Yamama Cement turns into losses in H1

26/07/2018 Argaam Exclusive

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Share Price

Yamama Cement Co. (YSCC)

Yamama Cement Co. recorded SAR 12.4 million losses for the first half of 2018, after achieving SAR 63 million profits in the year-ago period.

The company attributed the losses to lower sales volume and value, decrease in other revenues and higher Zakat provision.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	414.94	253.15	(39.0 %)
Gross Income	95.86	25.47	(73.4 %)
Operating Income	63.33	(4.64)	(107.3 %)
Net Income	62.99	(12.41)	(119.7 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.31	(0.06)	(119.7 %)

The company also registered SAR 36 million losses for the second quarter, versus SAR 12.2 million profits year-on-year and SAR 23.8 million profits quarter-on-quarter, driven by lower sales and revenue and higher Zakat provision.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	194.75	111.99	(42.5 %)
Gross Income	32.95	(13.34)	(140.5 %)
Operating Income	15.25	(29.60)	(294.1 %)
Net Income	12.17	(36.25)	(397.9 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.06	(0.18)	(397.9 %)

Item	Q1 2018	Q2 2018	Change‬
Revenues	141.15	111.99	(20.7 %)
Gross Income	38.81	(13.34)	(134.4 %)
Operating Income	24.96	(29.60)	(218.6 %)
Net Income	23.84	(36.25)	(252.1 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.12	(0.18)	(252.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
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
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
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
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
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
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
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
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
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
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
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
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
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
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77
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
Q4 2017	169.12	(27.4 %)	53.85	(24.7 %)	12.45	(64.2 %)	0.06
2017	748.26	(33.5 %)	191.66	(59.2 %)	104.59	(70.8 %)	0.52
Q1 2018	141.15	(35.9 %)	38.81	(38.3 %)	23.84	(53.1 %)	0.12
Q2 2018	111.99	(42.5 %)	(13.34)	(140.5 %)	(36.25)	(397.9 %)	(0.18)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77
2017	748.26	(33.5 %)	191.66	(59.2 %)	104.59	(70.8 %)	0.52

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q4 2017	25.61 %	44.06 %	16.80 %
2017	25.61 %	44.06 %	16.80 %
Q1 2018	25.04 %	45.58 %	14.75 %
Q2 2018	20.68 %	44.56 %	8.57 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	57.42 %	69.48 %	54.40 %
2009	52.97 %	64.95 %	48.30 %
2010	55.97 %	66.74 %	51.65 %
2011	56.11 %	65.10 %	51.29 %
2012	58.01 %	66.84 %	52.83 %
2013	57.14 %	66.10 %	54.83 %
2014	53.60 %	63.82 %	49.28 %
2015	56.17 %	66.76 %	48.07 %
2016	41.78 %	63.24 %	33.14 %
2017	25.61 %	44.06 %	16.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	53.67 %	67.53 %	48.71 %
Q2 2009	56.49 %	67.61 %	52.86 %
Q3 2009	49.73 %	63.45 %	44.91 %
Q4 2009	51.77 %	61.48 %	46.43 %
Q1 2010	51.37 %	61.29 %	47.33 %
Q2 2010	59.02 %	69.22 %	57.02 %
Q3 2010	57.22 %	70.08 %	51.58 %
Q4 2010	56.72 %	67.26 %	50.75 %
Q1 2011	55.77 %	65.73 %	51.13 %
Q2 2011	55.44 %	63.11 %	52.46 %
Q3 2011	55.70 %	66.29 %	49.34 %
Q4 2011	57.54 %	65.79 %	51.71 %
Q1 2012	60.93 %	68.03 %	56.48 %
Q2 2012	54.77 %	63.31 %	50.76 %
Q3 2012	57.40 %	69.28 %	51.16 %
Q4 2012	58.23 %	67.19 %	51.67 %
Q1 2013	60.66 %	67.77 %	57.35 %
Q2 2013	59.03 %	66.70 %	58.75 %
Q3 2013	52.46 %	64.16 %	50.40 %
Q4 2013	53.32 %	64.47 %	49.33 %
Q1 2014	49.35 %	58.73 %	47.54 %
Q2 2014	54.27 %	62.93 %	48.18 %
Q3 2014	53.59 %	66.05 %	49.47 %
Q4 2014	57.72 %	68.76 %	52.38 %
Q1 2015	53.71 %	63.38 %	51.75 %
Q2 2015	55.39 %	64.65 %	56.40 %
Q3 2015	59.40 %	71.38 %	34.08 %
Q4 2015	56.73 %	68.36 %	47.62 %
Q1 2016	49.61 %	63.92 %	40.01 %
Q2 2016	40.30 %	61.78 %	41.47 %
Q3 2016	42.01 %	69.13 %	23.90 %
Q4 2016	30.70 %	57.92 %	21.39 %
Q1 2017	28.57 %	45.64 %	23.08 %
Q2 2017	16.92 %	33.23 %	6.25 %
Q3 2017	25.55 %	45.44 %	17.75 %
Q4 2017	31.84 %	53.12 %	19.83 %
Q1 2018	27.50 %	53.73 %	16.89 %
Q2 2018	(11.91 %)	18.81 %	(32.37 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2017	202.50	0.52	0.62	16.96
Q1 2018	202.50	0.38	0.49	17.06
Q2 2018	202.50	0.14	0.25	16.86

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	202.50	3.02	3.02	14.03
2009	202.50	2.77	2.77	15.09
2010	202.50	3.24	3.24	15.60
2011	202.50	3.65	3.65	16.67
2012	202.50	4.04	4.11	17.77
2013	202.50	4.30	4.17	19.23
2014	202.50	3.31	3.23	18.43
2015	202.50	3.04	3.11	18.18
2016	202.50	1.77	1.84	16.79
2017	202.50	0.52	0.62	16.96

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2017	34.13	28.41	1.04
Q1 2018	41.54	32.66	0.93
Q2 2018	More than 50	More than 50	0.94

Period	P/E	Adjusted P/E	Price/book
2008	7.49	7.49	1.61
2009	11.39	11.39	2.09
2010	10.58	10.58	2.20
2011	12.78	12.78	2.80
2012	11.77	11.55	2.67
2013	13.32	13.71	2.98
2014	14.47	14.82	2.60
2015	10.36	10.11	1.73
2016	12.93	12.41	1.36
2017	34.13	28.41	1.04

Analysts Estimates (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change‬
Average	21.43	(36.25)	(269.2 %)

Estimates vs Actual (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change
Al Rajhi Capital	28.00	(36.25)	(229.5) %
Riyad Capital	28.00	(36.25)	(229.5) %
Albilad Capital	27.00	(36.25)	(234.3) %
SNB Capital	23.00	(36.25)	(257.6) %
OSOOL AND BAKHEET	20.00	(36.25)	(281.3) %
U-Capital	18.75	(36.25)	(293.4) %
AlJazira Capital	13.70	(36.25)	(364.6) %
Sico	13.00	(36.25)	(378.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,067.25
Enterprise Value (EV) (M)	8,190.51
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)	28.36
P/E (TTM)	23.03
Price/book	1.52
Return on Average Assets (%) (TTM)	4.7
Return on Average Equity (%) (TTM)	6.7

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Yamama Cement turns into losses in H1

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Share Price

Yamama Cement Co. (YSCC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Yamama Cement turns into losses in H1

View other reports

Share Price

Yamama Cement Co. (YSCC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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