Northern Cement’s H1 net profit falls 20%

25/07/2016 Argaam Exclusive

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Northern Region Cement Co. reported a net profit of SAR 91.6 million for the first half of 2016, a 20 percent year-on-year (YoY) decline attributed to lower sales value and higher production costs due to an increase in fuel prices.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	577.47	482.81	(16.4 %)
Gross Income	234.00	171.13	(26.9 %)
Operating Income	138.96	109.44	(21.2 %)
Net Income	114.66	91.57	(20.1 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.64	0.51	(20.1 %)

Net profit for the second quarter fell 24 percent to SAR 48.7 million compared to the same quarter last year due to lower sales and higher production costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	324.34	251.67	(22.4 %)
Gross Income	133.49	95.05	(28.8 %)
Operating Income	79.31	55.66	(29.8 %)
Net Income	64.03	48.66	(24.0 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.36	0.27	(24.0 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	231.14	251.67	8.9 %
Gross Income	76.07	95.05	24.9 %
Operating Income	53.78	55.66	3.5 %
Net Income	42.91	48.66	13.4 %
Average Shares	180.00	180.00	-
EPS (Riyals)	0.24	0.27	13.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2014	257.47	4.1 %	110.72	(21.1 %)	25.81	(50.0 %)	0.14
2014	999.14	17.2 %	393.40	11.0 %	200.01	(14.7 %)	1.11
Q1 2015	253.13	(18.0 %)	100.51	(13.6 %)	50.63	(16.7 %)	0.28
Q2 2015	324.34	41.2 %	133.49	51.3 %	64.03	3.1 %	0.36
Q3 2015	274.92	35.2 %	107.83	38.1 %	52.64	2.5 %	0.29
Q4 2015	277.41	7.7 %	89.57	(19.1 %)	39.62	53.5 %	0.22
2015	1,129.80	13.1 %	431.39	9.7 %	206.91	3.4 %	1.15
Q1 2016	231.14	(8.7 %)	76.07	(24.3 %)	42.91	(15.3 %)	0.24
Q2 2016	251.67	(22.4 %)	95.05	(28.8 %)	48.66	(24.0 %)	0.27

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	999.14	17.2 %	393.40	11.0 %	200.01	(14.7 %)	1.11
2015	1,129.80	13.1 %	431.39	9.7 %	206.91	3.4 %	1.15

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	39.37 %	37.45 %	23.02 %
2014	39.37 %	37.45 %	23.02 %
Q1 2015	40.01 %	39.04 %	23.30 %
Q2 2015	40.72 %	36.61 %	22.04 %
Q3 2015	40.77 %	35.37 %	20.73 %
Q4 2015	38.18 %	32.38 %	18.99 %
2015	38.18 %	32.38 %	18.99 %
Q1 2016	36.73 %	31.96 %	18.67 %
Q2 2016	35.60 %	31.16 %	17.82 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	39.37 %	37.45 %	23.02 %
2015	38.18 %	32.38 %	18.99 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	43.00 %	38.92 %	21.68 %
Q1 2015	39.71 %	34.54 %	20.00 %
Q2 2015	41.16 %	32.69 %	21.90 %
Q3 2015	39.22 %	35.99 %	19.15 %
Q4 2015	32.29 %	26.47 %	14.53 %
Q1 2016	32.91 %	32.75 %	18.56 %
Q2 2016	37.77 %	29.58 %	19.33 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2014	180.00	1.11	1.28	11.39
Q1 2015	180.00	1.05	1.22	11.67
Q2 2015	180.00	1.07	1.27	11.13
Q3 2015	180.00	1.07	1.28	10.82
Q4 2015	180.00	1.15	1.19	11.04
Q1 2016	180.00	1.11	1.15	10.78
Q2 2016	180.00	1.02	1.03	11.05

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	180.00	1.11	1.28	11.39
2015	180.00	1.15	1.19	11.04

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2014	19.00	16.52	1.85
Q1 2015	21.16	18.27	1.91
Q2 2015	20.72	17.37	1.98
Q3 2015	15.78	13.24	1.56
Q4 2015	13.00	12.53	1.35
Q1 2016	11.15	10.74	1.14
Q2 2016	12.23	12.19	1.13

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	17.76	17.76	1.89
2014	19.00	16.52	1.85
2015	13.00	12.53	1.35

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	39.90	48.66	21.96 %

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
Value Capital	46.90	48.66	3.7 %
SFC	45.00	48.66	8.1 %
AlJazira Capital	37.49	48.66	29.8 %
OSOOL AND BAKHEET	30.20	48.66	61.1 %

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 H1 net profit falls 20%

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Northern Region Cement Co. (NORTHERN CEMENT)

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