Saudi Cement’s 2014 net profit down 4% to SAR 1075 mln

14/01/2015 Argaam Exclusive

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Saudi Cement Company, the largest Cement Company in the Kingdom, reported 2014’s net profit of SAR 1075 million, a four percent decrease compared to the last year.

Financials (M)

Item	2013	2014	Change‬
Revenues	2,187.26	2,024.59	(7.4 %)
Gross Income	1,284.26	1,229.06	(4.3 %)
Operating Income	1,186.38	1,123.44	(5.3 %)
Net Income	1,123.80	1,074.08	(4.4 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	7.35	7.02	(4.4 %)

A net profit of SAR 269 million was reported for Q4-2014 compared to SAR 232 million for Q3.

The company attributed the decline of 2014’s net profit, compared to the previous year, to the decrease of cement sales driven by the decline of local demand in addition to the increase of S&D expenses.

Impairment loss of some affiliated company’s assets.

Q4-2014’s net profit decline compared to the same period last year was attributed to the increase of cement sales driven by the improvement of local demand in addition to the increase of the company’s share of affiliate’s profits and the decline of Zakat expenses.

The increase of Q4’s net profit compared to the previous period (Q3-2014) was attributed to the increase of cement sales due to seasonal improvement in local demand.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	492.95	525.71	6.6 %
Gross Income	309.75	315.73	1.9 %
Operating Income	281.63	286.84	1.8 %
Net Income	247.30	268.02	8.4 %
Average Shares	153.00	153.00	-
EPS (Riyals)	1.62	1.75	8.4 %

