Al Jouf Cement’s net profit falls 48% in 9M 2017

06/11/2017 Argaam Exclusive

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Al Jouf Cement Co. (Jouf Cement) reported a net profit of SAR 32.6 million for the first nine month of 2017, a 47.6 percent year-on-year (YoY) drop attributed to lower sales volumes due to weak demand and fierce competition.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	245.54	195.77	(20.3 %)
Gross Income	91.17	57.02	(37.5 %)
Operating Income	69.05	38.56	(44.2 %)
Net Income	62.36	32.65	(47.6 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.57	0.30	(47.6 %)

The company’s net profit in the third quarter plunged 60.8 percent YoY to SAR 5.8 million on a decrease in sales volumes and lower average selling price due to weak demand and fierce competition.

The Q3 net profit fell 44.5 percent compared to the previous quarter on lower selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	63.91	53.14	(16.8 %)
Gross Income	24.49	11.23	(54.1 %)
Operating Income	18.32	5.20	(71.6 %)
Net Income	14.90	5.84	(60.8 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.14	0.05	(60.8 %)

Item	Q2 2017	Q3 2017	Change‬
Revenues	62.36	53.14	(14.8 %)
Gross Income	20.00	11.23	(43.8 %)
Operating Income	13.73	5.20	(62.1 %)
Net Income	10.52	5.84	(44.5 %)
Average Shares	108.70	108.70	-
EPS (Riyals)	0.10	0.05	(44.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	(1.39)	-	(0.02)
Q2 2008	-	-	-	-	(3.16)	-	(0.04)
Q3 2008	-	-	-	-	(6.30)	-	(0.07)
Q4 2008	-	-	-	-	(0.12)	-	0.00
2008	-	-	-	-	(10.98)	(84.5 %)	(0.13)
Q1 2009	-	-	-	-	(4.51)	(223.6 %)	(0.05)
Q2 2009	-	-	-	-	(4.86)	(53.7 %)	(0.06)
Q3 2009	-	-	-	-	(5.90)	6.4 %	(0.07)
Q4 2009	-	-	-	-	(16.58)	(13,836.1 %)	(0.19)
2009	-	-	-	-	(31.88)	(190.5 %)	(0.37)
Q1 2010	0.98	-	(0.73)	-	(5.22)	(15.7 %)	(0.06)
Q2 2010	17.73	-	7.49	-	(1.70)	65.0 %	(0.02)
Q3 2010	36.93	-	16.79	-	5.00	184.8 %	0.05
Q4 2010	47.60	-	22.10	-	16.69	200.6 %	0.15
2010	103.25	-	45.65	-	14.76	146.3 %	0.14
Q1 2011	82.24	8266.0 %	35.56	4991.6 %	28.23	641.1 %	0.26
Q2 2011	95.58	439.0 %	34.16	356.1 %	25.86	1622.2 %	0.24
Q3 2011	59.74	61.8 %	25.34	50.9 %	14.39	187.7 %	0.13
Q4 2011	78.34	64.6 %	23.82	7.8 %	14.09	(15.5 %)	0.13
2011	315.90	206.0 %	118.88	160.4 %	82.58	459.6 %	0.76
Q1 2012	101.73	23.7 %	42.40	19.2 %	33.49	18.7 %	0.31
Q2 2012	92.75	(3.0 %)	39.88	16.7 %	26.22	1.4 %	0.24
Q3 2012	71.33	19.4 %	30.84	21.7 %	21.93	52.4 %	0.20
Q4 2012	103.36	31.9 %	42.02	76.4 %	25.46	80.6 %	0.23
2012	369.17	16.9 %	155.14	30.5 %	107.10	29.7 %	0.99
Q1 2013	100.37	(1.3 %)	36.11	(14.8 %)	24.99	(25.4 %)	0.23
Q2 2013	83.21	(10.3 %)	28.00	(29.8 %)	13.81	(47.3 %)	0.13
Q3 2013	50.11	(29.8 %)	17.90	(42.0 %)	7.34	(66.5 %)	0.07
Q4 2013	59.99	(42.0 %)	15.02	(64.3 %)	7.97	(68.7 %)	0.07
2013	293.68	(20.4 %)	97.03	(37.5 %)	54.11	(49.5 %)	0.50
Q1 2014	69.35	(30.9 %)	25.93	(28.2 %)	15.01	(39.9 %)	0.14
Q2 2014	72.50	(12.9 %)	26.26	(6.2 %)	16.08	16.4 %	0.15
Q3 2014	54.19	8.2 %	19.69	10.0 %	8.60	17.1 %	0.08
Q4 2014	73.19	22.0 %	30.79	105.0 %	20.87	162.0 %	0.19
2014	269.23	(8.3 %)	102.67	5.8 %	60.55	11.9 %	0.56
Q1 2015	87.41	26.0 %	36.83	42.0 %	25.76	71.6 %	0.24
Q2 2015	93.20	28.5 %	38.41	46.3 %	26.81	66.7 %	0.25
Q3 2015	70.35	29.8 %	30.78	56.3 %	18.63	116.6 %	0.17
Q4 2015	85.34	16.6 %	16.00	(48.0 %)	5.14	(75.3 %)	0.05
2015	336.29	24.9 %	122.02	18.8 %	76.34	26.1 %	0.70
Q1 2016	90.80	3.9 %	35.54	(3.5 %)	24.72	(4.0 %)	0.23
Q2 2016	90.84	(2.5 %)	31.14	(18.9 %)	22.74	(15.2 %)	0.21
Q3 2016	63.91	(9.2 %)	24.49	(20.4 %)	14.90	(20.0 %)	0.14
Q4 2016	74.35	(12.9 %)	17.06	6.6 %	9.70	88.6 %	0.09
2016	319.89	(4.9 %)	108.23	(11.3 %)	72.07	(5.6 %)	0.66
Q1 2017	80.27	(11.6 %)	25.79	(27.4 %)	16.29	(34.1 %)	0.15
Q2 2017	62.36	(31.4 %)	20.00	(35.8 %)	10.52	(53.7 %)	0.10
Q3 2017	53.14	(16.8 %)	11.23	(54.1 %)	5.84	(60.8 %)	0.05

