Tabuk Cement’s net profit drops 35% in FY15

18/01/2016 Argaam Exclusive

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Tabuk Cement Co. reported a net profit of SAR 89.9 million for fiscal year (FY) 2015, marking a 35 percent year-on-year (YOY) decline which the company mainly attributed to on lower sales volumes and prices.

Financials (M)

Item	2014	2015	Change‬
Revenues	322.29	272.41	(15.5 %)
Gross Income	160.35	113.96	(28.9 %)
Operating Income	140.96	92.90	(34.1 %)
Net Income	137.58	89.83	(34.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.53	1.00	(34.7 %)

The cement producer’s Q4-2015 net profit fell 22 percent YOY to SAR 22.6 million. However, profit for the quarter surged 146 percent when compared to Q3-2015; an advance supported by higher sales volumes, lower sales costs and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	77.53	65.17	(15.9 %)
Gross Income	33.90	27.87	(17.8 %)
Operating Income	29.12	23.45	(19.5 %)
Net Income	28.85	22.64	(21.5 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.32	0.25	(21.5 %)

Item	Q3 2015	Q4 2015	Change‬
Revenues	47.32	65.17	37.7 %
Gross Income	14.25	27.87	95.6 %
Operating Income	8.76	23.45	167.6 %
Net Income	9.23	22.64	145.4 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.10	0.25	145.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	95.30	30.0 %	57.94	49.2 %	56.46	66.2 %	0.63
Q2 2006	107.86	38.5 %	66.16	51.6 %	63.58	58.7 %	0.71
Q3 2006	103.22	31.3 %	63.02	34.7 %	59.98	38.8 %	0.67
Q4 2006	73.70	(0.6 %)	39.10	(6.0 %)	37.54	(0.2 %)	0.42
2006	380.08	25.0 %	226.22	32.4 %	217.55	40.5 %	2.42
Q1 2007	91.48	(4.0 %)	59.00	1.8 %	57.24	1.4 %	0.64
Q2 2007	91.78	(14.9 %)	59.62	(9.9 %)	62.86	(1.1 %)	0.70
Q3 2007	81.82	(20.7 %)	54.13	(14.1 %)	54.62	(8.9 %)	0.61
Q4 2007	76.07	3.2 %	45.42	16.2 %	45.67	21.7 %	0.51
2007	341.16	(10.2 %)	218.18	(3.6 %)	220.39	1.3 %	2.45
Q1 2008	90.08	(1.5 %)	50.19	(14.9 %)	50.58	(11.6 %)	0.56
Q2 2008	105.52	15.0 %	65.27	9.5 %	68.79	9.4 %	0.76
Q3 2008	48.10	(41.2 %)	24.75	(54.3 %)	22.91	(58.1 %)	0.25
