Najran Cement’s net profit rises 5% to SAR 256 mln in 2015
17/01/2016
Argaam Exclusive
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Najran Cement reported a net profit of SAR 255.6 million for the 2015 fiscal year, marking a 5.1 percent year-on-year (YOY) rise, which the company attributed mainly to higher sales and other revenue.
Financials (M)
| Item | 2014 | 2015 | Change |
|---|---|---|---|
| Revenues | 827.89 | 1,086.65 | 31.3 % |
| Gross Income | 398.86 | 521.60 | 30.8 % |
| Operating Income | 279.93 | 309.27 | 10.5 % |
| Net Income | 243.20 | 255.62 | 5.1 % |
| Average Shares | 170.00 | 170.00 | - |
| Earnings Per Share before unusual items (Riyals) | 1.43 | 1.50 | 5.1 % |
| EPS (Riyal) | 1.43 | 1.50 | 5.1 % |
The cement-producer posted a net profit of SAR 53.7 million in Q4-2015, a 16 percent drop YOY due to higher selling and distribution expenses and Zakat payment, despite an increase and sales volume. Profit for the quarter, however, was 68 percent higher when compared to Q3-2015.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2014 | Q4 2015 | Change |
|---|---|---|---|
| Revenues | 252.60 | 276.35 | 9.4 % |
| Gross Income | 124.14 | 119.42 | (3.8 %) |
| Operating Income | 74.49 | 67.73 | (9.1 %) |
| Net Income | 63.96 | 53.73 | (16.0 %) |
| Average Shares | 170.00 | 170.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.38 | 0.32 | (16.0 %) |
| EPS (Riyal) | 0.38 | 0.32 | (16.0 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2015 | 304.23 | 80.4 % | 159.97 | 113.1 % | 104.98 | 70.0 % |
| Q2 2015 | 294.19 | 26.2 % | 151.06 | 26.3 % | 91.32 | (2.3 %) |
| Q3 2015 | 211.89 | 22.1 % | 91.15 | 13.9 % | 45.23 | (10.5 %) |
| Q4 2015 | 276.35 | 9.4 % | 119.42 | (3.8 %) | 67.73 | (9.1 %) |
| 2015 | 1,086.65 | 31.3 % | 521.60 | 30.8 % | 309.27 | 10.5 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2015 | 92.00 | 71.3 % | 0.54 | - | 92.00 | 0.54 |
| Q2 2015 | 77.83 | (7.8 %) | 0.46 | - | 77.83 | 0.46 |
| Q3 2015 | 32.07 | (22.1 %) | 0.19 | - | 32.07 | 0.19 |
| Q4 2015 | 53.73 | (16.0 %) | 0.32 | - | 53.73 | 0.32 |
| 2015 | 255.62 | 5.1 % | 1.50 | - | 255.62 | 1.50 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | 39.65 % | 50.02 % | 28.15 % |
| Q2 2014 | 42.05 % | 50.08 % | 28.91 % |
| Q3 2014 | 44.53 % | 50.30 % | 28.45 % |
| Q4 2014 | 48.18 % | 48.71 % | 29.38 % |
| 2014 | 48.18 % | 48.67 % | 29.38 % |
| Q1 2015 | 50.21 % | 46.69 % | 29.22 % |
| Q2 2015 | 50.28 % | 44.06 % | 26.83 % |
| Q3 2015 | 49.52 % | 42.01 % | 25.01 % |
| Q4 2015 | 48.00 % | 40.30 % | 23.52 % |
| 2015 | 48.00 % | 40.30 % | 23.52 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2015 | 170.00 | 1.66 | 1.66 | 12.07 |
| Q2 2015 | 170.00 | 1.62 | 1.62 | 12.53 |
| Q3 2015 | 170.00 | 1.56 | 1.56 | 12.22 |
| Q4 2015 | 170.00 | 1.50 | 1.50 | 12.52 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2015 | 15.62 | 15.62 | 2.14 |
| Q2 2015 | 16.13 | 16.13 | 2.08 |
| Q3 2015 | 11.73 | 11.73 | 1.50 |
| Q4 2015 | 9.71 | 9.71 | 1.17 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 54.82 | 53.73 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Value Capital | 52.90 | 53.73 | |
| Alistithmar for Financial Securities and Brokerage | 48.60 | 53.73 | |
| SFC | 63.00 | 53.73 | |
| OSOOL AND BAKHEET | 43.20 | 53.73 | |
| AlJazira Capital | 66.40 | 53.73 |
| Current | |
| Market Cap (M Riyal) | 1,200.20 |
| Enterprise Value (EV) (M Riyal) | 1,489.24 |
| Shares Outstanding ((M)) | 170.00 |
| EPS ( Riyal) (TTM) | 0.33 |
| Book Value (BV) ( Riyal) | 11.90 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 21.29 |
| P/E (TTM) | 21.29 |
| Price/book | 0.59 |
| Return on Average Assets (%) (TTM) | 2.3 |
| Return on Average Equity (%) (TTM) | 2.8 |
| EV/adj EBITDA | 7.99 |
| EV/Revenues | 2.80 |
Share Price
Najran Cement Co. (NAJRAN CEMENT)
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