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	-	-	-	-	(5.95)	-	(0.07)
2008	-	-	-	-	(10.98)	(84.5 %)	(0.13)
2009	-	-	-	-	(31.88)	(190.5 %)	(0.37)
2010	103.25	-	45.65	-	14.76	146.3 %	0.14
2011	315.90	206.0 %	118.88	160.4 %	82.58	459.6 %	0.76
2012	369.17	16.9 %	155.14	30.5 %	107.10	29.7 %	0.99
2013	293.68	(20.4 %)	97.03	(37.5 %)	54.11	(49.5 %)	0.50
2014	269.23	(8.3 %)	102.67	5.8 %	60.55	11.9 %	0.56
2015	336.29	24.9 %	122.02	18.8 %	76.34	26.1 %	0.70
2016	319.89	(4.9 %)	108.23	(11.3 %)	72.07	(5.6 %)	0.66

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	(73.96 %)	(476.09 %)	(1060.33 %)
Q2 2010	36.14 %	4.14 %	(55.03 %)
Q3 2010	42.33 %	32.85 %	6.31 %
Q4 2010	44.22 %	47.59 %	21.49 %
2010	44.22 %	47.58 %	21.47 %
Q1 2011	44.41 %	50.19 %	30.15 %
Q2 2011	41.40 %	49.75 %	31.71 %
Q3 2011	41.09 %	50.66 %	29.87 %
Q4 2011	37.63 %	46.01 %	26.14 %
2011	37.63 %	46.01 %	26.14 %
Q1 2012	37.49 %	44.96 %	26.19 %
Q2 2012	39.52 %	45.65 %	26.52 %
Q3 2012	39.79 %	46.08 %	27.82 %
Q4 2012	42.02 %	47.86 %	29.01 %
2012	42.03 %	47.86 %	29.01 %
Q1 2013	40.47 %	46.21 %	26.81 %
Q2 2013	38.23 %	43.94 %	24.06 %
Q3 2013	36.80 %	43.02 %	21.24 %
Q4 2013	33.04 %	40.07 %	18.42 %
2013	33.04 %	40.07 %	18.42 %
Q1 2014	33.07 %	40.88 %	16.80 %
Q2 2014	33.78 %	43.78 %	18.41 %
Q3 2014	33.94 %	43.75 %	18.61 %
Q4 2014	38.13 %	47.25 %	22.49 %
2014	38.13 %	47.25 %	22.49 %
Q1 2015	39.53 %	47.83 %	24.82 %
Q2 2015	40.82 %	48.60 %	26.63 %
Q3 2015	42.21 %	49.75 %	28.40 %
Q4 2015	36.28 %	44.10 %	22.70 %
2015	36.28 %	44.10 %	22.70 %
Q1 2016	35.54 %	43.76 %	22.17 %
Q2 2016	33.64 %	41.90 %	21.12 %
Q3 2016	32.39 %	41.46 %	20.40 %
Q4 2016	33.83 %	43.50 %	22.53 %
2016	33.83 %	43.50 %	22.53 %
Q1 2017	31.83 %	42.41 %	20.57 %
Q2 2017	31.09 %	43.52 %	18.31 %
Q3 2017	27.42 %	40.12 %	15.68 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	44.22 %	47.58 %	21.47 %
2011	37.63 %	46.01 %	26.14 %
2012	42.03 %	47.86 %	29.01 %
2013	33.04 %	40.07 %	18.42 %
2014	38.13 %	47.25 %	22.49 %
2015	36.28 %	44.10 %	22.70 %
2016	33.83 %	43.50 %	22.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	(73.96 %)	19.43 %	(530.72 %)
Q2 2010	42.24 %	22.45 %	(9.58 %)
Q3 2010	45.46 %	43.21 %	33.62 %
