Qassim Cement posts lower net profit at SAR 320.2mln in I2 of 2014

30/06/2014 Argaam Exclusive

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The Qassim Cement Company, reported SAR 320.2m net profit at the end of the first half of 2014, a 4% decrease compared to the same period last year.

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	591.53	543.00	(8.2 %)
Gross Income	363.82	341.01	(6.3 %)
Operating Income	347.62	325.33	(6.4 %)
Net Income	334.59	320.16	(4.3 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	3.72	3.56	(4.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	300.74	270.13	(10.2 %)
Gross Income	181.24	171.25	(5.5 %)
Operating Income	173.41	163.59	(5.7 %)
Net Income	165.93	161.11	(2.9 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.84	1.79	(2.9 %)

Item	Q1 2014	Q2 2014	Change‬
Revenues	272.87	270.13	(1.0 %)
Gross Income	169.75	171.25	0.9 %
Operating Income	161.74	163.59	1.1 %
Net Income	159.05	161.11	1.3 %
Average Shares	90.00	90.00	-
EPS (Riyals)	1.77	1.79	1.3 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	61.68	2.1 %	58.64	3.8 %	0.65
Q2 2005	-	-	75.59	14.2 %	72.73	4.9 %	0.81
Q3 2005	134.25	-	83.88	31.1 %	77.14	19.0 %	0.86
Q4 2005	123.97	-	77.02	37.9 %	73.02	30.9 %	0.81
2005	493.73	-	298.17	21.0 %	281.52	14.3 %	3.13
Q1 2006	132.63	-	86.04	39.5 %	81.09	38.3 %	0.90
Q2 2006	139.97	-	81.81	8.2 %	80.33	10.4 %	0.89
Q3 2006	142.07	5.8 %	91.74	9.4 %	85.87	11.3 %	0.95
Q4 2006	128.41	3.6 %	75.20	(2.4 %)	68.29	(6.5 %)	0.76
2006	543.08	10.0 %	334.79	12.3 %	315.58	12.1 %	3.51
Q1 2007	140.04	5.6 %	90.87	5.6 %	90.16	11.2 %	1.00
Q2 2007	213.61	52.6 %	146.15	78.6 %	148.01	84.3 %	1.64
Q3 2007	252.05	77.4 %	161.07	75.6 %	154.04	79.4 %	1.71
Q4 2007	241.30	87.9 %	159.30	111.8 %	148.34	117.2 %	1.65
2007	847.00	56.0 %	557.39	66.5 %	540.55	71.3 %	6.01
Q1 2008	242.77	73.4 %	157.81	73.7 %	160.24	77.7 %	1.78
Q2 2008	232.27	8.7 %	152.03	4.0 %	151.93	2.6 %	1.69
Q3 2008	179.78	(28.7 %)	117.27	(27.2 %)	113.49	(26.3 %)	1.26
Q4 2008	165.39	(31.5 %)	98.92	(37.9 %)	91.09	(38.6 %)	1.01
2008	820.21	(3.2 %)	526.03	(5.6 %)	516.75	(4.4 %)	5.74
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	-	-	246.38	3.0 %	246.38	1.0 %	2.74
2005	493.73	-	298.17	21.0 %	281.52	14.3 %	3.13
2006	543.08	10.0 %	334.79	12.3 %	315.58	12.1 %	3.51
2007	847.00	56.0 %	557.39	66.5 %	540.55	71.3 %	6.01
2008	820.21	(3.2 %)	526.03	(5.6 %)	516.75	(4.4 %)	5.74
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	60.39 %	64.94 %	57.02 %
Q1 2006	-	-	-
Q2 2006	61.93 %	66.42 %	58.70 %
Q3 2006	62.49 %	66.89 %	59.47 %
Q4 2006	61.65 %	65.82 %	58.11 %
2006	61.65 %	65.82 %	58.11 %
Q1 2007	61.69 %	66.10 %	58.98 %
Q2 2007	64.72 %	69.39 %	62.86 %
Q3 2007	64.47 %	69.15 %	62.73 %
Q4 2007	65.81 %	71.02 %	62.67 %
2007	65.81 %	71.02 %	62.67 %
Q1 2008	65.74 %	71.12 %	63.27 %
Q2 2008	65.08 %	70.67 %	62.46 %
Q3 2008	65.44 %	71.78 %	62.97 %
Q4 2008	64.13 %	71.94 %	63.97 %
2008	64.13 %	71.94 %	63.97 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	60.39 %	64.94 %	57.02 %
2006	61.65 %	65.82 %	58.11 %
2007	65.81 %	71.02 %	62.67 %
2008	64.13 %	71.94 %	63.97 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	62.48 %	67.36 %	57.47 %
Q4 2005	62.13 %	66.37 %	58.90 %
Q1 2006	64.87 %	68.91 %	61.14 %
Q2 2006	58.45 %	63.20 %	57.39 %
Q3 2006	64.57 %	69.11 %	60.45 %
Q4 2006	58.56 %	61.85 %	53.18 %
Q1 2007	64.89 %	69.86 %	64.38 %
Q2 2007	68.42 %	73.81 %	69.29 %
Q3 2007	63.90 %	68.51 %	61.12 %
Q4 2007	66.02 %	71.85 %	57.45 %
Q1 2008	65.00 %	70.73 %	66.00 %
Q2 2008	65.45 %	71.72 %	65.41 %
Q3 2008	65.23 %	73.16 %	63.12 %
Q4 2008	59.81 %	72.68 %	59.87 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	90.00	2.76	2.76	10.72
Q2 2005	90.00	2.80	2.80	11.53
Q3 2005	90.00	2.94	2.94	12.39
Q4 2005	90.00	3.13	3.13	13.20
Q1 2006	90.00	3.38	3.38	11.78
Q2 2006	90.00	3.46	3.46	12.67
Q3 2006	90.00	3.56	3.56	13.63
Q4 2006	90.00	3.51	3.51	14.39
Q1 2007	90.00	3.61	3.61	13.07
Q2 2007	90.00	4.36	4.36	13.57
Q3 2007	90.00	5.12	5.12	15.28
Q4 2007	90.00	6.01	5.90	16.93
Q1 2008	90.00	6.78	6.68	16.69
Q2 2008	90.00	6.83	6.72	18.38
Q3 2008	90.00	6.38	6.27	18.14
Q4 2008	90.00	5.74	5.83	19.15
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	90.00	2.74	2.74	12.29
2005	90.00	3.13	3.13	13.20
2006	90.00	3.51	3.51	14.39
2007	90.00	6.01	5.90	16.93
2008	90.00	5.74	5.83	19.15
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	22.69	22.69	5.84
Q2 2005	34.66	34.66	8.42
Q3 2005	33.68	33.68	7.98
Q4 2005	46.49	46.49	11.02
Q1 2006	45.90	45.90	13.16
Q2 2006	47.90	47.90	13.09
Q3 2006	35.25	35.25	9.21
Q4 2006	27.15	27.15	6.62
Q1 2007	21.11	21.11	5.83
Q2 2007	17.26	17.26	5.55
Q3 2007	16.18	16.18	5.42
Q4 2007	18.51	18.85	6.57
Q1 2008	14.12	14.35	5.74
Q2 2008	14.28	14.51	5.31
Q3 2008	10.98	11.17	3.86
Q4 2008	8.64	8.51	2.59
Q1 2009	9.25	9.11	2.51
Q2 2009	12.82	12.63	3.60
Q3 2009	14.68	14.46	4.61
Q4 2009	12.76	14.99	4.20
Q1 2010	13.83	16.27	4.84
Q2 2010	13.41	15.84	4.25
Q3 2010	12.85	15.28	4.14
Q4 2010	13.75	13.75	3.71
Q1 2011	13.26	13.26	3.80
Q2 2011	15.30	15.30	4.12
Q3 2011	14.53	14.53	4.17
Q4 2011	14.55	14.55	4.11
Q1 2012	15.53	15.53	4.87
Q2 2012	15.17	15.17	4.43
Q3 2012	14.90	14.90	4.58
Q4 2012	15.87	15.87	4.50
Q1 2013	15.15	15.15	4.73
Q2 2013	15.47	15.47	4.56
Q3 2013	15.64	15.65	4.97
Q4 2013	16.93	16.96	4.95
Q1 2014	17.40	17.51	5.44
Q2 2014	19.26	19.49	5.49

