Southern Cement’s net profit declines 3% in Q1

07/05/2018 Argaam Exclusive

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Southern Province Cement Co. reported a net profit of SAR 102 million for Q1 2018, a decrease of 2.9 percent year-on-year (YoY), hurt by lower sales amid weak demand.

When compared to the previous quarter, the cement producer’s net profit dropped 11.3 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2017	Q1 2018	Change‬
Revenues	303.39	273.84	(9.7 %)
Gross Income	122.13	121.96	(0.1 %)
Operating Income	105.36	107.37	1.9 %
Net Income	104.57	101.74	(2.7 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.75	0.73	(2.7 %)

Item	Q4 2017	Q1 2018	Change‬
Revenues	302.08	273.84	(9.3 %)
Gross Income	136.59	121.96	(10.7 %)
Operating Income	122.12	107.37	(12.1 %)
Net Income	113.56	101.74	(10.4 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	0.81	0.73	(10.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	362.12	(3.8 %)	213.85	(11.9 %)	200.17	(14.7 %)	1.43
Q2 2009	361.61	(4.0 %)	215.32	(5.4 %)	212.15	(8.0 %)	1.52
Q3 2009	289.73	0.4 %	155.02	(5.0 %)	140.56	(5.9 %)	1.00
Q4 2009	304.92	19.0 %	182.92	48.6 %	180.71	2.4 %	1.29
2009	1,318.36	1.6 %	767.12	1.4 %	733.59	(7.3 %)	5.24
Q1 2010	353.22	(2.5 %)	205.63	(3.8 %)	189.63	(5.3 %)	1.35
Q2 2010	358.99	(0.7 %)	191.61	(11.0 %)	185.18	(12.7 %)	1.32
Q3 2010	276.99	(4.4 %)	132.67	(14.4 %)	118.90	(15.4 %)	0.85
Q4 2010	319.92	4.9 %	179.63	(1.8 %)	164.80	(8.8 %)	1.18
2010	1,309.12	(0.7 %)	709.54	(7.5 %)	658.51	(10.2 %)	4.70
Q1 2011	436.85	23.7 %	241.21	17.3 %	225.88	19.1 %	1.61
Q2 2011	444.37	23.8 %	251.72	31.4 %	239.08	29.1 %	1.71
Q3 2011	355.11	28.2 %	197.22	48.6 %	179.78	51.2 %	1.28
Q4 2011	454.74	42.1 %	266.85	48.6 %	251.00	52.3 %	1.79
2011	1,691.07	29.2 %	957.00	34.9 %	895.74	36.0 %	6.40
Q1 2012	497.81	14.0 %	300.74	24.7 %	284.33	25.9 %	2.03
Q2 2012	474.15	6.7 %	269.36	7.0 %	261.73	9.5 %	1.87
Q3 2012	354.18	(0.3 %)	205.74	4.3 %	200.39	11.5 %	1.43
Q4 2012	479.13	5.4 %	275.07	3.1 %	253.76	1.1 %	1.81
2012	1,805.27	6.8 %	1,050.91	9.8 %	1,000.21	11.7 %	7.14
Q1 2013	486.72	(2.2 %)	283.22	(5.8 %)	268.75	(5.5 %)	1.92
Q2 2013	508.93	7.3 %	308.04	14.4 %	297.21	13.6 %	2.12
Q3 2013	368.15	3.9 %	200.86	(2.4 %)	186.61	(6.9 %)	1.33
Q4 2013	411.34	(14.1 %)	220.73	(19.8 %)	253.52	(0.1 %)	1.81
2013	1,775.14	(1.7 %)	1,012.85	(3.6 %)	1,006.09	0.6 %	7.19
Q1 2014	495.41	1.8 %	239.68	(15.4 %)	221.01	(17.8 %)	1.58
Q2 2014	516.76	1.5 %	304.39	(1.2 %)	294.20	(1.0 %)	2.10
Q3 2014	377.67	2.6 %	186.58	(7.1 %)	284.92	52.7 %	2.04
Q4 2014	488.51	18.8 %	264.49	19.8 %	245.30	(3.2 %)	1.75
2014	1,878.35	5.8 %	995.14	(1.7 %)	1,045.42	3.9 %	7.47
Q1 2015	558.97	12.8 %	290.50	21.2 %	266.00	20.4 %	1.90
Q2 2015	531.85	2.9 %	281.81	(7.4 %)	270.35	(8.1 %)	1.93
Q3 2015	418.90	10.9 %	215.84	15.7 %	202.21	(29.0 %)	1.44
Q4 2015	537.56	10.0 %	321.20	21.4 %	300.05	22.3 %	2.14
2015	2,047.27	9.0 %	1,109.36	11.5 %	1,038.61	(0.7 %)	7.42
Q1 2016	549.33	(1.7 %)	302.56	4.2 %	283.20	6.5 %	2.02
Q2 2016	492.64	(7.4 %)	266.67	(5.4 %)	267.98	(0.9 %)	1.91
Q3 2016	379.76	(9.3 %)	183.92	(14.8 %)	173.56	(14.2 %)	1.24
Q4 2016	354.32	(34.1 %)	177.55	(44.7 %)	152.77	(49.1 %)	1.09
2016	1,776.06	(13.2 %)	930.70	(16.1 %)	877.51	(15.5 %)	6.27
Q1 2017	303.39	(44.8 %)	122.13	(59.6 %)	104.57	(63.1 %)	0.75
Q2 2017	242.75	(50.7 %)	99.96	(62.5 %)	94.94	(64.6 %)	0.68
Q3 2017	215.60	(43.2 %)	65.02	(64.6 %)	57.16	(67.1 %)	0.41
Q4 2017	302.08	(14.7 %)	136.59	(23.1 %)	113.56	(25.7 %)	0.81
2017	1,063.82	(40.1 %)	423.70	(54.5 %)	370.22	(57.8 %)	2.64
Q1 2018	273.84	(9.7 %)	121.96	(0.1 %)	101.74	(2.7 %)	0.73

