City Cement’s net profit rises three-fold in 9M 2019

04/11/2019 Argaam Exclusive

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Share Price

City Cement Co. (CITY CEMENT)

City Cement Co. reported a net profit of SAR 124.2 million for the first 9 months of 2019, an increase of more than three-fold year-on-year (YoY), driven by higher sales revenue, and increased average selling price.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	256.51	373.12	45.5 %
Gross Income	58.92	149.76	154.2 %
Operating Income	37.52	123.10	228.1 %
Net Income	32.40	124.19	283.3 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.23	0.89	283.3 %

The Saudi cement producer’s net profit after zakat and tax for Q3 2019 stood at SAR 50.5 million versus net loss at SAR 2.38 million in year-earlier period, due to higher sales, increased selling price, and higher revenue.

On a sequential basis, Q3 2019 net profit increased by 56.6 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	65.35	127.96	95.8 %
Gross Income	5.27	56.22	966.9 %
Operating Income	(1.16)	47.78	4233.6 %
Net Income	(2.39)	50.52	2215.6 %
Average Shares	140.00	140.00	-
EPS (Riyals)	(0.02)	0.36	2215.6 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	108.06	127.96	18.4 %
Gross Income	42.25	56.22	33.1 %
Operating Income	33.19	47.78	44.0 %
Net Income	32.25	50.52	56.6 %
Average Shares	140.00	140.00	-
EPS (Riyals)	0.23	0.36	56.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	88.26	-	56.67	-	50.54	-	0.36
Q4 2010	108.74	-	66.93	-	61.60	-	0.44
2010	426.66	25.9 %	262.62	30.1 %	237.18	32.9 %	1.69
Q1 2011	116.28	-	67.59	-	63.49	-	0.45
Q2 2011	-	-	-	-	-	-	-
Q3 2011	67.19	(23.9 %)	42.08	(25.7 %)	38.18	(24.5 %)	0.27
Q4 2011	133.97	23.2 %	78.81	17.8 %	70.08	13.8 %	0.50
2011	414.97	(2.7 %)	242.33	(7.7 %)	222.66	(6.1 %)	1.59
Q1 2012	132.66	14.1 %	87.65	29.7 %	83.44	31.4 %	0.60
Q2 2012	131.30	-	82.50	-	76.98	-	0.55
Q3 2012	87.05	29.6 %	57.55	36.8 %	39.03	2.2 %	0.28
Q4 2012	77.55	(42.1 %)	52.88	(32.9 %)	43.46	(38.0 %)	0.31
2012	428.56	3.3 %	280.59	15.8 %	242.91	9.1 %	1.74
Q1 2013	98.18	(26.0 %)	57.06	(34.9 %)	51.79	(37.9 %)	0.37
Q2 2013	139.44	6.2 %	82.16	(0.4 %)	72.94	(5.2 %)	0.52
Q3 2013	97.49	12.0 %	56.39	(2.0 %)	45.42	16.4 %	0.32
Q4 2013	98.32	26.8 %	56.96	7.7 %	48.28	11.1 %	0.34
2013	433.43	1.1 %	252.56	(10.0 %)	218.42	(10.1 %)	1.56
Q1 2014	121.74	24.0 %	73.33	28.5 %	65.25	26.0 %	0.47
Q2 2014	127.62	(8.5 %)	71.26	(13.3 %)	62.24	(14.7 %)	0.44
Q3 2014	90.61	(7.1 %)	56.32	(0.1 %)	46.96	3.4 %	0.34
Q4 2014	114.88	16.8 %	55.70	(2.2 %)	47.30	(2.0 %)	0.34
2014	454.85	4.9 %	254.47	0.8 %	221.75	1.5 %	1.58
Q1 2015	145.41	19.4 %	75.75	3.3 %	67.59	3.6 %	0.48
Q2 2015	145.59	14.1 %	78.57	10.3 %	68.25	9.7 %	0.49
Q3 2015	113.91	25.7 %	56.69	0.7 %	47.39	0.9 %	0.34
Q4 2015	155.62	35.5 %	69.41	24.6 %	58.63	23.9 %	0.42
2015	560.52	23.2 %	278.27	9.4 %	241.87	9.1 %	1.73
Q1 2016	180.36	24.0 %	83.90	10.8 %	73.32	8.5 %	0.52
Q2 2016	167.36	15.0 %	74.74	(4.9 %)	64.16	(6.0 %)	0.46
Q3 2016	116.31	2.1 %	42.25	(25.5 %)	32.92	(30.5 %)	0.24
Q4 2016	137.86	(11.4 %)	55.18	(20.5 %)	45.91	(21.7 %)	0.33
2016	601.89	7.4 %	256.08	(8.0 %)	216.31	(10.6 %)	1.55
Q1 2017	167.30	(7.2 %)	47.09	(43.9 %)	37.87	(48.3 %)	0.27
Q2 2017	117.04	(30.1 %)	20.75	(72.2 %)	12.36	(80.7 %)	0.09
Q3 2017	105.84	(9.0 %)	27.81	(34.2 %)	19.24	(41.6 %)	0.14
Q4 2017	145.22	5.3 %	32.82	(40.5 %)	23.83	(48.1 %)	0.17
2017	535.39	(11.0 %)	128.48	(49.8 %)	93.31	(56.9 %)	0.67
Q1 2018	121.10	(27.6 %)	34.22	(27.3 %)	24.90	(34.2 %)	0.18
Q2 2018	70.07	(40.1 %)	19.43	(6.4 %)	9.88	(20.0 %)	0.07
Q3 2018	65.35	(38.3 %)	5.27	(81.1 %)	(2.39)	(112.4 %)	(0.02)
Q4 2018	88.39	(39.1 %)	45.32	38.1 %	79.91	235.3 %	0.57
2018	344.90	(35.6 %)	104.24	(18.9 %)	112.31	20.4 %	0.80
Q1 2019	137.10	13.2 %	51.29	49.9 %	41.42	66.3 %	0.30
Q2 2019	108.06	54.2 %	42.25	117.5 %	32.25	226.3 %	0.23
Q3 2019	127.96	95.8 %	56.22	966.9 %	50.52	2215.6 %	0.36