Q4 2008	47.18	(38.0 %)	14.59	(67.9 %)	8.87	(80.6 %)	0.10
2008	290.88	(14.7 %)	154.80	(29.0 %)	151.15	(31.4 %)	1.68
Q1 2009	70.95	(21.2 %)	35.48	(29.3 %)	33.51	(33.7 %)	0.37
Q2 2009	76.53	(27.5 %)	37.41	(42.7 %)	37.83	(45.0 %)	0.42
Q3 2009	56.47	17.4 %	28.90	16.8 %	24.24	5.8 %	0.27
Q4 2009	62.98	33.5 %	32.94	125.7 %	25.55	188.1 %	0.28
2009	266.93	(8.2 %)	134.72	(13.0 %)	121.13	(19.9 %)	1.35
Q1 2010	77.11	8.7 %	38.17	7.6 %	34.02	1.5 %	0.38
Q2 2010	77.06	0.7 %	41.61	11.2 %	41.71	10.3 %	0.46
Q3 2010	59.71	5.7 %	27.84	(3.7 %)	23.79	(1.8 %)	0.26
Q4 2010	60.73	(3.6 %)	27.81	(15.6 %)	21.42	(16.1 %)	0.24
2010	274.61	2.9 %	135.42	0.5 %	120.95	(0.1 %)	1.34
Q1 2011	87.33	13.3 %	47.21	23.7 %	41.22	21.2 %	0.46
Q2 2011	99.39	29.0 %	45.00	8.1 %	42.92	2.9 %	0.48
Q3 2011	72.88	22.1 %	29.90	7.4 %	24.72	3.9 %	0.27
Q4 2011	90.14	48.4 %	34.92	25.6 %	28.05	30.9 %	0.31
2011	349.74	27.4 %	157.02	16.0 %	136.90	13.2 %	1.52
Q1 2012	100.83	15.5 %	56.83	20.4 %	49.21	19.4 %	0.55
Q2 2012	106.17	6.8 %	61.60	36.9 %	56.71	32.1 %	0.63
Q3 2012	77.87	6.8 %	42.30	41.5 %	32.76	32.5 %	0.36
Q4 2012	106.91	18.6 %	57.22	63.9 %	50.27	79.2 %	0.56
2012	391.77	12.0 %	217.96	38.8 %	188.95	38.0 %	2.10
Q1 2013	107.61	6.7 %	62.22	9.5 %	56.06	13.9 %	0.62
Q2 2013	93.21	(12.2 %)	52.16	(15.3 %)	50.90	(10.3 %)	0.57
Q3 2013	68.93	(11.5 %)	34.10	(19.4 %)	28.35	(13.5 %)	0.32
Q4 2013	85.84	(19.7 %)	44.62	(22.0 %)	38.14	(24.1 %)	0.42
2013	355.59	(9.2 %)	193.10	(11.4 %)	173.45	(8.2 %)	1.93
Q1 2014	96.64	(10.2 %)	50.00	(19.6 %)	44.00	(21.5 %)	0.49
Q2 2014	91.35	(2.0 %)	49.08	(5.9 %)	43.11	(15.3 %)	0.48
Q3 2014	56.77	(17.6 %)	27.37	(19.7 %)	21.62	(23.7 %)	0.24
Q4 2014	77.53	(9.7 %)	33.90	(24.0 %)	28.85	(24.4 %)	0.32
2014	322.29	(9.4 %)	160.35	(17.0 %)	137.58	(20.7 %)	1.53
Q1 2015	84.01	(13.1 %)	38.14	(23.7 %)	32.63	(25.8 %)	0.36
Q2 2015	75.92	(16.9 %)	33.70	(31.3 %)	26.91	(37.6 %)	0.30
Q3 2015	47.32	(16.6 %)	14.25	(47.9 %)	9.23	(57.3 %)	0.10
Q4 2015	65.17	(15.9 %)	27.87	(17.8 %)	22.64	(21.5 %)	0.25
2015	272.41	(15.5 %)	113.96	(28.9 %)	89.83	(34.7 %)	1.00

