Saudi cement firms’ combined net profit fell 23% in FY16

Argaam Report: Last Updated Date 22/01/2017

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Saudi-listed cement producers reported a combined net profit of SAR 4.52 billion for fiscal year 2016, a drop of 23 percent year-on-year (YoY), hurt by lower demand and product selling prices, as well as higher energy costs, data compiled by Argaam showed.

 

On a quarterly basis, the sector’s combined net profit fell 47 percent YoY to SAR 772 million.  

Aggregate Income (M)

Item 2015 2016 Change‬
Aggregate Income 6,158.82 4,685.89 (23.92 %)

A total of 13 companies reported lower earnings, dragged by Najran Cement, which posted a 55 percent YoY fall in net profit due to slowdown in the construction sector.

 

It was followed by Yamama Cement (-40 percent), Tabuk (-37 percent), along with Northern Region Cement and Yanbu Cement (-33 percent each). 

 

Meanwhile, Umm al Qura Cement Co. narrowed its losses to SAR 10.8 million in the same period, compared to SAR 19.1 million in 2015, backed by the launch of commercial operations, better sales, and lower FX losses in Q4 2016. 

Net Income (M)

Company 2015 2016 Change‬
CITY CEMENT 241.87 216.31 (10.57 %)
NAJRAN CEMENT 255.62 125.74 (50.81 %)
NORTHERN CEMENT 206.91 152.26 (26.41 %)
ACC 600.14 489.63 (18.41 %)
SAUDI CEMENT 940.19 900.97 (4.17 %)
YC 615.21 357.86 (41.83 %)
QACCO 586.44 405.08 (30.93 %)
YCC 806.08 525.76 (34.78 %)
SPCC 1,038.61 877.51 (15.51 %)
JOUF CEMENT 76.34 72.07 (5.59 %)
TCC 89.83 54.82 (38.98 %)
RIYADH CEMENT 387.83 291.14 (24.93 %)
EPCCO 332.89 227.19 (31.75 %)
UACC (19.15) (10.43) 45.52 %
Total 6,158.82 4,685.89 (23.92 %)

Quarterly Aggregate Income (M)

Period Aggregate Income Growth
2016 - Q4 749.21 (46.06 %)
2016 - Q3 829.96 (23.12 %)
2016 - Q2 1,281.34 (21.88 %)
2016 - Q1 1,532.43 (7.60 %)
2015 - Q4 1,388.90 (0.75 %)
2015 - Q3 1,079.50 (15.55 %)
2015 - Q2 1,640.15 (5.15 %)
2015 - Q1 1,658.50 3.32 %
2014 - Q4 1,399.42 28.58 %
2014 - Q3 1,278.33 20.56 %
2014 - Q2 1,729.12 (4.25 %)
2014 - Q1 1,605.13 (12.35 %)
2013 - Q4 1,088.39 (23.59 %)
2013 - Q3 1,060.31 (7.13 %)
2013 - Q2 1,805.90 19.10 %
2013 - Q1 1,831.21 6.02 %
2012 - Q4 1,424.49 14.32 %
2012 - Q3 1,141.73 3.45 %
2012 - Q2 1,516.33 10.01 %
2012 - Q1 1,727.16 36.59 %

Quarterly Comparing

Company 2015 - Q4 2016 - Q4 Change‬
CITY CEMENT 58.63 45.91 (21.70 %)
NAJRAN CEMENT 53.73 14.91 (72.24 %)
NORTHERN CEMENT 39.62 30.60 (22.77 %)
ACC 153.46 24.05 (84.33 %)
SAUDI CEMENT 175.70 186.66 6.24 %
YC 152.80 34.81 (77.22 %)
QACCO 140.53 87.92 (37.43 %)
YCC 208.75 103.78 (50.28 %)
SPCC 300.05 152.77 (49.08 %)
JOUF CEMENT 5.14 9.70 88.65 %
TCC 22.64 4.58 (79.76 %)
EPCCO 87.86 51.66 (41.20 %)
UACC (10.00) 1.85 118.50 %
Total 1,388.90 749.21 (46.06 %)

Net Income (M)

