Northern Cement’s net profit falls 73% in H1

02/08/2017 Argaam Exclusive

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Northern Region Cement Co. reported a net profit of SAR 24.6 million for the first half of 2017, a 73 percent year-on-year (YoY) decrease, due to a fall in sales, lower selling prices amid fierce competition.

Net profit was also hit by an increase in finance charges and depreciation expenses.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	482.81	234.45	(51.4 %)
Gross Income	171.13	80.04	(53.2 %)
Operating Income	109.44	51.94	(52.5 %)
Net Income	91.57	24.74	(73.0 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.51	0.14	(73.0 %)

The second quarter saw a net profit of around SAR 8.3 million, dropping 83 percent YoY. Profit for the period halved compared with the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	251.67	110.31	(56.2 %)
Gross Income	95.05	34.54	(63.7 %)
Operating Income	55.66	20.66	(62.9 %)
Net Income	48.66	8.26	(83.0 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.27	0.05	(83.0 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	124.14	110.31	(11.1 %)
Gross Income	45.50	34.54	(24.1 %)
Operating Income	31.28	20.66	(33.9 %)
Net Income	16.33	8.26	(49.4 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.09	0.05	(49.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2016	141.39	(48.6 %)	52.91	(50.9 %)	30.09	(42.8 %)	0.17
Q4 2016	126.62	(54.4 %)	98.31	9.8 %	30.60	(22.8 %)	0.17
2016	750.82	(33.5 %)	322.34	(25.3 %)	152.26	(26.4 %)	0.85
Q1 2017	124.14	(46.3 %)	45.50	(40.2 %)	16.33	(62.0 %)	0.09
Q2 2017	110.31	(56.2 %)	34.54	(63.7 %)	8.26	(83.0 %)	0.05

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2016	750.82	(33.5 %)	322.34	(25.3 %)	152.26	(26.4 %)	0.85

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2016	34.78 %	33.94 %	17.96 %
Q4 2016	42.93 %	37.47 %	19.83 %
2016	42.93 %	37.47 %	19.83 %
Q1 2017	45.32 %	39.39 %	18.99 %
Q2 2017	46.02 %	43.10 %	16.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2016	42.93 %	37.47 %	19.83 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2016	37.42 %	58.32 %	21.28 %
Q4 2016	77.64 %	38.49 %	21.48 %
Q1 2017	36.65 %	38.64 %	13.15 %
Q2 2017	31.31 %	33.90 %	7.49 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2016	180.00	0.90	0.90	10.77
Q4 2016	180.00	0.85	0.83	11.04
Q1 2017	180.00	0.70	0.68	11.13
Q2 2017	180.00	0.47	0.45	11.18

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2016	180.00	0.85	0.83	11.04

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2016	11.76	11.71	0.98
Q4 2016	15.17	15.51	1.16
Q1 2017	15.21	15.63	0.95
Q2 2017	20.90	21.76	0.89

Period	P/E	Adjusted P/E	Price/book
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
2016	15.17	15.51	1.16

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	14.00	8.26	(41.0 %)

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
Hermes	14.00	8.26	(41.0) %

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 falls 73% in H1

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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