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	380.08	25.0 %	226.22	32.4 %	217.55	40.5 %	2.42
2007	341.16	(10.2 %)	218.18	(3.6 %)	220.39	1.3 %	2.45
2008	290.88	(14.7 %)	154.80	(29.0 %)	151.15	(31.4 %)	1.68
2009	266.93	(8.2 %)	134.72	(13.0 %)	121.13	(19.9 %)	1.35
2010	274.61	2.9 %	135.42	0.5 %	120.95	(0.1 %)	1.34
2011	349.74	27.4 %	157.02	16.0 %	136.90	13.2 %	1.52
2012	391.77	12.0 %	217.96	38.8 %	188.95	38.0 %	2.10
2013	355.59	(9.2 %)	193.10	(11.4 %)	173.45	(8.2 %)	1.93
2014	322.29	(9.4 %)	160.35	(17.0 %)	137.58	(20.7 %)	1.53
2015	272.41	(15.5 %)	113.96	(28.9 %)	89.83	(34.7 %)	1.00

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	58.29 %	73.59 %	54.40 %
Q2 2006	59.71 %	73.69 %	56.43 %
Q3 2006	60.11 %	73.15 %	57.19 %
Q4 2006	59.52 %	72.70 %	57.24 %
2006	59.52 %	72.70 %	57.24 %
Q1 2007	60.41 %	73.60 %	58.03 %
Q2 2007	61.29 %	74.88 %	60.42 %
Q3 2007	62.53 %	76.51 %	62.65 %
Q4 2007	63.95 %	77.16 %	64.60 %
2007	63.95 %	77.16 %	64.60 %
Q1 2008	61.62 %	74.49 %	62.91 %
Q2 2008	60.82 %	72.96 %	62.14 %
Q3 2008	58.05 %	71.12 %	58.77 %
Q4 2008	53.22 %	67.20 %	51.96 %
2008	53.22 %	67.20 %	51.96 %
Q1 2009	51.55 %	66.52 %	49.34 %
Q2 2009	46.23 %	62.53 %	42.48 %
Q3 2009	46.34 %	61.76 %	41.59 %
Q4 2009	50.47 %	65.42 %	45.38 %
2009	50.47 %	65.42 %	45.38 %
Q1 2010	50.32 %	64.98 %	44.54 %
Q2 2010	51.76 %	67.52 %	45.87 %
Q3 2010	50.77 %	67.54 %	45.17 %
Q4 2010	49.31 %	65.03 %	44.04 %
2010	49.31 %	65.03 %	44.04 %
Q1 2011	50.72 %	65.98 %	44.99 %
Q2 2011	48.14 %	64.66 %	42.11 %
Q3 2011	46.80 %	62.81 %	40.67 %
Q4 2011	44.90 %	59.96 %	39.14 %
2011	44.90 %	59.96 %	39.14 %
Q1 2012	45.88 %	59.65 %	39.89 %
Q2 2012	49.53 %	61.15 %	42.89 %
Q3 2012	52.17 %	63.13 %	44.46 %
Q4 2012	55.63 %	66.33 %	48.23 %
2012	55.63 %	66.33 %	48.23 %
Q1 2013	56.04 %	66.64 %	49.13 %
Q2 2013	55.47 %	65.38 %	49.27 %
Q3 2013	54.61 %	64.01 %	49.27 %
Q4 2013	54.31 %	64.81 %	48.78 %
2013	54.31 %	64.81 %	48.78 %
Q1 2014	52.49 %	63.25 %	46.98 %
Q2 2014	51.88 %	63.38 %	44.96 %
Q3 2014	51.75 %	63.63 %	44.58 %
Q4 2014	49.75 %	62.13 %	42.84 %
2014	49.75 %	62.13 %	42.84 %
Q1 2015	47.95 %	61.48 %	40.76 %
Q2 2015	45.24 %	57.37 %	37.39 %
Q3 2015	42.13 %	57.32 %	34.28 %
Q4 2015	41.83 %	57.20 %	33.55 %
2015	41.83 %	57.20 %	32.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	59.52 %	72.70 %	57.24 %
2007	63.95 %	77.16 %	64.60 %
2008	53.22 %	67.20 %	51.96 %
2009	50.47 %	65.42 %	45.38 %
2010	49.31 %	65.03 %	44.04 %
2011	44.90 %	59.96 %	39.14 %
2012	55.63 %	66.33 %	48.23 %
2013	54.31 %	64.81 %	48.78 %
2014	49.75 %	62.13 %	42.84 %
