Qassim Cement’s net profit falls 52% in FY18

29/01/2019 Argaam Exclusive

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Share Price

Qassim Cement Co. (QACCO)

Qassim Cement Co. reported a net profit after zakat and tax of SAR 120.8 million for fiscal year 2018, a plunge of 52 percent year-on-year (YoY), due to lower sales volume and value, amid subdued demand, fierce competition and a decrease in average selling prices.

The cement producer also cited an increase in the average cost of cement sales per ton and higher zakat expenses.

Financials (M)

Item	2017	2018	Change‬
Revenues	625.95	425.73	(32.0 %)
Gross Income	273.68	140.35	(48.7 %)
Operating Income	244.63	111.88	(54.3 %)
Net Income	251.79	120.80	(52.0 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	2.80	1.34	(52.0 %)

The fourth-quarter net profit after zakat and tax dropped 41 percent YoY to SAR 39.6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2017	Q4 2018	Change‬
Revenues	168.98	115.40	(31.7 %)
Gross Income	75.73	46.16	(39.0 %)
Operating Income	67.67	38.38	(43.3 %)
Net Income	67.19	39.56	(41.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.75	0.44	(41.1 %)

Item	Q3 2018	Q4 2018	Change‬
Revenues	74.36	115.40	55.2 %
Gross Income	9.55	46.16	383.6 %
Operating Income	3.29	38.38	1067.8 %
Net Income	5.68	39.56	596.0 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.06	0.44	596.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	242.51	(0.1 %)	151.84	(3.8 %)	151.53	(5.4 %)	1.68
Q2 2009	279.83	20.5 %	159.54	4.9 %	148.22	(2.4 %)	1.65
Q3 2009	226.80	26.2 %	136.92	16.8 %	128.77	13.5 %	1.43
Q4 2009	237.41	43.5 %	120.93	22.2 %	173.48	90.4 %	1.93
2009	986.56	20.3 %	569.23	8.2 %	602.00	16.5 %	6.69
Q1 2010	272.46	12.3 %	156.79	3.3 %	145.23	(4.2 %)	1.61
Q2 2010	255.54	(8.7 %)	149.52	(6.3 %)	135.76	(8.4 %)	1.51
Q3 2010	199.22	(12.2 %)	114.97	(16.0 %)	107.09	(16.8 %)	1.19
Q4 2010	241.21	1.6 %	135.48	12.0 %	112.48	(35.2 %)	1.25
2010	968.43	(1.8 %)	556.76	(2.2 %)	500.56	(16.9 %)	5.56
Q1 2011	275.44	1.1 %	162.70	3.8 %	147.18	1.3 %	1.64
Q2 2011	275.59	7.8 %	154.91	3.6 %	144.65	6.5 %	1.61
