Yamama Cement's H1 profit plunges 76% YoY

23/07/2017 Argaam Exclusive

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Yamama Cement Co. reported a net profit of SAR 63 million for the first half of 2017, down 76.4 percent year-on-year (YoY). The company has attributed the decline to seasonality factors, such as Eid Al-Fitr falling in Q2, weighing on demand and sales.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	656.50	414.94	(36.8 %)
Gross Income	299.57	95.86	(68.0 %)
Operating Income	268.03	63.33	(76.4 %)
Net Income	266.75	62.99	(76.4 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	1.32	0.31	(76.4 %)

Net profit for the second quarter plunged 89.5 percent YoY to SAR 12.2 million, driven by lower sales, lower demand, and decreased revenue.

Q2 net profit fell 76.05 percent quarter-on-quarter (QoQ) on higher administrative fees, lower sales, and weak demand.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	280.46	194.75	(30.6 %)
Gross Income	113.02	32.95	(70.8 %)
Operating Income	97.02	15.25	(84.3 %)
Net Income	116.29	12.17	(89.5 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.57	0.06	(89.5 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	220.19	194.75	(11.6 %)
Gross Income	62.92	32.95	(47.6 %)
Operating Income	48.08	15.25	(68.3 %)
Net Income	50.82	12.17	(76.1 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.25	0.06	(76.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
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
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
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
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
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
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
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
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
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
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
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
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
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
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
Q1 2016	376.04	10.9 %	186.55	2.5 %	150.46	(14.2 %)	0.74
Q2 2016	280.46	(17.4 %)	113.02	(39.9 %)	116.29	(39.3 %)	0.57
Q3 2016	235.63	(15.9 %)	98.99	(40.5 %)	56.31	(41.1 %)	0.28
Q4 2016	232.88	(33.9 %)	71.50	(64.2 %)	34.81	(77.2 %)	0.17
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77
Q1 2017	220.19	(41.4 %)	62.92	(66.3 %)	50.82	(66.2 %)	0.25
Q2 2017	194.75	(30.6 %)	32.95	(70.8 %)	12.17	(89.5 %)	0.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	1,185.50	24.8 %	768.78	21.7 %	731.43	21.7 %	3.61
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
2015	56.17 %	66.76 %	48.07 %
Q1 2016	54.96 %	66.81 %	44.90 %
Q2 2016	51.66 %	66.29 %	41.12 %
Q3 2016	48.09 %	65.68 %	39.44 %
Q4 2016	41.78 %	63.24 %	33.14 %
2016	41.78 %	63.24 %	33.14 %
Q1 2017	35.75 %	58.97 %	28.19 %
Q2 2017	30.15 %	52.41 %	19.14 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	64.85 %	68.52 %	61.70 %
2008	57.42 %	69.48 %	54.40 %
2009	52.97 %	64.95 %	48.30 %
2010	55.97 %	66.74 %	51.65 %
2011	56.11 %	65.10 %	51.29 %
2012	58.01 %	66.84 %	52.83 %
2013	57.14 %	66.10 %	54.83 %
2014	53.60 %	63.82 %	49.28 %
2015	56.17 %	66.76 %	48.07 %
2016	41.78 %	63.24 %	33.14 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	62.79 %	71.25 %	58.29 %
Q2 2008	63.34 %	70.45 %	60.17 %
Q3 2008	49.60 %	68.32 %	48.14 %
Q4 2008	45.07 %	65.82 %	43.26 %
Q1 2009	53.67 %	67.53 %	48.71 %
Q2 2009	56.49 %	67.61 %	52.86 %
Q3 2009	49.73 %	63.45 %	44.91 %
Q4 2009	51.77 %	61.48 %	46.43 %
Q1 2010	51.37 %	61.29 %	47.33 %
Q2 2010	59.02 %	69.22 %	57.02 %
Q3 2010	57.22 %	70.08 %	51.58 %
Q4 2010	56.72 %	67.26 %	50.75 %
Q1 2011	55.77 %	65.73 %	51.13 %
Q2 2011	55.44 %	63.11 %	52.46 %
Q3 2011	55.70 %	66.29 %	49.34 %
Q4 2011	57.54 %	65.79 %	51.71 %
Q1 2012	60.93 %	68.03 %	56.48 %
Q2 2012	54.77 %	63.31 %	50.76 %
Q3 2012	57.40 %	69.28 %	51.16 %
Q4 2012	58.23 %	67.19 %	51.67 %
Q1 2013	60.66 %	67.77 %	57.35 %
Q2 2013	59.03 %	66.70 %	58.75 %
Q3 2013	52.46 %	64.16 %	50.40 %
Q4 2013	53.32 %	64.47 %	49.33 %
Q1 2014	49.35 %	58.73 %	47.54 %
Q2 2014	54.27 %	62.93 %	48.18 %
Q3 2014	53.59 %	66.05 %	49.47 %
Q4 2014	57.72 %	68.76 %	52.38 %
Q1 2015	53.71 %	63.38 %	51.75 %
Q2 2015	55.39 %	64.65 %	56.40 %
Q3 2015	59.40 %	71.38 %	34.08 %
Q4 2015	56.73 %	68.36 %	47.62 %
Q1 2016	49.61 %	63.92 %	40.01 %
Q2 2016	40.30 %	61.78 %	41.47 %
Q3 2016	42.01 %	69.13 %	23.90 %
Q4 2016	30.70 %	57.92 %	21.39 %
Q1 2017	28.57 %	45.64 %	23.08 %
Q2 2017	16.92 %	33.23 %	6.25 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2016	202.50	2.54	2.62	18.19
Q3 2016	202.50	2.35	2.42	18.16
Q4 2016	202.50	1.77	1.84	16.79
Q1 2017	202.50	1.28	1.35	16.82
Q2 2017	202.50	0.76	0.84	16.79

