Northern Cement’s net profit rises 3% to SAR 207 mln in FY15
19/01/2016
Argaam Exclusive
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Northern Region Cement Co. (Northern Cement) reported a net profit of SAR 206.91 million for the 2015 fiscal year (FY); a three percent year-on-year (YOY) rise the company attributed to a lower provision for impairment, as well as a decline in general, administrative and sales costs.
Financials (M)
| Item | 2014 | 2015 | Change |
|---|---|---|---|
| Revenues | 999.14 | 1,129.80 | 13.1 % |
| Gross Income | 393.40 | 431.39 | 9.7 % |
| Operating Income | 262.89 | 254.51 | (3.2 %) |
| Net Income | 200.01 | 206.91 | 3.4 % |
| Average Shares | 180.00 | 180.00 | - |
| Earnings Per Share before unusual items (Riyals) | 1.28 | 1.19 | (6.7 %) |
| EPS (Riyal) | 1.11 | 1.15 | 3.4 % |
The company posted a net profit of SAR 39.6 million for Q4-2015; a 53 percent YOY increase. However, profit for the quarter dropped 25 percent when compared to Q3-2015, as a result of lower sales prices and higher expenses.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2014 | Q4 2015 | Change |
|---|---|---|---|
| Revenues | 257.47 | 277.41 | 7.7 % |
| Gross Income | 110.72 | 89.57 | (19.1 %) |
| Operating Income | 68.20 | 52.06 | (23.7 %) |
| Net Income | 25.81 | 39.62 | 53.5 % |
| Average Shares | 180.00 | 180.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.31 | 0.22 | (27.8 %) |
| EPS (Riyal) | 0.14 | 0.22 | 53.5 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2015 | 253.13 | (18.0 %) | 100.51 | (13.6 %) | 59.65 | (12.5 %) |
| Q2 2015 | 324.34 | 41.2 % | 133.49 | 51.3 % | 79.31 | 17.4 % |
| Q3 2015 | 274.92 | 35.2 % | 107.83 | 38.1 % | 63.49 | 7.6 % |
| Q4 2015 | 277.41 | 7.7 % | 89.57 | (19.1 %) | 52.06 | (23.7 %) |
| 2015 | 1,129.80 | 13.1 % | 431.39 | 9.7 % | 254.51 | (3.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2015 | 50.63 | (16.7 %) | 0.28 | - | 50.63 | 0.28 |
| Q2 2015 | 64.03 | 3.1 % | 0.36 | (7.00) | 71.03 | 0.39 |
| Q3 2015 | 52.64 | 2.5 % | 0.29 | - | 52.64 | 0.29 |
| Q4 2015 | 39.62 | 53.5 % | 0.22 | (0.68) | 40.30 | 0.22 |
| 2015 | 206.91 | 3.4 % | 1.15 | (7.68) | 214.59 | 1.19 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | 42.27 % | 37.12 % | 25.80 % |
| Q2 2014 | 42.44 % | 36.65 % | 23.55 % |
| Q3 2014 | 42.78 % | 36.24 % | 22.83 % |
| Q4 2014 | 39.37 % | 37.45 % | 23.02 % |
| 2014 | 39.37 % | 37.45 % | 23.02 % |
| Q1 2015 | 40.01 % | 39.04 % | 23.30 % |
| Q2 2015 | 40.72 % | 36.61 % | 22.04 % |
| Q3 2015 | 40.77 % | 35.37 % | 20.73 % |
| Q4 2015 | 38.18 % | 32.38 % | 18.99 % |
| 2015 | 38.18 % | 32.38 % | 18.99 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2015 | 180.00 | 1.05 | 1.22 | 11.67 |
| Q2 2015 | 180.00 | 1.07 | 1.27 | 11.13 |
| Q3 2015 | 180.00 | 1.07 | 1.28 | 10.82 |
| Q4 2015 | 180.00 | 1.15 | 1.19 | 11.04 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2015 | 21.16 | 18.27 | 1.91 |
| Q2 2015 | 20.72 | 17.37 | 1.98 |
| Q3 2015 | 15.78 | 13.24 | 1.56 |
| Q4 2015 | 13.00 | 12.53 | 1.35 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| Average | 64.06 | 39.62 | 40.30 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| SFC | 59.00 | 39.62 | 40.30 | ||
| Alistithmar for Financial Securities and Brokerage | 62.10 | 39.62 | 40.30 | ||
| AlJazira Capital | 65.40 | 39.62 | 40.30 | ||
| Value Capital | 66.30 | 39.62 | 40.30 | ||
| OSOOL AND BAKHEET | 67.50 | 39.62 | 40.30 |
| Current | |
| Market Cap (M Riyal) | 1,404.00 |
| Enterprise Value (EV) (M Riyal) | 2,394.96 |
| Shares Outstanding ((M)) | 180.00 |
| EPS ( Riyal) (TTM) | 0.31 |
| Book Value (BV) ( Riyal) | 12.47 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 24.90 |
| P/E (TTM) | 24.90 |
| Price/book | 0.63 |
| Return on Average Assets (%) (TTM) | 1.6 |
| Return on Average Equity (%) (TTM) | 2.5 |
| EV/adj EBITDA | - |
| EV/Revenues | 3.55 |
Share Price
Northern Region Cement Co. (NORTHERN CEMENT)
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