Period	P/E	Adjusted P/E	Price/book
2004	23.92	23.92	5.33
2005	46.49	46.49	11.02
2006	27.15	27.15	6.62
2007	18.51	18.85	6.57
2008	8.64	8.51	2.59
2009	12.76	14.99	4.20
2010	13.75	13.75	3.71
2011	14.55	14.55	4.11
2012	15.87	15.87	4.50
2013	16.91	16.95	4.95

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

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

Financial Ratios

	Current
Market Cap (M Riyal)	6,522.98
Enterprise Value (EV) (M)	5,993.94
Shares Outstanding ((M))	110.56
EPS ( Riyal) (TTM)	1.53
Book Value (BV) ( Riyal)	17.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	40.45
P/E (TTM)	40.45
Price/book	4.09
Return on Average Assets (%) (TTM)	8.4
Return on Average Equity (%) (TTM)	9.9

Qassim Cement Co. (QACCO)

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Qassim Cement posts lower net profit at SAR 320.2mln in I2 of 2014

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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

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

Share Price

Qassim Cement Co. (QACCO)

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Qassim Cement posts lower net profit at SAR 320.2mln in I2 of 2014

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

Business Segments (Million) Q2 2014

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

Share Price

Qassim Cement Co. (QACCO)

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Business Segments (Million)