Yamama Cement’s net profit plunges 71% in 9M 2017

17/10/2017 Argaam Exclusive

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Share Price

32.55
0.20 0.62 %

Yamama Cement Co. (YSCC)

 

Yamama Cement Co. reported a net profit of around SAR 92 million for the first nine months of 2017, tumbling 71 percent year-on-year (YoY) on lower sales due to weak domestic demand, and an increase in the general and administrative (G&A) expenses.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 892.13 579.14 (35.1 %)
Gross Income 398.56 137.81 (65.4 %)
Operating Income 353.96 88.78 (74.9 %)
Net Income 323.06 92.14 (71.5 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 1.60 0.46 (71.5 %)

Q3 net profit fell 48 percent YoY to SAR 29.2 million on lower sales and higher G&A expenses.

 

Net profit in Q3 more than doubled compared to the previous quarter on the back of an increase in sales value and other revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 235.63 164.19 (30.3 %)
Gross Income 98.99 41.95 (57.6 %)
Operating Income 85.94 25.46 (70.4 %)
Net Income 56.31 29.15 (48.2 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 0.28 0.14 (48.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
Q3 2015 280.27 1.1 % 166.47 12.0 % 95.53 (30.4 %) 0.47
Q4 2015 352.36 10.7 % 199.89 8.8 % 152.80 0.7 % 0.75
Q1 2016 376.04 10.9 % 186.55 2.5 % 150.46 (14.2 %) 0.74
Q2 2016 280.46 (17.4 %) 113.02 (39.9 %) 116.29 (39.3 %) 0.57
Q3 2016 235.63 (15.9 %) 98.99 (40.5 %) 56.31 (41.1 %) 0.28
Q4 2016 232.88 (33.9 %) 71.50 (64.2 %) 34.81 (77.2 %) 0.17
Q1 2017 220.19 (41.4 %) 62.92 (66.3 %) 50.82 (66.2 %) 0.25
Q2 2017 194.75 (30.6 %) 32.95 (70.8 %) 12.17 (89.5 %) 0.06
Q3 2017 164.19 (30.3 %) 41.95 (57.6 %) 29.15 (48.2 %) 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2015 54.82 % 65.14 % 50.41 %
Q2 2015 55.13 % 65.64 % 52.65 %
Q3 2015 56.41 % 66.81 % 49.27 %
Q4 2015 56.17 % 66.76 % 48.07 %
Q1 2016 54.96 % 66.81 % 44.90 %
Q2 2016 51.66 % 66.29 % 41.12 %
Q3 2016 48.09 % 65.68 % 39.44 %
Q4 2016 41.78 % 63.24 % 33.14 %
Q1 2017 35.75 % 58.97 % 28.19 %
Q2 2017 30.15 % 52.41 % 19.14 %
Q3 2017 25.78 % 46.15 % 17.48 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2015 202.50 3.03 3.11 18.29
Q4 2015 202.50 3.04 3.11 18.18
Q1 2016 202.50 2.91 2.99 18.16
Q2 2016 202.50 2.54 2.62 18.19
Q3 2016 202.50 2.35 2.42 18.16
Q4 2016 202.50 1.77 1.84 16.79
Q1 2017 202.50 1.28 1.35 16.82
Q2 2017 202.50 0.76 0.84 16.79
Q3 2017 202.50 0.63 0.70 16.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2015 12.70 12.39 2.11
Q4 2015 10.36 10.11 1.73
Q1 2016 9.59 9.35 1.54
Q2 2016 10.87 10.57 1.52
Q3 2016 8.33 8.08 1.08
Q4 2016 12.93 12.41 1.36
Q1 2017 14.30 13.52 1.08
Q2 2017 23.13 21.08 1.05
Q3 2017 26.45 23.65 0.98

Analysts Estimates (Million)

Item Q3 2017 (e) Q3 2017 (a) Change‬
Average 21.59 29.15 35.02 %

Estimates vs Actual (Million)

Item Q3 2017 (e) Q3 2017 (a) Change
SNB Capital 28.00 29.15 4.1 %
Sico 31.00 29.15 (6.0) %
KASB Capital 26.50 29.15 10.0 %
Al Rajhi Capital 24.00 29.15 21.5 %
Riyad Capital 19.00 29.15 53.4 %
Alistithmar Capital 18.13 29.15 60.8 %
Albilad Capital 16.00 29.15 82.2 %
AlJazira Capital 10.10 29.15 188.6 %

Current
Market Cap (M Riyal) 6,591.38
Enterprise Value (EV) (M) 7,714.64
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) 26.45
P/E (TTM) 21.48
Price/book 1.42
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 6.7

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