Yamama Cement’s H1 profit down 4% to SAR 367 mln

Yamama Cement’s H1 profit down 4% to SAR 367 mln

09/07/2015 Argaam Exclusive

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Yamama Cement Co. (YCC), the kingdom’s fourth largest cement producer, has reported a net profit of SAR 366.9 million for H1-2015, marking a four percent decline when compared to the same period in 2014.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 733.39 678.44 (7.5 %)
Gross Income 379.93 370.09 (2.6 %)
Operating Income 351.63 337.59 (4.0 %)
Net Income 382.00 366.89 (4.0 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 1.89 1.81 (4.0 %)

 

Net profit in Q2-2015 dropped 7.7 percent year-on-year to SAR 191.5 million. Profits during the quarter, however, rose 9.2 percent from SAR 175.4 million in Q1-2014 on higher sales and lower sales costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 366.02 339.50 (7.2 %)
Gross Income 198.63 188.03 (5.3 %)
Operating Income 182.69 169.92 (7.0 %)
Net Income 207.36 191.48 (7.7 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 1.02 0.95 (7.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 245.15 - 163.42 45.4 % 154.13 48.8 %
Q2 2006 289.60 54.1 % 194.08 72.8 % 185.30 79.2 %
Q3 2006 222.18 2.4 % 155.26 5.7 % 146.34 7.9 %
Q4 2006 193.20 (5.1 %) 118.79 (30.1 %) 109.74 (31.1 %)
Q1 2007 277.58 13.2 % 184.93 13.2 % 174.83 13.4 %
Q2 2007 304.37 5.1 % 209.22 7.8 % 198.64 7.2 %
Q3 2007 338.77 52.5 % 240.10 54.6 % 230.65 57.6 %
Q4 2007 264.78 37.1 % 134.54 13.3 % 124.67 13.6 %
Q1 2008 338.76 22.0 % 212.70 15.0 % 196.32 12.3 %
Q2 2008 378.62 24.4 % 239.82 14.6 % 221.21 11.4 %
Q3 2008 208.75 (38.4 %) 103.54 (56.9 %) 97.29 (57.8 %)
Q4 2008 196.80 (25.7 %) 88.69 (34.1 %) 84.57 (32.2 %)
Q1 2009 258.67 (23.6 %) 138.82 (34.7 %) 129.13 (34.2 %)
Q2 2009 312.80 (17.4 %) 176.70 (26.3 %) 166.09 (24.9 %)
Q3 2009 278.99 33.6 % 138.73 34.0 % 129.10 32.7 %
Q4 2009 312.55 58.8 % 161.80 82.4 % 149.54 76.8 %
Q1 2010 349.01 34.9 % 179.29 29.2 % 168.62 30.6 %
Q2 2010 336.87 7.7 % 198.82 12.5 % 187.51 12.9 %
Q3 2010 271.06 (2.8 %) 155.11 11.8 % 144.10 11.6 %
Q4 2010 314.99 0.8 % 178.65 10.4 % 166.01 11.0 %
Q1 2011 351.49 0.7 % 196.02 9.3 % 184.05 9.2 %
Q2 2011 420.19 24.7 % 232.95 17.2 % 218.24 16.4 %
Q3 2011 301.09 11.1 % 167.70 8.1 % 152.57 5.9 %
Q4 2011 369.45 17.3 % 212.59 19.0 % 195.78 17.9 %
Q1 2012 491.59 39.9 % 299.51 52.8 % 286.82 55.8 %
Q2 2012 412.62 (1.8 %) 226.00 (3.0 %) 213.63 (2.1 %)
Q3 2012 306.20 1.7 % 175.76 4.8 % 164.61 7.9 %
Q4 2012 365.44 (1.1 %) 212.81 0.1 % 197.90 1.1 %
Q1 2013 482.64 (1.8 %) 292.76 (2.3 %) 279.06 (2.7 %)
Q2 2013 455.52 10.4 % 268.89 19.0 % 256.26 20.0 %
Q3 2013 293.80 (4.0 %) 154.13 (12.3 %) 141.42 (14.1 %)
Q4 2013 309.90 (15.2 %) 165.25 (22.3 %) 151.96 (23.2 %)
Q1 2014 367.36 (23.9 %) 181.30 (38.1 %) 168.94 (39.5 %)
Q2 2014 366.02 (19.6 %) 198.63 (26.1 %) 182.69 (28.7 %)
Q3 2014 277.23 (5.6 %) 148.57 (3.6 %) 135.57 (4.1 %)
Q4 2014 318.26 2.7 % 183.72 11.2 % 171.10 12.6 %
Q1 2015 338.94 (7.7 %) 182.05 0.4 % 167.67 (0.8 %)
Q2 2015 339.50 (7.2 %) 188.03 (5.3 %) 169.92 (7.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 158.72 54.4 % 0.78 - 158.72 0.78
Q2 2006 184.79 77.4 % 0.91 - 184.79 0.91
Q3 2006 145.90 8.2 % 0.72 - 145.90 0.72
Q4 2006 111.76 (29.8 %) 0.55 - 111.76 0.55
Q1 2007 173.51 9.3 % 0.86 - 173.51 0.86
Q2 2007 202.51 9.6 % 1.00 - 202.51 1.00
Q3 2007 228.43 56.6 % 1.13 - 228.43 1.13
Q4 2007 126.98 13.6 % 0.63 - 126.98 0.63
Q1 2008 197.47 13.8 % 0.98 - 197.47 0.98
Q2 2008 227.80 12.5 % 1.12 - 227.80 1.12
Q3 2008 100.48 (56.0 %) 0.50 - 100.48 0.50
Q4 2008 85.13 (33.0 %) 0.42 - 85.13 0.42
Q1 2009 125.99 (36.2 %) 0.62 - 125.99 0.62
Q2 2009 165.35 (27.4 %) 0.82 - 165.35 0.82
Q3 2009 125.29 24.7 % 0.62 - 125.29 0.62
Q4 2009 145.12 70.5 % 0.72 - 145.12 0.72
Q1 2010 165.19 31.1 % 0.82 - 165.19 0.82
Q2 2010 192.07 16.2 % 0.95 - 192.07 0.95
Q3 2010 139.80 11.6 % 0.69 - 139.80 0.69
Q4 2010 159.86 10.2 % 0.79 - 159.86 0.79
Q1 2011 179.72 8.8 % 0.89 - 179.72 0.89
Q2 2011 220.42 14.8 % 1.09 - 220.42 1.09
Q3 2011 148.57 6.3 % 0.73 - 148.57 0.73
Q4 2011 191.05 19.5 % 0.94 - 191.05 0.94
Q1 2012 277.64 54.5 % 1.37 - 277.64 1.37
Q2 2012 209.46 (5.0 %) 1.03 - 209.46 1.03
Q3 2012 156.65 5.4 % 0.77 - 156.65 0.77
Q4 2012 173.81 (9.0 %) 0.86 (15.00) 188.81 0.93
Q1 2013 276.80 (0.3 %) 1.37 - 276.80 1.37
Q2 2013 267.63 27.8 % 1.32 - 267.63 1.32
Q3 2013 148.08 (5.5 %) 0.73 - 148.08 0.73
Q4 2013 177.73 2.3 % 0.88 24.86 152.87 0.75
Q1 2014 174.64 (36.9 %) 0.86 - 174.64 0.86
Q2 2014 207.36 (22.5 %) 1.02 31.00 176.36 0.87
Q3 2014 137.16 (7.4 %) 0.68 - 137.16 0.68
Q4 2014 151.69 (14.6 %) 0.75 (15.00) 166.69 0.82
Q1 2015 175.41 0.4 % 0.87 - 175.41 0.87
Q2 2015 191.48 (7.7 %) 0.95 - 191.48 0.95

