Saudi cement firms’ combined net profit fell 49% in Q1

Last Updated Date 14/05/2017 Argaam Report

Saudi-listed cement producers reported aggregate net profit of SAR 791.5 million for Q1 2017, a drop of 49 percent year-on-year (YoY), hurt by lower demand and decreased sales, data compiled by Argaam showed.

Cement - Aggregate Income (M)

Item	3m-2016	3m -2017	Change‬
Net Income	1,532.43	782.98	(48.91 %)

Najran Cement recorded the steepest profit decline of 82 percent YoY in Q1 2017, due to lower selling prices and higher cost of sales.

It was followed by Hail Cement (-74 percent), Yamama Cement (-66 percent), along with Southern Region Cement (-63 percent).

Meanwhile, Umm al Qura Cement Co. has reported net earnings of SAR 17 million in Q1 2017, versus net losses of SAR 3.7 million in Q1 2016, backed by the launch of commercial operations and better sales.

Cement - Net Income (M)

Company	3m-2016	3m -2017	Change‬
City Cement Co.	73.32	37.87	(48.34 %)
Arabian Cement Co.	225.59	100.66	(55.38 %)
Yamama Cement Co.	150.46	50.82	(66.22 %)
Qassim Cement Co.	133.80	80.16	(40.09 %)
Yanbu Cement Co.	170.69	124.27	(27.20 %)
Southern Province Cement Co.	283.20	104.57	(63.08 %)
Al Jouf Cement Co.	24.72	16.29	(34.12 %)
Eastern Province Cement Co.	86.18	50.40	(41.52 %)
Tabuk Cement Co.	21.31	8.68	(59.26 %)
Northern Region Cement Co.	42.91	16.33	(61.95 %)
Najran Cement Co.	61.34	11.22	(81.71 %)
Umm Al-Qura Cement Co.	(3.65)	17.02	565.90 %
Saudi Cement Co.	262.57	164.70	(37.27 %)
Riyadh Cement Co.	-	-	-
Total	1,532.43	782.98	(48.91 %)

Cement - Quarterly Aggregate Income (M)

Period	Aggregate Income	Growth
2017 - Q4	550.93	(26.47 %)
2017 - Q3	299.70	(63.89 %)
2017 - Q2	442.04	(65.50 %)
2017 - Q1	782.98	(48.91 %)
2016 - Q4	749.21	(46.06 %)
2016 - Q3	829.96	(23.12 %)
2016 - Q2	1,281.34	(21.88 %)
2016 - Q1	1,532.43	(7.60 %)
2015 - Q4	1,388.90	(0.75 %)
2015 - Q3	1,079.50	(15.55 %)
2015 - Q2	1,640.15	(5.15 %)
2015 - Q1	1,658.50	3.32 %
2014 - Q4	1,399.42	28.58 %
2014 - Q3	1,278.33	20.56 %
2014 - Q2	1,729.12	(4.25 %)
2014 - Q1	1,605.13	(12.35 %)
2013 - Q4	1,088.39	(23.59 %)
2013 - Q3	1,060.31	(7.13 %)
2013 - Q2	1,805.90	19.10 %
2013 - Q1	1,831.21	6.02 %

The cement producers’ Q1 combined profit rose by 3 percent quarter-on-quarter (QoQ), from SAR 771.6 million in Q4 2016.

Net Income (M)