Q3 2011	213.36	7.1 %	126.27	9.8 %	114.97	7.4 %	1.28
Q4 2011	270.40	12.1 %	165.37	22.1 %	146.10	29.9 %	1.62
2011	1,034.78	6.9 %	609.25	9.4 %	552.90	10.5 %	6.14
Q1 2012	287.79	4.5 %	170.62	4.9 %	158.44	7.7 %	1.76
Q2 2012	286.18	3.8 %	161.55	4.3 %	148.98	3.0 %	1.66
Q3 2012	212.89	(0.2 %)	121.15	(4.1 %)	110.51	(3.9 %)	1.23
Q4 2012	261.05	(3.5 %)	160.62	(2.9 %)	143.03	(2.1 %)	1.59
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
Q1 2013	290.78	1.0 %	182.58	7.0 %	168.46	6.3 %	1.87
Q2 2013	300.74	5.1 %	181.24	12.2 %	165.93	11.4 %	1.84
Q3 2013	218.10	2.4 %	133.28	10.0 %	114.70	3.8 %	1.27
Q4 2013	240.98	(7.7 %)	146.91	(8.5 %)	135.31	(5.4 %)	1.50
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
Q1 2014	272.87	(6.2 %)	169.75	(7.0 %)	159.05	(5.6 %)	1.77
Q2 2014	270.13	(10.2 %)	171.25	(5.5 %)	161.11	(2.9 %)	1.79
Q3 2014	189.86	(12.9 %)	116.64	(12.5 %)	109.03	(4.9 %)	1.21
Q4 2014	252.84	4.9 %	157.71	7.3 %	134.23	(0.8 %)	1.49
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26
Q1 2015	282.48	3.5 %	176.49	4.0 %	162.71	2.3 %	1.81
Q2 2015	264.15	(2.2 %)	167.76	(2.0 %)	168.08	4.3 %	1.87
Q3 2015	210.47	10.9 %	126.42	8.4 %	115.12	5.6 %	1.28
Q4 2015	266.80	5.5 %	159.02	0.8 %	140.53	4.7 %	1.56
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
Q1 2016	275.49	(2.5 %)	146.83	(16.8 %)	133.80	(17.8 %)	1.49
Q2 2016	220.02	(16.7 %)	120.90	(27.9 %)	113.90	(32.2 %)	1.27
Q3 2016	171.21	(18.7 %)	84.83	(32.9 %)	69.45	(39.7 %)	0.77
Q4 2016	185.33	(30.5 %)	96.44	(39.3 %)	87.92	(37.4 %)	0.98
2016	852.04	(16.8 %)	449.00	(28.7 %)	405.08	(30.9 %)	4.50
Q1 2017	191.12	(30.6 %)	88.18	(39.9 %)	80.16	(40.1 %)	0.89
Q2 2017	135.10	(38.6 %)	56.43	(53.3 %)	53.20	(53.3 %)	0.59
Q3 2017	130.75	(23.6 %)	53.34	(37.1 %)	51.24	(26.2 %)	0.57
Q4 2017	168.98	(8.8 %)	75.73	(21.5 %)	67.19	(23.6 %)	0.75
2017	625.95	(26.5 %)	273.68	(39.0 %)	251.79	(37.8 %)	2.80
Q1 2018	147.91	(22.6 %)	62.64	(29.0 %)	57.18	(28.7 %)	0.64
Q2 2018	88.05	(34.8 %)	22.01	(61.0 %)	18.38	(65.5 %)	0.20
Q3 2018	74.36	(43.1 %)	9.55	(82.1 %)	5.68	(88.9 %)	0.06
Q4 2018	115.40	(31.7 %)	46.16	(39.0 %)	39.56	(41.1 %)	0.44
2018	425.73	(32.0 %)	140.35	(48.7 %)	120.80	(52.0 %)	1.34