Company Q4-2016 Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013 Q3-2013 Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012 Q1-2012 Q4-2011 Q3-2011 Q2-2011 Q1-2011 Q4-2010 Q3-2010 Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007 Q3-2007 Q2-2007 Q1-2007 Q4-2006 Q3-2006 Q2-2006 Q1-2006 Q4-2005 Q3-2005 Q2-2005 Q1-2005 Q4-2004 Q3-2004 Q2-2004 Q1-2004 Q4-2003 Q3-2003 Q2-2003 Q1-2003
SAUDI CEMENT 186.66 202.28 249.46 262.57 175.70 207.57 253.82 303.10 268.02 231.72 288.30 286.05 247.30 229.06 307.14 340.30 276.54 209.45 290.24 325.56 211.37 195.26 213.76 210.85 152.04 140.28 190.62 176.58 139.59 123.14 167.66 152.00 131.70 144.73 171.59 173.30 168.49 159.43 189.47 169.00 154.64 155.49 174.99 152.64 89.29 128.78 138.15 128.07 124.24 113.19 104.94 95.13 95.16 122.44 94.46 90.48
SPCC 152.77 173.56 267.98 283.20 300.05 202.21 270.35 266.00 245.30 284.92 294.20 221.01 253.52 186.61 297.21 268.75 253.76 200.39 261.73 284.33 251.00 179.78 239.08 225.88 164.80 118.90 185.18 189.63 180.71 140.56 212.15 200.17 176.54 149.40 230.49 234.64 154.84 197.61 192.53 158.91 136.08 164.97 167.69 155.49 124.79 167.09 169.59 153.50 0.46 155.89 159.23 123.89 (0.75) 144.05 128.32 114.11
YC 34.81 56.31 116.29 150.46 152.80 95.53 191.48 175.41 151.69 137.16 207.36 174.64 177.73 148.08 267.63 276.80 173.81 156.65 209.46 277.64 191.05 148.57 220.42 179.72 159.86 139.80 192.07 165.19 145.12 125.29 165.35 125.99 85.13 100.48 227.80 197.47 126.98 228.43 202.51 173.51 111.76 145.90 184.79 158.72 159.12 134.83 104.17 102.77 92.88 102.87 248.17 98.30 107.35 95.39 93.63 92.23
YCC 103.78 92.06 159.23 170.69 208.75 144.67 245.50 207.17 193.31 162.84 240.56 205.22 160.22 139.64 274.41 247.02 203.43 156.71 215.59 144.76 153.40 124.88 149.90 101.10 99.53 94.24 113.42 123.18 81.59 97.63 151.07 151.78 120.25 121.67 149.45 168.37 110.26 179.15 219.90 151.64 106.13 130.75 154.08 121.25 115.49 122.82 110.23 105.07 90.07 123.30 109.44 104.85 78.88 113.51 95.27 90.26
ACC 24.05 97.17 141.00 225.59 153.46 89.48 161.94 195.27 144.55 133.94 199.80 167.14 (106.67) 16.85 124.65 157.26 82.33 87.03 71.93 146.14 70.35 104.92 111.75 116.02 10.85 81.68 81.17 81.74 (87.23) 72.82 82.65 103.78 46.76 71.77 90.38 115.26 86.02 110.66 102.26 93.23 59.14 82.23 102.67 89.53 78.85 86.14 96.72 69.14 45.31 69.04 131.83 60.19 50.51 46.87 67.68 45.53
QACCO 87.92 69.45 113.90 133.80 140.53 115.12 168.08 162.71 134.23 109.03 161.11 159.05 135.31 114.70 165.93 168.46 143.03 110.51 148.98 158.44 146.10 114.97 144.65 147.18 112.48 107.09 135.76 145.23 173.48 128.77 148.22 151.53 91.09 113.49 151.93 160.24 148.34 154.04 148.01 90.16 68.29 85.87 80.33 81.09 73.02 77.14 72.73 58.64 55.76 64.84 69.31 56.47 57.52 62.44 66.15 57.77
EPCCO 51.66 42.03 47.33 86.18 87.86 66.73 92.77 84.94 79.25 55.94 81.64 156.73 54.63 67.65 77.42 109.45 95.64 83.78 103.18 104.06 105.64 74.71 101.05 82.55 82.91 63.59 104.28 92.20 50.05 100.60 103.09 96.96 74.79 62.75 141.66 155.04 111.45 134.24 162.80 132.94 110.18 119.11 115.52 100.70 61.79 74.64 96.85 65.55 55.03 62.78 94.84 57.26 53.77 69.06 69.90 58.03
RIYADH CEMENT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NORTHERN CEMENT 30.60 30.09 48.66 42.91 39.62 52.64 64.03 50.63 25.81 51.35 62.09 60.76 51.58 50.04 90.20 42.79 17.94 7.28 28.73 39.47 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NAJRAN CEMENT 14.91 15.62 33.87 61.34 53.73 32.07 77.83 92.00 63.96 41.16 84.39 53.69 20.38 26.56 63.66 87.54 58.83 36.20 26.58 80.62 4.96 83.32 78.11 68.24 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CITY CEMENT 45.91 32.92 64.16 73.32 58.63 47.39 68.25 67.59 47.30 46.96 62.24 65.25 48.28 45.42 72.94 51.79 43.46 39.03 76.98 83.44 70.08 38.18 50.91 63.49 61.60 50.54 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TCC 4.58 7.85 21.08 21.31 22.64 9.23 26.91 32.63 28.85 21.62 43.11 44.00 38.14 28.35 50.90 56.06 50.27 32.76 56.71 49.21 28.05 24.72 42.92 41.22 21.42 23.79 41.71 34.02 25.55 24.24 37.83 33.51 8.87 22.91 68.79 50.58 45.67 54.62 62.86 57.24 37.54 59.98 63.58 56.46 37.61 43.20 40.06 33.96 32.84 37.21 32.91 25.63 19.83 22.38 19.83 13.62
UACC 1.85 (4.28) (4.35) (3.65) (10.00) (1.73) (7.62) (4.72) (3.72) (6.90) (11.74) (3.42) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
JOUF CEMENT 9.70 14.90 22.74 24.72 5.14 18.63 26.81 25.76 20.87 8.60 16.08 15.01 7.97 7.34 13.81 24.99 25.46 21.93 26.22 33.49 14.09 14.39 25.86 28.23 16.69 5.00 (1.70) (5.22) (16.58) (5.90) (4.86) (4.51) (0.12) (6.30) (3.16) (1.39) - - - - - - - - - - - - - - - - - - - -
Total 749.21 829.96 1,281.34 1,532.43 1,388.90 1,079.50 1,640.15 1,658.50 1,399.42 1,278.33 1,729.12 1,605.13 1,088.39 1,060.31 1,805.90 1,831.21 1,424.49 1,141.73 1,516.33 1,727.16 1,246.08 1,103.70 1,378.41 1,264.48 882.18 824.92 1,042.52 1,002.55 692.29 807.15 1,063.14 1,011.21 735.02 780.89 1,228.93 1,253.51 952.04 1,218.19 1,280.35 1,026.62 783.76 944.29 1,043.64 915.88 739.96 834.64 828.50 716.71 496.60 729.13 950.67 621.73 462.25 676.13 635.23 562.03


