Northern Cement posts SAR 30 mln profit in H1 2019

30/07/2019 Argaam Exclusive

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Northern Region Cement Co. reported a net profit after zakat and tax of SAR 29.6 million for H1 2019, against a net loss of SAR 5.2 million a year earlier.

The robust results were driven by a rise in average selling prices and exports.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	240.38	268.57	11.7 %
Gross Income	62.23	100.24	61.1 %
Operating Income	14.52	54.33	274.0 %
Net Income	(5.18)	29.39	667.9 %
Average Shares	180.00	180.00	-
EPS (Riyals)	(0.03)	0.16	667.9 %

In Q2 2019, the cement producer posted a net profit after zakat and tax of SAR 14.1 million, compared to a net loss of SAR 6.7 million in Q2 2018 on higher average selling prices and exports.

When compared to the previous quarter, net profit dropped 9.3 percent as the company recorded capital gains in Q1 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	119.63	144.25	20.6 %
Gross Income	30.70	49.12	60.0 %
Operating Income	5.45	27.35	401.7 %
Net Income	(6.62)	13.97	311.0 %
Average Shares	180.00	180.00	-
EPS (Riyals)	(0.04)	0.08	311.0 %

Item	Q1 2019	Q2 2019	Change‬
Revenues	124.32	144.25	16.0 %
Gross Income	51.12	49.12	(3.9 %)
Operating Income	26.98	27.35	1.3 %
Net Income	15.42	13.97	(9.4 %)
Average Shares	180.00	180.00	-
EPS (Riyals)	0.09	0.08	(9.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	893.97	101.1 %	320.96	61.1 %	292.93	62.9 %
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	586.76	(34.4 %)	237.30	(26.1 %)	199.62	(31.9 %)
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	-
2012	538.63	(8.2 %)	137.33	(42.1 %)	101.97	(48.9 %)
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 %
2013	852.44	58.3 %	354.51	158.1 %	242.34	137.7 %
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 %)
Q3 2014	203.39	21.5 %	78.10	31.4 %	59.00	21.0 %
Q4 2014	257.47	4.1 %	110.72	(21.1 %)	68.20	7.8 %
2014	999.14	17.2 %	393.40	11.0 %	262.89	8.5 %
Q1 2015	253.13	(18.0 %)	100.51	(13.6 %)	59.65	(12.5 %)
Q2 2015	324.34	41.2 %	133.49	51.3 %	79.31	17.4 %
Q3 2015	274.92	35.2 %	107.83	38.1 %	63.49	7.6 %
Q4 2015	277.41	7.7 %	89.57	(19.1 %)	52.06	(23.7 %)
2015	1,129.80	13.1 %	431.39	9.7 %	254.51	(3.2 %)
Q1 2016	231.14	(8.7 %)	76.07	(24.3 %)	53.78	(9.8 %)
Q2 2016	251.67	(22.4 %)	95.05	(28.8 %)	55.66	(29.8 %)
Q3 2016	141.39	(48.6 %)	52.91	(50.9 %)	36.10	(43.1 %)
Q4 2016	126.62	(54.4 %)	98.31	9.8 %	51.64	(0.8 %)
2016	750.82	(33.5 %)	322.34	(25.3 %)	197.19	(22.5 %)
Q1 2017	124.14	(46.3 %)	45.50	(40.2 %)	31.28	(41.9 %)
Q2 2017	110.31	(56.2 %)	34.54	(63.7 %)	20.66	(62.9 %)
Q3 2017	104.85	(25.8 %)	46.66	(11.8 %)	22.30	(38.2 %)
Q4 2017	123.37	(2.6 %)	46.77	(52.4 %)	26.76	(48.2 %)
2017	462.67	(38.4 %)	173.47	(46.2 %)	100.99	(48.8 %)
Q1 2018	113.14	(8.9 %)	23.92	(47.4 %)	9.07	(71.0 %)
Q2 2018	119.63	8.4 %	30.70	(11.1 %)	5.45	(73.6 %)
Q3 2018	99.09	(5.5 %)	39.45	(15.4 %)	17.72	(20.5 %)
Q4 2018	53.08	(57.0 %)	45.91	(1.8 %)	22.28	(16.7 %)
2018	392.55	(15.2 %)	147.60	(14.9 %)	54.53	(46.0 %)
Q1 2019	124.32	9.9 %	51.12	113.7 %	26.98	197.4 %
Q2 2019	144.25	20.6 %	49.12	60.0 %	27.35	401.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2009	444.59	2068.7 %	199.21	2021.7 %	179.83	2503.2 %
2010	893.97	101.1 %	320.96	61.1 %	292.93	62.9 %
2011	586.76	(34.4 %)	237.30	(26.1 %)	199.62	(31.9 %)
2012	538.63	(8.2 %)	137.33	(42.1 %)	101.97	(48.9 %)
2013	852.44	58.3 %	354.51	158.1 %	242.34	137.7 %
2014	999.14	17.2 %	393.40	11.0 %	262.89	8.5 %
2015	1,129.80	13.1 %	431.39	9.7 %	254.51	(3.2 %)
2016	750.82	(33.5 %)	322.34	(25.3 %)	197.19	(22.5 %)
2017	462.67	(38.4 %)	173.47	(46.2 %)	100.99	(48.8 %)
2018	392.55	(15.2 %)	147.60	(14.9 %)	54.53	(46.0 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	284.96	66.0 %	1.58	-	284.96	1.58
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	246.20	(13.6 %)	1.37	-	180.01	1.00
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
2012	93.42	(62.1 %)	0.52	-	93.42	0.52
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
2013	234.62	151.2 %	1.30	-	234.62	1.30
Q1 2014	60.76	42.0 %	0.34	-	60.76	0.34
Q2 2014	62.09	(31.2 %)	0.34	-	62.09	0.34
Q3 2014	51.35	2.6 %	0.29	-	51.35	0.29
Q4 2014	25.81	(50.0 %)	0.14	-	55.83	0.31
2014	200.01	(14.7 %)	1.11	-	230.04	1.28
Q1 2015	50.63	(16.7 %)	0.28	-	50.63	0.28
Q2 2015	64.03	3.1 %	0.36	-	71.03	0.39
Q3 2015	52.64	2.5 %	0.29	-	52.64	0.29
Q4 2015	39.62	53.5 %	0.22	-	40.30	0.22
2015	206.91	3.4 %	1.15	-	214.59	1.19
Q1 2016	42.91	(15.3 %)	0.24	-	42.91	0.24
Q2 2016	48.66	(24.0 %)	0.27	-	48.66	0.27
Q3 2016	30.09	(42.8 %)	0.17	-	30.09	0.17
Q4 2016	30.60	(22.8 %)	0.17	-	27.20	0.15
2016	152.26	(26.4 %)	0.85	-	148.86	0.83
Q1 2017	16.33	(62.0 %)	0.09	-	16.33	0.09
Q2 2017	8.26	(83.0 %)	0.05	-	8.26	0.05
Q3 2017	12.51	(58.4 %)	0.07	-	12.51	0.07
Q4 2017	15.27	(50.1 %)	0.08	-	15.27	0.08
2017	52.51	(65.5 %)	0.29	-	52.51	0.29
Q1 2018	1.45	(91.1 %)	0.01	-	(4.31)	(0.02)
Q2 2018	(6.62)	(180.1 %)	(0.04)	-	(6.62)	(0.04)
Q3 2018	5.00	(60.1 %)	0.03	-	5.00	0.03
Q4 2018	13.03	(14.7 %)	0.07	-	13.03	0.07
2018	12.85	(75.5 %)	0.07	-	7.10	0.04
Q1 2019	15.42	966.3 %	0.09	-	15.42	0.09
Q2 2019	13.97	311.0 %	0.08	-	13.97	0.08