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	202.50	3.61	3.61	13.62
2008	202.50	3.02	3.02	14.03
2009	202.50	2.77	2.77	15.09
2010	202.50	3.24	3.24	15.60
2011	202.50	3.65	3.65	16.67
2012	202.50	4.04	4.11	17.77
2013	202.50	4.30	4.17	19.23
2014	202.50	3.31	3.23	18.43
2015	202.50	3.04	3.11	18.18
2016	202.50	1.77	1.84	16.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2016	10.87	10.57	1.52
Q3 2016	8.33	8.08	1.08
Q4 2016	12.93	12.41	1.36
Q1 2017	14.30	13.52	1.08
Q2 2017	23.13	21.08	1.05

Period	P/E	Adjusted P/E	Price/book
2007	17.39	17.39	4.61
2008	7.49	7.49	1.61
2009	11.39	11.39	2.09
2010	10.58	10.58	2.20
2011	12.78	12.78	2.80
2012	11.77	11.55	2.67
2013	13.32	13.71	2.98
2014	14.47	14.82	2.60
2015	10.36	10.11	1.73
2016	12.93	12.41	1.36

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	53.30	12.17	(77.2 %)

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
KASB Capital	41.80	12.17	(70.9) %
Hermes	44.10	12.17	(72.4) %
AlJazira Capital	46.80	12.17	(74.0) %
HSBC	49.00	12.17	(75.2) %
SNB Capital	51.00	12.17	(76.1) %
Riyad Capital	52.00	12.17	(76.6) %
Albilad Capital	53.00	12.17	(77.0) %
OSOOL AND BAKHEET	56.30	12.17	(78.4) %
Al Rajhi Capital	59.00	12.17	(79.4) %
Sico	80.00	12.17	(84.8) %

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

Yamama Cement Co. (YSCC)

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Yamama Cement's H1 profit plunges 76% YoY

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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

Yamama Cement Co. (YSCC)

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Yamama Cement's H1 profit plunges 76% YoY

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

Yamama Cement Co. (YSCC)

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