Saudi cement firms’ profit expected to fall 39% in Q4

11/01/2018 Argaam Exclusive

The aggregate net profit of Tadawul-listed cement producers is forecast to drop 39 percent year-on-year (YoY), but jump 35 percent on a quarterly basis to SAR 444.5 million in Q4 2017, average research estimates compiled by Argaam showed.

Southern Province Cement is seen to report the biggest profit plunge of 56 percent YoY in the fourth quarter.

City Cement Co. came second with a 45 percent YoY drop. It was followed by Saudi Cement and Yanbu Cement, which are projected to see their net profit lower by 44 percent and 43 percent YoY, respectively.

The outlook was only positive for Umm Al-Qura Cement’s net earnings which are likely to increase four times YoY and Arabian Cement’s profit which is expected to jump 62 percent YoY.

When compared to the previous quarter, all firms are likely to post stronger profit.

QOQ YOY

Analyst Estimates (Net Income)

Company	No. of Analysts	2016 - Q4 (a)	2017 - Q4 (e)	Difference
SAUDI CEMENT	9	186.66	105.08	(43.7 %)
YC	9	34.81	29.27	(15.9 %)
QACCO	8	87.92	58.18	(33.8 %)
SPCC	8	152.77	69.09	(54.8 %)
YCC	8	103.78	56.77	(45.3 %)
ACC	6	24.05	38.95	62.0 %
EPCCO	2	51.66	35.30	(31.7 %)
CITY CEMENT	2	45.91	24.85	(45.9 %)
JOUF CEMENT	1	9.70	6.70	(31.0 %)
NORTHERN CEMENT	1	30.60	14.40	(52.9 %)
UACC	1	1.85	5.90	218.9 %
Total	9	729.72	444.48	(39.1 %)

The data includes average forecasts issued by Osool & Bakheet Investment, Aljzira Capital, and Albilad Capital.

Estimates per Analyst

	OSOOL AND BAKHEET	AlJazira Capital	SNB Capital	Al Rajhi Capital	Alistithmar Capital	Sico	Riyad Capital	Value Capital	Albilad Capital	Average
SAUDI CEMENT	100.50	111.10	110.00	98.00	101.14	127.00	97.00	101.00	100.00	105.08
YC	33.50	25.90	18.00	25.00	34.49	45.00	27.00	30.50	24.00	29.27
QACCO	58.80	56.30	71.00	53.00	54.50	60.00	53.00	58.80	-	58.18
SPCC	66.10	65.90	71.00	61.00	67.94	70.00	72.00	78.80	-	69.09
YCC	-	42.20	81.00	38.00	55.94	45.00	58.00	64.00	70.00	56.77
ACC	33.90	40.70	63.00	31.00	29.10	36.00	-	-	-	38.95
EPCCO	-	30.60	40.00	-	-	-	-	-	-	35.30
CITY CEMENT	22.10	27.60	-	-	-	-	-	-	-	24.85
JOUF CEMENT	6.70	-	-	-	-	-	-	-	-	6.70
NORTHERN CEMENT	14.40	-	-	-	-	-	-	-	-	14.40
UACC	5.90	-	-	-	-	-	-	-	-	5.90

Market Index

TASI	11,840.52	(27.40)	(0.23 %)

Stock Prices

ACC	26.05	(0.10)	(0.38%)

EPCCO	33.65	0.15	0.44%

QACCO	53.70	(0.80)	(1.47%)

SAUDI CEMENT	41.00	(0.55)	(1.33%)

SPCC	33.20	(0.35)	(1.04%)

TCC	12.40	(0.32)	(2.53%)

YC	31.40	(0.35)	(1.11%)

YCC	23.40	(0.24)	(1.02%)

HCC	11.62	0.02	0.17%

JOUF CEMENT	10.20	(0.02)	(0.20%)

NORTHERN CEMENT	8.95	0.00	0.00%

NAJRAN CEMENT	9.24	(0.06)	(0.65%)

CITY CEMENT	17.64	0.04	0.23%

UACC	17.80	0.18	1.02%

RIYADH CEMENT	32.45	(0.25)	(0.77%)

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