Al Yamamah Steel’s net profit falls 45% in FY16/17

Al Yamamah Steel’s net profit falls 45% in FY16/17

11/12/2017 Argaam Exclusive

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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 -
EPS (Riyals) 3.57 2.20 (38.5 %)


Current Quarter Comparison (M)

Compared With The
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 -
EPS (Riyals) 0.39 0.37 (5.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 661.67 - 82.92 - 64.82 -
Q4 2014 436.16 - 38.83 - 21.20 -
Q1 2015 500.78 - 71.20 - 55.84 -
Q2 2015 650.88 - 72.99 - 53.45 -
Q3 2015 540.78 (18.3 %) 92.64 11.7 % 72.80 12.3 %
Q4 2015 327.80 (24.8 %) 45.56 17.3 % 29.71 40.2 %
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 %
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 EPS Before XO Items
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 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 48.47 - 0.95 - 48.47 0.95
Q4 2014 15.01 - 0.30 - 15.01 0.30
Q1 2015 44.09 - 0.87 - 44.09 0.87
Q2 2015 41.61 - 0.82 - 41.61 0.82
Q3 2015 54.50 12.4 % 1.07 - 54.50 1.07
Q4 2015 18.54 23.5 % 0.36 - 18.54 0.36
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
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 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 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 11.82 % 11.41 % 6.63 %
Q3 2015 12.95 % 11.40 % 7.29 %
Q4 2015 13.98 % 12.36 % 7.86 %
Q1 2016 13.85 % 12.09 % 7.65 %
Q2 2016 16.71 % 14.44 % 9.27 %
Q3 2016 19.25 % 15.88 % 11.16 %
Q4 2016 20.26 % 17.22 % 11.57 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 50.80 - - 11.44
Q4 2014 50.80 - - 11.73
Q1 2015 50.80 - - 11.35
Q2 2015 50.80 2.94 2.94 12.17
Q3 2015 50.80 3.06 3.06 11.99
Q4 2015 50.80 3.12 3.12 12.36
Q1 2016 50.80 2.94 2.94 11.79
Q2 2016 50.80 3.22 3.22 12.89
Q3 2016 50.80 3.48 3.72 13.07
Q4 2016 50.80 3.51 3.75 13.46
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)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 10.77 10.77 2.69
Q3 2016 6.67 6.24 1.78
Q4 2016 8.29 7.75 2.16
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)

Compared With The
Period Construction sector Electricity sector Pipelines factory Electric poles factory Frames factory Electric power towers factory Al Yamamah for reinforcing steel bars
Q4 2014 - - 111.76 50.40 5.45 51.53 217.02
Q1 2015 - - 115.90 43.21 4.62 61.62 275.43
Q2 2015 - - 125.10 62.12 5.12 62.00 396.53
Q3 2015 - - 122.92 54.58 5.79 50.75 306.75
Q4 2015 - - 84.92 45.57 4.78 50.14 142.39
Q1 2016 - - 103.42 51.43 3.50 54.36 222.75
Q2 2016 - - 99.83 47.47 1.79 47.78 263.74
Q3 2016 391.22 80.36 - - - - -
Q4 2016 238.23 42.18 - - - - -
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) %


Financial Ratios
Current
Market Cap (M Riyal) 1,600.20
Enterprise Value (EV) (M) 2,488.44
Shares Outstanding ((M)) 50.80
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 11.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 36.74
Price/book 2.74
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 7.8
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Share Price

Al Yamamah Steel Industries Co.
31.50
(0.05) (0.16 %)

Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

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