Financial Results : Yanbu Cement's net profit drops 27% in 9M 2016

Yanbu Cement's net profit drops 27% in 9M 2016

18/10/2016 Argaam Exclusive

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Yanbu Cement Co. reported a net profit of SAR 436 million for the first nine months of 2016, a 27 percent year-on-year (YoY) plunge attributed to a tumble in sales volumes, higher fuel prices and fierce competition.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 1,186.62 983.41 (17.1 %)
Gross Income 647.66 476.51 (26.4 %)
Operating Income 613.56 442.60 (27.9 %)
Net Income 597.34 421.98 (29.4 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 3.79 2.68 (29.4 %)

Net profit for the third quarter was down 36 percent YoY at SAR 93 million from SAR 145 million, driven by lower sales volumes, and a slump in selling prices due to slowing demand and fierce competition. The Q3 profit slumped 42 percent when compared to the previous quarter. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 310.72 235.52 (24.2 %)
Gross Income 161.63 107.30 (33.6 %)
Operating Income 150.72 98.09 (34.9 %)
Net Income 144.67 92.06 (36.4 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 0.92 0.58 (36.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2015 437.10 (0.5 %) 224.25 0.4 % 212.34 (0.3 %)
Q2 2015 438.79 (1.6 %) 261.79 9.9 % 250.49 9.2 %
Q3 2015 310.72 5.1 % 161.63 (10.9 %) 150.72 (12.2 %)
Q4 2015 426.36 12.7 % 223.80 6.4 % 212.12 6.7 %
Q1 2016 399.62 (8.6 %) 199.87 (10.9 %) 188.54 (11.2 %)
Q2 2016 348.28 (20.6 %) 169.34 (35.3 %) 155.97 (37.7 %)
Q3 2016 235.52 (24.2 %) 107.30 (33.6 %) 98.09 (34.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 151.64 25.1 % 0.96 7.72 143.91 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
Q1 2015 207.17 0.9 % 1.32 - 207.17 1.32
Q2 2015 245.50 2.1 % 1.56 - 245.50 1.56
Q3 2015 144.67 (11.2 %) 0.92 - 144.67 0.92
Q4 2015 208.75 8.0 % 1.33 - 208.75 1.33
Q1 2016 170.69 (17.6 %) 1.08 - 170.69 1.08
Q2 2016 159.23 (35.1 %) 1.01 - 159.23 1.01
Q3 2016 92.06 (36.4 %) 0.58 - 92.06 0.58

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 54.86 % 65.83 % 50.36 %
Q2 2015 56.63 % 67.51 % 52.19 %
Q3 2015 54.83 % 65.59 % 50.53 %
Q4 2015 54.03 % 64.33 % 49.97 %
Q1 2016 53.77 % 64.52 % 48.85 %
Q2 2016 50.82 % 62.28 % 46.02 %
Q3 2016 49.68 % 61.97 % 44.74 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 157.50 5.10 4.98 23.72
Q2 2015 157.50 5.14 5.14 22.77
Q3 2015 157.50 5.02 5.02 22.19
Q4 2015 157.50 5.12 5.12 23.51
Q1 2016 157.50 4.89 4.89 24.56
Q2 2016 157.50 4.34 4.34 21.17
Q3 2016 157.50 4.00 4.00 21.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 13.56 13.90 2.92
Q2 2015 12.35 12.35 2.78
Q3 2015 10.69 10.69 2.42
Q4 2015 8.52 8.52 1.86
Q1 2016 10.06 10.06 2.00
Q2 2016 9.98 9.98 2.05
Q3 2016 8.41 8.41 1.55

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 116.27 92.06 (20.8 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Sico 91.00 92.06 1.2 %
AlJazira Capital 104.80 92.06 (12.2) %
Al Rajhi Capital 111.00 92.06 (17.1) %
Value Capital 118.10 92.06 (22.0) %
SNB Capital 120.00 92.06 (23.3) %
OSOOL AND BAKHEET 121.40 92.06 (24.2) %
Alistithmar Capital 123.60 92.06 (25.5) %
Riyad Capital 123.80 92.06 (25.6) %
SFC 124.00 92.06 (25.8) %
Albilad Capital 125.00 92.06 (26.3) %


Financial Ratios
Current
Market Cap (M Riyal) 3,717.00
Enterprise Value (EV) (M) 3,946.01
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.93
Book Value (BV) ( Riyal) 16.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.24
P/E (TTM) 25.24
Price/book 1.40
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 5.6
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Share Price

Yanbu Cement Co.
23.60
0.26 1.11 %

Yanbu Cement Co. (YCC)

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