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	986.56	20.3 %	569.23	8.2 %	602.00	16.5 %	6.69
2010	968.43	(1.8 %)	556.76	(2.2 %)	500.56	(16.9 %)	5.56
2011	1,034.78	6.9 %	609.25	9.4 %	552.90	10.5 %	6.14
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
2016	852.04	(16.8 %)	449.00	(28.7 %)	405.08	(30.9 %)	4.50
2017	625.95	(26.5 %)	273.68	(39.0 %)	251.79	(37.8 %)	2.80
2018	425.73	(32.0 %)	140.35	(48.7 %)	120.80	(52.0 %)	1.34

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	63.43 %	71.50 %	62.93 %
Q2 2009	60.81 %	68.50 %	59.05 %
Q3 2009	59.84 %	67.36 %	57.68 %
Q4 2009	57.70 %	63.03 %	51.96 %
2009	57.70 %	63.04 %	51.96 %
Q1 2010	56.49 %	61.39 %	49.81 %
Q2 2010	56.86 %	61.74 %	49.77 %
Q3 2010	56.21 %	60.94 %	48.95 %
Q4 2010	57.49 %	62.69 %	51.69 %
2010	57.49 %	62.69 %	51.69 %
Q1 2011	57.92 %	62.85 %	51.73 %
Q2 2011	57.30 %	62.02 %	51.58 %
Q3 2011	57.61 %	62.28 %	51.64 %
Q4 2011	58.88 %	63.65 %	53.43 %
2011	58.88 %	63.65 %	53.43 %
Q1 2012	58.94 %	63.89 %	53.88 %
Q2 2012	58.98 %	63.93 %	53.75 %
Q3 2012	58.52 %	63.44 %	53.35 %
Q4 2012	58.59 %	63.56 %	53.53 %
2012	58.59 %	63.56 %	53.53 %
Q1 2013	59.56 %	64.48 %	54.33 %
Q2 2013	60.59 %	65.49 %	55.18 %
Q3 2013	61.43 %	65.84 %	55.26 %
Q4 2013	61.30 %	65.93 %	55.52 %
2013	61.30 %	65.93 %	55.58 %
Q1 2014	61.12 %	65.81 %	55.33 %
Q2 2014	61.99 %	66.79 %	56.20 %
Q3 2014	62.08 %	67.53 %	57.05 %
Q4 2014	62.43 %	66.86 %	56.17 %
2014	62.43 %	66.86 %	56.19 %
Q1 2015	62.50 %	66.72 %	56.24 %
Q2 2015	62.53 %	66.60 %	56.86 %
Q3 2015	62.22 %	66.16 %	56.54 %
Q4 2015	61.50 %	66.18 %	56.53 %
2015	61.50 %	66.18 %	56.53 %
Q1 2016	59.00 %	63.77 %	54.08 %
Q2 2016	56.86 %	61.87 %	51.74 %
Q3 2016	54.80 %	59.80 %	49.03 %
Q4 2016	52.70 %	57.51 %	47.54 %
2016	52.70 %	57.51 %	47.54 %
Q1 2017	50.85 %	55.97 %	45.78 %
Q2 2017	47.73 %	53.17 %	42.58 %
Q3 2017	45.83 %	51.68 %	42.43 %
Q4 2017	43.72 %	50.13 %	40.23 %
2017	43.72 %	50.13 %	40.23 %
Q1 2018	42.58 %	49.42 %	39.26 %
Q2 2018	39.90 %	47.65 %	36.21 %
Q3 2018	35.45 %	44.20 %	30.97 %
Q4 2018	32.97 %	42.98 %	28.37 %
2018	32.97 %	42.98 %	28.37 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	57.70 %	63.04 %	51.96 %
2010	57.49 %	62.69 %	51.69 %
2011	58.88 %	63.65 %	53.43 %
2012	58.59 %	63.56 %	53.53 %
2013	61.30 %	65.93 %	55.58 %
2014	62.43 %	66.86 %	56.19 %
2015	61.50 %	66.18 %	56.53 %
2016	52.70 %	57.51 %	47.54 %
2017	43.72 %	50.13 %	40.23 %
2018	32.97 %	42.98 %	28.37 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	62.61 %	69.26 %	62.48 %