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	338.99	-	201.87	-	178.42	-	1.27
2010	426.66	25.9 %	262.62	30.1 %	237.18	32.9 %	1.69
2011	414.97	(2.7 %)	242.33	(7.7 %)	222.66	(6.1 %)	1.59
2012	428.56	3.3 %	280.59	15.8 %	242.91	9.1 %	1.74
2013	433.43	1.1 %	252.56	(10.0 %)	218.42	(10.1 %)	1.56
2014	454.85	4.9 %	254.47	0.8 %	221.75	1.5 %	1.58
2015	560.52	23.2 %	278.27	9.4 %	241.87	9.1 %	1.73
2016	601.89	7.4 %	256.08	(8.0 %)	216.31	(10.6 %)	1.55
2017	535.39	(11.0 %)	128.48	(49.8 %)	93.31	(56.9 %)	0.67
2018	344.90	(35.6 %)	104.24	(18.9 %)	112.31	20.4 %	0.80

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	61.55 %	70.31 %	55.59 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	58.40 %	67.34 %	53.66 %
Q1 2012	-	-	-
Q2 2012	62.58 %	67.67 %	57.76 %
Q3 2012	63.20 %	70.42 %	55.58 %
Q4 2012	65.47 %	73.89 %	60.02 %
2012	65.47 %	73.89 %	60.02 %
Q1 2013	63.44 %	72.62 %	57.24 %
Q2 2013	62.07 %	71.13 %	55.08 %
Q3 2013	60.22 %	68.78 %	55.23 %
Q4 2013	58.27 %	67.26 %	50.39 %
2013	58.27 %	67.26 %	50.39 %
Q1 2014	58.83 %	67.19 %	50.74 %
Q2 2014	57.94 %	66.43 %	49.69 %
Q3 2014	58.83 %	67.51 %	50.82 %
Q4 2014	56.42 %	63.87 %	48.75 %
2014	55.95 %	63.75 %	48.75 %
Q1 2015	54.13 %	61.44 %	46.83 %
Q2 2015	53.65 %	62.03 %	46.35 %
Q3 2015	51.31 %	61.39 %	44.35 %
Q4 2015	50.03 %	62.11 %	43.15 %
2015	49.65 %	62.17 %	43.15 %
Q1 2016	48.46 %	61.81 %	41.58 %
Q2 2016	46.13 %	60.16 %	39.45 %
Q3 2016	43.62 %	58.35 %	36.96 %
Q4 2016	42.55 %	57.82 %	35.94 %
2016	42.55 %	57.82 %	35.94 %
Q1 2017	37.24 %	52.96 %	30.72 %
Q2 2017	30.69 %	47.94 %	23.97 %
Q3 2017	28.56 %	45.89 %	21.85 %
Q4 2017	24.00 %	40.99 %	17.43 %
2017	24.00 %	40.99 %	17.43 %
Q1 2018	23.63 %	40.18 %	16.42 %
Q2 2018	25.84 %	42.07 %	17.61 %
Q3 2018	22.84 %	38.58 %	14.00 %
Q4 2018	30.22 %	44.88 %	18.66 %
2018	30.22 %	44.88 %	18.66 %
Q1 2019	33.61 %	47.61 %	22.41 %
Q2 2019	36.13 %	48.68 %	25.88 %
Q3 2019	42.27 %	52.93 %	33.83 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	59.55 %	70.14 %	52.63 %
2010	61.55 %	70.31 %	55.59 %
2011	58.40 %	67.34 %	53.66 %
2012	65.47 %	73.89 %	60.02 %
2013	58.27 %	67.26 %	50.39 %
2014	55.95 %	63.75 %	48.75 %
2015	49.65 %	62.17 %	43.15 %
2016	42.55 %	57.82 %	35.94 %
2017	24.00 %	40.99 %	17.43 %
2018	30.22 %	44.88 %	18.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	64.21 %	-	57.26 %
