Northern Cement’s net profit down 5% to SAR 174.2mln for the first nine months of 2014

30/09/2014 Argaam Exclusive

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Northern Region Cement Company, reported a net profit of SAR 174.2mln for the nine months ended September 30,2014, a 5% decrease compared to the same period last year.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	605.17	741.67	22.6 %
Gross Income	214.10	282.68	32.0 %
Operating Income	179.05	194.69	8.7 %
Net Income	183.04	174.20	(4.8 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	1.02	0.97	(4.8 %)

A net profit of SAR 51.4m was reported for Q3-2014.

The Company attributed the decrease of 2014’s net profit compared to the same period last year to the increase of selling & marketing and funding expenses. In addition to the decrease of foreign investments, increase of the subsidiary tax and increase of imported clinker’s sales which has higher cost.

The Company attributed the decline of Q3-2014’s net profit compared to the same period last year to the decline of cement’s sales due to the decrease of local demand during the Holy month of Ramadan and Eid holiday.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	167.45	203.39	21.5 %
Gross Income	59.46	78.10	31.4 %
Operating Income	48.75	59.00	21.0 %
Net Income	50.04	51.35	2.6 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.28	0.29	2.6 %

Item	Q2 2014	Q3 2014	Change‬
Revenues	229.75	203.39	(11.5 %)
Gross Income	88.24	78.10	(11.5 %)
Operating Income	67.55	59.00	(12.7 %)
Net Income	62.09	51.35	(17.3 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.34	0.29	(17.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-	-
2005	-	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	-	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	-	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	20.50	-	9.39	-	72.82	-	0.40
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	444.59	2068.7 %	199.21	2021.7 %	171.66	135.7 %	0.95
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	893.97	101.1 %	320.96	61.1 %	284.96	66.0 %	1.58
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	586.76	(34.4 %)	237.30	(26.1 %)	246.20	(13.6 %)	1.37
Q1 2012	152.74	-	50.70	-	39.47	-	0.22
Q2 2012	154.83	-	39.20	-	28.73	-	0.16
Q3 2012	118.55	-	16.67	-	7.28	-	0.04
Q4 2012	112.52	-	30.75	-	17.94	-	0.10
2012	538.63	(8.2 %)	137.33	(42.1 %)	93.42	(62.1 %)	0.52
Q1 2013	181.77	19.0 %	56.90	12.2 %	42.79	8.4 %	0.24
Q2 2013	255.94	65.3 %	97.75	149.3 %	90.20	213.9 %	0.50
Q3 2013	167.45	41.3 %	59.46	256.6 %	50.04	587.1 %	0.28
Q4 2013	247.28	119.8 %	140.41	356.6 %	51.58	187.6 %	0.29
2013	852.44	58.3 %	354.51	158.1 %	234.62	151.2 %	1.30
Q1 2014	308.53	69.7 %	116.34	104.5 %	60.76	42.0 %	0.34
Q2 2014	229.75	(10.2 %)	88.24	(9.7 %)	62.09	(31.2 %)	0.34
Q3 2014	203.39	21.5 %	78.10	31.4 %	51.35	2.6 %	0.29

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	-	-	-	-	-	-	-
2005	-	-	-	-	-	-	-
2006	-	-	-	-	-	-	-
2007	-	-	-	-	-	-	-
2008	20.50	-	9.39	-	72.82	-	0.40
2009	444.59	2068.7 %	199.21	2021.7 %	171.66	135.7 %	0.95
2010	893.97	101.1 %	320.96	61.1 %	284.96	66.0 %	1.58
2011	586.76	(34.4 %)	237.30	(26.1 %)	246.20	(13.6 %)	1.37
2012	538.63	(8.2 %)	137.33	(42.1 %)	93.42	(62.1 %)	0.52
2013	852.44	58.3 %	354.51	158.1 %	234.62	151.2 %	1.30

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	45.80 %	99.21 %	406.36 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	44.81 %	56.09 %	39.13 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	35.90 %	40.21 %	31.88 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	40.44 %	45.10 %	30.68 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	25.50 %	32.44 %	17.34 %
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 %
2013	41.59 %	39.64 %	27.52 %
Q1 2014	42.27 %	37.12 %	25.80 %
Q2 2014	42.44 %	36.65 %	23.55 %
Q3 2014	42.78 %	36.24 %	22.83 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	45.80 %	99.21 %	406.36 %
2009	44.81 %	56.09 %	39.13 %
2010	35.90 %	40.21 %	31.88 %
2011	40.44 %	45.10 %	30.68 %
2012	25.50 %	32.44 %	17.34 %
2013	41.59 %	39.64 %	27.52 %

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	33.20 %	39.83 %	25.84 %
Q2 2012	25.32 %	29.61 %	18.56 %
Q3 2012	14.06 %	21.66 %	6.14 %
Q4 2012	27.33 %	37.66 %	15.94 %
Q1 2013	31.30 %	37.21 %	23.54 %
Q2 2013	38.19 %	42.38 %	35.24 %
Q3 2013	35.51 %	46.20 %	29.88 %
Q4 2013	56.78 %	34.14 %	20.86 %
Q1 2014	37.71 %	30.21 %	19.70 %
Q2 2014	38.41 %	41.03 %	27.03 %
Q3 2014	38.40 %	42.53 %	25.24 %

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
Q3 2014	180.00	1.25	1.25	11.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	-	-	-	-
2005	-	-	-	-
2006	-	-	-	-
2007	-	-	-	-
2008	180.00	0.40	0.46	3.82
2009	180.00	0.95	0.97	4.76
2010	180.00	1.58	1.58	4.64
2011	180.00	1.37	1.00	7.64
2012	180.00	0.52	0.52	7.88
2013	180.00	1.30	1.30	12.28

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
Q3 2014	21.54	21.54	2.40

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	17.76	17.76	1.89

Financial Ratios

	Current
Market Cap (M Riyal)	1,629.00
Enterprise Value (EV) (M)	2,350.46
Shares Outstanding ((M))	180.00
EPS ( Riyal) (TTM)	0.48
Book Value (BV) ( Riyal)	12.48
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	39.70
P/E (TTM)	18.84
Price/book	0.73
Return on Average Assets (%) (TTM)	2.5
Return on Average Equity (%) (TTM)	3.8

Northern Region Cement Co. (NORTHERN CEMENT)

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Northern Cement’s net profit down 5% to SAR 174.2mln for the first nine months of 2014

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Northern Region Cement Co. (NORTHERN CEMENT)

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