Yamama Cement’s net profit falls 14% in Q1

20/04/2016 Argaam Exclusive

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Yamama Cement Co., Saudi Arabia’s fourth-largest cement producer, reported a net profit of SAR 150.5 million for the first quarter of 2016, a 14 percent year-on-year (YoY) decline attributed to higher sales costs, an increase in fuel prices, as well as general and administrative expenses.

 

Profit for Q1 was 16 percent lower compared to the previous quarter, which stood at SAR 179.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 338.94 376.04 10.9 %
Gross Income 182.05 186.55 2.5 %
Operating Income 167.67 171.01 2.0 %
Net Income 175.41 150.46 (14.2 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 0.87 0.74 (14.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 277.58 13.2 % 184.93 13.2 % 173.51 9.3 % 0.86
Q2 2007 304.37 5.1 % 209.22 7.8 % 202.51 9.6 % 1.00
Q3 2007 338.77 52.5 % 240.10 54.6 % 228.43 56.6 % 1.13
Q4 2007 264.78 37.1 % 134.54 13.3 % 126.98 13.6 % 0.63
Q1 2008 338.76 22.0 % 212.70 15.0 % 197.47 13.8 % 0.98
Q2 2008 378.62 24.4 % 239.82 14.6 % 227.80 12.5 % 1.12
Q3 2008 208.75 (38.4 %) 103.54 (56.9 %) 100.48 (56.0 %) 0.50
Q4 2008 196.80 (25.7 %) 88.69 (34.1 %) 85.13 (33.0 %) 0.42
Q1 2009 258.67 (23.6 %) 138.82 (34.7 %) 125.99 (36.2 %) 0.62
Q2 2009 312.80 (17.4 %) 176.70 (26.3 %) 165.35 (27.4 %) 0.82
Q3 2009 278.99 33.6 % 138.73 34.0 % 125.29 24.7 % 0.62
Q4 2009 312.55 58.8 % 161.80 82.4 % 145.12 70.5 % 0.72
Q1 2010 349.01 34.9 % 179.29 29.2 % 165.19 31.1 % 0.82
Q2 2010 336.87 7.7 % 198.82 12.5 % 192.07 16.2 % 0.95
Q3 2010 271.06 (2.8 %) 155.11 11.8 % 139.80 11.6 % 0.69
Q4 2010 314.99 0.8 % 178.65 10.4 % 159.86 10.2 % 0.79
Q1 2011 351.49 0.7 % 196.02 9.3 % 179.72 8.8 % 0.89
Q2 2011 420.19 24.7 % 232.95 17.2 % 220.42 14.8 % 1.09
Q3 2011 301.09 11.1 % 167.70 8.1 % 148.57 6.3 % 0.73
Q4 2011 369.45 17.3 % 212.59 19.0 % 191.05 19.5 % 0.94
Q1 2012 491.59 39.9 % 299.51 52.8 % 277.64 54.5 % 1.37
Q2 2012 412.62 (1.8 %) 226.00 (3.0 %) 209.46 (5.0 %) 1.03
Q3 2012 306.20 1.7 % 175.76 4.8 % 156.65 5.4 % 0.77
Q4 2012 365.44 (1.1 %) 212.81 0.1 % 173.81 (9.0 %) 0.86
Q1 2013 482.64 (1.8 %) 292.76 (2.3 %) 276.80 (0.3 %) 1.37
Q2 2013 455.52 10.4 % 268.89 19.0 % 267.63 27.8 % 1.32
Q3 2013 293.80 (4.0 %) 154.13 (12.3 %) 148.08 (5.5 %) 0.73
Q4 2013 309.90 (15.2 %) 165.25 (22.3 %) 177.73 2.3 % 0.88
Q1 2014 367.36 (23.9 %) 181.30 (38.1 %) 174.64 (36.9 %) 0.86
Q2 2014 366.02 (19.6 %) 198.63 (26.1 %) 207.36 (22.5 %) 1.02
Q3 2014 277.23 (5.6 %) 148.57 (3.6 %) 137.16 (7.4 %) 0.68
Q4 2014 318.26 2.7 % 183.72 11.2 % 151.69 (14.6 %) 0.75
Q1 2015 338.94 (7.7 %) 182.05 0.4 % 175.41 0.4 % 0.87
Q2 2015 339.50 (7.2 %) 188.03 (5.3 %) 191.48 (7.7 %) 0.95
Q3 2015 280.27 1.1 % 166.47 12.0 % 95.53 (30.4 %) 0.47
Q4 2015 352.36 10.7 % 199.89 8.8 % 152.80 0.7 % 0.75
Q1 2016 376.04 10.9 % 186.55 2.5 % 150.46 (14.2 %) 0.74

