Eastern Cement’s net profit drops 17% in nine-months 2015

20/10/2015 Argaam Exclusive

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Share Price

Eastern Province Cement Co. (EPCCO)

Eastern Province Cement Co reported a net profit of SAR 244 million for the first nine months of 2015, a 17 percent decline year-on-year (YOY) mainly attributed to a one-time sale of some of the company’s investments in the same period last year.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	625.42	700.74	12.0 %
Gross Income	259.99	299.39	15.2 %
Operating Income	216.17	249.84	15.6 %
Net Income	294.30	244.44	(16.9 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	3.42	2.84	(16.9 %)

The company reported a net income of SAR 67 million in Q3 this year, a 19.6 percent increase compared to the same quarter last year on higher operating profit and higher sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	193.08	192.12	(0.5 %)
Gross Income	73.56	82.94	12.8 %
Operating Income	59.37	67.99	14.5 %
Net Income	55.94	66.73	19.3 %
Average Shares	86.00	86.00	-
EPS (Riyals)	0.65	0.78	19.3 %

Item	Q2 2015	Q3 2015	Change‬
Revenues	254.15	192.12	(24.4 %)
Gross Income	108.12	82.94	(23.3 %)
Operating Income	91.80	67.99	(25.9 %)
Net Income	92.77	66.73	(28.1 %)
Average Shares	86.00	86.00	-
EPS (Riyals)	1.08	0.78	(28.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	170.18	-	105.13	44.0 %	100.70	53.6 %	1.17
Q2 2006	200.47	-	125.95	37.3 %	115.52	19.3 %	1.34
Q3 2006	202.93	-	126.33	61.1 %	119.11	59.6 %	1.38
Q4 2006	199.02	47.5 %	115.07	59.3 %	110.18	78.3 %	1.28
2006	772.59	40.0 %	472.49	49.8 %	445.50	49.1 %	5.18
Q1 2007	225.28	32.4 %	141.38	34.5 %	132.94	32.0 %	1.55
Q2 2007	266.12	32.8 %	164.63	30.7 %	162.80	40.9 %	1.89
Q3 2007	213.91	5.4 %	136.66	8.2 %	134.24	12.7 %	1.56
Q4 2007	218.64	9.9 %	122.12	6.1 %	111.45	1.2 %	1.30
2007	923.95	19.6 %	564.80	19.5 %	541.42	21.5 %	6.30
Q1 2008	248.66	10.4 %	149.57	5.8 %	155.04	16.6 %	1.80
Q2 2008	234.60	(11.8 %)	143.44	(12.9 %)	141.66	(13.0 %)	1.65