Q4 2010	61.55 %	69.69 %	56.65 %
Q1 2011	58.12 %	66.22 %	54.60 %
Q2 2011	-	-	-
Q3 2011	62.63 %	-	56.82 %
Q4 2011	58.83 %	64.32 %	52.31 %
Q1 2012	66.07 %	73.47 %	62.90 %
Q2 2012	62.83 %	69.25 %	58.63 %
Q3 2012	66.11 %	76.94 %	44.84 %
Q4 2012	68.19 %	79.03 %	74.50 %
Q1 2013	58.12 %	68.23 %	52.75 %
Q2 2013	58.92 %	65.15 %	52.31 %
Q3 2013	57.84 %	66.37 %	46.59 %
Q4 2013	57.93 %	70.16 %	49.11 %
Q1 2014	60.24 %	67.78 %	53.60 %
Q2 2014	55.84 %	62.30 %	48.77 %
Q3 2014	62.16 %	71.59 %	51.83 %
Q4 2014	48.49 %	55.39 %	41.18 %
Q1 2015	52.09 %	59.14 %	46.49 %
Q2 2015	53.97 %	64.22 %	46.88 %
Q3 2015	49.77 %	66.70 %	41.60 %
Q4 2015	44.60 %	59.55 %	37.68 %
Q1 2016	46.52 %	58.73 %	40.65 %
Q2 2016	44.66 %	57.83 %	38.34 %
Q3 2016	36.33 %	56.94 %	28.30 %
Q4 2016	40.03 %	57.39 %	33.30 %
Q1 2017	28.15 %	41.69 %	22.64 %
Q2 2017	17.73 %	36.79 %	10.56 %
Q3 2017	26.27 %	47.63 %	18.18 %
Q4 2017	22.60 %	38.74 %	16.41 %
Q1 2018	28.26 %	38.65 %	20.56 %
Q2 2018	27.72 %	46.50 %	14.11 %
Q3 2018	8.06 %	29.61 %	(3.65 %)
Q4 2018	51.28 %	63.44 %	36.15 %
Q1 2019	37.41 %	46.55 %	30.21 %
Q2 2019	39.10 %	50.83 %	29.85 %
Q3 2019	43.93 %	54.30 %	39.48 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	140.00	-	-	7.56
Q4 2010	140.00	-	-	7.06
Q1 2011	140.00	-	-	7.51
Q2 2011	-	-	-	-
Q3 2011	140.00	-	-	7.58
Q4 2011	140.00	-	-	7.14
Q1 2012	140.00	-	-	7.22
Q2 2012	140.00	1.92	1.92	7.77
Q3 2012	140.00	1.93	1.93	13.80
Q4 2012	140.00	1.74	1.84	14.11
Q1 2013	140.00	1.51	1.61	14.48
Q2 2013	140.00	1.48	1.58	15.00
Q3 2013	140.00	1.53	1.63	15.32
Q4 2013	140.00	1.56	1.56	14.31
Q1 2014	140.00	1.66	1.66	14.77
Q2 2014	140.00	1.58	1.58	14.88
Q3 2014	140.00	1.59	1.59	15.21
Q4 2014	140.00	1.58	1.58	14.19
Q1 2015	140.00	1.60	1.60	14.67
Q2 2015	140.00	1.64	1.64	15.16
Q3 2015	140.00	1.65	1.65	15.50
Q4 2015	140.00	1.73	1.73	14.56
Q1 2016	140.00	1.77	1.77	15.08
Q2 2016	140.00	1.74	1.74	15.17
Q3 2016	140.00	1.64	1.64	14.39
Q4 2016	140.00	1.55	1.55	14.71
Q1 2017	140.00	1.29	1.29	14.98
Q2 2017	140.00	0.92	0.92	14.73
Q3 2017	140.00	0.82	0.82	14.87
Q4 2017	140.00	0.67	0.67	15.04
Q1 2018	140.00	0.57	0.57	15.22
Q2 2018	140.00	0.56	0.56	14.76
Q3 2018	140.00	0.40	0.40	14.75
Q4 2018	140.00	0.80	0.46	15.30
Q1 2019	140.00	0.92	0.58	15.58
Q2 2019	140.00	1.08	0.74	15.27
Q3 2019	140.00	1.46	1.12	15.63

