Najran Cement swings to SAR 22 mln net loss in FY17

21/02/2018 Argaam Exclusive

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Share Price

Najran Cement Co. (NAJRAN CEMENT)

Najran Cement Co. turned to a net loss of SAR 21.9 million for the fiscal year 2017, compared to a net profit of SAR 125.7 million in the previous year, due to a decline in average selling prices and sales volumes amid subdued market demand.

Fierce completion, higher production costs and low utilization rates also weighed on the annual results.

Financials (M)

Item	2016	2017	Change‬
Revenues	631.20	346.24	(45.1 %)
Gross Income	205.39	46.91	(77.2 %)
Operating Income	160.11	7.90	(95.1 %)
Net Income	125.74	(21.86)	(117.4 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.74	(0.13)	(117.4 %)

In Q4 2017, the cement producer also swung to a net loss of SAR 11.8 million, against a net profit of SAR 14.9 million in the same period of 2016.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	124.84	97.74	(21.7 %)
Gross Income	32.71	6.82	(79.1 %)
Operating Income	21.95	(3.84)	(117.5 %)
Net Income	14.91	(11.79)	(179.1 %)
Average Shares	170.00	170.00	-
EPS (Riyals)	0.09	(0.07)	(179.1 %)

Item	Q3 2017	Q4 2017	Change‬
Revenues	59.11	97.74	65.4 %
Gross Income	(0.78)	6.82	969.9 %
Operating Income	(9.57)	(3.84)	59.9 %
Net Income	(17.06)	(11.79)	30.9 %
Average Shares	170.00	170.00	-
EPS (Riyals)	(0.10)	(0.07)	30.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	198.77	-	113.33	-	(52.26)	-	(0.43)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	373.23	87.8 %	177.81	56.9 %	152.07	391.0 %	1.25
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	637.43	70.8 %	300.73	69.1 %	241.72	59.0 %	1.98
Q1 2011	179.94	-	82.21	-	68.24	-	0.56
Q2 2011	201.95	-	97.05	-	78.11	-	0.64
Q3 2011	159.26	-	93.29	-	83.32	-	0.68
Q4 2011	156.46	-	20.75	-	4.96	-	0.04
2011	697.45	9.4 %	296.41	(1.4 %)	234.63	(2.9 %)	1.92
Q1 2012	187.09	4.0 %	93.81	14.1 %	80.62	18.1 %	0.66
Q2 2012	154.08	(23.7 %)	63.67	(34.4 %)	26.58	(66.0 %)	0.16
Q3 2012	113.46	(28.8 %)	52.30	(43.9 %)	36.20	(56.6 %)	0.21
Q4 2012	158.72	1.4 %	67.71	226.3 %	58.83	1087.0 %	0.35
2012	613.35	(12.1 %)	277.48	(6.4 %)	202.24	(13.8 %)	1.19
Q1 2013	216.62	15.8 %	102.86	9.7 %	87.54	8.6 %	0.51
Q2 2013	176.83	14.8 %	81.97	28.7 %	63.66	139.5 %	0.37
Q3 2013	111.83	(1.4 %)	36.63	(30.0 %)	26.56	(26.6 %)	0.16
Q4 2013	126.36	(20.4 %)	37.75	(44.2 %)	20.38	(65.4 %)	0.12
2013	631.64	3.0 %	259.22	(6.6 %)	198.14	(2.0 %)	1.17
Q1 2014	168.68	(22.1 %)	75.07	(27.0 %)	53.69	(38.7 %)	0.32
Q2 2014	233.02	31.8 %	119.64	46.0 %	84.39	32.6 %	0.50
Q3 2014	173.59	55.2 %	80.01	118.4 %	41.16	55.0 %	0.24
Q4 2014	252.60	99.9 %	124.14	228.8 %	63.96	213.8 %	0.38
2014	827.89	31.1 %	398.86	53.9 %	243.20	22.7 %	1.43
Q1 2015	304.23	80.4 %	159.97	113.1 %	92.00	71.3 %	0.54
Q2 2015	294.19	26.2 %	151.06	26.3 %	77.83	(7.8 %)	0.46
Q3 2015	211.89	22.1 %	91.15	13.9 %	32.07	(22.1 %)	0.19
Q4 2015	276.35	9.4 %	119.42	(3.8 %)	53.73	(16.0 %)	0.32
2015	1,086.65	31.3 %	521.60	30.8 %	255.62	5.1 %	1.50
Q1 2016	224.43	(26.2 %)	84.99	(46.9 %)	61.34	(33.3 %)	0.36
Q2 2016	162.24	(44.9 %)	58.07	(61.6 %)	33.87	(56.5 %)	0.20
Q3 2016	119.69	(43.5 %)	29.62	(67.5 %)	15.62	(51.3 %)	0.09
Q4 2016	124.84	(54.8 %)	32.71	(72.6 %)	14.91	(72.2 %)	0.09
2016	631.20	(41.9 %)	205.39	(60.6 %)	125.74	(50.8 %)	0.74
Q1 2017	111.39	(50.4 %)	27.57	(67.6 %)	11.22	(81.7 %)	0.07
Q2 2017	78.00	(51.9 %)	13.31	(77.1 %)	(4.22)	(112.5 %)	(0.02)
Q3 2017	59.11	(50.6 %)	(0.78)	(102.6 %)	(17.06)	(209.2 %)	(0.10)
Q4 2017	97.74	(21.7 %)	6.82	(79.1 %)	(11.79)	(179.1 %)	(0.07)
2017	346.24	(45.1 %)	46.91	(77.2 %)	(21.86)	(117.4 %)	(0.13)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	198.77	-	113.33	-	(52.26)	-	(0.43)
2009	373.23	87.8 %	177.81	56.9 %	152.07	391.0 %	1.25
2010	637.43	70.8 %	300.73	69.1 %	241.72	59.0 %	1.98
