Southern Cement posts lower net profit at SAR 515m in I2 of 2014

30/06/2014 Argaam Exclusive

Southern Province Cement Company, the second largest Saudi cement company, reported SAR 515m net profit at the end of the first half of 2014, a 9% decrease compared to the same period last year.

Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 995.66 1,012.16 1.7 %
Gross Income 591.26 544.07 (8.0 %)
Operating Income 568.08 521.45 (8.2 %)
Net Income 565.96 515.21 (9.0 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 4.04 3.68 (9.0 %)

Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 508.93 516.76 1.5 %
Gross Income 308.04 304.39 (1.2 %)
Operating Income 295.22 296.01 0.3 %
Net Income 297.21 294.20 (1.0 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 2.12 2.10 (1.0 %)

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Share Price

Southern Province Cement Co.
49.75
0.05 0.10 %

Southern Province Cement Co. (SPCC)

Financial Ratios
Current
Market Cap (M Riyal) 6,972.00
Enterprise Value (EV) (M) 6,955.79
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 2.15
Book Value (BV) ( Riyal) 22.90
Adjusted P/E (Last12) 23.16
P/E (TTM) 23.16
Price/book 2.17
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.4
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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS (Riyal)
Q1 2005 259.19 - 159.98 21.7 % 153.50 23.9 % 1.10
Q2 2005 265.82 - 173.40 6.6 % 169.59 6.5 % 1.21
Q3 2005 266.77 - 171.30 4.5 % 167.09 7.2 % 1.19
Q4 2005 231.94 - 138.47 21.1 % 124.79 16.9 % 0.89
Q1 2006 253.78 (2.1 %) 155.37 (2.9 %) 155.49 1.3 % 1.11
Q2 2006 266.66 0.3 % 165.49 (4.6 %) 167.69 (1.1 %) 1.20
Q3 2006 267.42 0.2 % 165.86 (3.2 %) 164.97 (1.3 %) 1.18
Q4 2006 238.41 2.8 % 146.03 5.5 % 136.08 9.0 % 0.97
Q1 2007 272.27 7.3 % 164.43 5.8 % 158.91 2.2 % 1.14
Q2 2007 303.43 13.8 % 190.90 15.4 % 192.53 14.8 % 1.38
Q3 2007 310.90 16.3 % 205.97 24.2 % 197.61 19.8 % 1.41
Q4 2007 268.32 12.5 % 160.25 9.7 % 154.84 13.8 % 1.11
Q1 2008 376.54 38.3 % 242.78 47.6 % 234.64 47.7 % 1.68
Q2 2008 376.55 24.1 % 227.67 19.3 % 230.49 19.7 % 1.65
Q3 2008 288.56 (7.2 %) 163.16 (20.8 %) 149.40 (24.4 %) 1.07
Q4 2008 256.26 (4.5 %) 123.10 (23.2 %) 176.54 14.0 % 1.26
Q1 2009 362.12 (3.8 %) 213.85 (11.9 %) 200.17 (14.7 %) 1.43
Q2 2009 361.61 (4.0 %) 215.32 (5.4 %) 212.15 (8.0 %) 1.52
