Saudi Cement profit falls 6% to SAR 715 mln in 9M 2016

18/10/2016 Argaam Exclusive

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Share Price

Saudi Cement Co. (SAUDI CEMENT)

Saudi Cement Co.’s net income fell 6.4 percent year-on-year to SAR 715 million in the first nine months of 2016 on a drop in sales and higher selling and distribution expenses.

Financials (M)

Item	9m 2015	9m 2016	Change‬
Revenues	1,448.81	1,380.76	(4.7 %)
Gross Income	855.93	809.76	(5.4 %)
Operating Income	778.59	737.26	(5.3 %)
Net Income	764.49	714.31	(6.6 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	5.00	4.67	(6.6 %)

Third quarter profit fell 4 percent to SAR 200 million, compared to the same quarter last year, and 19.7 percent from SAR 249 million in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2015	Q3 2016	Change‬
Revenues	398.31	375.05	(5.8 %)
Gross Income	232.75	232.19	(0.2 %)
Operating Income	209.94	208.61	(0.6 %)
Net Income	207.57	202.28	(2.5 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	1.36	1.32	(2.5 %)

Item	Q2 2016	Q3 2016	Change‬
Revenues	498.78	375.05	(24.8 %)
Gross Income	282.36	232.19	(17.8 %)
Operating Income	257.31	208.61	(18.9 %)
Net Income	249.46	202.28	(18.9 %)
Average Shares	153.00	153.00	-
EPS (Riyals)	1.63	1.32	(18.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	341.45	16.5 %	182.42	12.0 %	169.00	10.7 %	1.10
Q2 2007	348.71	7.0 %	200.11	8.9 %	189.47	8.3 %	1.24
Q3 2007	338.30	13.9 %	176.46	4.2 %	159.43	2.5 %	1.04
Q4 2007	333.49	17.4 %	187.99	17.4 %	168.49	9.0 %	1.10
2007	1,361.95	13.5 %	746.98	10.5 %	686.40	7.6 %	4.49
Q1 2008	342.69	0.4 %	190.29	4.3 %	173.30	2.5 %	1.13
Q2 2008	350.17	0.4 %	188.73	(5.7 %)	171.59	(9.4 %)	1.12
Q3 2008	325.22	(3.9 %)	174.45	(1.1 %)	144.73	(9.2 %)	0.95
Q4 2008	241.54	(27.6 %)	151.15	(19.6 %)	131.70	(21.8 %)	0.86
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
Q1 2009	350.67	2.3 %	182.93	(3.9 %)	152.00	(12.3 %)	0.99
Q2 2009	357.18	2.0 %	180.97	(4.1 %)	167.66	(2.3 %)	1.10
Q3 2009	307.74	(5.4 %)	148.14	(15.1 %)	123.14	(14.9 %)	0.80
Q4 2009	330.29	36.7 %	167.49	10.8 %	139.59	6.0 %	0.91
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
Q1 2010	410.89	17.2 %	205.89	12.5 %	176.58	16.2 %	1.15
Q2 2010	420.42	17.7 %	219.99	21.6 %	190.62	13.7 %	1.25
Q3 2010	327.10	6.3 %	163.93	10.7 %	140.28	13.9 %	0.92
Q4 2010	367.74	11.3 %	179.09	6.9 %	152.04	8.9 %	0.99
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
Q1 2011	423.13	3.0 %	243.65	18.3 %	210.85	19.4 %	1.38
Q2 2011	462.98	10.1 %	243.45	10.7 %	213.76	12.1 %	1.40
Q3 2011	387.26	18.4 %	224.21	36.8 %	195.26	39.2 %	1.28
Q4 2011	442.73	20.4 %	239.69	33.8 %	211.37	39.0 %	1.38
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
Q1 2012	639.29	51.1 %	352.60	44.7 %	325.56	54.4 %	2.13
Q2 2012	591.03	27.7 %	316.21	29.9 %	290.24	35.8 %	1.90
Q3 2012	433.14	11.8 %	238.40	6.3 %	209.45	7.3 %	1.37
Q4 2012	539.99	22.0 %	322.00	34.3 %	276.54	30.8 %	1.81
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
Q1 2013	612.75	(4.2 %)	374.11	6.1 %	340.30	4.5 %	2.22
Q2 2013	626.42	6.0 %	339.99	7.5 %	307.14	5.8 %	2.01
Q3 2013	455.13	5.1 %	260.41	9.2 %	229.06	9.4 %	1.50
Q4 2013	492.95	(8.7 %)	309.75	(3.8 %)	247.30	(10.6 %)	1.62
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
Q1 2014	534.76	(12.7 %)	326.08	(12.8 %)	286.05	(15.9 %)	1.87
Q2 2014	538.38	(14.1 %)	322.82	(5.0 %)	288.30	(6.1 %)	1.88
Q3 2014	425.74	(6.5 %)	264.43	1.5 %	231.72	1.2 %	1.51
Q4 2014	525.71	6.6 %	315.73	1.9 %	268.02	8.4 %	1.75
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
Q1 2015	550.88	3.0 %	339.26	4.0 %	303.10	6.0 %	1.98
Q2 2015	499.63	(7.2 %)	283.93	(12.0 %)	253.82	(12.0 %)	1.66
Q3 2015	398.31	(6.4 %)	232.75	(12.0 %)	207.57	(10.4 %)	1.36
Q4 2015	483.58	(8.0 %)	280.09	(11.3 %)	175.70	(34.4 %)	1.15
2015	1,932.39	(4.6 %)	1,136.02	(7.6 %)	940.19	(12.5 %)	6.15
Q1 2016	506.93	(8.0 %)	295.22	(13.0 %)	262.57	(13.4 %)	1.72
Q2 2016	498.78	(0.2 %)	282.36	(0.6 %)	249.46	(1.7 %)	1.63
Q3 2016	375.05	(5.8 %)	232.19	(0.2 %)	202.28	(2.5 %)	1.32

