City Cement’s net profit drops 11% in FY16

City Cement’s net profit drops 11% in FY16

18/01/2017 Argaam Exclusive

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City Cement Co. reported a net profit of SAR 215.04 million for the fiscal year 2016, an 11 percent year-on-year (YoY) fall that was attributed to higher cost of goods sold (COGS), Zakat provisions, and increasing G&A expenses.



Financials (M)

Item 2015 2016 Change‬
Revenues 560.52 601.89 7.4 %
Gross Income 278.27 256.08 (8.0 %)
Operating Income 254.32 230.76 (9.3 %)
Net Income 241.87 216.31 (10.6 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.73 1.55 (10.6 %)

Net profit for the fourth quarter plunged 23 percent YoY to SAR 45.06 million, on the back of lower sales, higher COGS, and increasing expenses.

 

Meanwhile, the cement producer’s Q4-2016 net profit increased 41 percent quarter-on-quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 155.62 137.86 (11.4 %)
Gross Income 69.41 55.18 (20.5 %)
Operating Income 62.47 48.97 (21.6 %)
Net Income 58.63 45.91 (21.7 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 0.42 0.33 (21.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 - - - - - - -
Q2 2007 - - - - - - -
Q3 2007 - - - - - - -
Q4 2007 - - - - - - -
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 88.26 - 56.67 - 50.54 - 0.36
Q4 2010 108.74 - 66.93 - 61.60 - 0.44
Q1 2011 116.28 - 67.59 - 63.49 - 0.45
Q2 2011 - - - - - - -
Q3 2011 67.19 (23.9 %) 42.08 (25.7 %) 38.18 (24.5 %) 0.27
Q4 2011 133.97 23.2 % 78.81 17.8 % 70.08 13.8 % 0.50
Q1 2012 132.66 14.1 % 87.65 29.7 % 83.44 31.4 % 0.60
Q2 2012 131.30 - 82.50 - 76.98 - 0.55
Q3 2012 87.05 29.6 % 57.55 36.8 % 39.03 2.2 % 0.28
Q4 2012 77.55 (42.1 %) 52.88 (32.9 %) 43.46 (38.0 %) 0.31
Q1 2013 98.18 (26.0 %) 57.06 (34.9 %) 51.79 (37.9 %) 0.37
Q2 2013 139.44 6.2 % 82.16 (0.4 %) 72.94 (5.2 %) 0.52
Q3 2013 97.49 12.0 % 56.39 (2.0 %) 45.42 16.4 % 0.32
Q4 2013 98.32 26.8 % 56.96 7.7 % 48.28 11.1 % 0.34
Q1 2014 121.74 24.0 % 73.33 28.5 % 65.25 26.0 % 0.47
Q2 2014 127.62 (8.5 %) 71.26 (13.3 %) 62.24 (14.7 %) 0.44
Q3 2014 90.61 (7.1 %) 56.32 (0.1 %) 46.96 3.4 % 0.34
Q4 2014 114.88 16.8 % 55.70 (2.2 %) 47.30 (2.0 %) 0.34
Q1 2015 145.41 19.4 % 75.75 3.3 % 67.59 3.6 % 0.48
Q2 2015 145.59 14.1 % 78.57 10.3 % 68.25 9.7 % 0.49
Q3 2015 113.91 25.7 % 56.69 0.7 % 47.39 0.9 % 0.34
Q4 2015 155.62 35.5 % 69.41 24.6 % 58.63 23.9 % 0.42
Q1 2016 180.36 24.0 % 83.90 10.8 % 73.32 8.5 % 0.52
Q2 2016 167.36 15.0 % 74.74 (4.9 %) 64.16 (6.0 %) 0.46
Q3 2016 116.31 2.1 % 42.25 (25.5 %) 32.92 (30.5 %) 0.24
Q4 2016 137.86 (11.4 %) 55.18 (20.5 %) 45.91 (21.7 %) 0.33
2016 601.89 7.4 % 256.08 (8.0 %) 216.31 (10.6 %) 1.55

