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×Eastern Cement's net profit more than doubles in 9M 2019
Eastern Province Cement Co. (EPCCO) reported a net profit after zakat and tax of SAR 114 million for the first nine months of 2019, an over twofold increase year-on-year (YoY) on higher sales volumes, and investment income.
The nine month results were also backed by a decline in selling, general and administrative expenses, in addition to other expenses and zakat provision.
Financials (M)
| Item | 9m 2018 | 9m 2019 | Change |
|---|---|---|---|
| Revenues | 412.30 | 513.80 | 24.6 % |
| Gross Income | 91.45 | 148.01 | 61.8 % |
| Operating Income | 44.85 | 102.08 | 127.6 % |
| Net Income | 44.19 | 114.20 | 158.5 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.51 | 1.33 | 158.5 % |
The third quarter net profit after zakat and tax surged to SAR 36 million, from SAR 9 million a year earlier attributed to higher sales volumes, and investment income.
On a sequential basis, Q3 2019 net profit jumped 12.5 percent.
Current Quarter Comparison (M)
| Item | Q3 2018 | Q3 2019 | Change |
|---|---|---|---|
| Revenues | 122.03 | 173.84 | 42.5 % |
| Gross Income | 21.27 | 50.72 | 138.5 % |
| Operating Income | 7.01 | 37.35 | 432.6 % |
| Net Income | 8.87 | 36.45 | 310.8 % |
| Average Shares | 86.00 | 86.00 | - |
| EPS (Riyals) | 0.10 | 0.42 | 310.8 % |
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Share Price
| Current | |
| Market Cap (M Riyal) | 3,315.30 |
| Shares Outstanding ((M)) | 86.00 |
| EPS ( Riyal) (TTM) | 1.63 |
| Book Value (BV) ( Riyal) | 26.02 |
| P/E (TTM) | 23.72 |
| Price/book | 1.48 |
| Return on Average Assets (%) (TTM) | 5.5 |
| Return on Average Equity (%) (TTM) | 6.3 |
| Enterprise Value (EV) (M) | 2,654.21 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS (Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2019 | 181.19 | 30.7 % | 57.79 | 78.1 % | 45.97 | 178.4 % | 0.53 |
| Q2 2019 | 158.76 | 4.4 % | 39.50 | 3.9 % | 31.79 | 67.3 % | 0.37 |
| Q3 2019 | 173.84 | 42.5 % | 50.72 | 138.5 % | 36.45 | 310.8 % | 0.42 |
Profitability
| Period | Gross Margin | Net Margin |
|---|---|---|
| Q1 2019 | 31.89 % | 25.37 % |
| Q2 2019 | 24.88 % | 20.02 % |
| Q3 2019 | 29.18 % | 20.97 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS | Adjusted EPS | Book Value (BV) |
|---|---|---|---|---|
| Q1 2019 | 86.00 | 1.16 | 1.16 | 26.16 |
| Q2 2019 | 86.00 | 1.30 | 1.30 | 25.67 |
| Q3 2019 | 86.00 | 1.63 | 1.63 | 26.02 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2019 | 20.95 | 20.95 | 0.93 |
| Q2 2019 | 23.15 | 23.15 | 1.18 |
| Q3 2019 | 20.83 | 20.83 | 1.30 |
Business Segments (Million)
Q3 2019
| Period | Cement | Ready-mixed Concrete | Construction support business |
|---|---|---|---|
| Q1 2019 | 150.03 | 31.16 | - |
| Q2 2019 | 119.55 | 39.21 | - |
| Q3 2019 | 146.01 | 27.83 | - |
Analysts Estimates (Million)
| Item | Q3 2019 (e) | Q3 2019 (a) | Change |
|---|---|---|---|
| Average | 27.03 | 36.45 | 34.82 % |
Estimates vs Actual (Million)
| Item | Q3 2019 (e) | Q3 2019 (a) | Change |
|---|---|---|---|
| OBIC | 31.40 | 36.45 | 13.8 % |
| AlJazira Capital | 27.70 | 36.45 | 24.0 % |
| NCB Capital | 22.00 | 36.45 | 39.6 % |
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