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	1,297.90	12.4 %	756.71	4.9 %	791.07	12.4 %	5.65
2009	1,318.36	1.6 %	767.12	1.4 %	733.59	(7.3 %)	5.24
2010	1,309.12	(0.7 %)	709.54	(7.5 %)	658.51	(10.2 %)	4.70
2011	1,691.07	29.2 %	957.00	34.9 %	895.74	36.0 %	6.40
2012	1,805.27	6.8 %	1,050.91	9.8 %	1,000.21	11.7 %	7.14
2013	1,775.14	(1.7 %)	1,012.85	(3.6 %)	1,006.09	0.6 %	7.19
2014	1,878.35	5.8 %	995.14	(1.7 %)	1,045.42	3.9 %	7.47
2015	2,047.27	9.0 %	1,109.36	11.5 %	1,038.61	(0.7 %)	7.42
2016	1,776.06	(13.2 %)	930.70	(16.1 %)	877.51	(15.5 %)	6.27
2017	1,063.82	(40.1 %)	423.70	(54.5 %)	370.22	(57.8 %)	2.64

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	56.70 %	63.26 %	58.95 %
Q2 2009	56.40 %	63.11 %	58.20 %
Q3 2009	55.71 %	62.71 %	57.45 %
Q4 2009	58.19 %	65.18 %	55.64 %
2009	58.19 %	65.18 %	55.64 %
Q1 2010	57.95 %	64.98 %	55.22 %
Q2 2010	56.26 %	63.50 %	53.26 %
Q3 2010	55.08 %	62.54 %	52.11 %
Q4 2010	54.20 %	61.48 %	50.30 %
2010	54.20 %	61.48 %	50.30 %
Q1 2011	53.50 %	60.47 %	49.88 %
Q2 2011	54.48 %	60.78 %	50.65 %
Q3 2011	55.89 %	61.76 %	52.02 %
Q4 2011	56.59 %	61.87 %	52.97 %
2011	56.59 %	61.87 %	52.97 %
Q1 2012	58.02 %	63.18 %	54.46 %
Q2 2012	58.04 %	63.75 %	54.82 %
Q3 2012	58.55 %	64.52 %	56.01 %
Q4 2012	58.21 %	63.56 %	55.40 %
2012	58.21 %	63.56 %	55.40 %
Q1 2013	57.60 %	63.07 %	54.88 %
Q2 2013	58.62 %	63.43 %	55.78 %
Q3 2013	57.91 %	63.39 %	54.60 %
Q4 2013	57.06 %	62.96 %	54.38 %
2013	57.06 %	62.96 %	54.38 %
Q1 2014	54.34 %	60.22 %	51.44 %
Q2 2014	53.90 %	60.32 %	51.05 %
Q3 2014	52.82 %	58.65 %	49.99 %
Q4 2014	52.98 %	59.17 %	49.67 %
2014	52.98 %	59.17 %	49.67 %
Q1 2015	53.86 %	59.73 %	50.36 %
Q2 2015	52.29 %	58.10 %	48.75 %
Q3 2015	52.68 %	58.47 %	49.24 %
Q4 2015	54.19 %	60.01 %	51.04 %
2015	54.19 %	60.01 %	51.04 %
Q1 2016	55.04 %	60.98 %	52.12 %
Q2 2016	55.36 %	61.33 %	53.03 %
Q3 2016	54.83 %	62.04 %	52.63 %
Q4 2016	52.40 %	60.56 %	49.41 %
2016	52.40 %	60.56 %	49.41 %
Q1 2017	49.03 %	58.65 %	45.67 %
Q2 2017	45.58 %	57.62 %	41.07 %
Q3 2017	41.63 %	54.16 %	36.69 %
Q4 2017	39.83 %	52.53 %	34.80 %
2017	39.83 %	52.64 %	34.80 %
Q1 2018	40.95 %	54.44 %	35.52 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	58.30 %	66.56 %	60.95 %
2009	58.19 %	65.18 %	55.64 %
2010	54.20 %	61.48 %	50.30 %
2011	56.59 %	61.87 %	52.97 %
2012	58.21 %	63.56 %	55.40 %
2013	57.06 %	62.96 %	54.38 %
2014	52.98 %	59.17 %	49.67 %
2015	54.19 %	60.01 %	51.04 %
2016	52.40 %	60.56 %	49.41 %