Q3 2008	146.60	(31.5 %)	80.02	(41.4 %)	62.75	(53.3 %)	0.73
Q4 2008	168.97	(22.7 %)	90.28	(26.1 %)	74.79	(32.9 %)	0.87
2008	798.83	(13.5 %)	463.31	(18.0 %)	434.24	(19.8 %)	5.05
Q1 2009	193.25	(22.3 %)	106.81	(28.6 %)	96.96	(37.5 %)	1.13
Q2 2009	206.64	(11.9 %)	115.51	(19.5 %)	103.09	(27.2 %)	1.20
Q3 2009	186.31	27.1 %	107.96	34.9 %	100.60	60.3 %	1.17
Q4 2009	192.37	13.8 %	71.85	(20.4 %)	50.05	(33.1 %)	0.58
2009	778.58	(2.5 %)	402.13	(13.2 %)	350.70	(19.2 %)	4.08
Q1 2010	210.23	8.8 %	105.93	(0.8 %)	92.20	(4.9 %)	1.07
Q2 2010	231.56	12.1 %	106.39	(7.9 %)	104.28	1.2 %	1.21
Q3 2010	171.41	(8.0 %)	80.43	(25.5 %)	63.59	(36.8 %)	0.74
Q4 2010	206.26	7.2 %	94.92	32.1 %	82.91	65.6 %	0.96
2010	819.47	5.3 %	387.67	(3.6 %)	342.98	(2.2 %)	3.99
Q1 2011	210.50	0.1 %	98.33	(7.2 %)	82.55	(10.5 %)	0.96
Q2 2011	214.92	(7.2 %)	109.21	2.6 %	101.05	(3.1 %)	1.17
Q3 2011	170.72	(0.4 %)	93.80	16.6 %	74.71	17.5 %	0.87
Q4 2011	216.43	4.9 %	117.35	23.6 %	105.64	27.4 %	1.23
2011	812.57	(0.8 %)	418.69	8.0 %	363.96	6.1 %	4.23
Q1 2012	238.21	13.2 %	123.60	25.7 %	104.06	26.1 %	1.21
Q2 2012	212.79	(1.0 %)	108.86	(0.3 %)	103.18	2.1 %	1.20
Q3 2012	175.09	2.6 %	89.50	(4.6 %)	83.78	12.1 %	0.97
Q4 2012	228.79	5.7 %	98.73	(15.9 %)	95.64	(9.5 %)	1.11
2012	854.88	5.2 %	420.68	0.5 %	386.66	6.2 %	4.50
Q1 2013	237.85	(0.2 %)	114.81	(7.1 %)	109.45	5.2 %	1.27
Q2 2013	203.39	(4.4 %)	80.49	(26.1 %)	77.42	(25.0 %)	0.90
Q3 2013	174.92	(0.1 %)	79.00	(11.7 %)	67.65	(19.2 %)	0.79
Q4 2013	212.57	(7.1 %)	74.04	(25.0 %)	54.63	(42.9 %)	0.64
2013	828.72	(3.1 %)	348.34	(17.2 %)	309.16	(20.0 %)	3.59
Q1 2014	214.60	(9.8 %)	92.28	(19.6 %)	156.73	43.2 %	1.82
Q2 2014	217.73	7.1 %	94.15	17.0 %	81.64	5.4 %	0.95
Q3 2014	193.08	10.4 %	73.56	(6.9 %)	55.94	(17.3 %)	0.65
Q4 2014	219.70	3.4 %	92.72	25.2 %	79.25	45.0 %	0.92
2014	845.12	2.0 %	352.71	1.3 %	373.55	20.8 %	4.34
Q1 2015	254.48	18.6 %	108.33	17.4 %	84.94	(45.8 %)	0.99
Q2 2015	254.15	16.7 %	108.12	14.8 %	92.77	13.6 %	1.08
Q3 2015	192.12	(0.5 %)	82.94	12.8 %	66.73	19.3 %	0.78