2015	41.83 %	57.20 %	32.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	60.80 %	74.04 %	59.25 %
Q2 2006	61.34 %	72.36 %	58.94 %
Q3 2006	61.05 %	73.43 %	58.10 %
Q4 2006	53.05 %	70.45 %	50.93 %
Q1 2007	64.50 %	77.80 %	62.57 %
Q2 2007	64.96 %	77.16 %	68.49 %
Q3 2007	66.15 %	79.79 %	66.76 %
Q4 2007	59.71 %	73.58 %	60.03 %
Q1 2008	55.71 %	67.71 %	56.15 %
Q2 2008	61.86 %	71.72 %	65.19 %
Q3 2008	51.45 %	72.32 %	47.63 %
Q4 2008	30.94 %	50.92 %	18.80 %
Q1 2009	50.00 %	65.23 %	47.23 %
Q2 2009	48.88 %	61.02 %	49.43 %
Q3 2009	51.17 %	67.47 %	42.93 %
Q4 2009	52.31 %	69.14 %	40.56 %
Q1 2010	49.50 %	63.68 %	44.12 %
Q2 2010	53.99 %	70.09 %	54.13 %
Q3 2010	46.62 %	67.57 %	39.85 %
Q4 2010	45.79 %	57.82 %	35.28 %
Q1 2011	54.06 %	66.93 %	47.20 %
Q2 2011	45.27 %	65.08 %	43.18 %
Q3 2011	41.03 %	58.93 %	33.91 %
Q4 2011	38.73 %	48.39 %	31.12 %
Q1 2012	56.37 %	64.89 %	48.81 %
Q2 2012	58.03 %	69.95 %	53.42 %
Q3 2012	54.32 %	68.59 %	42.07 %
Q4 2012	53.52 %	62.46 %	47.02 %
Q1 2013	57.82 %	66.11 %	52.09 %
Q2 2013	55.96 %	65.19 %	54.61 %
Q3 2013	49.48 %	61.51 %	41.13 %
Q4 2013	51.98 %	65.41 %	44.44 %
Q1 2014	51.74 %	60.70 %	46.05 %
Q2 2014	53.73 %	65.71 %	47.19 %
Q3 2014	48.22 %	62.58 %	38.08 %
Q4 2014	43.72 %	59.39 %	37.21 %
Q1 2015	45.40 %	58.09 %	38.85 %
Q2 2015	44.39 %	50.62 %	35.44 %
Q3 2015	30.11 %	63.32 %	19.49 %
Q4 2015	42.77 %	59.29 %	34.74 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	90.00	1.97	1.97	9.77
Q2 2006	90.00	2.23	2.23	10.48
Q3 2006	90.00	2.42	2.42	11.15
Q4 2006	90.00	2.42	2.42	9.32
Q1 2007	90.00	2.43	2.43	12.16
Q2 2007	90.00	2.42	2.42	12.86
Q3 2007	90.00	2.36	2.36	13.47
Q4 2007	90.00	2.45	2.45	11.45
Q1 2008	90.00	2.37	2.37	12.01
Q2 2008	90.00	2.44	2.44	12.77
Q3 2008	90.00	2.09	2.09	11.52
Q4 2008	90.00	1.68	1.68	11.61
Q1 2009	90.00	1.49	1.49	11.98
Q2 2009	90.00	1.15	1.15	12.40
Q3 2009	90.00	1.16	1.16	11.92
Q4 2009	90.00	1.35	1.35	11.69
Q1 2010	90.00	1.35	1.35	12.06
Q2 2010	90.00	1.39	1.39	12.53
Q3 2010	90.00	1.39	1.39	11.89
Q4 2010	90.00	1.34	1.34	12.11
Q1 2011	90.00	1.42	1.42	12.12
Q2 2011	90.00	1.44	1.44	11.70
Q3 2011	90.00	1.45	1.45	11.97
Q4 2011	90.00	1.52	1.52	11.77
Q1 2012	90.00	1.61	1.61	12.32
Q2 2012	90.00	1.76	1.76	12.95
Q3 2012	90.00	1.85	1.85	12.41
Q4 2012	90.00	2.10	2.10	12.95
Q1 2013	90.00	2.18	2.18	13.58
Q2 2013	90.00	2.11	2.11	13.44
Q3 2013	90.00	2.06	2.06	12.76
Q4 2013	90.00	1.93	1.93	13.16
Q1 2014	90.00	1.79	1.80	13.65
Q2 2014	90.00	1.71	1.71	13.33
Q3 2014	90.00	1.63	1.64	12.57
Q4 2014	90.00	1.53	1.53	12.88
Q1 2015	90.00	1.40	1.40	13.24
Q2 2015	90.00	1.22	1.22	13.04
Q3 2015	90.00	1.08	1.08	13.14
Q4 2015	90.00	1.02	1.02	13.36