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 69.43 % 67.00 % 65.22 %
Q2 2006 70.59 % 69.04 % 66.72 %
Q3 2006 71.08 % 70.48 % 67.52 %
Q4 2006 66.47 % 66.76 % 63.27 %
Q1 2007 66.47 % 67.04 % 62.69 %
Q2 2007 67.00 % 67.85 % 63.54 %
Q3 2007 67.60 % 68.67 % 64.30 %
Q4 2007 64.85 % 68.52 % 61.70 %
Q1 2008 63.89 % 69.43 % 60.59 %
Q2 2008 62.62 % 69.66 % 59.10 %
Q3 2008 57.99 % 68.73 % 54.81 %
Q4 2008 57.42 % 69.48 % 54.40 %
Q1 2009 54.74 % 68.42 % 51.72 %
Q2 2009 51.97 % 67.38 % 48.82 %
Q3 2009 51.84 % 66.15 % 47.91 %
Q4 2009 52.97 % 64.95 % 48.30 %
Q1 2010 52.38 % 63.40 % 47.95 %
Q2 2010 53.13 % 63.90 % 49.14 %
Q3 2010 54.75 % 65.32 % 50.59 %
Q4 2010 55.97 % 66.74 % 51.65 %
Q1 2011 57.17 % 67.96 % 52.69 %
Q2 2011 56.18 % 66.14 % 51.54 %
Q3 2011 55.87 % 65.41 % 51.06 %
Q4 2011 56.11 % 65.10 % 51.29 %
Q1 2012 57.68 % 65.87 % 52.94 %
Q2 2012 57.52 % 65.93 % 52.50 %
Q3 2012 57.84 % 66.51 % 52.84 %
Q4 2012 58.01 % 66.84 % 52.83 %
Q1 2013 57.91 % 66.75 % 53.08 %
Q2 2013 59.03 % 67.62 % 55.28 %
Q3 2013 58.13 % 66.67 % 55.17 %
Q4 2013 57.14 % 66.10 % 54.83 %
Q1 2014 53.94 % 63.64 % 52.10 %
Q2 2014 52.30 % 62.41 % 48.76 %
Q3 2014 52.54 % 62.78 % 48.54 %
Q4 2014 53.60 % 63.82 % 49.28 %
Q1 2015 54.82 % 65.14 % 50.41 %
Q2 2015 55.13 % 65.64 % 52.65 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 202.50 2.75 2.75 8.57
Q2 2006 202.50 3.15 3.15 9.48
Q3 2006 202.50 3.20 3.20 10.20
Q4 2006 202.50 2.97 2.97 9.57
Q1 2007 202.50 3.04 3.04 10.46
Q2 2007 202.50 3.13 3.13 11.66
Q3 2007 202.50 3.54 3.54 12.81
Q4 2007 202.50 3.61 3.61 13.62
Q1 2008 202.50 3.73 3.73 12.50
Q2 2008 202.50 3.86 3.86 13.56
Q3 2008 202.50 3.22 3.22 13.82
Q4 2008 202.50 3.02 3.02 14.03
Q1 2009 202.50 2.66 2.66 13.36
Q2 2009 202.50 2.36 2.36 14.28
Q3 2009 202.50 2.48 2.48 14.35
Q4 2009 202.50 2.77 2.77 15.09
Q1 2010 202.50 2.97 2.97 14.51
Q2 2010 202.50 3.10 3.10 15.38
Q3 2010 202.50 3.17 3.17 14.76
Q4 2010 202.50 3.24 3.24 15.60
Q1 2011 202.50 3.32 3.32 15.12
Q2 2011 202.50 3.46 3.46 14.94
Q3 2011 202.50 3.50 3.50 15.58
Q4 2011 202.50 3.65 3.65 16.67
Q1 2012 202.50 4.14 4.14 17.16
Q2 2012 202.50 4.08 4.08 16.04
Q3 2012 202.50 4.12 4.12 16.89
Q4 2012 202.50 4.04 4.11 17.77
Q1 2013 202.50 4.03 4.11 17.58
Q2 2013 202.50 4.32 4.39 17.49
Q3 2013 202.50 4.28 4.35 18.26
Q4 2013 202.50 4.30 4.17 19.23
Q1 2014 202.50 3.79 3.67 18.68
Q2 2014 202.50 3.50 3.22 19.69
Q3 2014 202.50 3.44 3.17 19.06
Q4 2014 202.50 3.31 3.23 18.43
Q1 2015 202.50 3.32 3.24 18.52
Q2 2015 202.50 3.24 3.31 18.70

