Yamama Cement’s H1 profit down 4% to SAR 367 mln

09/07/2015 Argaam Exclusive

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Share Price

Yamama Cement Co. (YSCC)

Yamama Cement Co. (YCC), the kingdom’s fourth largest cement producer, has reported a net profit of SAR 366.9 million for H1-2015, marking a four percent decline when compared to the same period in 2014.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	733.39	678.44	(7.5 %)
Gross Income	379.93	370.09	(2.6 %)
Operating Income	351.63	337.59	(4.0 %)
Net Income	382.00	366.89	(4.0 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	1.89	1.81	(4.0 %)

Net profit in Q2-2015 dropped 7.7 percent year-on-year to SAR 191.5 million. Profits during the quarter, however, rose 9.2 percent from SAR 175.4 million in Q1-2014 on higher sales and lower sales costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	366.02	339.50	(7.2 %)
Gross Income	198.63	188.03	(5.3 %)
Operating Income	182.69	169.92	(7.0 %)
Net Income	207.36	191.48	(7.7 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	1.02	0.95	(7.7 %)

Item	Q1 2015	Q2 2015	Change‬
Revenues	338.94	339.50	0.2 %
Gross Income	182.05	188.03	3.3 %
Operating Income	167.67	169.92	1.3 %
Net Income	175.41	191.48	9.2 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.87	0.95	9.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	245.15	-	163.42	45.4 %	158.72	54.4 %	0.78
Q2 2006	289.60	54.1 %	194.08	72.8 %	184.79	77.4 %	0.91
Q3 2006	222.18	2.4 %	155.26	5.7 %	145.90	8.2 %	0.72
Q4 2006	193.20	(5.1 %)	118.79	(30.1 %)	111.76	(29.8 %)	0.55
2006	950.12	20.1 %	631.56	16.6 %	601.16	20.0 %	2.97
Q1 2007	277.58	13.2 %	184.93	13.2 %	173.51	9.3 %	0.86
Q2 2007	304.37	5.1 %	209.22	7.8 %	202.51	9.6 %	1.00
Q3 2007	338.77	52.5 %	240.10	54.6 %	228.43	56.6 %	1.13
Q4 2007	264.78	37.1 %	134.54	13.3 %	126.98	13.6 %	0.63
2007	1,185.50	24.8 %	768.78	21.7 %	731.43	21.7 %	3.61
Q1 2008	338.76	22.0 %	212.70	15.0 %	197.47	13.8 %	0.98
Q2 2008	378.62	24.4 %	239.82	14.6 %	227.80	12.5 %	1.12
Q3 2008	208.75	(38.4 %)	103.54	(56.9 %)	100.48	(56.0 %)	0.50
Q4 2008	196.80	(25.7 %)	88.69	(34.1 %)	85.13	(33.0 %)	0.42
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
Q1 2009	258.67	(23.6 %)	138.82	(34.7 %)	125.99	(36.2 %)	0.62
Q2 2009	312.80	(17.4 %)	176.70	(26.3 %)	165.35	(27.4 %)	0.82
Q3 2009	278.99	33.6 %	138.73	34.0 %	125.29	24.7 %	0.62
Q4 2009	312.55	58.8 %	161.80	82.4 %	145.12	70.5 %	0.72
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
Q1 2010	349.01	34.9 %	179.29	29.2 %	165.19	31.1 %	0.82
Q2 2010	336.87	7.7 %	198.82	12.5 %	192.07	16.2 %	0.95
Q3 2010	271.06	(2.8 %)	155.11	11.8 %	139.80	11.6 %	0.69
Q4 2010	314.99	0.8 %	178.65	10.4 %	159.86	10.2 %	0.79
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
Q1 2011	351.49	0.7 %	196.02	9.3 %	179.72	8.8 %	0.89
Q2 2011	420.19	24.7 %	232.95	17.2 %	220.42	14.8 %	1.09
Q3 2011	301.09	11.1 %	167.70	8.1 %	148.57	6.3 %	0.73
Q4 2011	369.45	17.3 %	212.59	19.0 %	191.05	19.5 %	0.94
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
Q1 2012	491.59	39.9 %	299.51	52.8 %	277.64	54.5 %	1.37
Q2 2012	412.62	(1.8 %)	226.00	(3.0 %)	209.46	(5.0 %)	1.03
Q3 2012	306.20	1.7 %	175.76	4.8 %	156.65	5.4 %	0.77
Q4 2012	365.44	(1.1 %)	212.81	0.1 %	173.81	(9.0 %)	0.86
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
Q1 2013	482.64	(1.8 %)	292.76	(2.3 %)	276.80	(0.3 %)	1.37
Q2 2013	455.52	10.4 %	268.89	19.0 %	267.63	27.8 %	1.32
Q3 2013	293.80	(4.0 %)	154.13	(12.3 %)	148.08	(5.5 %)	0.73
Q4 2013	309.90	(15.2 %)	165.25	(22.3 %)	177.73	2.3 %	0.88
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
Q1 2014	367.36	(23.9 %)	181.30	(38.1 %)	174.64	(36.9 %)	0.86
Q2 2014	366.02	(19.6 %)	198.63	(26.1 %)	207.36	(22.5 %)	1.02
Q3 2014	277.23	(5.6 %)	148.57	(3.6 %)	137.16	(7.4 %)	0.68
Q4 2014	318.26	2.7 %	183.72	11.2 %	151.69	(14.6 %)	0.75
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
Q1 2015	338.94	(7.7 %)	182.05	0.4 %	175.41	0.4 %	0.87
Q2 2015	339.50	(7.2 %)	188.03	(5.3 %)	191.48	(7.7 %)	0.95