Item	Q3 2014	Q4 2014	Change‬
Revenues	425.74	525.71	23.5 %
Gross Income	264.43	315.73	19.4 %
Operating Income	237.23	286.84	20.9 %
Net Income	231.72	268.02	15.7 %
Average Shares	153.00	153.00	-
EPS (Riyals)	1.51	1.75	15.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	253.85	8.1 %	130.80	13.4 %	128.07	34.6 %	0.84
Q2 2005	276.44	12.8 %	141.56	18.5 %	138.15	31.7 %	0.90
Q3 2005	296.10	22.9 %	134.56	7.2 %	128.78	13.8 %	0.84
Q4 2005	289.95	32.1 %	121.85	11.5 %	89.29	(28.1 %)	0.58
2005	1,116.34	18.7 %	528.77	12.6 %	484.29	10.7 %	3.17
Q1 2006	293.03	15.4 %	162.87	24.5 %	152.64	19.2 %	1.00
Q2 2006	325.97	17.9 %	183.72	29.8 %	174.99	26.7 %	1.14
Q3 2006	297.11	0.3 %	169.37	25.9 %	155.49	20.7 %	1.02
Q4 2006	284.13	(2.0 %)	160.07	31.4 %	154.64	73.2 %	1.01
2006	1,200.24	7.5 %	676.02	27.8 %	637.76	31.7 %	4.17
Q1 2007	341.45	16.5 %	182.42	12.0 %	169.00	10.7 %	1.10
Q2 2007	348.71	7.0 %	200.11	8.9 %	189.47	8.3 %	1.24
Q3 2007	338.30	13.9 %	176.46	4.2 %	159.43	2.5 %	1.04
Q4 2007	333.49	17.4 %	187.99	17.4 %	168.49	9.0 %	1.10
2007	1,361.95	13.5 %	746.98	10.5 %	686.40	7.6 %	4.49
Q1 2008	342.69	0.4 %	190.29	4.3 %	173.30	2.5 %	1.13
Q2 2008	350.17	0.4 %	188.73	(5.7 %)	171.59	(9.4 %)	1.12
Q3 2008	325.22	(3.9 %)	174.45	(1.1 %)	144.73	(9.2 %)	0.95
Q4 2008	241.54	(27.6 %)	151.15	(19.6 %)	131.70	(21.8 %)	0.86
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
Q1 2009	350.67	2.3 %	182.93	(3.9 %)	152.00	(12.3 %)	0.99
Q2 2009	357.18	2.0 %	180.97	(4.1 %)	167.66	(2.3 %)	1.10
Q3 2009	307.74	(5.4 %)	148.14	(15.1 %)	123.14	(14.9 %)	0.80
Q4 2009	330.29	36.7 %	167.49	10.8 %	139.59	6.0 %	0.91
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
Q1 2010	410.89	17.2 %	205.89	12.5 %	176.58	16.2 %	1.15
Q2 2010	420.42	17.7 %	219.99	21.6 %	190.62	13.7 %	1.25
Q3 2010	327.10	6.3 %	163.93	10.7 %	140.28	13.9 %	0.92
Q4 2010	367.74	11.3 %	179.09	6.9 %	152.04	8.9 %	0.99
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
Q1 2011	423.13	3.0 %	243.65	18.3 %	210.85	19.4 %	1.38
Q2 2011	462.98	10.1 %	243.45	10.7 %	213.76	12.1 %	1.40
Q3 2011	387.26	18.4 %	224.21	36.8 %	195.26	39.2 %	1.28
Q4 2011	442.73	20.4 %	239.69	33.8 %	211.37	39.0 %	1.38
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
Q1 2012	639.29	51.1 %	352.60	44.7 %	325.56	54.4 %	2.13
Q2 2012	591.03	27.7 %	316.21	29.9 %	290.24	35.8 %	1.90
Q3 2012	433.14	11.8 %	238.40	6.3 %	209.45	7.3 %	1.37
Q4 2012	539.99	22.0 %	322.00	34.3 %	276.54	30.8 %	1.81
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
Q1 2013	612.75	(4.2 %)	374.11	6.1 %	340.30	4.5 %	2.22
Q2 2013	626.42	6.0 %	339.99	7.5 %	307.14	5.8 %	2.01
Q3 2013	455.13	5.1 %	260.41	9.2 %	229.06	9.4 %	1.50
Q4 2013	492.95	(8.7 %)	309.75	(3.8 %)	247.30	(10.6 %)	1.62
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
Q1 2014	534.76	(12.7 %)	326.08	(12.8 %)	286.05	(15.9 %)	1.87
Q2 2014	538.38	(14.1 %)	322.82	(5.0 %)	288.30	(6.1 %)	1.88
Q3 2014	425.74	(6.5 %)	264.43	1.5 %	231.72	1.2 %	1.51
Q4 2014	525.71	6.6 %	315.73	1.9 %	268.02	8.4 %	1.75
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	1,116.34	18.7 %	528.77	12.6 %	484.29	10.7 %	3.17
2006	1,200.24	7.5 %	676.02	27.8 %	637.76	31.7 %	4.17
2007	1,361.95	13.5 %	746.98	10.5 %	686.40	7.6 %	4.49
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	50.56 %	59.35 %	49.04 %
Q2 2005	51.19 %	60.58 %	50.84 %
Q3 2005	49.36 %	58.95 %	49.65 %
Q4 2005	47.37 %	54.10 %	43.38 %
2005	47.37 %	54.10 %	43.38 %
Q1 2006	48.54 %	54.34 %	44.04 %
Q2 2006	50.04 %	54.72 %	45.28 %
Q3 2006	52.88 %	56.73 %	47.46 %
Q4 2006	56.32 %	62.10 %	53.14 %
2006	56.32 %	62.10 %	53.14 %
Q1 2007	55.71 %	61.92 %	52.39 %
Q2 2007	56.00 %	61.15 %	52.59 %
Q3 2007	54.78 %	59.25 %	51.24 %
Q4 2007	54.85 %	58.25 %	50.40 %
2007	54.85 %	58.25 %	50.40 %
Q1 2008	55.37 %	57.03 %	50.67 %
Q2 2008	54.48 %	56.10 %	49.30 %
Q3 2008	54.86 %	55.84 %	48.69 %
Q4 2008	55.94 %	56.60 %	49.33 %
2008	55.94 %	56.60 %	49.33 %
Q1 2009	55.01 %	57.42 %	47.34 %