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2009	171.66	135.7 %	0.95	-	173.96	0.97
2010	284.96	66.0 %	1.58	-	284.96	1.58
2011	246.20	(13.6 %)	1.37	-	180.01	1.00
2012	93.42	(62.1 %)	0.52	-	93.42	0.52
2013	234.62	151.2 %	1.30	-	234.62	1.30
2014	200.01	(14.7 %)	1.11	-	230.04	1.28
2015	206.91	3.4 %	1.15	-	214.59	1.19
2016	152.26	(26.4 %)	0.85	-	148.86	0.83
2017	52.51	(65.5 %)	0.29	-	52.51	0.29
2018	12.85	(75.5 %)	0.07	-	7.10	0.04

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	48.29 %	33.57 %	13.80 %
Q4 2017	37.49 %	36.23 %	11.32 %
2017	37.49 %	36.23 %	11.35 %
Q1 2018	33.63 %	32.16 %	7.03 %
Q2 2018	32.12 %	28.22 %	3.66 %
Q3 2018	30.94 %	30.79 %	2.05 %
Q4 2018	36.36 %	31.27 %	1.84 %
2018	37.60 %	30.66 %	1.81 %
Q1 2019	42.20 %	35.40 %	6.77 %
Q2 2019	44.11 %	38.83 %	11.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	37.49 %	36.23 %	11.35 %
2018	37.60 %	30.66 %	1.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	44.50 %	21.27 %	11.93 %
Q4 2017	37.91 %	48.60 %	12.38 %
Q1 2018	21.14 %	22.62 %	(3.81 %)
Q2 2018	25.66 %	18.61 %	(5.53 %)
Q3 2018	39.81 %	32.65 %	5.04 %
Q4 2018	86.50 %	75.65 %	24.55 %
Q1 2019	41.12 %	36.57 %	12.40 %
Q2 2019	34.05 %	31.47 %	9.68 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2017	180.00	0.38	0.36	11.24
Q4 2017	180.00	0.29	0.29	11.33
Q1 2018	180.00	0.21	0.18	11.34
Q2 2018	180.00	0.13	0.09	11.30
Q3 2018	180.00	0.08	0.05	11.33
Q4 2018	180.00	0.07	0.04	11.41
Q1 2019	180.00	0.15	0.15	11.49
Q2 2019	180.00	0.26	0.26	11.58

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	180.00	0.29	0.29	11.33
2018	180.00	0.07	0.04	11.41

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2017	25.26	26.59	0.84
Q4 2017	36.71	36.71	0.94
Q1 2018	50.51	59.67	0.93
Q2 2018	76.05	More than 100	0.85
Q3 2018	More than 100	More than 100	0.76
Q4 2018	More than 100	More than 100	0.73
Q1 2019	59.18	59.18	0.77
Q2 2019	34.20	34.20	0.78

Period	P/E	Adjusted P/E	Price/book
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
2017	36.61	36.61	0.94
2018	More than 100	More than 100	0.73

Financial Ratios

	Current
Market Cap (M Riyal)	1,630.80
Enterprise Value (EV) (M)	2,352.26
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)	39.74
P/E (TTM)	18.86
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 posts SAR 30 mln profit in H1 2019

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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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