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	90.00	2.42	2.42	9.32
2007	90.00	2.45	2.45	11.45
2008	90.00	1.68	1.68	11.61
2009	90.00	1.35	1.35	11.69
2010	90.00	1.34	1.34	12.11
2011	90.00	1.52	1.52	11.77
2012	90.00	2.10	2.10	12.95
2013	90.00	1.93	1.93	13.16
2014	90.00	1.53	1.53	12.88
2015	90.00	1.00	1.00	13.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	35.76	35.76	7.21
Q2 2006	28.31	28.31	6.03
Q3 2006	21.06	21.06	4.57
Q4 2006	13.35	13.35	3.46
Q1 2007	14.53	14.53	2.90
Q2 2007	12.61	12.61	2.37
Q3 2007	13.25	13.25	2.32
Q4 2007	17.15	17.15	3.67
Q1 2008	16.11	16.11	3.18
Q2 2008	14.65	14.65	2.80
Q3 2008	15.42	15.42	2.79
Q4 2008	11.82	11.82	1.71
Q1 2009	12.85	12.85	1.60
Q2 2009	18.72	18.72	1.73
Q3 2009	17.79	17.79	1.73
Q4 2009	14.38	14.38	1.66
Q1 2010	14.24	14.24	1.60
Q2 2010	13.27	13.27	1.48
Q3 2010	13.02	13.02	1.52
Q4 2010	13.84	13.84	1.54
Q1 2011	13.06	13.06	1.53
Q2 2011	16.84	16.84	2.07
Q3 2011	15.37	15.37	1.86
Q4 2011	14.82	14.82	1.92
Q1 2012	16.58	16.58	2.17
Q2 2012	13.30	13.30	1.81
Q3 2012	12.95	12.95	1.93
Q4 2012	11.55	11.55	1.87
Q1 2013	11.63	11.63	1.86
Q2 2013	13.74	13.74	2.16
Q3 2013	14.40	14.40	2.33
Q4 2013	14.68	14.68	2.15
Q1 2014	16.67	16.62	2.19
Q2 2014	17.58	17.52	2.25
Q3 2014	19.43	19.36	2.52
Q4 2014	16.22	16.16	1.93
Q1 2015	16.76	16.76	1.77
Q2 2015	20.47	20.47	1.92
Q3 2015	19.08	19.08	1.58
Q4 2015	14.26	14.26	1.08

Period	P/E	Adjusted P/E	Price/book
2006	13.35	13.35	3.46
2007	17.15	17.15	3.67
2008	11.82	11.82	1.71
2009	14.38	14.38	1.66
2010	13.84	13.84	1.54
2011	14.82	14.82	1.92
2012	11.55	11.55	1.87
2013	14.68	14.68	2.15
2014	16.22	16.17	1.93
2015	14.51	14.51	1.08

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	20.53	22.64	10.25 %

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
KASB Capital	20.80	22.64	8.8 %
AlJazira Capital	20.80	22.64	8.8 %
SFC	20.00	22.64	13.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,083.60
Enterprise Value (EV) (M)	1,188.96
Shares Outstanding ((M))	90.00
EPS ( Riyal) (TTM)	0.18
Book Value (BV) ( Riyal)	14.52
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	0.83
Return on Average Assets (%) (TTM)	1.0
Return on Average Equity (%) (TTM)	1.3

Tabuk Cement Co. (TCC)

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Tabuk Cement’s net profit drops 35% in FY15

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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

Tabuk Cement Co. (TCC)

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Tabuk Cement’s net profit drops 35% in FY15

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

Tabuk Cement Co. (TCC)

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