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Al Yamamah Steel’s net profit slumps 43% in 9 months
25/07/2017
Argaam Exclusive
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Al Yamamah Steel Industries Co. reported a net profit of SAR 92.8 million for the nine-month period ending on June 30, 2017, down by 43 percent year-on-year (YoY) on the back of higher cost of sales, a decline in profit margins associated with a 33 percent drop in sales volume due to fierce competition and stalled projects.
Financials (M)
| Item | 9m 2016 | 9m 2017 | Change |
|---|---|---|---|
| Revenues | 1,367.65 | 983.84 | (28.1 %) |
| Gross Income | 282.79 | 181.76 | (35.7 %) |
| Operating Income | 217.41 | 127.76 | (41.2 %) |
| Net Income | 161.47 | 92.75 | (42.6 %) |
| Average Shares | 50.80 | 50.80 | - |
| Earnings Per Share before unusual items (Riyals) | 3.42 | 1.83 | (46.6 %) |
| EPS (Riyal) | 3.18 | 1.83 | (42.6 %) |
The third quarter saw a net profit of SAR 17.2 million, a 75 percent YoY decrease.
The company’s net profit dropped 64 percent in Q2 compared to the previous quarter, due to lower sales volume and lower selling prices.
Current Quarter Comparison (M)
| Item | Q3 2016 | Q3 2017 | Change |
|---|---|---|---|
| Revenues | 471.48 | 286.42 | (39.3 %) |
| Gross Income | 124.12 | 42.20 | (66.0 %) |
| Operating Income | 101.77 | 26.22 | (74.2 %) |
| Net Income | 67.88 | 17.21 | (74.6 %) |
| Average Shares | 50.80 | 50.80 | - |
| Earnings Per Share before unusual items (Riyal) | 1.58 | 0.34 | (78.5 %) |
| EPS (Riyal) | 1.34 | 0.34 | (74.6 %) |
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Share Price
Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)
| Current | |
| Market Cap (M Riyal) | 2,000.51 |
| Enterprise Value (EV) (M Riyal) | 2,876.72 |
| Shares Outstanding ((M)) | 50.80 |
| EPS ( Riyal) (TTM) | 1.82 |
| Book Value (BV) ( Riyal) | 12.98 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 23.41 |
| P/E (TTM) | 21.58 |
| Price/book | 3.03 |
| Return on Average Assets (%) (TTM) | 5.2 |
| Return on Average Equity (%) (TTM) | 14.8 |
| EV/adj EBITDA | - |
| EV/Revenues | 1.52 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2017 | 325.44 | (25.3 %) | 59.55 | (0.1 %) | 41.30 | (0.9 %) |
| Q2 2017 | 371.99 | (19.2 %) | 80.81 | (16.7 %) | 61.34 | (13.4 %) |
| Q3 2017 | 286.42 | (39.3 %) | 42.20 | (66.0 %) | 26.22 | (74.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2017 | 28.99 | (16.7 %) | 0.57 | - | 28.99 | 0.57 |
| Q2 2017 | 48.15 | (13.5 %) | 0.95 | - | 48.15 | 0.95 |
| Q3 2017 | 17.21 | (74.6 %) | 0.34 | - | 17.21 | 0.34 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 13.85 % | 12.09 % | 7.65 % |
| Q2 2016 | 16.71 % | 14.44 % | 9.27 % |
| Q3 2016 | 19.25 % | 15.88 % | 11.16 % |
| Q4 2016 | 20.26 % | 17.22 % | 11.57 % |
| 2016 | 20.38 % | 17.41 % | 11.76 % |
| Q1 2017 | 21.71 % | 18.41 % | 12.02 % |
| Q2 2017 | 21.92 % | 18.77 % | 12.24 % |
| Q3 2017 | 18.64 % | 16.88 % | 9.05 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2017 | 50.80 | 3.40 | 3.64 | 12.72 |
| Q2 2017 | 50.80 | 3.25 | 3.49 | 13.65 |
| Q3 2017 | 50.80 | 2.25 | 2.25 | 13.03 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 8.33 | 7.78 | 2.23 |
| Q2 2017 | 8.16 | 7.60 | 1.94 |
| Q3 2017 | 11.06 | 11.06 | 1.91 |
Business Segments (Million)
Q3 2017
| Period | Construction sector | Electricity sector | Pipelines factory | Electric poles factory | Frames factory | Electric power towers factory | Al Yamamah for reinforcing steel bars |
|---|---|---|---|---|---|---|---|
| Q1 2017 | 278.88 | 46.55 | - | - | - | - | - |
| Q2 2017 | 304.43 | 67.56 | - | - | - | - | - |
| Q3 2017 | 245.49 | 40.93 | - | - | - | - | - |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 34.00 | 17.21 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Sico | 34.00 | 17.21 |
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