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	551.80	-	315.39	14.9 %	298.84	10.7 %	3.47
2006	772.59	40.0 %	472.49	49.8 %	445.50	49.1 %	5.18
2007	923.95	19.6 %	564.80	19.5 %	541.42	21.5 %	6.30
2008	798.83	(13.5 %)	463.31	(18.0 %)	434.24	(19.8 %)	5.05
2009	778.58	(2.5 %)	402.13	(13.2 %)	350.70	(19.2 %)	4.08
2010	819.47	5.3 %	387.67	(3.6 %)	342.98	(2.2 %)	3.99
2011	812.57	(0.8 %)	418.69	8.0 %	363.96	6.1 %	4.23
2012	854.88	5.2 %	420.68	0.5 %	386.66	6.2 %	4.50
2013	828.72	(3.1 %)	348.34	(17.2 %)	309.16	(20.0 %)	3.59
2014	845.12	2.0 %	352.71	1.3 %	373.55	20.8 %	4.34

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	60.64 %	64.59 %	56.05 %
Q4 2006	61.16 %	65.01 %	57.66 %
2006	61.16 %	65.01 %	57.66 %
Q1 2007	61.46 %	65.51 %	57.72 %
Q2 2007	61.28 %	65.18 %	58.77 %
Q3 2007	61.68 %	65.79 %	59.73 %
Q4 2007	61.13 %	65.28 %	58.60 %
2007	61.13 %	65.28 %	58.60 %
Q1 2008	60.48 %	65.10 %	59.49 %
Q2 2008	60.25 %	65.64 %	59.22 %
Q3 2008	58.36 %	64.23 %	55.50 %
Q4 2008	58.00 %	64.22 %	54.36 %
2008	58.00 %	64.22 %	54.36 %
Q1 2009	56.57 %	61.97 %	50.60 %
Q2 2009	54.88 %	60.94 %	47.18 %
Q3 2009	55.69 %	62.02 %	49.71 %
Q4 2009	51.65 %	57.62 %	45.04 %
2009	51.65 %	57.62 %	45.04 %
Q1 2010	50.44 %	57.67 %	43.48 %
Q2 2010	47.79 %	54.40 %	42.31 %
Q3 2010	45.26 %	52.03 %	38.50 %
Q4 2010	47.31 %	54.30 %	41.85 %
2010	47.31 %	54.30 %	41.85 %
Q1 2011	46.36 %	53.20 %	40.66 %
Q2 2011	47.68 %	55.18 %	41.10 %
Q3 2011	49.38 %	57.07 %	42.53 %
Q4 2011	51.53 %	58.79 %	44.79 %
2011	51.53 %	58.79 %	44.79 %
Q1 2012	52.83 %	59.64 %	45.87 %
Q2 2012	52.93 %	59.02 %	46.25 %
Q3 2012	52.14 %	57.68 %	47.08 %
Q4 2012	49.21 %	54.65 %	45.69 %
2012	49.21 %	54.65 %	45.69 %
Q1 2013	48.20 %	53.88 %	46.34 %
Q2 2013	45.38 %	50.46 %	43.81 %
Q3 2013	44.15 %	49.61 %	41.91 %
Q4 2013	42.03 %	47.15 %	37.31 %
2013	42.03 %	47.15 %	37.31 %
Q1 2014	40.45 %	45.79 %	34.23 %
Q2 2014	41.41 %	48.07 %	34.15 %
Q3 2014	39.86 %	46.57 %	32.01 %
Q4 2014	41.73 %	50.17 %	34.65 %
2014	41.73 %	50.17 %	34.65 %
Q1 2015	41.67 %	49.66 %	34.10 %
Q2 2015	41.54 %	48.96 %	33.96 %
Q3 2015	42.60 %	49.96 %	35.17 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	57.16 %	61.34 %	54.16 %
2006	61.16 %	65.01 %	57.66 %
2007	61.13 %	65.28 %	58.60 %
2008	58.00 %	64.22 %	54.36 %
2009	51.65 %	57.62 %	45.04 %
2010	47.31 %	54.30 %	41.85 %
2011	51.53 %	58.79 %	44.79 %
2012	49.21 %	54.65 %	45.69 %
2013	42.03 %	47.15 %	37.31 %
2014	41.73 %	50.17 %	34.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	61.78 %	64.80 %	59.17 %
