Saudi Cement’s 9M profit drops 20% on lower sales

30/10/2018 Argaam Exclusive

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Saudi Cement Co.’s net profit after zakat and tax fell 20.3 percent year-on-year (YoY) to SAR 275.7 million in the first nine months of 2018, on lower sales, higher distribution & marketing expenses.

An increase in Islamic financial charges, and a decrease in the company’s profit share from associates also weighed on the nine-month results.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	866.00	815.76	(5.8 %)
Gross Income	427.92	378.57	(11.5 %)
Operating Income	361.07	293.21	(18.8 %)
Net Income	346.00	275.68	(20.3 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	2.26	1.80	(20.3 %)

Third-quarter net profit declined 13.7 percent YoY to SAR 75.4 million on lower sales and higher distribution & marketing expenses.

When compared to the previous quarter, Q3 net income jumped 30 percent, thanks to a decline in the cost of sales per ton of cement and higher production.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	250.19	239.55	(4.3 %)
Gross Income	115.58	113.12	(2.1 %)
Operating Income	93.71	80.61	(14.0 %)
Net Income	87.35	75.41	(13.7 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	0.57	0.49	(13.7 %)

Item	Q2 2018	Q3 2018	Change‬
Revenues	245.75	239.55	(2.5 %)
Gross Income	96.13	113.12	17.7 %
Operating Income	64.13	80.61	25.7 %
Net Income	58.05	75.41	29.9 %
Average Shares	153.00	153.00	-
EPS (Riyals)	0.38	0.49	29.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	350.67	2.3 %	182.93	(3.9 %)	152.00	(12.3 %)	0.99
Q2 2009	357.18	2.0 %	180.97	(4.1 %)	167.66	(2.3 %)	1.10
Q3 2009	307.74	(5.4 %)	148.14	(15.1 %)	123.14	(14.9 %)	0.80
Q4 2009	330.29	36.7 %	167.49	10.8 %	139.59	6.0 %	0.91
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
Q1 2010	410.89	17.2 %	205.89	12.5 %	176.58	16.2 %	1.15
Q2 2010	420.42	17.7 %	219.99	21.6 %	190.62	13.7 %	1.25
Q3 2010	327.10	6.3 %	163.93	10.7 %	140.28	13.9 %	0.92
Q4 2010	367.74	11.3 %	179.09	6.9 %	152.04	8.9 %	0.99
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
Q1 2011	423.13	3.0 %	243.65	18.3 %	210.85	19.4 %	1.38
Q2 2011	462.98	10.1 %	243.45	10.7 %	213.76	12.1 %	1.40
Q3 2011	387.26	18.4 %	224.21	36.8 %	195.26	39.2 %	1.28
Q4 2011	442.73	20.4 %	239.69	33.8 %	211.37	39.0 %	1.38
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
Q1 2012	639.29	51.1 %	352.60	44.7 %	325.56	54.4 %	2.13
Q2 2012	591.03	27.7 %	316.21	29.9 %	290.24	35.8 %	1.90
Q3 2012	433.14	11.8 %	238.40	6.3 %	209.45	7.3 %	1.37
Q4 2012	539.99	22.0 %	322.00	34.3 %	276.54	30.8 %	1.81
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
Q1 2013	612.75	(4.2 %)	374.11	6.1 %	340.30	4.5 %	2.22
Q2 2013	626.42	6.0 %	339.99	7.5 %	307.14	5.8 %	2.01
Q3 2013	455.13	5.1 %	260.41	9.2 %	229.06	9.4 %	1.50
Q4 2013	492.95	(8.7 %)	309.75	(3.8 %)	247.30	(10.6 %)	1.62
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
Q1 2014	534.76	(12.7 %)	326.08	(12.8 %)	286.05	(15.9 %)	1.87
Q2 2014	538.38	(14.1 %)	322.82	(5.0 %)	288.30	(6.1 %)	1.88
Q3 2014	425.74	(6.5 %)	264.43	1.5 %	231.72	1.2 %	1.51
Q4 2014	525.71	6.6 %	315.73	1.9 %	268.02	8.4 %	1.75
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
Q1 2015	550.88	3.0 %	339.26	4.0 %	303.10	6.0 %	1.98
Q2 2015	499.63	(7.2 %)	283.93	(12.0 %)	253.82	(12.0 %)	1.66
Q3 2015	398.31	(6.4 %)	232.75	(12.0 %)	207.57	(10.4 %)	1.36
Q4 2015	483.58	(8.0 %)	280.09	(11.3 %)	175.70	(34.4 %)	1.15
2015	1,932.39	(4.6 %)	1,136.02	(7.6 %)	940.19	(12.5 %)	6.15
Q1 2016	506.93	(8.0 %)	295.22	(13.0 %)	262.57	(13.4 %)	1.72
Q2 2016	498.78	(0.2 %)	282.36	(0.6 %)	249.46	(1.7 %)	1.63
Q3 2016	375.05	(5.8 %)	232.19	(0.2 %)	202.28	(2.5 %)	1.32
Q4 2016	397.38	(17.8 %)	220.82	(21.2 %)	186.66	6.2 %	1.22
2016	1,778.14	(8.0 %)	1,030.58	(9.3 %)	900.97	(4.2 %)	5.89
Q1 2017	346.35	(31.7 %)	191.19	(35.2 %)	164.70	(37.3 %)	1.08
Q2 2017	269.45	(46.0 %)	121.16	(57.1 %)	93.95	(62.3 %)	0.61
Q3 2017	250.19	(33.3 %)	115.58	(50.2 %)	87.35	(56.8 %)	0.57
Q4 2017	318.54	(19.8 %)	140.88	(36.2 %)	107.45	(42.4 %)	0.70
2017	1,184.53	(33.4 %)	568.80	(44.8 %)	453.45	(49.7 %)	2.96
Q1 2018	330.46	(4.6 %)	169.32	(11.4 %)	142.23	(13.6 %)	0.93
Q2 2018	245.75	(8.8 %)	96.13	(20.7 %)	58.05	(38.2 %)	0.38
Q3 2018	239.55	(4.3 %)	113.12	(2.1 %)	75.41	(13.7 %)	0.49