Q4 2010	46.42 %	60.94 %	35.06 %
Q1 2011	43.24 %	53.08 %	34.33 %
Q2 2011	35.74 %	43.83 %	27.06 %
Q3 2011	42.41 %	50.08 %	24.09 %
Q4 2011	30.41 %	38.15 %	17.99 %
Q1 2012	41.68 %	48.25 %	32.92 %
Q2 2012	43.00 %	46.28 %	28.26 %
Q3 2012	43.24 %	51.43 %	30.74 %
Q4 2012	40.66 %	46.42 %	24.63 %
Q1 2013	35.98 %	42.23 %	24.90 %
Q2 2013	33.65 %	36.51 %	16.59 %
Q3 2013	35.72 %	48.43 %	14.65 %
Q4 2013	25.04 %	34.40 %	13.28 %
Q1 2014	37.40 %	46.27 %	21.65 %
Q2 2014	36.22 %	45.95 %	22.18 %
Q3 2014	36.33 %	47.92 %	15.87 %
Q4 2014	42.07 %	48.99 %	28.51 %
Q1 2015	42.14 %	48.37 %	29.47 %
Q2 2015	41.21 %	48.91 %	28.77 %
Q3 2015	43.75 %	53.39 %	26.47 %
Q4 2015	18.75 %	26.83 %	6.03 %
Q1 2016	39.14 %	46.94 %	27.23 %
Q2 2016	34.28 %	42.13 %	25.04 %
Q3 2016	38.32 %	52.24 %	23.32 %
Q4 2016	22.95 %	33.45 %	13.05 %
Q1 2017	32.13 %	43.20 %	20.29 %
Q2 2017	32.07 %	47.02 %	16.88 %
Q3 2017	21.14 %	36.70 %	10.99 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	85.37	-	-	11.87
Q2 2008	85.37	-	-	11.84
Q3 2008	85.37	-	-	11.76
Q4 2008	85.37	(0.13)	0.04	11.76
Q1 2009	85.37	(0.17)	0.00	11.71
Q2 2009	85.37	(0.18)	(0.02)	11.65
Q3 2009	85.37	(0.18)	(0.03)	11.58
Q4 2009	85.37	(0.37)	(0.09)	11.38
Q1 2010	85.37	(0.38)	(0.12)	11.32
Q2 2010	85.37	(0.34)	(0.12)	11.30
Q3 2010	108.70	(0.17)	0.03	11.49
Q4 2010	108.70	0.14	0.20	11.64
Q1 2011	108.70	0.44	0.51	11.90
Q2 2011	108.70	0.70	0.77	12.14
Q3 2011	108.70	0.78	0.78	12.27
Q4 2011	108.70	0.76	0.76	12.40
Q1 2012	108.70	0.81	0.81	12.71
Q2 2012	108.70	0.81	0.81	12.36
Q3 2012	108.70	0.88	0.88	12.56
Q4 2012	108.70	0.99	0.99	12.79
Q1 2013	108.70	0.91	0.91	13.02
Q2 2013	108.70	0.79	0.79	12.55
Q3 2013	108.70	0.66	0.66	12.62
Q4 2013	108.70	0.50	0.50	12.69
Q1 2014	108.70	0.41	0.41	12.83
Q2 2014	108.70	0.43	0.43	13.00
Q3 2014	108.70	0.44	0.44	13.08
Q4 2014	108.70	0.56	0.56	13.27
Q1 2015	108.70	0.66	0.66	13.51
Q2 2015	108.70	0.75	0.75	13.76
Q3 2015	108.70	0.85	0.85	13.93
Q4 2015	108.70	0.70	0.70	13.97
Q1 2016	108.70	0.69	0.69	14.20
Q2 2016	108.70	0.66	0.66	14.41
Q3 2016	108.70	0.62	0.62	14.55
Q4 2016	108.70	0.66	0.66	14.65
Q1 2017	108.70	0.59	0.59	14.79
Q2 2017	108.70	0.47	0.47	14.89
Q3 2017	108.70	0.39	0.39	14.93

