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 %)
YSCC 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
YSCC 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

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Market Index

TASI 12,301.62 107.19 0.88 %

Stock Prices

ACC 25.90 0.10 0.39%
EPCCO 32.50 0.30 0.93%
QACCO 51.10 (0.10) (0.20%)
SAUDI CEMENT 40.75 0.10 0.25%
SPCC 35.70 0.10 0.28%
TCC 12.42 0.10 0.81%
YSCC 30.80 0.30 0.98%
YCC 24.00 0.08 0.33%
HCC 11.62 0.02 0.17%
JOUF CEMENT 10.82 0.04 0.37%
NORTHERN CEMENT 8.93 0.14 1.59%
NAJRAN CEMENT 8.63 0.13 1.53%
CITY CEMENT 17.70 0.26 1.49%
UACC 16.38 0.18 1.11%
RIYADH CEMENT 25.35 0.20 0.80%

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