Q2 2009	57.01 %	62.36 %	52.97 %
Q3 2009	60.37 %	67.62 %	56.78 %
Q4 2009	50.94 %	53.06 %	35.42 %
Q1 2010	57.55 %	62.45 %	53.30 %
Q2 2010	58.51 %	63.82 %	53.13 %
Q3 2010	57.71 %	64.58 %	53.76 %
Q4 2010	56.17 %	60.19 %	46.63 %
Q1 2011	59.07 %	63.03 %	53.43 %
Q2 2011	56.21 %	60.78 %	52.49 %
Q3 2011	59.18 %	65.61 %	53.89 %
Q4 2011	61.16 %	65.66 %	54.03 %
Q1 2012	59.28 %	63.92 %	55.06 %
Q2 2012	56.45 %	61.04 %	52.06 %
Q3 2012	56.91 %	63.22 %	51.91 %
Q4 2012	61.53 %	66.19 %	54.79 %
Q1 2013	62.79 %	67.24 %	57.93 %
Q2 2013	60.26 %	64.80 %	55.17 %
Q3 2013	61.11 %	64.97 %	52.38 %
Q4 2013	60.96 %	66.62 %	55.87 %
Q1 2014	62.21 %	66.89 %	57.37 %
Q2 2014	63.40 %	68.31 %	58.41 %
Q3 2014	61.43 %	68.49 %	56.16 %
Q4 2014	62.38 %	64.06 %	52.47 %
Q1 2015	62.48 %	66.38 %	57.60 %
Q2 2015	63.51 %	67.90 %	60.76 %
Q3 2015	60.06 %	66.18 %	54.69 %
Q4 2015	59.60 %	64.27 %	52.67 %
Q1 2016	53.30 %	57.47 %	48.57 %
Q2 2016	54.95 %	60.36 %	51.77 %
Q3 2016	49.55 %	55.86 %	40.56 %
Q4 2016	52.04 %	55.71 %	47.44 %
Q1 2017	46.14 %	51.27 %	41.94 %
Q2 2017	41.77 %	48.95 %	39.38 %
Q3 2017	40.80 %	49.39 %	39.19 %
Q4 2017	44.82 %	50.37 %	39.76 %
Q1 2018	42.35 %	48.80 %	38.66 %
Q2 2018	25.00 %	37.93 %	20.87 %
Q3 2018	12.84 %	28.43 %	7.64 %
Q4 2018	40.00 %	48.75 %	34.28 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	90.00	5.64	5.73	20.83
Q2 2009	90.00	5.60	5.69	19.97
Q3 2009	90.00	5.77	5.86	18.40
Q4 2009	90.00	6.69	5.70	20.32
Q1 2010	90.00	6.62	5.63	18.92
Q2 2010	90.00	6.48	5.49	20.43
Q3 2010	90.00	6.24	5.25	19.37
Q4 2010	90.00	5.56	5.56	20.62
Q1 2011	90.00	5.58	5.58	19.49
Q2 2011	90.00	5.68	5.68	21.09
Q3 2011	90.00	5.77	5.77	20.12
Q4 2011	90.00	6.14	6.14	21.74
Q1 2012	90.00	6.27	6.27	19.99
Q2 2012	90.00	6.32	6.32	21.64
Q3 2012	90.00	6.27	6.27	20.37
Q4 2012	90.00	6.23	6.23	21.96
Q1 2013	90.00	6.34	6.34	20.31
Q2 2013	90.00	6.53	6.53	22.15
Q3 2013	90.00	6.58	6.57	20.68
Q4 2013	90.00	6.49	6.48	22.19
Q1 2014	90.00	6.39	6.35	20.44
Q2 2014	90.00	6.34	6.26	22.22
Q3 2014	90.00	6.27	6.17	20.43
Q4 2014	90.00	6.26	6.15	21.93
Q1 2015	90.00	6.30	6.22	20.72
Q2 2015	90.00	6.38	6.25	21.09
Q3 2015	90.00	6.45	6.34	20.87
Q4 2015	90.00	6.52	6.43	20.93
Q1 2016	90.00	6.19	6.11	20.42
Q2 2016	90.00	5.59	5.59	18.92
Q3 2016	90.00	5.09	5.09	19.69
Q4 2016	90.00	4.50	4.50	19.68
Q1 2017	90.00	3.90	3.90	19.57
Q2 2017	90.00	3.23	3.23	19.32
Q3 2017	90.00	3.03	3.03	19.23
Q4 2017	90.00	2.80	2.80	19.38
Q1 2018	90.00	2.54	2.54	19.22
Q2 2018	90.00	2.16	2.16	18.77
Q3 2018	90.00	1.65	1.65	18.48
Q4 2018	90.00	1.34	1.34	18.19