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 44.61 44.61 14.32
Q2 2006 26.53 26.53 8.81
Q3 2006 22.53 22.53 7.07
Q4 2006 17.63 17.63 5.47
Q1 2007 16.77 16.77 4.88
Q2 2007 15.18 15.18 4.07
Q3 2007 13.95 13.95 3.85
Q4 2007 17.39 17.39 4.61
Q1 2008 13.54 13.54 4.04
Q2 2008 12.11 12.11 3.44
Q3 2008 10.65 10.65 2.48
Q4 2008 7.49 7.49 1.61
Q1 2009 8.66 8.66 1.73
Q2 2009 11.32 11.32 1.87
Q3 2009 12.89 12.89 2.23
Q4 2009 11.39 11.39 2.09
Q1 2010 11.51 11.51 2.35
Q2 2010 10.54 10.54 2.12
Q3 2010 10.77 10.77 2.31
Q4 2010 10.58 10.58 2.20
Q1 2011 10.76 10.76 2.36
Q2 2011 12.68 12.68 2.93
Q3 2011 12.00 12.00 2.70
Q4 2011 12.78 12.78 2.80
Q1 2012 12.04 12.04 2.90
Q2 2012 12.20 12.20 3.10
Q3 2012 10.70 10.70 2.61
Q4 2012 11.77 11.55 2.67
Q1 2013 11.48 11.27 2.63
Q2 2013 11.69 11.49 2.89
Q3 2013 12.39 12.18 2.90
Q4 2013 13.32 13.71 2.98
Q1 2014 15.36 15.87 3.12
Q2 2014 18.01 19.56 3.20
Q3 2014 18.89 20.53 3.41
Q4 2014 14.47 14.82 2.60
Q1 2015 13.55 13.88 2.43
Q2 2015 14.11 13.80 2.44

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 185.00 191.48 3.50 %

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
SNB Capital 188.00 191.48 1.9 %
Al Rajhi Capital 188.00 191.48 1.9 %
SFC 188.00 191.48 1.9 %
Alistithmar Capital 197.80 191.48 (3.2) %
AlJazira Capital 185.20 191.48 3.4 %
Albilad Capital 184.00 191.48 4.1 %
Riyad Capital 164.00 191.48 16.8 %


Financial Ratios
Current
Market Cap (M Riyal) 6,611.63
Enterprise Value (EV) (M) 8,191.23
Shares Outstanding ((M)) 202.50
EPS ( Riyal) (TTM) 1.73
Book Value (BV) ( Riyal) 23.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.87
P/E (TTM) 18.87
Price/book 1.37
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 7.4
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Share Price

Yamama Cement Co.
32.65
0.80 2.51 %

Yamama Cement Co. (YC)

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