Northern cement posts lower net profit at SAR 122.9mln in I2 of 2014

30/06/2014 Argaam Exclusive

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Northern Region Cement Company, reported SAR 122.9mln net profit at the end of the first half of 2014, an 8% decrease compared to the same period last year.



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 437.71 538.28 23.0 %
Gross Income 154.64 204.58 32.3 %
Operating Income 130.30 135.69 4.1 %
Net Income 133.00 122.86 (7.6 %)
Average Shares 180.00 180.00 -
EPS (Riyals) 0.74 0.68 (7.6 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 255.94 229.75 (10.2 %)
Gross Income 97.75 88.24 (9.7 %)
Operating Income 85.28 67.55 (20.8 %)
Net Income 90.20 62.09 (31.2 %)
Average Shares 180.00 180.00 -
EPS (Riyals) 0.50 0.34 (31.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 152.74 - 50.70 - 43.94 -
Q2 2012 154.83 - 39.20 - 28.97 -
Q3 2012 118.55 - 16.67 - 8.36 -
Q4 2012 112.52 - 30.75 - 20.71 -
Q1 2013 181.77 19.0 % 56.90 12.2 % 45.02 2.5 %
Q2 2013 255.94 65.3 % 97.75 149.3 % 85.28 194.4 %
Q3 2013 167.45 41.3 % 59.46 256.6 % 48.75 483.2 %
Q4 2013 247.28 119.8 % 140.41 356.6 % 63.29 205.7 %
Q1 2014 308.53 69.7 % 116.34 104.5 % 68.15 51.4 %
Q2 2014 229.75 (10.2 %) 88.24 (9.7 %) 67.55 (20.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 39.47 - 0.22 - 39.47 0.22
Q2 2012 28.73 - 0.16 - 28.73 0.16
Q3 2012 7.28 - 0.04 - 7.28 0.04
Q4 2012 17.94 - 0.10 - 17.94 0.10
Q1 2013 42.79 8.4 % 0.24 - 42.79 0.24
Q2 2013 90.20 213.9 % 0.50 - 90.20 0.50
Q3 2013 50.04 587.1 % 0.28 - 50.04 0.28
Q4 2013 51.58 187.6 % 0.29 - 51.58 0.29
Q1 2014 60.76 42.0 % 0.34 - 60.76 0.34
Q2 2014 62.09 (31.2 %) 0.34 - 62.09 0.34

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 25.50 % 32.44 % 17.34 %
Q1 2013 25.28 % 31.98 % 17.04 %
Q2 2013 30.21 % 36.51 % 23.66 %
Q3 2013 34.12 % 41.22 % 28.00 %
Q4 2013 41.59 % 39.64 % 27.52 %
Q1 2014 42.27 % 37.12 % 25.80 %
Q2 2014 42.44 % 36.65 % 23.55 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 180.00 - - 7.86
Q2 2012 180.00 - - 7.90
Q3 2012 180.00 - - 7.78
Q4 2012 180.00 0.52 0.52 7.88
Q1 2013 180.00 0.54 0.54 12.96
Q2 2013 180.00 0.88 0.88 12.76
Q3 2013 180.00 1.12 1.12 12.04
Q4 2013 180.00 1.30 1.30 12.28
Q1 2014 180.00 1.40 1.40 11.62
Q2 2014 180.00 1.25 1.25 11.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 35.07 35.07 1.45
Q2 2013 23.61 23.61 1.63
Q3 2013 20.42 20.42 1.89
Q4 2013 17.76 17.76 1.89
Q1 2014 17.07 17.07 2.06
Q2 2014 20.30 20.30 2.12

Analysts Estimates (Million)

Item Q2 2014 (e) Q2 2014 (a) Change‬
Average 58.90 62.09 5.42 %

Estimates vs Actual (Million)

Item Q2 2014 (e) Q2 2014 (a) Change
OSOOL AND BAKHEET 58.90 62.09 5.4 %


Financial Ratios
Current
Market Cap (M Riyal) 1,582.20
Enterprise Value (EV) (M) 2,389.97
Shares Outstanding ((M)) 180.00
EPS ( Riyal) (TTM) 0.44
Book Value (BV) ( Riyal) 12.54
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 47.55
P/E (TTM) 20.10
Price/book 0.70
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 3.5
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Share Price

Northern Region Cement Co.
8.79
(0.01) (0.11 %)

Northern Region Cement Co. (NORTHERN CEMENT)

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