Company	Q1-2017	Q4-2016	Q3-2016	Q2-2016	Q1-2016	Q4-2015	Q3-2015	Q2-2015	Q1-2015	Q4-2014	Q3-2014	Q2-2014	Q1-2014	Q4-2013	Q3-2013	Q2-2013	Q1-2013	Q4-2012	Q3-2012	Q2-2012	Q1-2012	Q4-2011	Q3-2011	Q2-2011	Q1-2011	Q4-2010	Q3-2010	Q2-2010	Q1-2010	Q4-2009	Q3-2009	Q2-2009	Q1-2009	Q4-2008	Q3-2008	Q2-2008	Q1-2008	Q4-2007	Q3-2007	Q2-2007	Q1-2007	Q4-2006	Q3-2006	Q2-2006	Q1-2006	Q4-2005	Q3-2005	Q2-2005	Q1-2005	Q4-2004	Q3-2004	Q2-2004	Q1-2004	Q4-2003	Q3-2003	Q2-2003	Q1-2003
SAUDI CEMENT	164.70	186.66	202.28	249.46	262.57	175.70	207.57	253.82	303.10	268.02	231.72	288.30	286.05	247.30	229.06	307.14	340.30	276.54	209.45	290.24	325.56	211.37	195.26	213.76	210.85	152.04	140.28	190.62	176.58	139.59	123.14	167.66	152.00	131.70	144.73	171.59	173.30	168.49	159.43	189.47	169.00	154.64	155.49	174.99	152.64	89.29	128.78	138.15	128.07	124.24	113.19	104.94	95.13	95.16	122.44	94.46	90.48
SPCC	104.57	152.77	173.56	267.98	283.20	300.05	202.21	270.35	266.00	245.30	284.92	294.20	221.01	253.52	186.61	297.21	268.75	253.76	200.39	261.73	284.33	251.00	179.78	239.08	225.88	164.80	118.90	185.18	189.63	180.71	140.56	212.15	200.17	176.54	149.40	230.49	234.64	154.84	197.61	192.53	158.91	136.08	164.97	167.69	155.49	124.79	167.09	169.59	153.50	0.46	155.89	159.23	123.89	(0.75)	144.05	128.32	114.11
YC	50.82	34.81	56.31	116.29	150.46	152.80	95.53	191.48	175.41	151.69	137.16	207.36	174.64	177.73	148.08	267.63	276.80	173.81	156.65	209.46	277.64	191.05	148.57	220.42	179.72	159.86	139.80	192.07	165.19	145.12	125.29	165.35	125.99	85.13	100.48	227.80	197.47	126.98	228.43	202.51	173.51	111.76	145.90	184.79	158.72	159.12	134.83	104.17	102.77	92.88	102.87	248.17	98.30	107.35	95.39	93.63	92.23
YCC	124.27	103.78	92.06	159.23	170.69	208.75	144.67	245.50	207.17	193.31	162.84	240.56	205.22	160.22	139.64	274.41	247.02	203.43	156.71	215.59	144.76	153.40	124.88	149.90	101.10	99.53	94.24	113.42	123.18	81.59	97.63	151.07	151.78	120.25	121.67	149.45	168.37	110.26	179.15	219.90	151.64	106.13	130.75	154.08	121.25	115.49	122.82	110.23	105.07	90.07	123.30	109.44	104.85	78.88	113.51	95.27	90.26
ACC	100.66	24.05	97.17	141.00	225.59	153.46	89.48	161.94	195.27	144.55	133.94	199.80	167.14	(106.67)	16.85	124.65	157.26	82.33	87.03	71.93	146.14	70.35	104.92	111.75	116.02	10.85	81.68	81.17	81.74	(87.23)	72.82	82.65	103.78	46.76	71.77	90.38	115.26	86.02	110.66	102.26	93.23	59.14	82.23	102.67	89.53	78.85	86.14	96.72	69.14	45.31	69.04	131.83	60.19	50.51	46.87	67.68	45.53
QACCO	80.16	87.92	69.45	113.90	133.80	140.53	115.12	168.08	162.71	134.23	109.03	161.11	159.05	135.31	114.70	165.93	168.46	143.03	110.51	148.98	158.44	146.10	114.97	144.65	147.18	112.48	107.09	135.76	145.23	173.48	128.77	148.22	151.53	91.09	113.49	151.93	160.24	148.34	154.04	148.01	90.16	68.29	85.87	80.33	81.09	73.02	77.14	72.73	58.64	55.76	64.84	69.31	56.47	57.52	62.44	66.15	57.77