Q2 2006	62.83 %	65.25 %	57.62 %
Q3 2006	62.25 %	66.45 %	58.69 %
Q4 2006	57.82 %	63.48 %	55.36 %
Q1 2007	62.76 %	66.68 %	59.01 %
Q2 2007	61.86 %	64.21 %	61.17 %
Q3 2007	63.89 %	68.97 %	62.75 %
Q4 2007	55.85 %	61.56 %	50.97 %
Q1 2008	60.15 %	65.86 %	62.35 %
Q2 2008	61.14 %	66.17 %	60.38 %
Q3 2008	54.59 %	62.34 %	42.80 %
Q4 2008	53.43 %	60.72 %	44.26 %
Q1 2009	55.27 %	57.66 %	50.17 %
Q2 2009	55.90 %	63.20 %	49.89 %
Q3 2009	57.94 %	66.42 %	54.00 %
Q4 2009	37.35 %	43.05 %	26.02 %
Q1 2010	50.39 %	57.85 %	43.86 %
Q2 2010	45.94 %	51.02 %	45.03 %
Q3 2010	46.92 %	56.34 %	37.10 %
Q4 2010	46.02 %	52.67 %	40.20 %
Q1 2011	46.71 %	53.55 %	39.22 %
Q2 2011	50.81 %	58.27 %	47.02 %
Q3 2011	54.95 %	65.21 %	43.76 %
Q4 2011	54.22 %	59.32 %	48.81 %
Q1 2012	51.88 %	57.15 %	43.68 %
Q2 2012	51.16 %	55.84 %	48.49 %
Q3 2012	51.12 %	58.61 %	47.85 %
Q4 2012	43.15 %	47.91 %	43.52 %
Q1 2013	48.27 %	54.38 %	46.02 %
Q2 2013	39.57 %	41.72 %	38.07 %
Q3 2013	45.16 %	54.51 %	38.68 %
Q4 2013	34.83 %	38.19 %	25.70 %
Q1 2014	43.00 %	50.05 %	35.43 %
Q2 2014	43.24 %	50.58 %	37.49 %
Q3 2014	38.10 %	47.42 %	28.97 %
Q4 2014	42.20 %	52.29 %	36.07 %
Q1 2015	42.57 %	48.29 %	33.38 %
Q2 2015	42.54 %	47.91 %	36.50 %
Q3 2015	43.17 %	52.19 %	34.73 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	86.00	3.88	3.88	19.53
Q2 2006	86.00	4.10	4.10	19.99
Q3 2006	86.00	4.62	4.62	20.93
Q4 2006	86.00	5.18	5.18	21.31
Q1 2007	86.00	5.56	5.56	18.80
Q2 2007	86.00	6.10	6.10	20.77
Q3 2007	86.00	6.28	6.28	22.45
Q4 2007	86.00	6.30	6.30	24.58
Q1 2008	86.00	6.55	6.55	19.92
Q2 2008	86.00	6.31	6.31	21.96
Q3 2008	86.00	5.48	5.48	21.83
Q4 2008	86.00	5.05	5.05	21.79
Q1 2009	86.00	4.37	4.37	20.05
Q2 2009	86.00	3.93	3.93	21.67
Q3 2009	86.00	4.37	4.37	23.10
Q4 2009	86.00	4.08	4.08	23.58
Q1 2010	86.00	4.02	4.02	21.66
Q2 2010	86.00	4.04	4.04	22.59
Q3 2010	86.00	3.61	3.61	23.40
Q4 2010	86.00	3.99	3.99	24.55
Q1 2011	86.00	3.88	3.88	22.10
Q2 2011	86.00	3.84	3.84	23.27
Q3 2011	86.00	3.97	3.97	23.91
Q4 2011	86.00	4.23	4.23	25.09
Q1 2012	86.00	4.48	4.48	23.16
Q2 2012	86.00	4.51	4.51	24.09
Q3 2012	86.00	4.61	4.61	25.22
Q4 2012	86.00	4.50	4.54	26.35
Q1 2013	86.00	4.56	4.60	23.66
Q2 2013	86.00	4.26	4.30	24.74
Q3 2013	86.00	4.07	4.12	25.56
Q4 2013	86.00	3.59	3.59	26.55
Q1 2014	86.00	4.14	3.21	24.03
Q2 2014	86.00	4.19	3.26	25.04
Q3 2014	86.00	4.06	3.12	25.79
Q4 2014	86.00	4.34	3.41	26.29
Q1 2015	86.00	3.51	3.51	24.72
Q2 2015	86.00	3.64	3.64	25.89
Q3 2015	86.00	3.76	3.76	26.43