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	1,200.24	7.5 %	676.02	27.8 %	637.76	31.7 %	4.17
2007	1,361.95	13.5 %	746.98	10.5 %	686.40	7.6 %	4.49
2008	1,259.61	(7.5 %)	704.61	(5.7 %)	621.32	(9.5 %)	4.06
2009	1,345.88	6.8 %	679.53	(3.6 %)	582.39	(6.3 %)	3.81
2010	1,526.15	13.4 %	768.91	13.2 %	659.53	13.2 %	4.31
2011	1,716.10	12.4 %	951.00	23.7 %	831.23	26.0 %	5.43
2012	2,203.45	28.4 %	1,229.21	29.3 %	1,101.79	32.5 %	7.20
2013	2,187.26	(0.7 %)	1,284.26	4.5 %	1,123.80	2.0 %	7.35
2014	2,024.59	(7.4 %)	1,229.06	(4.3 %)	1,074.08	(4.4 %)	7.02
2015	1,932.39	(4.6 %)	1,136.02	(7.6 %)	940.19	(12.5 %)	6.15

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	55.71 %	61.92 %	52.39 %
Q2 2007	56.00 %	61.15 %	52.59 %
Q3 2007	54.78 %	59.25 %	51.24 %
Q4 2007	54.85 %	58.25 %	50.40 %
2007	54.85 %	58.25 %	50.40 %
Q1 2008	55.37 %	57.03 %	50.67 %
Q2 2008	54.48 %	56.10 %	49.30 %
Q3 2008	54.86 %	55.84 %	48.69 %
Q4 2008	55.94 %	56.60 %	49.33 %
2008	55.94 %	56.60 %	49.33 %
Q1 2009	55.01 %	57.42 %	47.34 %
Q2 2009	54.10 %	58.91 %	46.77 %
Q3 2009	52.76 %	60.33 %	45.70 %
Q4 2009	50.49 %	60.28 %	43.27 %
2009	50.49 %	60.28 %	43.27 %
Q1 2010	49.96 %	59.64 %	43.17 %
Q2 2010	50.47 %	59.49 %	42.87 %
Q3 2010	50.87 %	59.53 %	43.47 %
Q4 2010	50.38 %	58.59 %	43.22 %
2010	50.38 %	58.59 %	43.22 %
Q1 2011	52.44 %	59.80 %	45.10 %
Q2 2011	52.51 %	59.80 %	45.35 %
Q3 2011	54.26 %	60.47 %	47.04 %
Q4 2011	55.42 %	61.26 %	48.44 %
2011	55.42 %	61.26 %	48.44 %
Q1 2012	54.86 %	60.51 %	48.96 %
Q2 2012	54.98 %	60.04 %	49.62 %
Q3 2012	54.45 %	59.94 %	49.22 %
Q4 2012	55.79 %	60.94 %	50.00 %
2012	55.79 %	60.94 %	50.00 %
Q1 2013	57.45 %	62.67 %	51.29 %
Q2 2013	57.61 %	62.66 %	51.23 %
Q3 2013	58.03 %	62.90 %	51.61 %
Q4 2013	58.72 %	63.38 %	51.38 %
2013	58.72 %	63.38 %	51.38 %
Q1 2014	58.61 %	63.45 %	50.71 %
Q2 2014	60.31 %	65.26 %	51.98 %
Q3 2014	61.40 %	66.27 %	52.88 %
Q4 2014	60.71 %	65.63 %	53.05 %
2014	60.71 %	65.63 %	53.05 %
Q1 2015	60.87 %	65.62 %	53.47 %
Q2 2015	60.11 %	65.26 %	52.78 %
Q3 2015	59.34 %	64.97 %	52.29 %
Q4 2015	58.79 %	64.64 %	52.08 %
2015	58.79 %	64.64 %	52.08 %
Q1 2016	57.82 %	64.19 %	51.14 %
Q2 2016	57.77 %	64.19 %	50.94 %
Q3 2016	58.46 %	65.04 %	51.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	56.32 %	62.10 %	53.14 %
2007	54.85 %	58.25 %	50.40 %
2008	55.94 %	56.60 %	49.33 %
2009	50.49 %	60.28 %	43.27 %
2010	50.38 %	58.59 %	43.22 %
2011	55.42 %	61.26 %	48.44 %
2012	55.79 %	60.94 %	50.00 %
2013	58.72 %	63.38 %	51.38 %
2014	60.71 %	65.63 %	53.05 %
