q1 2009 8.20 8.20 2.13
Q2 2009 9.27 9.27 2.26
Q3 2009 11.45 11.45 2.55
Q4 2009 10.57 10.57 2.11
Q1 2010 10.84 10.84 2.21
Q2 2010 10.86 10.86 1.93
Q3 2010 10.62 10.62 1.80
Q4 2010 10.44 10.44 1.78
Q1 2011 11.65 11.65 1.97
Q2 2011 12.99 12.99 2.25
Q3 2011 12.65 12.65 2.23
Q4 2011 13.59 13.59 2.53
Q1 2012 14.29 14.29 3.00
Q2 2012 13.03 13.03 2.83
Q3 2012 11.67 11.67 2.52
Q4 2012 11.44 11.44 2.50
Q1 2013 11.15 11.15 3.04
Q2 2013 12.01 12.01 3.21
Q3 2013 13.44 13.44 3.72
Q4 2013 12.80 12.80 3.20
Q1 2014 14.19 14.19 3.49
Q2 2014 15.42 15.84 3.37
Q3 2014 15.87 16.29 3.66
Q4 2014 12.11 12.41 2.75

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 223.73 193.31 (13.6 %)

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
OSOOL AND BAKHEET 197.60 193.31 (2.2) %
Alistithmar Capital 202.60 193.31 (4.6) %
Riyad Capital 271.00 193.31 (28.7) %


Financial Ratios
Current
Market Cap (M Riyal) 4,291.88
Enterprise Value (EV) (M) 4,482.39
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.81
Book Value (BV) ( Riyal) 17.21
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 33.74
P/E (TTM) 33.74
Price/book 1.58
Return on Average Assets (%) (TTM) 3.8
Return on Average Equity (%) (TTM) 4.6
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Share Price

Yanbu Cement Co.
27.25
(0.75) (2.68 %)

Yanbu Cement Co. (YCC)

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