EPCCO	50.40	51.66	42.03	47.33	86.18	87.86	66.73	92.77	84.94	79.25	55.94	81.64	156.73	54.63	67.65	77.42	109.45	95.64	83.78	103.18	104.06	105.64	74.71	101.05	82.55	82.91	63.59	104.28	92.20	50.05	100.60	103.09	96.96	74.79	62.75	141.66	155.04	111.45	134.24	162.80	132.94	110.18	119.11	115.52	100.70	61.79	74.64	96.85	65.55	55.03	62.78	94.84	57.26	53.77	69.06	69.90	58.03
RIYADH CEMENT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NORTHERN CEMENT	16.33	30.60	30.09	48.66	42.91	39.62	52.64	64.03	50.63	25.81	51.35	62.09	60.76	51.58	50.04	90.20	42.79	17.94	7.28	28.73	39.47	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAJRAN CEMENT	11.22	14.91	15.62	33.87	61.34	53.73	32.07	77.83	92.00	63.96	41.16	84.39	53.69	20.38	26.56	63.66	87.54	58.83	36.20	26.58	80.62	4.96	83.32	78.11	68.24	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
CITY CEMENT	37.87	45.91	32.92	64.16	73.32	58.63	47.39	68.25	67.59	47.30	46.96	62.24	65.25	48.28	45.42	72.94	51.79	43.46	39.03	76.98	83.44	70.08	38.18	50.91	63.49	61.60	50.54	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
TCC	8.68	4.58	7.85	21.08	21.31	22.64	9.23	26.91	32.63	28.85	21.62	43.11	44.00	38.14	28.35	50.90	56.06	50.27	32.76	56.71	49.21	28.05	24.72	42.92	41.22	21.42	23.79	41.71	34.02	25.55	24.24	37.83	33.51	8.87	22.91	68.79	50.58	45.67	54.62	62.86	57.24	37.54	59.98	63.58	56.46	37.61	43.20	40.06	33.96	32.84	37.21	32.91	25.63	19.83	22.38	19.83	13.62
UACC	17.02	1.85	(4.28)	(4.35)	(3.65)	(10.00)	(1.73)	(7.62)	(4.72)	(3.72)	(6.90)	(11.74)	(3.42)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
JOUF CEMENT	16.29	9.70	14.90	22.74	24.72	5.14	18.63	26.81	25.76	20.87	8.60	16.08	15.01	7.97	7.34	13.81	24.99	25.46	21.93	26.22	33.49	14.09	14.39	25.86	28.23	16.69	5.00	(1.70)	(5.22)	(16.58)	(5.90)	(4.86)	(4.51)	(0.12)	(6.30)	(3.16)	(1.39)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	782.98	749.21	829.96	1,281.34	1,532.43	1,388.90	1,079.50	1,640.15	1,658.50	1,399.42	1,278.33	1,729.12	1,605.13	1,088.39	1,060.31	1,805.90	1,831.21	1,424.49	1,141.73	1,516.33	1,727.16	1,246.08	1,103.70	1,378.41	1,264.48	882.18	824.92	1,042.52	1,002.55	692.29	807.15	1,063.14	1,011.21	735.02	780.89	1,228.93	1,253.51	952.04	1,218.19	1,280.35	1,026.62	783.76	944.29	1,043.64	915.88	739.96	834.64	828.50	716.71	496.60	729.13	950.67	621.73	462.25	676.13	635.23	562.03

Price Earnings (P/E) Ratios

Company	EPS (Riyal)	Close	Adjusted P/E (TTM)
Southern Province Cement Co.	4.99	52.50	6.64
Arabian Cement Co.	3.63	35.37	7.18
Yanbu Cement Co.	3.04	31.90	7.68
Saudi Cement Co.	5.25	51.09	7.78
Northern Region Cement Co.	0.70	10.05	13.20
City Cement Co.	1.29	11.65	13.65
Eastern Province Cement Co.	2.23	26.70	15.25
Qassim Cement Co.	3.90	49.70	16.89
Al Jouf Cement Co.	0.59	9.57	17.46
Najran Cement Co.	0.44	10.25	20.77
Yamama Cement Co.	1.28	17.65	25.48
Tabuk Cement Co.	0.47	11.81	26.33
Umm Al-Qura Cement Co.	0.19	19.80	69.75

Financials Highlights

Valuation Data (Latest Share Price)

P/E (TTM)	18.45
P/BV	1.42
Dividend Yield	4.10 %
Sector Capitalization (M)	45,118.13
Market Cap. (M)	3,354,767.33
Return on Average Assets (TTM)	5.22 %
Return on Average Equity (TTM)	6.82 %

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