2011	697.45	9.4 %	296.41	(1.4 %)	234.63	(2.9 %)	1.92
2012	613.35	(12.1 %)	277.48	(6.4 %)	202.24	(13.8 %)	1.19
2013	631.64	3.0 %	259.22	(6.6 %)	198.14	(2.0 %)	1.17
2014	827.89	31.1 %	398.86	53.9 %	243.20	22.7 %	1.43
2015	1,086.65	31.3 %	521.60	30.8 %	255.62	5.1 %	1.50
2016	631.20	(41.9 %)	205.39	(60.6 %)	125.74	(50.8 %)	0.74
2017	346.24	(45.1 %)	46.91	(77.2 %)	(21.86)	(117.4 %)	(0.13)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	57.01 %	60.84 %	(26.29 %)
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	47.64 %	62.90 %	40.74 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	47.18 %	55.27 %	38.53 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	42.04 %	49.27 %	33.80 %
2011	42.50 %	49.59 %	33.64 %
Q1 2012	43.26 %	50.20 %	35.21 %
Q2 2012	41.33 %	48.64 %	29.76 %
Q3 2012	37.72 %	45.27 %	24.28 %
Q4 2012	45.24 %	54.04 %	32.97 %
2012	45.24 %	53.96 %	32.97 %
Q1 2013	44.57 %	52.88 %	32.53 %
Q2 2013	45.80 %	54.13 %	36.99 %
Q3 2013	43.55 %	51.59 %	35.63 %
Q4 2013	41.04 %	50.23 %	31.37 %
2013	41.04 %	50.18 %	31.37 %
Q1 2014	39.65 %	50.02 %	28.15 %
Q2 2014	42.05 %	50.08 %	28.91 %
Q3 2014	44.53 %	50.30 %	28.45 %
Q4 2014	48.18 %	48.71 %	29.38 %
2014	48.18 %	48.67 %	29.38 %
Q1 2015	50.21 %	46.69 %	29.22 %
Q2 2015	50.28 %	44.06 %	26.83 %
Q3 2015	49.52 %	42.01 %	25.01 %
Q4 2015	48.00 %	40.30 %	23.52 %
2015	48.00 %	40.30 %	23.52 %
Q1 2016	44.36 %	40.03 %	22.34 %
Q2 2016	40.42 %	40.10 %	20.69 %
Q3 2016	37.32 %	41.46 %	21.02 %
Q4 2016	32.54 %	44.00 %	19.92 %
2016	32.54 %	44.00 %	19.92 %
Q1 2017	28.56 %	42.68 %	14.59 %
Q2 2017	23.78 %	41.18 %	8.65 %
Q3 2017	19.50 %	39.32 %	1.30 %
Q4 2017	13.55 %	34.16 %	(6.31 %)
2017	13.55 %	34.16 %	(6.31 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	57.01 %	60.84 %	(26.29 %)
2009	47.64 %	62.90 %	40.74 %
2010	47.18 %	55.27 %	38.53 %
2011	42.50 %	49.59 %	33.64 %
2012	45.24 %	53.96 %	32.97 %
2013	41.04 %	50.18 %	31.37 %
2014	48.18 %	48.67 %	29.38 %
2015	48.00 %	40.30 %	23.52 %
2016	32.54 %	44.00 %	19.92 %
2017	13.55 %	34.16 %	(6.31 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	45.69 %	53.51 %	37.92 %
Q2 2011	48.06 %	54.45 %	39.26 %
Q3 2011	58.58 %	68.92 %	52.32 %
Q4 2011	13.26 %	17.73 %	3.17 %
Q1 2012	50.14 %	56.83 %	43.09 %
Q2 2012	41.32 %	49.13 %	17.25 %
Q3 2012	46.09 %	58.96 %	31.91 %
Q4 2012	42.66 %	52.00 %	37.07 %
Q1 2013	47.49 %	53.00 %	40.41 %
Q2 2013	46.35 %	54.32 %	36.00 %
Q3 2013	32.76 %	43.98 %	23.75 %
Q4 2013	29.88 %	45.28 %	16.13 %
Q1 2014	44.50 %	53.07 %	31.83 %
Q2 2014	51.34 %	53.45 %	36.21 %
Q3 2014	46.09 %	47.03 %	23.71 %
Q4 2014	49.15 %	42.57 %	25.32 %
Q1 2015	52.58 %	44.74 %	30.24 %
Q2 2015	51.35 %	42.89 %	26.46 %
Q3 2015	43.02 %	36.20 %	15.14 %
Q4 2015	43.21 %	35.79 %	19.44 %
Q1 2016	37.87 %	45.11 %	27.33 %
Q2 2016	35.80 %	45.59 %	20.87 %
Q3 2016	24.75 %	42.07 %	13.05 %
Q4 2016	26.20 %	41.77 %	11.95 %
Q1 2017	24.75 %	40.12 %	10.07 %
Q2 2017	17.06 %	40.40 %	(5.42 %)
Q3 2017	(1.33 %)	31.23 %	(28.86 %)
Q4 2017	6.98 %	24.16 %	(12.07 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	121.90	-	-	10.38
Q2 2011	121.90	-	-	10.52
Q3 2011	121.90	-	-	10.62
Q4 2011	121.90	1.92	1.93	10.03
Q1 2012	121.90	2.03	2.04	10.70
Q2 2012	170.00	1.15	1.15	10.65
Q3 2012	170.00	0.87	0.87	10.37
Q4 2012	170.00	1.19	1.19	10.71
Q1 2013	170.00	1.23	1.23	10.67
Q2 2013	170.00	1.45	1.45	11.05
Q3 2013	170.00	1.39	1.39	10.60
Q4 2013	170.00	1.17	1.17	10.71
Q1 2014	170.00	0.97	0.97	11.02
Q2 2014	170.00	1.09	1.09	11.52
Q3 2014	170.00	1.17	1.17	11.76
Q4 2014	170.00	1.43	1.43	12.13
Q1 2015	170.00	1.66	1.66	12.07
Q2 2015	170.00	1.62	1.62	12.53
Q3 2015	170.00	1.56	1.56	12.22
Q4 2015	170.00	1.50	1.50	12.52
Q1 2016	170.00	1.32	1.32	12.35
Q2 2016	170.00	1.06	1.06	11.95
Q3 2016	170.00	0.97	0.97	12.04
Q4 2016	170.00	0.74	0.74	12.10
Q1 2017	170.00	0.44	0.44	12.19
Q2 2017	170.00	0.22	0.22	12.16
Q3 2017	170.00	0.03	0.03	12.06
Q4 2017	170.00	(0.13)	(0.13)	11.93