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	791.09	-	541.65	24.1 %	500.88	(7.6 %)	2.47
2006	950.12	20.1 %	631.56	16.6 %	601.16	20.0 %	2.97
2007	1,185.50	24.8 %	768.78	21.7 %	731.43	21.7 %	3.61
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	69.43 %	67.00 %	65.22 %
Q2 2006	70.59 %	69.04 %	66.72 %
Q3 2006	71.08 %	70.48 %	67.52 %
Q4 2006	66.47 %	66.76 %	63.27 %
2006	66.47 %	66.76 %	63.27 %
Q1 2007	66.47 %	67.04 %	62.69 %
Q2 2007	67.00 %	67.85 %	63.54 %
Q3 2007	67.60 %	68.67 %	64.30 %
Q4 2007	64.85 %	68.52 %	61.70 %
2007	64.85 %	68.52 %	61.70 %
Q1 2008	63.89 %	69.43 %	60.59 %
Q2 2008	62.62 %	69.66 %	59.10 %
Q3 2008	57.99 %	68.73 %	54.81 %
Q4 2008	57.42 %	69.48 %	54.40 %
2008	57.42 %	69.48 %	54.40 %
Q1 2009	54.74 %	68.42 %	51.72 %
Q2 2009	51.97 %	67.38 %	48.82 %
Q3 2009	51.84 %	66.15 %	47.91 %
Q4 2009	52.97 %	64.95 %	48.30 %
2009	52.97 %	64.95 %	48.30 %
Q1 2010	52.38 %	63.40 %	47.95 %
Q2 2010	53.13 %	63.90 %	49.14 %
Q3 2010	54.75 %	65.32 %	50.59 %
Q4 2010	55.97 %	66.74 %	51.65 %
2010	55.97 %	66.74 %	51.65 %
Q1 2011	57.17 %	67.96 %	52.69 %
Q2 2011	56.18 %	66.14 %	51.54 %
Q3 2011	55.87 %	65.41 %	51.06 %
Q4 2011	56.11 %	65.10 %	51.29 %
2011	56.11 %	65.10 %	51.29 %
Q1 2012	57.68 %	65.87 %	52.94 %
Q2 2012	57.52 %	65.93 %	52.50 %
Q3 2012	57.84 %	66.51 %	52.84 %
Q4 2012	58.01 %	66.84 %	52.83 %
2012	58.01 %	66.84 %	52.83 %
Q1 2013	57.91 %	66.75 %	53.08 %
Q2 2013	59.03 %	67.62 %	55.28 %
Q3 2013	58.13 %	66.67 %	55.17 %
Q4 2013	57.14 %	66.10 %	54.83 %
2013	57.14 %	66.10 %	54.83 %
Q1 2014	53.94 %	63.64 %	52.10 %
Q2 2014	52.30 %	62.41 %	48.76 %
Q3 2014	52.54 %	62.78 %	48.54 %
Q4 2014	53.60 %	63.82 %	49.28 %
2014	53.60 %	63.82 %	49.28 %
Q1 2015	54.82 %	65.14 %	50.41 %
Q2 2015	55.13 %	65.64 %	52.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	68.47 %	65.11 %	63.32 %
2006	66.47 %	66.76 %	63.27 %
2007	64.85 %	68.52 %	61.70 %
2008	57.42 %	69.48 %	54.40 %
2009	52.97 %	64.95 %	48.30 %
2010	55.97 %	66.74 %	51.65 %
2011	56.11 %	65.10 %	51.29 %
2012	58.01 %	66.84 %	52.83 %
2013	57.14 %	66.10 %	54.83 %
2014	53.60 %	63.82 %	49.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	66.66 %	66.79 %	64.74 %
Q2 2006	67.02 %	67.03 %	63.81 %
Q3 2006	69.88 %	70.22 %	65.67 %
Q4 2006	61.49 %	62.33 %	57.85 %
Q1 2007	66.62 %	67.78 %	62.51 %