2015	58.79 %	64.64 %	52.08 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	53.43 %	61.43 %	49.50 %
Q2 2007	57.39 %	58.57 %	54.34 %
Q3 2007	52.16 %	55.31 %	47.13 %
Q4 2007	56.37 %	57.65 %	50.52 %
Q1 2008	55.53 %	56.58 %	50.57 %
Q2 2008	53.90 %	54.92 %	49.00 %
Q3 2008	53.64 %	54.22 %	44.50 %
Q4 2008	62.58 %	62.26 %	54.53 %
Q1 2009	52.17 %	59.55 %	43.35 %
Q2 2009	50.67 %	60.30 %	46.94 %
Q3 2009	48.14 %	59.75 %	40.01 %
Q4 2009	50.71 %	61.51 %	42.26 %
Q1 2010	50.11 %	57.49 %	42.97 %
Q2 2010	52.33 %	59.66 %	45.34 %
Q3 2010	50.12 %	59.93 %	42.89 %
Q4 2010	48.70 %	57.39 %	41.35 %
Q1 2011	57.58 %	61.94 %	49.83 %
Q2 2011	52.58 %	59.67 %	46.17 %
Q3 2011	57.90 %	62.74 %	50.42 %
Q4 2011	54.14 %	60.98 %	47.74 %
Q1 2012	55.16 %	59.43 %	50.93 %
Q2 2012	53.50 %	58.21 %	49.11 %
Q3 2012	55.04 %	61.97 %	48.36 %
Q4 2012	59.63 %	64.88 %	51.21 %
Q1 2013	61.06 %	65.52 %	55.54 %
Q2 2013	54.27 %	58.43 %	49.03 %
Q3 2013	57.22 %	63.17 %	50.33 %
Q4 2013	62.84 %	67.23 %	50.17 %
Q1 2014	60.98 %	66.09 %	53.49 %
Q2 2014	59.96 %	64.41 %	53.55 %
Q3 2014	62.11 %	67.73 %	54.43 %
Q4 2014	60.06 %	64.70 %	50.98 %
Q1 2015	61.58 %	66.04 %	55.02 %
Q2 2015	56.83 %	62.90 %	50.80 %
Q3 2015	58.43 %	66.46 %	52.11 %
Q4 2015	57.92 %	63.34 %	50.01 %
Q1 2016	58.24 %	64.50 %	51.80 %
Q2 2016	56.61 %	62.88 %	50.01 %
Q3 2016	61.91 %	70.83 %	53.93 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	153.00	4.28	4.28	14.52
Q2 2007	153.00	4.37	4.37	15.76
Q3 2007	153.00	4.40	4.40	16.80
Q4 2007	153.00	4.49	4.49	17.90
Q1 2008	153.00	4.51	4.51	15.68
Q2 2008	153.00	4.40	4.40	16.81
Q3 2008	153.00	4.30	4.30	17.75
Q4 2008	153.00	4.06	4.06	18.61
Q1 2009	153.00	3.92	3.92	17.26
Q2 2009	153.00	3.90	3.90	18.35
Q3 2009	153.00	3.75	3.75	19.16
Q4 2009	153.00	3.81	3.81	20.07
Q1 2010	153.00	3.97	3.97	18.88
Q2 2010	153.00	4.12	4.12	20.12
Q3 2010	153.00	4.23	4.23	21.05
Q4 2010	153.00	4.31	4.31	22.03
Q1 2011	153.00	4.53	4.53	23.41
Q2 2011	153.00	4.69	4.69	18.80
Q3 2011	153.00	5.05	5.05	20.07
Q4 2011	153.00	5.43	5.43	21.45
Q1 2012	153.00	6.18	6.18	19.07
Q2 2012	153.00	6.68	6.68	17.46
Q3 2012	153.00	6.78	6.78	18.83
Q4 2012	153.00	7.20	7.20	20.64
Q1 2013	153.00	7.30	7.30	19.35
Q2 2013	153.00	7.41	7.41	17.86
Q3 2013	153.00	7.54	7.54	19.35
Q4 2013	153.00	7.35	7.35	20.97
Q1 2014	153.00	6.99	6.99	19.33
Q2 2014	153.00	6.87	6.87	17.38
Q3 2014	153.00	6.88	6.88	18.90
Q4 2014	153.00	7.02	7.02	20.65
Q1 2015	153.00	7.13	7.13	20.12
Q2 2015	153.00	6.91	6.91	18.77
Q3 2015	153.00	6.75	6.75	20.13
Q4 2015	153.00	6.15	6.58	21.28
Q1 2016	153.00	5.88	6.31	19.37
Q2 2016	153.00	5.85	6.28	18.25
Q3 2016	153.00	5.82	6.25	19.57