Q2 2009	54.10 %	58.91 %	46.77 %
Q3 2009	52.76 %	60.33 %	45.70 %
Q4 2009	50.49 %	60.28 %	43.27 %
2009	50.49 %	60.28 %	43.27 %
Q1 2010	49.96 %	59.64 %	43.17 %
Q2 2010	50.47 %	59.49 %	42.87 %
Q3 2010	50.87 %	59.53 %	43.47 %
Q4 2010	50.38 %	58.59 %	43.22 %
2010	50.38 %	58.59 %	43.22 %
Q1 2011	52.44 %	59.80 %	45.10 %
Q2 2011	52.51 %	59.80 %	45.35 %
Q3 2011	54.26 %	60.47 %	47.04 %
Q4 2011	55.42 %	61.26 %	48.44 %
2011	55.42 %	61.26 %	48.44 %
Q1 2012	54.86 %	60.51 %	48.96 %
Q2 2012	54.98 %	60.04 %	49.62 %
Q3 2012	54.45 %	59.94 %	49.22 %
Q4 2012	55.79 %	60.94 %	50.00 %
2012	55.79 %	60.94 %	50.00 %
Q1 2013	57.45 %	62.67 %	51.29 %
Q2 2013	57.61 %	62.66 %	51.23 %
Q3 2013	58.03 %	62.90 %	51.61 %
Q4 2013	58.72 %	63.38 %	51.38 %
2013	58.72 %	63.38 %	51.38 %
Q1 2014	58.61 %	63.45 %	50.71 %
Q2 2014	60.31 %	65.26 %	51.98 %
Q3 2014	61.40 %	66.27 %	52.88 %
Q4 2014	60.71 %	65.63 %	53.05 %
2014	60.71 %	65.63 %	53.05 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	47.37 %	54.10 %	43.38 %
2006	56.32 %	62.10 %	53.14 %
2007	54.85 %	58.25 %	50.40 %
2008	55.94 %	56.60 %	49.33 %
2009	50.49 %	60.28 %	43.27 %
2010	50.38 %	58.59 %	43.22 %
2011	55.42 %	61.26 %	48.44 %
2012	55.79 %	60.94 %	50.00 %
2013	58.72 %	63.38 %	51.38 %
2014	60.71 %	65.63 %	53.05 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	51.53 %	62.26 %	50.45 %
Q2 2005	51.21 %	60.90 %	49.97 %
Q3 2005	45.45 %	54.75 %	43.49 %
Q4 2005	42.02 %	39.83 %	30.80 %
Q1 2006	55.58 %	62.09 %	52.09 %
Q2 2006	56.36 %	61.32 %	53.68 %
Q3 2006	57.01 %	62.90 %	52.33 %
Q4 2006	56.34 %	62.16 %	54.43 %
Q1 2007	53.43 %	61.43 %	49.50 %
Q2 2007	57.39 %	58.57 %	54.34 %
Q3 2007	52.16 %	55.31 %	47.13 %
Q4 2007	56.37 %	57.65 %	50.52 %
Q1 2008	55.53 %	56.58 %	50.57 %
Q2 2008	53.90 %	54.92 %	49.00 %
Q3 2008	53.64 %	54.22 %	44.50 %
Q4 2008	62.58 %	62.26 %	54.53 %
Q1 2009	52.17 %	59.55 %	43.35 %
Q2 2009	50.67 %	60.30 %	46.94 %
Q3 2009	48.14 %	59.75 %	40.01 %
Q4 2009	50.71 %	61.51 %	42.26 %
Q1 2010	50.11 %	57.49 %	42.97 %
Q2 2010	52.33 %	59.66 %	45.34 %
Q3 2010	50.12 %	59.93 %	42.89 %
Q4 2010	48.70 %	57.39 %	41.35 %
Q1 2011	57.58 %	61.94 %	49.83 %
Q2 2011	52.58 %	59.67 %	46.17 %
Q3 2011	57.90 %	62.74 %	50.42 %
Q4 2011	54.14 %	60.98 %	47.74 %
Q1 2012	55.16 %	59.43 %	50.93 %
Q2 2012	53.50 %	58.21 %	49.11 %
Q3 2012	55.04 %	61.97 %	48.36 %
Q4 2012	59.63 %	64.88 %	51.21 %
Q1 2013	61.06 %	65.52 %	55.54 %
Q2 2013	54.27 %	58.43 %	49.03 %
Q3 2013	57.22 %	63.17 %	50.33 %
Q4 2013	62.84 %	67.23 %	50.17 %
Q1 2014	60.98 %	66.09 %	53.49 %
Q2 2014	59.96 %	64.41 %	53.55 %
Q3 2014	62.11 %	67.73 %	54.43 %
Q4 2014	60.06 %	64.70 %	50.98 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	153.00	3.07	3.07	11.69
Q2 2005	153.00	3.29	3.29	11.34
Q3 2005	153.00	3.39	3.39	12.13
Q4 2005	153.00	3.17	3.17	12.87
Q1 2006	153.00	3.33	3.33	12.66
Q2 2006	153.00	3.57	3.57	13.80
Q3 2006	153.00	3.74	3.74	14.82
Q4 2006	153.00	4.17	4.17	15.83
Q1 2007	153.00	4.28	4.28	14.52
Q2 2007	153.00	4.37	4.37	15.76
Q3 2007	153.00	4.40	4.40	16.80
Q4 2007	153.00	4.49	4.49	17.90
Q1 2008	153.00	4.51	4.51	15.68
Q2 2008	153.00	4.40	4.40	16.81
Q3 2008	153.00	4.30	4.30	17.75
Q4 2008	153.00	4.06	4.06	18.61
Q1 2009	153.00	3.92	3.92	17.26
Q2 2009	153.00	3.90	3.90	18.35
Q3 2009	153.00	3.75	3.75	19.16
Q4 2009	153.00	3.81	3.81	20.07
Q1 2010	153.00	3.97	3.97	18.88
Q2 2010	153.00	4.12	4.12	20.12
Q3 2010	153.00	4.23	4.23	21.05
Q4 2010	153.00	4.31	4.31	22.03
Q1 2011	153.00	4.53	4.53	23.41
Q2 2011	153.00	4.69	4.69	18.80
Q3 2011	153.00	5.05	5.05	20.07
Q4 2011	153.00	5.43	5.43	21.45
Q1 2012	153.00	6.18	6.18	19.07
Q2 2012	153.00	6.68	6.68	17.46
Q3 2012	153.00	6.78	6.78	18.83
Q4 2012	153.00	7.20	7.20	20.64
Q1 2013	153.00	7.30	7.30	19.35
Q2 2013	153.00	7.41	7.41	17.86
Q3 2013	153.00	7.54	7.54	19.35
Q4 2013	153.00	7.35	7.35	20.97
Q1 2014	153.00	6.99	6.99	19.33
Q2 2014	153.00	6.87	6.87	17.38
Q3 2014	153.00	6.88	6.88	18.90
Q4 2014	153.00	7.02	7.02	20.65