Q2 2007	68.74 %	69.68 %	66.53 %
Q3 2007	70.87 %	72.11 %	67.43 %
Q4 2007	50.81 %	63.37 %	47.96 %
Q1 2008	62.79 %	71.25 %	58.29 %
Q2 2008	63.34 %	70.45 %	60.17 %
Q3 2008	49.60 %	68.32 %	48.14 %
Q4 2008	45.07 %	65.82 %	43.26 %
Q1 2009	53.67 %	67.53 %	48.71 %
Q2 2009	56.49 %	67.61 %	52.86 %
Q3 2009	49.73 %	63.45 %	44.91 %
Q4 2009	51.77 %	61.48 %	46.43 %
Q1 2010	51.37 %	61.29 %	47.33 %
Q2 2010	59.02 %	69.22 %	57.02 %
Q3 2010	57.22 %	70.08 %	51.58 %
Q4 2010	56.72 %	67.26 %	50.75 %
Q1 2011	55.77 %	65.73 %	51.13 %
Q2 2011	55.44 %	63.11 %	52.46 %
Q3 2011	55.70 %	66.29 %	49.34 %
Q4 2011	57.54 %	65.79 %	51.71 %
Q1 2012	60.93 %	68.03 %	56.48 %
Q2 2012	54.77 %	63.31 %	50.76 %
Q3 2012	57.40 %	69.28 %	51.16 %
Q4 2012	58.23 %	67.19 %	51.67 %
Q1 2013	60.66 %	67.77 %	57.35 %
Q2 2013	59.03 %	66.70 %	58.75 %
Q3 2013	52.46 %	64.16 %	50.40 %
Q4 2013	53.32 %	64.47 %	49.33 %
Q1 2014	49.35 %	58.73 %	47.54 %
Q2 2014	54.27 %	62.93 %	48.18 %
Q3 2014	53.59 %	66.05 %	49.47 %
Q4 2014	57.72 %	68.76 %	52.38 %
Q1 2015	53.71 %	63.38 %	51.75 %
Q2 2015	55.39 %	64.65 %	56.40 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	202.50	2.75	2.75	8.57
Q2 2006	202.50	3.15	3.15	9.48
Q3 2006	202.50	3.20	3.20	10.20
Q4 2006	202.50	2.97	2.97	9.57
Q1 2007	202.50	3.04	3.04	10.46
Q2 2007	202.50	3.13	3.13	11.66
Q3 2007	202.50	3.54	3.54	12.81
Q4 2007	202.50	3.61	3.61	13.62
Q1 2008	202.50	3.73	3.73	12.50
Q2 2008	202.50	3.86	3.86	13.56
Q3 2008	202.50	3.22	3.22	13.82
Q4 2008	202.50	3.02	3.02	14.03
Q1 2009	202.50	2.66	2.66	13.36
Q2 2009	202.50	2.36	2.36	14.28
Q3 2009	202.50	2.48	2.48	14.35
Q4 2009	202.50	2.77	2.77	15.09
Q1 2010	202.50	2.97	2.97	14.51
Q2 2010	202.50	3.10	3.10	15.38
Q3 2010	202.50	3.17	3.17	14.76
Q4 2010	202.50	3.24	3.24	15.60
Q1 2011	202.50	3.32	3.32	15.12
Q2 2011	202.50	3.46	3.46	14.94
Q3 2011	202.50	3.50	3.50	15.58
Q4 2011	202.50	3.65	3.65	16.67
Q1 2012	202.50	4.14	4.14	17.16
Q2 2012	202.50	4.08	4.08	16.04
Q3 2012	202.50	4.12	4.12	16.89
Q4 2012	202.50	4.04	4.11	17.77
Q1 2013	202.50	4.03	4.11	17.58
Q2 2013	202.50	4.32	4.39	17.49
Q3 2013	202.50	4.28	4.35	18.26
Q4 2013	202.50	4.30	4.17	19.23
Q1 2014	202.50	3.79	3.67	18.68
Q2 2014	202.50	3.50	3.22	19.69
Q3 2014	202.50	3.44	3.17	19.06
Q4 2014	202.50	3.31	3.23	18.43
Q1 2015	202.50	3.32	3.24	18.52
Q2 2015	202.50	3.24	3.31	18.70