2017	39.83 %	52.64 %	34.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	59.05 %	64.78 %	55.28 %
Q2 2009	59.55 %	65.81 %	58.67 %
Q3 2009	53.51 %	61.13 %	48.52 %
Q4 2009	59.99 %	68.77 %	59.27 %
Q1 2010	58.21 %	64.02 %	53.69 %
Q2 2010	53.37 %	60.41 %	51.58 %
Q3 2010	47.90 %	56.57 %	42.93 %
Q4 2010	56.15 %	64.14 %	51.51 %
Q1 2011	55.22 %	60.31 %	51.71 %
Q2 2011	56.65 %	61.45 %	53.80 %
Q3 2011	55.54 %	61.78 %	50.63 %
Q4 2011	58.68 %	63.85 %	55.20 %
Q1 2012	60.41 %	65.10 %	57.12 %
Q2 2012	56.81 %	63.71 %	55.20 %
Q3 2012	58.09 %	65.64 %	56.58 %
Q4 2012	57.41 %	60.28 %	52.96 %
Q1 2013	58.19 %	63.34 %	55.22 %
Q2 2013	60.53 %	64.95 %	58.40 %
Q3 2013	54.56 %	65.33 %	50.69 %
Q4 2013	53.66 %	57.93 %	51.74 %
Q1 2014	48.38 %	53.47 %	44.61 %
Q2 2014	58.90 %	65.22 %	56.93 %
Q3 2014	49.40 %	57.22 %	45.65 %
Q4 2014	54.14 %	60.06 %	50.21 %
Q1 2015	51.97 %	56.06 %	47.59 %
Q2 2015	52.99 %	59.07 %	50.83 %
Q3 2015	51.53 %	59.05 %	48.27 %
Q4 2015	59.75 %	65.78 %	56.99 %
Q1 2016	55.08 %	59.61 %	51.55 %
Q2 2016	54.13 %	60.34 %	54.40 %
Q3 2016	48.43 %	62.45 %	45.70 %
Q4 2016	50.11 %	60.33 %	43.12 %
Q1 2017	40.26 %	49.20 %	34.47 %
Q2 2017	41.18 %	56.66 %	39.11 %
Q3 2017	30.16 %	48.18 %	26.51 %
Q4 2017	45.22 %	55.66 %	37.59 %
Q1 2018	44.54 %	56.07 %	37.15 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	140.00	5.40	5.40	16.28
Q2 2009	140.00	5.27	5.27	17.80
Q3 2009	140.00	5.21	5.21	16.30
Q4 2009	140.00	5.24	5.24	17.58
Q1 2010	140.00	5.16	5.16	16.44
Q2 2010	140.00	4.97	4.97	17.76
Q3 2010	140.00	4.82	4.82	16.61
Q4 2010	140.00	4.70	4.70	17.77
Q1 2011	140.00	4.96	4.96	16.88
Q2 2011	140.00	5.35	5.35	18.59
Q3 2011	140.00	5.78	5.78	17.13
Q4 2011	140.00	6.40	6.40	18.91
Q1 2012	140.00	6.82	6.82	17.44
Q2 2012	140.00	6.98	6.98	19.31
Q3 2012	140.00	7.12	7.12	17.74
Q4 2012	140.00	7.14	7.14	19.55
Q1 2013	140.00	7.03	7.03	17.47
Q2 2013	140.00	7.29	7.29	19.60
Q3 2013	140.00	7.19	7.19	17.93
Q4 2013	140.00	7.19	6.90	19.73
Q1 2014	140.00	6.85	6.55	17.31
Q2 2014	140.00	6.82	6.53	19.41
Q3 2014	140.00	7.53	6.43	19.45
Q4 2014	140.00	7.47	6.66	21.15
Q1 2015	140.00	7.79	6.99	20.05
Q2 2015	140.00	7.62	6.81	21.98
Q3 2015	140.00	7.03	7.03	20.93
Q4 2015	140.00	7.42	7.46	23.06
Q1 2016	140.00	7.54	7.59	21.52
Q2 2016	140.00	7.52	7.57	23.49
Q3 2016	140.00	7.32	7.36	22.23
Q4 2016	140.00	6.27	6.27	23.25
Q1 2017	140.00	4.99	4.99	24.00
Q2 2017	140.00	3.76	3.76	22.43
Q3 2017	140.00	2.92	2.92	21.84
Q4 2017	140.00	2.64	2.64	22.66
Q1 2018	140.00	2.62	2.62	23.38