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	121.90	(0.43)	(0.43)	9.55
2009	121.90	1.25	1.25	10.79
2010	121.90	1.98	2.01	10.65
2011	121.90	1.92	1.92	10.03
2012	170.00	1.19	1.19	10.71
2013	170.00	1.17	1.17	10.71
2014	170.00	1.43	1.43	12.13
2015	170.00	1.50	1.50	12.52
2016	170.00	0.74	0.74	12.10
2017	170.00	(0.13)	(0.13)	11.93

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	18.87	18.87	2.04
Q3 2012	23.89	23.89	2.01
Q4 2012	15.89	15.89	1.77
Q1 2013	18.57	18.57	2.14
Q2 2013	18.57	18.57	2.44
Q3 2013	18.97	18.97	2.49
Q4 2013	20.76	20.76	2.26
Q1 2014	25.77	25.77	2.26
Q2 2014	27.68	27.68	2.61
Q3 2014	32.40	32.40	3.23
Q4 2014	18.48	18.48	2.18
Q1 2015	15.62	15.62	2.14
Q2 2015	16.13	16.13	2.08
Q3 2015	11.73	11.73	1.50
Q4 2015	9.71	9.71	1.17
Q1 2016	9.95	9.95	1.07
Q2 2016	12.45	12.45	1.11
Q3 2016	10.81	10.81	0.87
Q4 2016	16.12	16.12	0.99
Q1 2017	24.44	24.44	0.89
Q2 2017	45.30	45.30	0.82
Q3 2017	More than 50	More than 50	0.76
Q4 2017	NEG	NEG	0.87

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	15.89	15.89	1.77
2013	20.76	20.76	2.26
2014	18.48	18.48	2.18
2015	9.71	9.71	1.17
2016	16.12	16.12	0.99
2017	NEG	NEG	0.87

Financial Ratios

	Current
Market Cap (M Riyal)	1,677.90
Enterprise Value (EV) (M)	2,000.36
Shares Outstanding ((M))	170.00
EPS ( Riyal) (TTM)	0.41
Book Value (BV) ( Riyal)	11.78
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	24.17
P/E (TTM)	24.17
Price/book	0.84
Return on Average Assets (%) (TTM)	2.8
Return on Average Equity (%) (TTM)	3.5

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Najran Cement swings to SAR 22 mln net loss in FY17

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Share Price

Najran Cement Co. (NAJRAN CEMENT)

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

Financial Ratios

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Najran Cement swings to SAR 22 mln net loss in FY17

View other reports

Share Price

Najran Cement Co. (NAJRAN CEMENT)

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

Financial Ratios

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