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	202.50	2.47	2.47	7.78
2006	202.50	2.97	2.97	9.57
2007	202.50	3.61	3.61	13.62
2008	202.50	3.02	3.02	14.03
2009	202.50	2.77	2.77	15.09
2010	202.50	3.24	3.24	15.60
2011	202.50	3.65	3.65	16.67
2012	202.50	4.04	4.11	17.77
2013	202.50	4.30	4.17	19.23
2014	202.50	3.31	3.23	18.43

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	44.61	44.61	14.32
Q2 2006	26.53	26.53	8.81
Q3 2006	22.53	22.53	7.07
Q4 2006	17.63	17.63	5.47
Q1 2007	16.77	16.77	4.88
Q2 2007	15.18	15.18	4.07
Q3 2007	13.95	13.95	3.85
Q4 2007	17.39	17.39	4.61
Q1 2008	13.54	13.54	4.04
Q2 2008	12.11	12.11	3.44
Q3 2008	10.65	10.65	2.48
Q4 2008	7.49	7.49	1.61
Q1 2009	8.66	8.66	1.73
Q2 2009	11.32	11.32	1.87
Q3 2009	12.89	12.89	2.23
Q4 2009	11.39	11.39	2.09
Q1 2010	11.51	11.51	2.35
Q2 2010	10.54	10.54	2.12
Q3 2010	10.77	10.77	2.31
Q4 2010	10.58	10.58	2.20
Q1 2011	10.76	10.76	2.36
Q2 2011	12.68	12.68	2.93
Q3 2011	12.00	12.00	2.70
Q4 2011	12.78	12.78	2.80
Q1 2012	12.04	12.04	2.90
Q2 2012	12.20	12.20	3.10
Q3 2012	10.70	10.70	2.61
Q4 2012	11.77	11.55	2.67
Q1 2013	11.48	11.27	2.63
Q2 2013	11.69	11.49	2.89
Q3 2013	12.39	12.18	2.90
Q4 2013	13.32	13.71	2.98
Q1 2014	15.36	15.87	3.12
Q2 2014	18.01	19.56	3.20
Q3 2014	18.89	20.53	3.41
Q4 2014	14.47	14.82	2.60
Q1 2015	13.55	13.88	2.43
Q2 2015	14.11	13.80	2.44

Period	P/E	Adjusted P/E	Price/book
2005	41.99	41.99	13.34
2006	17.63	17.63	5.47
2007	17.39	17.39	4.61
2008	7.49	7.49	1.61
2009	11.39	11.39	2.09
2010	10.58	10.58	2.20
2011	12.78	12.78	2.80
2012	11.77	11.55	2.67
2013	13.32	13.71	2.98
2014	14.47	14.82	2.60

Analysts Estimates (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change‬
Average	185.00	191.48	3.50 %

Estimates vs Actual (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change
SNB Capital	188.00	191.48	1.9 %
Al Rajhi Capital	188.00	191.48	1.9 %
SFC	188.00	191.48	1.9 %
Alistithmar Capital	197.80	191.48	(3.2) %
AlJazira Capital	185.20	191.48	3.4 %
Albilad Capital	184.00	191.48	4.1 %
Riyad Capital	164.00	191.48	16.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,945.75
Enterprise Value (EV) (M)	8,069.01
Shares Outstanding ((M))	202.50
EPS ( Riyal) (TTM)	1.52
Book Value (BV) ( Riyal)	22.94
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.87
P/E (TTM)	22.63
Price/book	1.50
Return on Average Assets (%) (TTM)	4.7
Return on Average Equity (%) (TTM)	6.7

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Yamama Cement’s H1 profit down 4% to SAR 367 mln

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Share Price

Yamama Cement Co. (YSCC)

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

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Yamama Cement’s H1 profit down 4% to SAR 367 mln

View other reports

Share Price

Yamama Cement Co. (YSCC)

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

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