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	140.00	5.65	5.65	16.85
2009	140.00	5.24	5.24	17.58
2010	140.00	4.70	4.70	17.77
2011	140.00	6.40	6.40	18.91
2012	140.00	7.14	7.14	19.55
2013	140.00	7.19	6.90	19.73
2014	140.00	7.47	6.66	21.15
2015	140.00	7.42	7.46	23.06
2016	140.00	6.27	6.27	23.25
2017	140.00	2.64	2.64	22.66

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	10.69	10.69	3.55
Q2 2009	11.66	11.66	3.46
Q3 2009	12.38	12.38	3.96
Q4 2009	12.79	12.79	3.81
Q1 2010	13.65	13.65	4.29
Q2 2010	13.68	13.68	3.83
Q3 2010	13.91	13.91	4.03
Q4 2010	13.02	13.02	3.45
Q1 2011	12.24	12.24	3.60
Q2 2011	14.31	14.31	4.11
Q3 2011	12.67	12.67	4.28
Q4 2011	13.44	13.44	4.55
Q1 2012	13.50	13.50	5.27
Q2 2012	14.26	14.26	5.15
Q3 2012	13.86	13.86	5.57
Q4 2012	14.00	14.00	5.12
Q1 2013	14.29	14.29	5.75
Q2 2013	14.27	14.27	5.31
Q3 2013	14.85	14.85	5.95
Q4 2013	15.34	15.99	5.59
Q1 2014	16.32	17.05	6.46
Q2 2014	17.00	17.76	5.98
Q3 2014	15.11	17.68	5.85
Q4 2014	14.65	16.41	5.17
Q1 2015	12.21	13.62	4.74
Q2 2015	12.90	14.42	4.47
Q3 2015	11.03	11.03	3.70
Q4 2015	9.44	9.38	3.04
Q1 2016	9.68	9.62	3.39
Q2 2016	10.14	10.08	3.25
Q3 2016	8.71	8.66	2.87
Q4 2016	13.13	13.13	3.54
Q1 2017	12.56	12.56	2.61
Q2 2017	14.41	14.41	2.41
Q3 2017	17.08	17.08	2.29
Q4 2017	18.30	18.30	2.14
Q1 2018	19.00	19.00	2.13

Period	P/E	Adjusted P/E	Price/book
2008	8.25	8.25	2.76
2009	12.79	12.79	3.81
2010	13.02	13.02	3.45
2011	13.44	13.44	4.55
2012	14.00	14.00	5.12
2013	15.34	15.99	5.59
2014	14.65	16.41	5.17
2015	9.44	9.38	3.04
2016	13.13	13.13	3.54
2017	18.30	18.30	2.14

Analysts Estimates (Million)

Item	Q1 2018 (e)	Q1 2018 (a)	Change‬
Average	82.55	101.74	23.25 %

Estimates vs Actual (Million)

Item	Q1 2018 (e)	Q1 2018 (a)	Change
Al Rajhi Capital	96.00	101.74	6.0 %
AlJazira Capital	90.40	101.74	12.5 %
OSOOL AND BAKHEET	86.90	101.74	17.1 %
Sico	79.00	101.74	28.8 %
Riyad Capital	74.00	101.74	37.5 %
SNB Capital	69.00	101.74	47.5 %

Financial Ratios

	Current
Market Cap (M Riyal)	5,201.00
Enterprise Value (EV) (M)	5,287.26
Shares Outstanding ((M))	140.00
EPS ( Riyal) (TTM)	1.49
Book Value (BV) ( Riyal)	23.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.13
P/E (TTM)	24.93
Price/book	1.55
Return on Average Assets (%) (TTM)	5.1
Return on Average Equity (%) (TTM)	6.3

Southern Province Cement Co. (SPCC)

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Southern Cement’s net profit declines 3% in Q1

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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

Southern Province Cement Co. (SPCC)

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Southern Cement’s net profit declines 3% in Q1

View other reports

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

Southern Province Cement Co. (SPCC)

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