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
2015	1,932.39	(4.6 %)	1,136.02	(7.6 %)	940.19	(12.5 %)	6.15
2016	1,778.14	(8.0 %)	1,030.58	(9.3 %)	900.97	(4.2 %)	5.89
2017	1,184.53	(33.4 %)	568.80	(44.8 %)	453.45	(49.7 %)	2.96

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	55.01 %	57.42 %	47.34 %
Q2 2009	54.10 %	58.91 %	46.77 %
Q3 2009	52.76 %	60.33 %	45.70 %
Q4 2009	50.49 %	60.28 %	43.27 %
2009	50.49 %	60.28 %	43.27 %
Q1 2010	49.96 %	59.64 %	43.17 %
Q2 2010	50.47 %	59.49 %	42.87 %
Q3 2010	50.87 %	59.53 %	43.47 %
Q4 2010	50.38 %	58.59 %	43.22 %
2010	50.38 %	58.59 %	43.22 %
Q1 2011	52.44 %	59.80 %	45.10 %
Q2 2011	52.51 %	59.80 %	45.35 %
Q3 2011	54.26 %	60.47 %	47.04 %
Q4 2011	55.42 %	61.26 %	48.44 %
2011	55.42 %	61.26 %	48.44 %
Q1 2012	54.86 %	60.51 %	48.96 %
Q2 2012	54.98 %	60.04 %	49.62 %
Q3 2012	54.45 %	59.94 %	49.22 %
Q4 2012	55.79 %	60.94 %	50.00 %
2012	55.79 %	60.94 %	50.00 %
Q1 2013	57.45 %	62.67 %	51.29 %
Q2 2013	57.61 %	62.66 %	51.23 %
Q3 2013	58.03 %	62.90 %	51.61 %
Q4 2013	58.72 %	63.38 %	51.38 %
2013	58.72 %	63.38 %	51.38 %
Q1 2014	58.61 %	63.45 %	50.71 %
Q2 2014	60.31 %	65.26 %	51.98 %
Q3 2014	61.40 %	66.27 %	52.88 %
Q4 2014	60.71 %	65.63 %	53.05 %
2014	60.71 %	65.63 %	53.05 %
Q1 2015	60.87 %	65.62 %	53.47 %
Q2 2015	60.11 %	65.26 %	52.78 %
Q3 2015	59.34 %	64.97 %	52.29 %
Q4 2015	58.79 %	64.64 %	52.08 %
2015	58.79 %	64.64 %	52.08 %
Q1 2016	57.82 %	64.19 %	51.14 %
Q2 2016	57.77 %	64.19 %	50.94 %
Q3 2016	58.46 %	65.04 %	51.29 %
Q4 2016	57.96 %	65.13 %	50.67 %
2016	57.96 %	65.13 %	50.67 %
Q1 2017	57.28 %	65.04 %	49.65 %
Q2 2017	55.13 %	64.08 %	46.65 %
Q3 2017	51.35 %	60.90 %	42.16 %
Q4 2017	48.02 %	57.56 %	38.28 %
2017	48.02 %	57.56 %	38.28 %
Q1 2018	46.80 %	56.48 %	36.88 %
Q2 2018	45.58 %	54.48 %	34.51 %
Q3 2018	45.79 %	53.62 %	33.78 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	55.94 %	56.60 %	49.33 %
2009	50.49 %	60.28 %	43.27 %
2010	50.38 %	58.59 %	43.22 %
2011	55.42 %	61.26 %	48.44 %
2012	55.79 %	60.94 %	50.00 %
2013	58.72 %	63.38 %	51.38 %
2014	60.71 %	65.63 %	53.05 %
2015	58.79 %	64.64 %	52.08 %
2016	57.96 %	65.13 %	50.67 %
2017	48.02 %	57.56 %	38.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	52.17 %	59.55 %	43.35 %
Q2 2009	50.67 %	60.30 %	46.94 %
Q3 2009	48.14 %	59.75 %	40.01 %
Q4 2009	50.71 %	61.51 %	42.26 %
Q1 2010	50.11 %	57.49 %	42.97 %