Price Earnings (P/E) Ratios

Company EPS (SAR/Share) Close (SAR) Recurring P/E (TTM)
YCC 3.34 33.09 4.34
SPCC 6.27 68.00 5.05
ACC 4.88 37.63 5.52
SAUDI CEMENT 5.89 61.25 7.62
JOUF CEMENT 0.66 10.69 8.19
NORTHERN CEMENT 0.85 11.07 8.31
NAJRAN CEMENT 0.74 10.69 11.56
QACCO 4.50 59.75 12.36
CITY CEMENT 1.55 13.04 12.54
EPCCO 2.64 29.18 12.87
YC 1.77 19.01 14.47
TCC 0.61 12.00 20.43
UACC (0.19) 16.71 NEG

As many as 11 cement producers recorded lower profit in Q4 2016, due to a decline in sales volumes, lower demand, in addition to higher energy and fuel costs.

Jouf Cement, meanwhile, reported the biggest profit growth at 88 percent YoY to SAR 9.6 million. Saudi Cement followed with a profit increase of 6 percent YoY to SAR 187 million, after Q4-2015 was hurt by impairment losses in kilns four and five at Hofuf plant.

Umm Al-Qura swung to a net profit of SAR 1.3 million in Q4 2016, compared to a net loss of SAR 10 million in Q4 2015. 

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Profit Performance

Valuation Data (Latest Share Price)

P/E (TTM) 18.80
P/BV 1.07
Dividend Yield 5.07 %
Sector Capitalization (M) 33,586.25
Market Cap. (M) 3,152,565.00
Return on Average Assets (TTM) 11.06 %
Return on Average Equity (TTM) 14.02 %

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