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	86.00	3.47	3.47	19.70
2006	86.00	5.18	5.18	21.31
2007	86.00	6.30	6.30	24.58
2008	86.00	5.05	5.05	21.79
2009	86.00	4.08	4.08	23.58
2010	86.00	3.99	3.99	24.55
2011	86.00	4.23	4.23	25.09
2012	86.00	4.50	4.54	26.35
2013	86.00	3.59	3.59	26.55
2014	86.00	4.34	3.41	26.29

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	30.33	30.33	6.03
Q2 2006	25.85	25.85	5.30
Q3 2006	19.71	19.71	4.35
Q4 2006	13.71	13.71	3.33
Q1 2007	11.57	11.57	3.42
Q2 2007	11.30	11.30	3.32
Q3 2007	12.10	12.10	3.39
Q4 2007	14.14	14.14	3.62
Q1 2008	12.67	12.67	4.17
Q2 2008	12.57	12.57	3.61
Q3 2008	11.19	11.19	2.81
Q4 2008	7.92	7.92	1.84
Q1 2009	9.76	9.76	2.13
Q2 2009	11.31	11.31	2.05
Q3 2009	10.45	10.45	1.97
Q4 2009	12.21	12.21	2.11
Q1 2010	12.43	12.43	2.31
Q2 2010	10.70	10.70	1.91
Q3 2010	12.45	12.45	1.92
Q4 2010	11.36	11.36	1.85
Q1 2011	12.05	12.05	2.11
Q2 2011	12.90	12.90	2.13
Q3 2011	12.07	12.07	2.00
Q4 2011	13.11	13.11	2.21
Q1 2012	13.16	13.16	2.55
Q2 2012	11.76	11.76	2.20
Q3 2012	11.27	11.27	2.06
Q4 2012	12.79	12.66	2.18
Q1 2013	12.34	12.22	2.38
Q2 2013	13.79	13.65	2.37
Q3 2013	14.12	13.97	2.25
Q4 2013	16.55	16.55	2.24
Q1 2014	13.87	17.93	2.39
Q2 2014	14.37	18.51	2.41
Q3 2014	15.63	20.33	2.46
Q4 2014	12.74	16.25	2.10
Q1 2015	15.71	15.71	2.23
Q2 2015	12.66	12.66	1.78
Q3 2015	9.94	9.94	1.42

Period	P/E	Adjusted P/E	Price/book
2005	35.18	35.18	6.20
2006	13.71	13.71	3.33
2007	14.14	14.14	3.62
2008	7.92	7.92	1.84
2009	12.21	12.21	2.11
2010	11.36	11.36	1.85
2011	13.11	13.11	2.21
2012	12.79	12.66	2.18
2013	16.55	16.55	2.24
2014	12.74	16.25	2.10

Business Segments (Million)

Compared With The

Period	Cement	Ready-mixed Concrete	Construction support business
Q3 2012	175.08	-	-
Q4 2012	152.98	33.66	42.16
Q1 2013	216.34	16.81	4.70
Q2 2013	186.01	12.24	5.14
Q3 2013	155.15	18.27	1.49
Q4 2013	192.22	19.89	0.46
Q1 2014	195.12	2.88	16.61
Q2 2014	196.02	30.34	-
Q3 2014	145.32	43.77	3.99
Q4 2014	188.96	41.70	-
Q1 2015	204.72	48.51	1.25
Q2 2015	195.96	57.46	0.73
Q3 2015	141.41	49.49	1.22

Period	Cement	Ready-mixed Concrete	Construction support business
2012	779.06	33.66	42.16
2013	749.72	67.21	11.79
2014	725.42	118.68	1.02

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	64.65	66.73	3.21 %

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
KASB Capital	67.20	66.73	(0.7) %
AlJazira Capital	67.80	66.73	(1.6) %
SNB Capital	64.60	66.73	3.3 %
SFC	59.00	66.73	13.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	2,928.30
Enterprise Value (EV) (M)	2,732.90
Shares Outstanding ((M))	86.00
EPS ( Riyal) (TTM)	2.44
Book Value (BV) ( Riyal)	27.58
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	12.83
P/E (TTM)	13.95
Price/book	1.23
Return on Average Assets (%) (TTM)	7.2
Return on Average Equity (%) (TTM)	8.9

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Eastern Cement’s net profit drops 17% in nine-months 2015

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Share Price

Eastern Province Cement Co. (EPCCO)

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

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Eastern Cement’s net profit drops 17% in nine-months 2015

View other reports

Share Price

Eastern Province Cement Co. (EPCCO)

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

Business Segments (Million) Q3 2015

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)