Q2 2010	52.33 %	59.66 %	45.34 %
Q3 2010	50.12 %	59.93 %	42.89 %
Q4 2010	48.70 %	57.39 %	41.35 %
Q1 2011	57.58 %	61.94 %	49.83 %
Q2 2011	52.58 %	59.67 %	46.17 %
Q3 2011	57.90 %	62.74 %	50.42 %
Q4 2011	54.14 %	60.98 %	47.74 %
Q1 2012	55.16 %	59.43 %	50.93 %
Q2 2012	53.50 %	58.21 %	49.11 %
Q3 2012	55.04 %	61.97 %	48.36 %
Q4 2012	59.63 %	64.88 %	51.21 %
Q1 2013	61.06 %	65.52 %	55.54 %
Q2 2013	54.27 %	58.43 %	49.03 %
Q3 2013	57.22 %	63.17 %	50.33 %
Q4 2013	62.84 %	67.23 %	50.17 %
Q1 2014	60.98 %	66.09 %	53.49 %
Q2 2014	59.96 %	64.41 %	53.55 %
Q3 2014	62.11 %	67.73 %	54.43 %
Q4 2014	60.06 %	64.70 %	50.98 %
Q1 2015	61.58 %	66.04 %	55.02 %
Q2 2015	56.83 %	62.90 %	50.80 %
Q3 2015	58.43 %	66.46 %	52.11 %
Q4 2015	57.92 %	63.34 %	50.01 %
Q1 2016	58.24 %	64.50 %	51.80 %
Q2 2016	56.61 %	62.88 %	50.01 %
Q3 2016	61.91 %	70.83 %	53.93 %
Q4 2016	55.57 %	63.40 %	46.97 %
Q1 2017	55.20 %	63.75 %	47.55 %
Q2 2017	44.96 %	56.09 %	34.87 %
Q3 2017	46.19 %	58.18 %	34.91 %
Q4 2017	44.23 %	51.58 %	33.73 %
Q1 2018	51.24 %	60.23 %	43.04 %
Q2 2018	39.12 %	46.74 %	23.62 %
Q3 2018	47.22 %	54.29 %	31.48 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	153.00	3.92	3.92	17.26
Q2 2009	153.00	3.90	3.90	18.35
Q3 2009	153.00	3.75	3.75	19.16
Q4 2009	153.00	3.81	3.81	20.07
Q1 2010	153.00	3.97	3.97	18.88
Q2 2010	153.00	4.12	4.12	20.12
Q3 2010	153.00	4.23	4.23	21.05
Q4 2010	153.00	4.31	4.31	22.03
Q1 2011	153.00	4.53	4.53	23.41
Q2 2011	153.00	4.69	4.69	18.80
Q3 2011	153.00	5.05	5.05	20.07
Q4 2011	153.00	5.43	5.43	21.45
Q1 2012	153.00	6.18	6.18	19.07
Q2 2012	153.00	6.68	6.68	17.46
Q3 2012	153.00	6.78	6.78	18.83
Q4 2012	153.00	7.20	7.20	20.64
Q1 2013	153.00	7.30	7.30	19.35
Q2 2013	153.00	7.41	7.41	17.86
Q3 2013	153.00	7.54	7.54	19.35
Q4 2013	153.00	7.35	7.35	20.97
Q1 2014	153.00	6.99	6.99	19.33
Q2 2014	153.00	6.87	6.87	17.38
Q3 2014	153.00	6.88	6.88	18.90
Q4 2014	153.00	7.02	7.02	20.65
Q1 2015	153.00	7.13	7.13	20.12
Q2 2015	153.00	6.91	6.91	18.77
Q3 2015	153.00	6.75	6.75	20.13
Q4 2015	153.00	6.15	6.58	21.28
Q1 2016	153.00	5.88	6.31	19.37
Q2 2016	153.00	5.85	6.28	18.25
Q3 2016	153.00	5.82	6.25	19.57
Q4 2016	153.00	5.89	5.89	20.85
Q1 2017	153.00	5.25	5.25	21.92
Q2 2017	153.00	4.23	4.23	17.54
Q3 2017	153.00	3.48	3.48	18.11
Q4 2017	153.00	2.96	2.96	18.81
Q1 2018	153.00	2.82	2.82	19.74
Q2 2018	153.00	2.58	2.58	16.87
Q3 2018	153.00	2.50	2.50	17.36