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	90.00	6.69	5.70	20.32
2010	90.00	5.56	5.56	20.62
2011	90.00	6.14	6.14	21.74
2012	90.00	6.23	6.23	21.96
2013	90.00	6.50	6.49	22.19
2014	90.00	6.26	6.15	21.93
2015	90.00	6.52	6.43	20.93
2016	90.00	4.50	4.50	19.68
2017	90.00	2.80	2.80	19.38
2018	90.00	1.34	1.34	18.19

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	7.53	7.41	2.04
Q2 2009	10.44	10.28	2.93
Q3 2009	11.95	11.77	3.75
Q4 2009	10.39	12.20	3.42
Q1 2010	11.26	13.24	3.94
Q2 2010	10.92	12.89	3.46
Q3 2010	10.46	12.44	3.37
Q4 2010	11.19	11.19	3.02
Q1 2011	10.79	10.79	3.09
Q2 2011	12.45	12.45	3.35
Q3 2011	11.83	11.83	3.39
Q4 2011	11.84	11.84	3.35
Q1 2012	12.64	12.64	3.97
Q2 2012	12.35	12.35	3.60
Q3 2012	12.13	12.13	3.73
Q4 2012	12.92	12.92	3.67
Q1 2013	12.33	12.33	3.85
Q2 2013	12.59	12.59	3.71
Q3 2013	12.73	12.74	4.05
Q4 2013	13.78	13.81	4.03
Q1 2014	14.17	14.26	4.43
Q2 2014	15.68	15.87	4.47
Q3 2014	16.34	16.60	5.02
Q4 2014	14.24	14.49	4.06
Q1 2015	14.61	14.80	4.44
Q2 2015	14.92	15.23	4.51
Q3 2015	12.64	12.85	3.91
Q4 2015	10.75	10.89	3.35
Q1 2016	9.92	10.06	3.01
Q2 2016	11.65	11.65	3.44
Q3 2016	10.61	10.61	2.74
Q4 2016	14.94	14.94	3.42
Q1 2017	12.97	12.97	2.59
Q2 2017	15.46	15.46	2.58
Q3 2017	14.60	14.60	2.30
Q4 2017	16.09	16.09	2.32
Q1 2018	17.02	17.02	2.25
Q2 2018	18.05	18.05	2.07
Q3 2018	20.10	20.10	1.79
Q4 2018	25.03	25.03	1.85

Period	P/E	Adjusted P/E	Price/book
2009	10.39	12.20	3.42
2010	11.19	11.19	3.02
2011	11.84	11.84	3.35
2012	12.92	12.92	3.67
2013	13.77	13.80	4.03
2014	14.24	14.49	4.06
2015	10.75	10.89	3.35
2016	14.94	14.94	3.42
2017	16.09	16.09	2.32
2018	25.03	25.03	1.85

Business Segments (Million)

Compared With The

Period	Cement	Ready mixed concrete
Q3 2012	202.97	9.92
Q4 2012	248.60	12.46
Q1 2013	275.43	15.35
Q2 2013	284.96	15.78
Q3 2013	207.91	10.19
Q4 2013	228.09	12.89
Q1 2014	256.58	16.29
Q2 2014	256.32	13.81
Q3 2014	180.85	9.01
Q4 2014	239.95	12.88
Q1 2015	268.19	14.29

Period	Cement	Ready mixed concrete
2012	1,002.03	45.88
2013	996.40	54.21
2014	933.71	51.98

Analysts Estimates (Million)

Item	Q4 2018 (e)	Q4 2018 (a)	Change‬
Average	14.54	39.56	172.07 %

Estimates vs Actual (Million)

Item	Q4 2018 (e)	Q4 2018 (a)	Change
Sico	39.00	39.56	1.4 %
SNB Capital	12.00	39.56	229.7 %
Riyad Capital	9.00	39.56	339.6 %
AlJazira Capital	6.70	39.56	490.4 %
Al Rajhi Capital	6.00	39.56	559.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	5,076.00
Enterprise Value (EV) (M)	4,582.77
Shares Outstanding ((M))	90.00
EPS ( Riyal) (TTM)	1.79
Book Value (BV) ( Riyal)	17.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.48
P/E (TTM)	31.48
Price/book	3.18
Return on Average Assets (%) (TTM)	8.5
Return on Average Equity (%) (TTM)	9.9

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Qassim Cement’s net profit falls 52% in FY18

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Share Price

Qassim Cement Co. (QACCO)

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

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Qassim Cement’s net profit falls 52% in FY18

View other reports

Share Price

Qassim Cement Co. (QACCO)

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

Business Segments (Million) Q1 2015

Revenue by Business Segment (Latest) 2018 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)