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
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 62.58 % 67.67 % 57.76 %
Q3 2012 63.20 % 70.42 % 55.58 %
Q4 2012 65.47 % 73.89 % 60.02 %
Q1 2013 63.44 % 72.62 % 57.24 %
Q2 2013 62.07 % 71.13 % 55.08 %
Q3 2013 60.22 % 68.78 % 55.23 %
Q4 2013 58.27 % 67.26 % 50.39 %
Q1 2014 58.83 % 67.19 % 50.74 %
Q2 2014 57.94 % 66.43 % 49.69 %
Q3 2014 58.83 % 67.51 % 50.82 %
Q4 2014 56.42 % 63.87 % 48.75 %
Q1 2015 54.13 % 61.44 % 46.83 %
Q2 2015 53.65 % 62.03 % 46.35 %
Q3 2015 51.31 % 61.39 % 44.35 %
Q4 2015 50.03 % 62.11 % 43.15 %
Q1 2016 48.46 % 61.81 % 41.58 %
Q2 2016 46.13 % 60.16 % 39.45 %
Q3 2016 43.62 % 58.35 % 36.96 %
Q4 2016 42.55 % 57.82 % 35.94 %
2016 42.55 % 57.82 % 35.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 140.00 - - 7.56
Q4 2010 140.00 - - 7.06
Q1 2011 140.00 - - 7.51
Q2 2011 - - - -
Q3 2011 140.00 - - 7.58
Q4 2011 140.00 - - 7.14
Q1 2012 140.00 - - 7.22
Q2 2012 140.00 1.92 1.92 7.77
Q3 2012 140.00 1.93 1.93 13.80
Q4 2012 140.00 1.74 1.84 14.11
Q1 2013 140.00 1.51 1.61 14.48
Q2 2013 140.00 1.48 1.58 15.00
Q3 2013 140.00 1.53 1.63 15.32
Q4 2013 140.00 1.56 1.56 14.31
Q1 2014 140.00 1.66 1.66 14.77
Q2 2014 140.00 1.58 1.58 14.88
Q3 2014 140.00 1.59 1.59 15.21
Q4 2014 140.00 1.58 1.58 14.19
Q1 2015 140.00 1.60 1.60 14.67
Q2 2015 140.00 1.64 1.64 15.16
Q3 2015 140.00 1.65 1.65 15.50
Q4 2015 140.00 1.73 1.73 14.56
Q1 2016 140.00 1.77 1.77 15.08
Q2 2016 140.00 1.74 1.74 15.17
Q3 2016 140.00 1.64 1.64 14.39
Q4 2016 140.00 1.55 1.55 14.71

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
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 - - -
Q3 2012 - - -
Q4 2012 9.94 9.39 1.22
Q1 2013 11.66 10.92 1.22
Q2 2013 14.42 13.49 1.42
Q3 2013 16.84 15.79 1.68
Q4 2013 14.71 14.71 1.60
Q1 2014 14.04 14.04 1.57
Q2 2014 18.41 18.41 1.96
Q3 2014 18.63 18.63 1.95
Q4 2014 14.36 14.36 1.60
Q1 2015 13.78 13.78 1.50
Q2 2015 14.36 14.36 1.56
Q3 2015 10.86 10.86 1.15
Q4 2015 8.71 8.71 1.03
Q1 2016 7.72 7.72 0.91
Q2 2016 8.74 8.74 1.00
Q3 2016 7.32 7.32 0.83
Q4 2016 9.89 9.89 1.04

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 43.75 45.91 4.93 %

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
AlJazira Capital 47.50 45.91 (3.3) %
OSOOL AND BAKHEET 40.00 45.91 14.8 %


Financial Ratios
Current
Market Cap (M Riyal) 2,704.80
Enterprise Value (EV) (M) 2,333.27
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 0.69
Book Value (BV) ( Riyal) 12.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.17
P/E (TTM) 28.17
Price/book 1.54
Return on Average Assets (%) (TTM) 5.0
Return on Average Equity (%) (TTM) 5.4
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Share Price

City Cement Co.
19.38
0.06 0.31 %

City Cement Co. (CITY CEMENT)

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