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	153.00	4.06	4.06	18.61
2009	153.00	3.81	3.81	20.07
2010	153.00	4.31	4.31	22.03
2011	153.00	5.43	5.43	21.45
2012	153.00	7.20	7.20	20.64
2013	153.00	7.35	7.35	20.97
2014	153.00	7.02	7.02	20.65
2015	153.00	6.15	6.58	21.28
2016	153.00	5.89	5.89	20.85
2017	153.00	2.96	2.96	18.81

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	9.77	9.77	2.22
Q2 2009	9.75	9.75	2.07
Q3 2009	11.45	11.45	2.24
Q4 2009	10.07	10.07	1.91
Q1 2010	12.27	12.27	2.58
Q2 2010	10.78	10.78	2.21
Q3 2010	10.47	10.47	2.10
Q4 2010	11.55	11.55	2.26
Q1 2011	11.63	11.63	2.25
Q2 2011	13.66	13.66	3.41
Q3 2011	12.54	12.54	3.15
Q4 2011	13.25	13.25	3.36
Q1 2012	13.67	13.67	4.43
Q2 2012	13.51	13.51	5.17
Q3 2012	12.99	12.99	4.67
Q4 2012	13.19	13.19	4.60
Q1 2013	12.33	12.33	4.65
Q2 2013	13.63	13.63	5.66
Q3 2013	14.33	14.33	5.58
Q4 2013	13.82	13.82	4.84
Q1 2014	15.23	15.23	5.51
Q2 2014	16.78	16.78	6.63
Q3 2014	16.59	16.59	6.04
Q4 2014	13.63	13.63	4.63
Q1 2015	12.58	12.58	4.46
Q2 2015	14.00	14.00	5.15
Q3 2015	10.63	10.63	3.56
Q4 2015	10.56	9.86	3.05
Q1 2016	10.73	9.99	3.26
Q2 2016	10.80	10.05	3.46
Q3 2016	9.55	8.89	2.84
Q4 2016	12.09	12.09	3.42
Q1 2017	11.40	11.40	2.73
Q2 2017	12.27	12.27	2.96
Q3 2017	12.03	12.03	2.31
Q4 2017	16.00	16.00	2.52
Q1 2018	19.93	19.93	2.84
Q2 2018	19.23	19.23	2.94
Q3 2018	17.89	17.89	2.58

Period	P/E	Adjusted P/E	Price/book
2008	9.28	9.28	2.02
2009	10.07	10.07	1.91
2010	11.55	11.55	2.26
2011	13.25	13.25	3.36
2012	13.19	13.19	4.60
2013	13.82	13.82	4.84
2014	13.63	13.63	4.63
2015	10.56	9.86	3.05
2016	12.09	12.09	3.42
2017	16.00	16.00	2.52

Analysts Estimates (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change‬
Average	53.65	75.41	40.55 %

Estimates vs Actual (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change
Sico	63.00	75.41	19.7 %
Riyad Capital	60.00	75.41	25.7 %
Al Rajhi Capital	54.00	75.41	39.6 %
AlJazira Capital	50.90	75.41	48.1 %
OSOOL AND BAKHEET	50.00	75.41	50.8 %
SNB Capital	44.00	75.41	71.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,862.05
Enterprise Value (EV) (M)	7,017.11
Shares Outstanding ((M))	153.00
EPS ( Riyal) (TTM)	2.42
Book Value (BV) ( Riyal)	14.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.50
P/E (TTM)	18.50
Price/book	3.02
Return on Average Assets (%) (TTM)	11.3
Return on Average Equity (%) (TTM)	15.8

Saudi Cement Co. (SAUDI CEMENT)

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Saudi Cement’s 9M profit drops 20% on lower sales

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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

Saudi Cement Co. (SAUDI CEMENT)

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Saudi Cement’s 9M profit drops 20% on lower sales

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

Saudi Cement Co. (SAUDI CEMENT)

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