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	153.00	4.17	4.17	15.83
2007	153.00	4.49	4.49	17.90
2008	153.00	4.06	4.06	18.61
2009	153.00	3.81	3.81	20.07
2010	153.00	4.31	4.31	22.03
2011	153.00	5.43	5.43	21.45
2012	153.00	7.20	7.20	20.64
2013	153.00	7.35	7.35	20.97
2014	153.00	7.02	7.02	20.65
2015	153.00	6.15	6.58	21.28

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	13.10	13.10	3.86
Q2 2007	12.17	12.17	3.37
Q3 2007	13.46	13.46	3.52
Q4 2007	18.87	18.87	4.73
Q1 2008	16.69	16.69	4.80
Q2 2008	17.36	17.36	4.54
Q3 2008	12.79	12.79	3.10
Q4 2008	9.28	9.28	2.02
Q1 2009	9.77	9.77	2.22
Q2 2009	9.75	9.75	2.07
Q3 2009	11.45	11.45	2.24
Q4 2009	10.07	10.07	1.91
Q1 2010	12.27	12.27	2.58
Q2 2010	10.78	10.78	2.21
Q3 2010	10.47	10.47	2.10
Q4 2010	11.55	11.55	2.26
Q1 2011	11.63	11.63	2.25
Q2 2011	13.66	13.66	3.41
Q3 2011	12.54	12.54	3.15
Q4 2011	13.25	13.25	3.36
Q1 2012	13.67	13.67	4.43
Q2 2012	13.51	13.51	5.17
Q3 2012	12.99	12.99	4.67
Q4 2012	13.19	13.19	4.60
Q1 2013	12.33	12.33	4.65
Q2 2013	13.63	13.63	5.66
Q3 2013	14.33	14.33	5.58
Q4 2013	13.82	13.82	4.84
Q1 2014	15.23	15.23	5.51
Q2 2014	16.78	16.78	6.63
Q3 2014	16.59	16.59	6.04
Q4 2014	13.63	13.63	4.63
Q1 2015	12.58	12.58	4.46
Q2 2015	14.00	14.00	5.15
Q3 2015	10.63	10.63	3.56
Q4 2015	10.56	9.86	3.05
Q1 2016	10.73	9.99	3.26
Q2 2016	10.80	10.05	3.46
Q3 2016	9.55	8.89	2.84

Period	P/E	Adjusted P/E	Price/book
2006	15.75	15.75	4.15
2007	18.87	18.87	4.73
2008	9.28	9.28	2.02
2009	10.07	10.07	1.91
2010	11.55	11.55	2.26
2011	13.25	13.25	3.36
2012	13.19	13.19	4.60
2013	13.82	13.82	4.84
2014	13.63	13.63	4.63
2015	10.56	9.86	3.05

Analysts Estimates (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change‬
Average	187.12	202.28	8.10 %

Estimates vs Actual (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change
Alistithmar Capital	195.50	202.28	3.5 %
OSOOL AND BAKHEET	193.40	202.28	4.6 %
Albilad Capital	193.00	202.28	4.8 %
SNB Capital	191.00	202.28	5.9 %
KASB Capital	189.80	202.28	6.6 %
Al Rajhi Capital	188.00	202.28	7.6 %
AlJazira Capital	186.48	202.28	8.5 %
SFC	182.00	202.28	11.1 %
Sico	176.00	202.28	14.9 %
Riyad Capital	176.00	202.28	14.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,946.20
Enterprise Value (EV) (M)	7,231.28
Shares Outstanding ((M))	153.00
EPS ( Riyal) (TTM)	2.49
Book Value (BV) ( Riyal)	14.11
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.66
P/E (TTM)	18.23
Price/book	3.22
Return on Average Assets (%) (TTM)	11.7
Return on Average Equity (%) (TTM)	17.1

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Saudi Cement profit falls 6% to SAR 715 mln in 9M 2016

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Share Price

Saudi Cement Co. (SAUDI 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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Cement profit falls 6% to SAR 715 mln in 9M 2016

View other reports

Share Price

Saudi Cement Co. (SAUDI 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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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