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 66.47 % 67.04 % 62.69 %
Q2 2007 67.00 % 67.85 % 63.54 %
Q3 2007 67.60 % 68.67 % 64.30 %
Q4 2007 64.85 % 68.52 % 61.70 %
Q1 2008 63.89 % 69.43 % 60.59 %
Q2 2008 62.62 % 69.66 % 59.10 %
Q3 2008 57.99 % 68.73 % 54.81 %
Q4 2008 57.42 % 69.48 % 54.40 %
Q1 2009 54.74 % 68.42 % 51.72 %
Q2 2009 51.97 % 67.38 % 48.82 %
Q3 2009 51.84 % 66.15 % 47.91 %
Q4 2009 52.97 % 64.95 % 48.30 %
Q1 2010 52.38 % 63.40 % 47.95 %
Q2 2010 53.13 % 63.90 % 49.14 %
Q3 2010 54.75 % 65.32 % 50.59 %
Q4 2010 55.97 % 66.74 % 51.65 %
Q1 2011 57.17 % 67.96 % 52.69 %
Q2 2011 56.18 % 66.14 % 51.54 %
Q3 2011 55.87 % 65.41 % 51.06 %
Q4 2011 56.11 % 65.10 % 51.29 %
Q1 2012 57.68 % 65.87 % 52.94 %
Q2 2012 57.52 % 65.93 % 52.50 %
Q3 2012 57.84 % 66.51 % 52.84 %
Q4 2012 58.01 % 66.84 % 52.83 %
Q1 2013 57.91 % 66.75 % 53.08 %
Q2 2013 59.03 % 67.62 % 55.28 %
Q3 2013 58.13 % 66.67 % 55.17 %
Q4 2013 57.14 % 66.10 % 54.83 %
Q1 2014 53.94 % 63.64 % 52.10 %
Q2 2014 52.30 % 62.41 % 48.76 %
Q3 2014 52.54 % 62.78 % 48.54 %
Q4 2014 53.60 % 63.82 % 49.28 %
Q1 2015 54.82 % 65.14 % 50.41 %
Q2 2015 55.13 % 65.64 % 52.65 %
Q3 2015 56.41 % 66.81 % 49.27 %
Q4 2015 56.17 % 66.76 % 48.07 %
Q1 2016 54.96 % 66.81 % 44.90 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 202.50 3.04 3.04 10.46
Q2 2007 202.50 3.13 3.13 11.66
Q3 2007 202.50 3.54 3.54 12.81
Q4 2007 202.50 3.61 3.61 13.62
Q1 2008 202.50 3.73 3.73 12.50
Q2 2008 202.50 3.86 3.86 13.56
Q3 2008 202.50 3.22 3.22 13.82
Q4 2008 202.50 3.02 3.02 14.03
Q1 2009 202.50 2.66 2.66 13.36
Q2 2009 202.50 2.36 2.36 14.28
Q3 2009 202.50 2.48 2.48 14.35
Q4 2009 202.50 2.77 2.77 15.09
Q1 2010 202.50 2.97 2.97 14.51
Q2 2010 202.50 3.10 3.10 15.38
Q3 2010 202.50 3.17 3.17 14.76
Q4 2010 202.50 3.24 3.24 15.60
Q1 2011 202.50 3.32 3.32 15.12
Q2 2011 202.50 3.46 3.46 14.94
Q3 2011 202.50 3.50 3.50 15.58
Q4 2011 202.50 3.65 3.65 16.67
Q1 2012 202.50 4.14 4.14 17.16
Q2 2012 202.50 4.08 4.08 16.04
Q3 2012 202.50 4.12 4.12 16.89
Q4 2012 202.50 4.04 4.11 17.77
Q1 2013 202.50 4.03 4.11 17.58
Q2 2013 202.50 4.32 4.39 17.49
Q3 2013 202.50 4.28 4.35 18.26
Q4 2013 202.50 4.30 4.17 19.23
