Eastern Cement’s net profit triples in Q1 2019

Argaam Report: Last Updated Date (01/05/2019)

Eastern Province Cement Co. reported a net profit of SAR 46 million for the first quarter of 2019 compared to a net profit of SAR 17 million for the same period last year, on higher sales value and volume due to improvement in local demand, lower cost of sales, lower other expenses and lower Zakat provision.

Financials Highlights (M)

Item 3m-2018 3m -2019 Change‬
Revenues 138.65 181.19 30.7 %
Gross Income 32.45 57.79 78.1 %
Operating Income 17.14 41.14 140.0 %
Net Income 16.51 45.97 178.4 %
Average Shares 86.00 86.00 -
EPS (Riyal) 0.19 0.53 178.4 %

When compared to previous quarter, net profit rose 77 percent due to higher sales value and volume and lower cost of sales.

Historical Performance (M)

Period Revenues Gross Income Net Income EPS (Riyal) Earnings Growth
2019 - - - - -
2019 - Q4 - - - - -
2019 - Q3 - - - - -
2019 - Q2 - - - - -
2019 - Q1 181.19 57.79 45.97 0.53 178.35 %
2018 - Q4 153.44 39.71 25.56 0.30 229.69 %
2018 - Q3 122.03 21.27 8.87 0.10 (36.08 %)
2018 - Q2 151.62 37.73 18.80 0.22 (46.45 %)
2018 - Q1 138.65 32.45 16.51 0.19 (67.23 %)
2017 - Q4 156.87 31.06 7.75 0.09 (84.99 %)
2017 - Q3 122.10 32.73 13.88 0.16 (66.98 %)
2017 - Q2 159.38 41.24 35.11 0.41 (25.81 %)
2017 - Q1 202.27 60.26 50.40 0.59 (41.52 %)
2016 - Q4 231.59 68.47 51.66 0.60 (41.20 %)
2016 - Q3 172.19 60.22 42.03 0.49 (37.02 %)
2016 - Q2 207.53 66.52 47.33 0.55 (48.98 %)
2016 - Q1 245.29 95.34 86.18 1.00 1.45 %
2015 - Q4 239.22 94.51 87.86 1.02 10.87 %
2015 - Q3 192.12 82.94 66.73 0.78 19.29 %
2015 - Q2 254.15 108.12 92.77 1.08 13.63 %
2015 - Q1 254.48 108.33 84.94 0.99 (45.80 %)
2014 - Q4 219.70 92.72 79.25 0.92 45.05 %
2014 - Q3 193.08 73.56 55.94 0.65 (17.32 %)
2014 - Q2 217.73 94.15 81.64 0.95 5.44 %
2014 - Q1 214.60 92.28 156.73 1.82 43.20 %
2013 - Q4 212.57 74.04 54.63 0.64 (42.87 %)
2013 - Q3 174.92 79.00 67.65 0.79 (19.25 %)
2013 - Q2 203.39 80.49 77.42 0.90 (24.96 %)
2013 - Q1 237.85 114.81 109.45 1.27 5.18 %
2012 - Q4 228.79 98.73 95.64 1.11 (9.47 %)
2012 - Q3 175.09 89.50 83.78 0.97 12.14 %
2012 - Q2 212.79 108.86 103.18 1.20 2.11 %
2012 - Q1 238.21 123.60 104.06 1.21 26.05 %
2011 - Q4 216.43 117.35 105.64 1.23 27.41 %
2011 - Q3 170.72 93.80 74.71 0.87 17.49 %
2011 - Q2 214.92 109.21 101.05 1.17 (3.10 %)
2011 - Q1 210.50 98.33 82.55 0.96 (10.46 %)
2010 - Q4 206.26 94.92 82.91 0.96 65.65 %
2010 - Q3 171.41 80.43 63.59 0.74 (36.79 %)
2010 - Q2 231.56 106.39 104.28 1.21 1.16 %
2010 - Q1 210.23 105.93 92.20 1.07 (4.91 %)

Business Segments - Revenues (M)

Period Cement Ready-mixed Concrete Construction support business
2019 - Q1 150.03 31.16 -
2019 - Q2 - - -
2019 - Q3 - - -
2019 - Q4 - - -
2019 - - -
more

Per Share Data (Riyal)