Q3 2009 289.73 0.4 % 155.02 (5.0 %) 140.56 (5.9 %) 1.00
Q4 2009 304.92 19.0 % 182.92 48.6 % 180.71 2.4 % 1.29
Q1 2010 353.22 (2.5 %) 205.63 (3.8 %) 189.63 (5.3 %) 1.35
Q2 2010 358.99 (0.7 %) 191.61 (11.0 %) 185.18 (12.7 %) 1.32
Q3 2010 276.99 (4.4 %) 132.67 (14.4 %) 118.90 (15.4 %) 0.85
Q4 2010 319.92 4.9 % 179.63 (1.8 %) 164.80 (8.8 %) 1.18
Q1 2011 436.85 23.7 % 241.21 17.3 % 225.88 19.1 % 1.61
Q2 2011 444.37 23.8 % 251.72 31.4 % 239.08 29.1 % 1.71
Q3 2011 355.11 28.2 % 197.22 48.6 % 179.78 51.2 % 1.28
Q4 2011 454.74 42.1 % 266.85 48.6 % 251.00 52.3 % 1.79
Q1 2012 497.81 14.0 % 300.74 24.7 % 284.33 25.9 % 2.03
Q2 2012 474.15 6.7 % 269.36 7.0 % 261.73 9.5 % 1.87
Q3 2012 354.18 (0.3 %) 205.74 4.3 % 200.39 11.5 % 1.43
Q4 2012 479.13 5.4 % 275.07 3.1 % 253.76 1.1 % 1.81
Q1 2013 486.72 (2.2 %) 283.22 (5.8 %) 268.75 (5.5 %) 1.92
Q2 2013 508.93 7.3 % 308.04 14.4 % 297.21 13.6 % 2.12
Q3 2013 368.15 3.9 % 200.86 (2.4 %) 186.61 (6.9 %) 1.33
Q4 2013 411.34 (14.1 %) 220.73 (19.8 %) 253.52 (0.1 %) 1.81
Q1 2014 495.41 1.8 % 239.68 (15.4 %) 221.01 (17.8 %) 1.58
Q2 2014 516.76 1.5 % 304.39 (1.2 %) 294.20 (1.0 %) 2.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 231.84 % 249.48 % 221.98 %
Q2 2005 116.50 % 125.40 % 111.56 %
Q3 2005 78.17 % 84.03 % 75.39 %
Q4 2005 62.82 % 67.44 % 60.07 %
Q1 2006 62.70 % 67.41 % 60.59 %
Q2 2006 61.88 % 66.56 % 60.35 %
Q3 2006 61.30 % 66.13 % 60.10 %
Q4 2006 61.65 % 67.01 % 60.82 %
Q1 2007 61.43 % 66.45 % 60.08 %
Q2 2007 61.69 % 66.32 % 60.33 %
Q3 2007 62.87 % 67.18 % 60.90 %
Q4 2007 62.48 % 66.39 % 60.95 %
Q1 2008 63.52 % 69.96 % 61.91 %
Q2 2008 62.80 % 69.76 % 61.36 %
Q3 2008 60.60 % 68.19 % 58.73 %
Q4 2008 58.30 % 66.56 % 60.95 %
Q1 2009 56.70 % 63.26 % 58.95 %
Q2 2009 56.40 % 63.11 % 58.20 %
Q3 2009 55.71 % 62.71 % 57.45 %
Q4 2009 58.19 % 65.18 % 55.64 %
Q1 2010 57.95 % 64.98 % 55.22 %
Q2 2010 56.26 % 63.50 % 53.26 %
Q3 2010 55.08 % 62.54 % 52.11 %
Q4 2010 54.20 % 61.48 % 50.30 %
Q1 2011 53.50 % 60.47 % 49.88 %
Q2 2011 54.48 % 60.78 % 50.65 %
Q3 2011 55.89 % 61.76 % 52.02 %
Q4 2011 56.59 % 61.87 % 52.97 %
Q1 2012 58.02 % 63.18 % 54.46 %
Q2 2012 58.04 % 63.75 % 54.82 %
Q3 2012 58.55 % 64.52 % 56.01 %
Q4 2012 58.21 % 63.56 % 55.40 %
Q1 2013 57.60 % 63.07 % 54.88 %
Q2 2013 58.62 % 63.43 % 55.78 %
Q3 2013 57.91 % 63.39 % 54.60 %
Q4 2013 57.06 % 62.96 % 54.38 %
Q1 2014 54.34 % 60.22 % 51.44 %
Q2 2014 53.90 % 60.32 % 51.05 %

Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS Adjusted EPS Book Value (BV)
Q1 2005 140.00 4.11 4.11 12.55
Q2 2005 140.00 4.18 4.18 13.76
Q3 2005 140.00 4.26 4.26 13.16
Q4 2005 140.00 4.39 4.39 14.09
Q1 2006 140.00 4.41 4.41 14.45
Q2 2006 140.00 4.39 4.39 13.65
Q3 2006 140.00 4.38 4.38 14.83
Q4 2006 140.00 4.46 4.46 15.72
Q1 2007 140.00 4.48 4.48 14.85
Q2 2007 140.00 4.66 4.66 16.23
Q3 2007 140.00 4.89 4.89 15.64
Q4 2007 140.00 5.03 5.03 16.75
Q1 2008 140.00 5.57 5.57 15.92
Q2 2008 140.00 5.84 5.84 17.57
Q3 2008 140.00 5.50 5.50 15.64
Q4 2008 140.00 5.65 5.65 16.85
Q1 2009 140.00 5.40 5.40 16.28
Q2 2009 140.00 5.27 5.27 17.80
Q3 2009 140.00 5.21 5.21 16.30
Q4 2009 140.00 5.24 5.24 17.58
Q1 2010 140.00 5.16 5.16 16.44
Q2 2010 140.00 4.97 4.97 17.76
Q3 2010 140.00 4.82 4.82 16.61
Q4 2010 140.00 4.70 4.70 17.77
Q1 2011 140.00 4.96 4.96 16.88
Q2 2011 140.00 5.35 5.35 18.59
Q3 2011 140.00 5.78 5.78 17.13
Q4 2011 140.00 6.40 6.40 18.91
Q1 2012 140.00 6.82 6.82 17.44
Q2 2012 140.00 6.98 6.98 19.31
Q3 2012 140.00 7.12 7.12 17.74
Q4 2012 140.00 7.14 7.14 19.55
Q1 2013 140.00 7.03 7.03 17.47
Q2 2013 140.00 7.29 7.29 19.60
Q3 2013 140.00 7.19 7.19 17.93
Q4 2013 140.00 7.19 6.90 19.73
Q1 2014 140.00 6.85 6.55 17.31
Q2 2014 140.00 6.82 6.53 19.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 18.91 18.91 6.19
Q2 2005 28.97 28.97 8.81
Q3 2005 26.49 26.49 8.59
Q4 2005 26.74 26.74 8.34
Q1 2006 28.39 28.39 8.66
Q2 2006 24.64 24.64 7.93
Q3 2006 20.56 20.56 6.07
Q4 2006 16.43 16.43 4.66
Q1 2007 14.55 14.55 4.39
Q2 2007 14.70 14.70 4.22
Q3 2007 15.43 15.43 4.83
Q4 2007 17.35 17.35 5.21
Q1 2008 13.11 13.11 4.58
Q2 2008 13.01 13.01 4.33
Q3 2008 12.10 12.10 4.25
Q4 2008 8.25 8.25 2.76
Q1 2009 10.69 10.69 3.55
Q2 2009 11.66 11.66 3.46
Q3 2009 12.38 12.38 3.96
Q4 2009 12.79 12.79 3.81
Q1 2010 13.65 13.65 4.29
Q2 2010 13.68 13.68 3.83
Q3 2010 13.91 13.91 4.03
Q4 2010 13.02 13.02 3.45
Q1 2011 12.24 12.24 3.60
Q2 2011 14.31 14.31 4.11
Q3 2011 12.67 12.67 4.28
Q4 2011 13.44 13.44 4.55
Q1 2012 13.50 13.50 5.27
Q2 2012 14.26 14.26 5.15
Q3 2012 13.86 13.86 5.57
Q4 2012 14.00 14.00 5.12
Q1 2013 14.29 14.29 5.75
Q2 2013 14.27 14.27 5.31
Q3 2013 14.85 14.85 5.95
Q4 2013 15.34 15.99 5.59
Q1 2014 16.32 17.05 6.46
Q2 2014 17.00 17.76 5.98

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