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Al Yamamah Steel’s net profit falls 45% in FY16/17
11/12/2017
Argaam Exclusive
Al Yamamah Steel Industries Co. reported a net profit of SAR 100.2 million for the fiscal year ending Sept. 30, 2017, a 44.8 percent year-on-year (YoY) drop on higher cost of sales, lower profit margin and lower sales due to tough competition.
Financials (M)
| Item | 2016 | 2017 | Change |
|---|---|---|---|
| Revenues | 1,648.06 | 1,249.75 | (24.2 %) |
| Gross Income | 335.95 | 229.40 | (31.7 %) |
| Operating Income | 249.01 | 159.01 | (36.1 %) |
| Net Income | 181.51 | 111.66 | (38.5 %) |
| Average Shares | 50.80 | 50.80 | - |
| Earnings Per Share before unusual items | 3.82 | 2.20 | (42.4 %) |
| EPS (Riyals) | 3.57 | 2.20 | (38.5 %) |
Current Quarter Comparison (M)
| Item | Q4 2016 | Q4 2017 | Change |
|---|---|---|---|
| Revenues | 280.42 | 265.91 | (5.2 %) |
| Gross Income | 53.16 | 47.64 | (10.4 %) |
| Operating Income | 31.61 | 31.25 | (1.1 %) |
| Net Income | 20.04 | 18.91 | (5.6 %) |
| Average Shares | 50.80 | 50.80 | - |
| Earnings Per Share before unusual items | 0.39 | 0.37 | (5.6 %) |
| EPS (Riyals) | 0.39 | 0.37 | (5.6 %) |
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Share Price
Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)
| Current | |
| Market Cap (M Riyal) | 1,640.84 |
| Enterprise Value (EV) (M) | 2,557.16 |
| Shares Outstanding ((M)) | 50.80 |
| EPS ( Riyal) (TTM) | 0.90 |
| Book Value (BV) ( Riyal) | 11.69 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 35.79 |
| P/E (TTM) | 35.79 |
| Price/book | 2.76 |
| Return on Average Assets (%) (TTM) | 2.5 |
| Return on Average Equity (%) (TTM) | 8.0 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 435.46 | (13.0 %) | 59.61 | (16.3 %) | 41.69 | (25.3 %) |
| Q2 2016 | 460.60 | (29.2 %) | 97.02 | 32.9 % | 70.85 | 32.6 % |
| Q3 2016 | 471.48 | (12.8 %) | 124.12 | 34.0 % | 101.77 | 39.8 % |
| Q4 2016 | 280.42 | (14.5 %) | 53.16 | 16.7 % | 31.61 | 6.4 % |
| 2016 | 1,648.06 | (18.4 %) | 335.95 | 19.0 % | 249.01 | 17.6 % |
| Q1 2017 | 325.44 | (25.3 %) | 59.55 | (0.1 %) | 41.30 | (0.9 %) |
| Q2 2017 | 371.99 | (19.2 %) | 80.81 | (16.7 %) | 61.34 | (13.4 %) |
| Q3 2017 | 286.42 | (39.3 %) | 42.20 | (66.0 %) | 26.22 | (74.2 %) |
| Q4 2017 | 265.91 | (5.2 %) | 47.64 | (10.4 %) | 31.25 | (1.1 %) |
| 2017 | 1,249.75 | (24.2 %) | 229.40 | (31.7 %) | 159.01 | (36.1 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2016 | 34.82 | (21.0 %) | 0.69 | - | 34.82 | 0.69 |
| Q2 2016 | 55.66 | 33.8 % | 1.10 | - | 55.66 | 1.10 |
| Q3 2016 | 67.88 | 24.6 % | 1.34 | (12.31) | 80.19 | 1.58 |
| Q4 2016 | 20.04 | 8.1 % | 0.39 | - | 20.04 | 0.39 |
| 2016 | 181.51 | 14.3 % | 3.57 | (12.31) | 193.82 | 3.82 |
| Q1 2017 | 28.99 | (16.7 %) | 0.57 | - | 28.99 | 0.57 |
| Q2 2017 | 48.15 | (13.5 %) | 0.95 | - | 48.15 | 0.95 |
| Q3 2017 | 17.21 | (74.6 %) | 0.34 | - | 17.21 | 0.34 |
| Q4 2017 | 18.91 | (5.6 %) | 0.37 | - | 18.91 | 0.37 |
| 2017 | 111.66 | (38.5 %) | 2.20 | - | 111.66 | 2.20 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2017 | 21.71 % | 18.41 % | 12.02 % |
| Q2 2017 | 21.92 % | 18.77 % | 12.24 % |
| Q3 2017 | 18.64 % | 16.88 % | 9.05 % |
| Q4 2017 | 18.42 % | 15.90 % | 9.06 % |
| 2017 | 18.36 % | 15.82 % | 8.93 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2017 | 50.80 | 3.40 | 3.64 | 12.72 |
| Q2 2017 | 50.80 | 3.25 | 3.49 | 13.65 |
| Q3 2017 | 50.80 | 2.25 | 2.25 | 13.03 |
| Q4 2017 | 50.80 | 2.23 | 2.23 | 13.24 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 8.33 | 7.78 | 2.23 |
| Q2 2017 | 8.16 | 7.60 | 1.94 |
| Q3 2017 | 11.06 | 11.06 | 1.91 |
| Q4 2017 | 11.17 | 11.17 | 1.88 |
Business Segments (Million)
Q4 2017
| Period | Construction sector | Electricity sector | Pipelines factory | Electric poles factory | Frames factory | Electric power towers factory | Al Yamamah for reinforcing steel bars |
|---|---|---|---|---|---|---|---|
| Q1 2017 | 278.88 | 46.55 | - | - | - | - | - |
| Q2 2017 | 304.43 | 67.56 | - | - | - | - | - |
| Q3 2017 | 245.49 | 40.93 | - | - | - | - | - |
| Q4 2017 | 236.12 | 29.79 | - | - | - | - | - |
Analysts Estimates (Million)
| Item | Q4 2017 (e) | Q4 2017 (a) | Change |
|---|---|---|---|
| Average | 27.50 | 18.91 | (31.2 %) |
Estimates vs Actual (Million)
| Item | Q4 2017 (e) | Q4 2017 (a) | Change |
|---|---|---|---|
| Arbah Capital | 27.00 | 18.91 | (30.0) % |
| Sico | 28.00 | 18.91 | (32.5) % |
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