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	153.00	3.17	3.17	12.87
2006	153.00	4.17	4.17	15.83
2007	153.00	4.49	4.49	17.90
2008	153.00	4.06	4.06	18.61
2009	153.00	3.81	3.81	20.07
2010	153.00	4.31	4.31	22.03
2011	153.00	5.43	5.43	21.45
2012	153.00	7.20	7.20	20.64
2013	153.00	7.35	7.35	20.97
2014	153.00	7.02	7.02	20.65

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	17.78	17.78	4.68
Q2 2005	28.84	28.84	8.37
Q3 2005	28.00	28.00	7.83
Q4 2005	30.02	30.02	7.38
Q1 2006	24.17	24.17	6.35
Q2 2006	22.01	22.01	5.69
Q3 2006	19.42	19.42	4.90
Q4 2006	15.75	15.75	4.15
Q1 2007	13.10	13.10	3.86
Q2 2007	12.17	12.17	3.37
Q3 2007	13.46	13.46	3.52
Q4 2007	18.87	18.87	4.73
Q1 2008	16.69	16.69	4.80
Q2 2008	17.36	17.36	4.54
Q3 2008	12.79	12.79	3.10
Q4 2008	9.28	9.28	2.02
Q1 2009	9.77	9.77	2.22
Q2 2009	9.75	9.75	2.07
Q3 2009	11.45	11.45	2.24
Q4 2009	10.07	10.07	1.91
Q1 2010	12.27	12.27	2.58
Q2 2010	10.78	10.78	2.21
Q3 2010	10.47	10.47	2.10
Q4 2010	11.55	11.55	2.26
Q1 2011	11.63	11.63	2.25
Q2 2011	13.66	13.66	3.41
Q3 2011	12.54	12.54	3.15
Q4 2011	13.25	13.25	3.36
Q1 2012	13.67	13.67	4.43
Q2 2012	13.51	13.51	5.17
Q3 2012	12.99	12.99	4.67
Q4 2012	13.19	13.19	4.60
Q1 2013	12.33	12.33	4.65
Q2 2013	13.63	13.63	5.66
Q3 2013	14.33	14.33	5.58
Q4 2013	13.82	13.82	4.84
Q1 2014	15.23	15.23	5.51
Q2 2014	16.78	16.78	6.63
Q3 2014	16.59	16.59	6.04
Q4 2014	13.63	13.63	4.63

Period	P/E	Adjusted P/E	Price/book
2005	30.02	30.02	7.38
2006	15.75	15.75	4.15
2007	18.87	18.87	4.73
2008	9.28	9.28	2.02
2009	10.07	10.07	1.91
2010	11.55	11.55	2.26
2011	13.25	13.25	3.36
2012	13.19	13.19	4.60
2013	13.82	13.82	4.84
2014	13.63	13.63	4.63

Analysts Estimates (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change‬
Average	235.47	268.02	13.83 %

Estimates vs Actual (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change
OSOOL AND BAKHEET	269.00	268.02	(0.4) %
Alistithmar Capital	257.40	268.02	4.1 %
Riyad Capital	180.00	268.02	48.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,754.95
Enterprise Value (EV) (M)	6,910.01
Shares Outstanding ((M))	153.00
EPS ( Riyal) (TTM)	2.42
Book Value (BV) ( Riyal)	14.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.21
P/E (TTM)	18.21
Price/book	2.97
Return on Average Assets (%) (TTM)	11.3
Return on Average Equity (%) (TTM)	15.8

Saudi Cement Co. (SAUDI CEMENT)

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Saudi Cement’s 2014 net profit down 4% to SAR 1075 mln

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Saudi Cement’s 2014 net profit down 4% to SAR 1075 mln

View other reports

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

Share Price

Saudi Cement Co. (SAUDI CEMENT)

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