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	85.37	(0.07)	0.11	11.89
2008	85.37	(0.13)	0.04	11.76
2009	85.37	(0.37)	(0.09)	11.38
2010	108.70	0.14	0.20	11.64
2011	108.70	0.76	0.76	12.40
2012	108.70	0.99	0.99	12.79
2013	108.70	0.50	0.50	12.69
2014	108.70	0.56	0.56	13.27
2015	108.70	0.70	0.70	13.97
2016	108.70	0.66	0.66	14.65

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	NEG	More than 100	1.38
Q4 2010	More than 100	71.51	1.25
Q1 2011	31.95	27.70	1.19
Q2 2011	28.15	25.64	1.62
Q3 2011	22.14	22.14	1.41
Q4 2011	23.79	23.79	1.46
Q1 2012	29.84	29.84	1.90
Q2 2012	24.41	24.41	1.60
Q3 2012	23.24	23.24	1.63
Q4 2012	19.85	19.85	1.53
Q1 2013	21.56	21.56	1.50
Q2 2013	25.43	25.43	1.61
Q3 2013	34.51	34.51	1.80
Q4 2013	42.31	42.31	1.66
Q1 2014	52.76	52.76	1.67
Q2 2014	54.83	54.83	1.80
Q3 2014	65.66	65.66	2.20
Q4 2014	30.17	30.17	1.27
Q1 2015	27.79	27.79	1.35
Q2 2015	25.52	25.52	1.40
Q3 2015	16.97	16.97	1.03
Q4 2015	18.05	18.05	0.91
Q1 2016	15.52	15.52	0.76
Q2 2016	16.33	16.33	0.74
Q3 2016	13.46	13.46	0.57
Q4 2016	16.24	16.24	0.74
Q1 2017	17.38	17.38	0.69
Q2 2017	20.15	20.15	0.64
Q3 2017	24.19	24.19	0.63

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	More than 100	71.57	1.25
2011	23.79	23.79	1.46
2012	19.85	19.85	1.53
2013	42.31	42.31	1.66
2014	30.18	30.18	1.27
2015	18.05	18.05	0.91
2016	16.24	16.24	0.74

Financial Ratios

	Current
Market Cap (M Riyal)	1,178.31
Enterprise Value (EV) (M)	1,795.71
Shares Outstanding ((M))	108.70
EPS ( Riyal) (TTM)	0.68
Book Value (BV) ( Riyal)	11.35
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	38.22
P/E (TTM)	15.99
Price/book	0.96
Return on Average Assets (%) (TTM)	3.6
Return on Average Equity (%) (TTM)	6.2

Al Jouf Cement Co. (JOUF CEMENT)

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Al Jouf Cement’s net profit falls 48% in 9M 2017

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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

Financial Ratios

Share Price

Al Jouf Cement Co. (JOUF CEMENT)

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Al Jouf Cement’s net profit falls 48% in 9M 2017

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

Financial Ratios

Share Price

Al Jouf Cement Co. (JOUF CEMENT)

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