Q1 2014 202.50 3.79 3.67 18.68
Q2 2014 202.50 3.50 3.22 19.69
Q3 2014 202.50 3.44 3.17 19.06
Q4 2014 202.50 3.31 3.23 18.43
Q1 2015 202.50 3.32 3.24 18.52
Q2 2015 202.50 3.24 3.31 18.70
Q3 2015 202.50 3.03 3.11 18.29
Q4 2015 202.50 3.04 3.11 18.18
Q1 2016 202.50 2.91 2.99 18.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 16.77 16.77 4.88
Q2 2007 15.18 15.18 4.07
Q3 2007 13.95 13.95 3.85
Q4 2007 17.39 17.39 4.61
Q1 2008 13.54 13.54 4.04
Q2 2008 12.11 12.11 3.44
Q3 2008 10.65 10.65 2.48
Q4 2008 7.49 7.49 1.61
Q1 2009 8.66 8.66 1.73
Q2 2009 11.32 11.32 1.87
Q3 2009 12.89 12.89 2.23
Q4 2009 11.39 11.39 2.09
Q1 2010 11.51 11.51 2.35
Q2 2010 10.54 10.54 2.12
Q3 2010 10.77 10.77 2.31
Q4 2010 10.58 10.58 2.20
Q1 2011 10.76 10.76 2.36
Q2 2011 12.68 12.68 2.93
Q3 2011 12.00 12.00 2.70
Q4 2011 12.78 12.78 2.80
Q1 2012 12.04 12.04 2.90
Q2 2012 12.20 12.20 3.10
Q3 2012 10.70 10.70 2.61
Q4 2012 11.77 11.55 2.67
Q1 2013 11.48 11.27 2.63
Q2 2013 11.69 11.49 2.89
Q3 2013 12.39 12.18 2.90
Q4 2013 13.32 13.71 2.98
Q1 2014 15.36 15.87 3.12
Q2 2014 18.01 19.56 3.20
Q3 2014 18.89 20.53 3.41
Q4 2014 14.47 14.82 2.60
Q1 2015 13.55 13.88 2.43
Q2 2015 14.11 13.80 2.44
Q3 2015 12.70 12.39 2.11
Q4 2015 10.36 10.11 1.73
Q1 2016 9.59 9.35 1.54

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 157.69 150.46 (4.6 %)

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
Alistithmar Capital 150.00 150.46 0.3 %
SNB Capital 151.00 150.46 (0.4) %
Al Rajhi Capital 152.00 150.46 (1.0) %
KASB Capital 153.30 150.46 (1.9) %
Riyad Capital 164.00 150.46 (8.3) %
Albilad Capital 164.00 150.46 (8.3) %
AlJazira Capital 169.50 150.46 (11.2) %


Financial Ratios
Current
Market Cap (M Riyal) 6,631.88
Enterprise Value (EV) (M) 7,755.14
Shares Outstanding ((M)) 202.50
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 22.94
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.61
P/E (TTM) 21.61
Price/book 1.43
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 6.7
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Share Price

Yamama Cement Co.
32.75
0.25 0.77 %

Yamama Cement Co. (YSCC)

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