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	140.00	1.27	1.27	6.30
2010	140.00	1.69	1.69	7.06
2011	140.00	1.59	1.59	7.14
2012	140.00	1.74	1.84	14.11
2013	140.00	1.56	1.56	14.31
2014	140.00	1.58	1.58	14.19
2015	140.00	1.73	1.73	14.56
2016	140.00	1.55	1.55	14.71
2017	140.00	0.67	0.67	15.04
2018	140.00	0.80	0.46	15.30

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	9.94	9.39	1.22
Q1 2013	11.66	10.92	1.22
Q2 2013	14.42	13.49	1.42
Q3 2013	16.84	15.79	1.68
Q4 2013	14.71	14.71	1.60
Q1 2014	14.04	14.04	1.57
Q2 2014	18.41	18.41	1.96
Q3 2014	18.63	18.63	1.95
Q4 2014	14.36	14.36	1.60
Q1 2015	13.78	13.78	1.50
Q2 2015	14.36	14.36	1.56
Q3 2015	10.86	10.86	1.15
Q4 2015	8.71	8.71	1.03
Q1 2016	7.72	7.72	0.91
Q2 2016	8.74	8.74	1.00
Q3 2016	7.32	7.32	0.83
Q4 2016	9.89	9.89	1.04
Q1 2017	9.69	9.69	0.84
Q2 2017	12.56	12.56	0.79
Q3 2017	12.44	12.44	0.69
Q4 2017	17.74	17.74	0.79
Q1 2018	19.78	19.78	0.75
Q2 2018	20.21	20.21	0.76
Q3 2018	24.50	24.50	0.67
Q4 2018	11.48	20.04	0.60
Q1 2019	12.28	19.56	0.73
Q2 2019	12.04	17.63	0.85
Q3 2019	10.36	13.54	0.97

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	9.94	9.39	1.22
2013	14.71	14.71	1.60
2014	14.36	14.36	1.60
2015	8.71	8.71	1.03
2016	9.89	9.89	1.04
2017	17.74	17.74	0.79
2018	11.48	20.04	0.60

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	44.55	50.52	13.40 %

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
OSOOL AND BAKHEET	50.50	50.52	0.0 %
AlJazira Capital	38.60	50.52	30.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	2,570.40
Enterprise Value (EV) (M)	2,198.87
Shares Outstanding ((M))	140.00
EPS ( Riyal) (TTM)	0.69
Book Value (BV) ( Riyal)	12.58
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	26.77
P/E (TTM)	26.77
Price/book	1.46
Return on Average Assets (%) (TTM)	5.0
Return on Average Equity (%) (TTM)	5.4

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City Cement’s net profit rises three-fold in 9M 2019

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Share Price

City Cement Co. (CITY CEMENT)

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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City Cement’s net profit rises three-fold in 9M 2019

View other reports

Share Price

City Cement Co. (CITY CEMENT)

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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