Period Shares Outstanding (M) EPS (TTM) EPS Before XO Items (TTM) Book Value (BV)
2019 - Q1 86.00 1.15 1.15 26.16
2018 - Q4 86.00 0.81 0.81 25.60
2018 - Q3 86.00 0.60 0.60 25.43
2018 - Q2 86.00 0.66 0.66 25.48
2018 - Q1 86.00 0.85 0.85 26.07
2017 - Q4 86.00 1.25 1.25 25.00
2017 - Q3 86.00 1.76 1.76 25.69
2017 - Q2 86.00 2.08 2.08 25.52
2017 - Q1 86.00 2.23 2.23 25.13
2016 - Q4 86.00 2.64 2.64 26.01
2016 - Q3 86.00 3.06 3.04 26.90
2016 - Q2 86.00 3.35 3.33 26.42
2016 - Q1 86.00 3.88 3.86 25.81
2015 - Q4 86.00 3.86 3.84 27.35
2015 - Q3 86.00 3.76 3.76 26.43
2015 - Q2 86.00 3.64 3.64 25.89
2015 - Q1 86.00 3.51 3.51 24.72
2014 - Q4 86.00 4.34 3.41 26.29
2014 - Q3 86.00 4.06 3.12 25.79
2014 - Q2 86.00 4.19 3.26 25.04
2014 - Q1 86.00 4.14 3.21 24.03
2013 - Q4 86.00 3.59 3.59 26.55
2013 - Q3 86.00 4.07 4.12 25.56
2013 - Q2 86.00 4.26 4.30 24.74
2013 - Q1 86.00 4.56 4.60 23.66
2012 - Q4 86.00 4.50 4.54 26.35
2012 - Q3 86.00 4.61 4.61 25.22
2012 - Q2 86.00 4.51 4.51 24.09
2012 - Q1 86.00 4.48 4.48 23.16
2011 - Q4 86.00 4.23 4.23 25.09
2011 - Q3 86.00 3.97 3.97 23.91
2011 - Q2 86.00 3.84 3.84 23.27
2011 - Q1 86.00 3.88 3.88 22.10
2010 - Q4 86.00 3.99 3.99 24.55
2010 - Q3 86.00 3.61 3.61 23.40
2010 - Q2 86.00 4.04 4.04 22.59
2010 - Q1 86.00 4.02 4.02 21.66

Multiple Ratios (End of Period Price)

Period P/E (TTM) P/E Before Unusual Items (TTM) Price/book
2019 - Q1 21.00 21.00 0.93
2018 - Q4 25.55 25.55 0.81
2018 - Q3 33.68 33.68 0.80
2018 - Q2 37.30 37.30 0.97
2018 - Q1 29.65 29.65 0.97
2017 - Q4 21.18 21.18 1.06
2017 - Q3 13.71 13.71 0.94
2017 - Q2 11.59 11.59 0.95
2017 - Q1 13.12 13.12 1.16
2016 - Q4 13.06 13.06 1.33
2016 - Q3 8.29 8.35 0.94
2016 - Q2 8.97 9.02 1.14
2016 - Q1 8.00 8.05 1.20
2015 - Q4 8.21 8.25 1.16
2015 - Q3 9.94 9.94 1.42
2015 - Q2 12.66 12.66 1.78
2015 - Q1 15.71 15.71 2.23
2014 - Q4 12.74 16.25 2.10
2014 - Q3 15.63 20.33 2.46
2014 - Q2 14.37 18.51 2.41
2014 - Q1 13.87 17.93 2.39
2013 - Q4 16.55 16.55 2.24
2013 - Q3 14.12 13.97 2.25
2013 - Q2 13.79 13.65 2.37
2013 - Q1 12.34 12.22 2.38
2012 - Q4 12.79 12.66 2.18
2012 - Q3 11.27 11.27 2.06
2012 - Q2 11.76 11.76 2.20
2012 - Q1 13.16 13.16 2.55
2011 - Q4 13.11 13.11 2.21
2011 - Q3 12.07 12.07 2.00
2011 - Q2 12.90 12.90 2.13
2011 - Q1 12.05 12.05 2.11
2010 - Q4 11.36 11.36 1.85
2010 - Q3 12.45 12.45 1.92
2010 - Q2 10.70 10.70 1.91
2010 - Q1 12.43 12.43 2.31

Average Analysts Estimates

2019 - Q1 (e) 2019 - Q1 (a) Change
Average 30.70 45.97 49.7 %

Estimates vs Actual Results

Company 2019 - Q1 (e) 2019 - Q1 (a) Difference
AlJazira Capital 34.40 45.97 25.2 %
NCB Capital 27.00 45.97 41.3 %

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Eastern Province Cement Co.
32.80
0.90 2.82 %
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Financials Highlights (M)

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Business Segments

Valuation Data (Latest Share Price)

P/E (TTM) 28.44
P/E Before Unusual Items (TTM) 28.44
P/BV 1.25
Dividend Yield 3.62 %
Market Cap. (M) 2,820.80
Return on Average Assets 3.85 %
Return on Average Equity 4.42 %

Quarterly Actuals vs Estimates

Estimates Accuracy

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