Al Yamamah Steel’s H1 net profit slips 14%
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Al Yamamah Steel Industries Co. reported a net profit of SAR 77.8 million for the first half ended March 31, 2017, a 14 percent year-on-year drop on higher cost of sales and lower profit margin of power sector due to the slowdown in projects.
Financials (M)
| Item | 6m 2016 | 6m 2017 | Change |
|---|---|---|---|
| Revenues | 896.06 | 697.43 | (22.2 %) |
| Gross Income | 156.64 | 140.36 | (10.4 %) |
| Operating Income | 112.54 | 102.65 | (8.8 %) |
| Net Income | 90.48 | 77.14 | (14.7 %) |
| Average Shares | 50.80 | 50.80 | - |
| Earnings Per Share before unusual items | 1.78 | 1.52 | (14.7 %) |
| EPS (Riyals) | 1.78 | 1.52 | (14.7 %) |
The net profit for second quarter fell 13.3 percent year-on-year to SAR 48.3 million. The profit for the period was 63 percent higher compared to the previous quarter mainly due to the improvement in gross profit margin due to higher sales.
Current Quarter Comparison (M)
| Item | Q2 2016 | Q2 2017 | Change |
|---|---|---|---|
| Revenues | 460.60 | 371.99 | (19.2 %) |
| Gross Income | 97.02 | 80.81 | (16.7 %) |
| Operating Income | 70.85 | 61.34 | (13.4 %) |
| Net Income | 55.66 | 48.15 | (13.5 %) |
| Average Shares | 50.80 | 50.80 | - |
| Earnings Per Share before unusual items | 1.10 | 0.95 | (13.5 %) |
| EPS (Riyals) | 1.10 | 0.95 | (13.5 %) |
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 %) |
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 |
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 % |
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 |
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 |
Business Segments (Million)
Q2 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 | - | - | - | - | - |
Analysts Estimates (Million)
| Item | Q2 2017 (e) | Q2 2017 (net income) | Change | Q2 2017 (before unusual items) | Change |
|---|---|---|---|---|---|
| Average | 34.10 | 48.15 | 41.19 % | 48.15 | 41.19 % |
Estimates vs Actual (Million)
| Item | Q2 2017 (e) | Q2 2017 (net income) | Change | Q2 2017 (before unusual items) | Change |
|---|---|---|---|---|---|
| OSOOL AND BAKHEET | 48.20 | 48.15 | (0.1) % | 48.15 | (0.1) % |
| Sico | 20.00 | 48.15 | 140.7 % | 48.15 | 140.7 % |
| Current | |
| Market Cap (M Riyal) | 1,653.54 |
| Enterprise Value (EV) (M) | 2,569.86 |
| 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) | 36.07 |
| P/E (TTM) | 36.07 |
| Price/book | 2.79 |
| Return on Average Assets (%) (TTM) | 2.5 |
| Return on Average Equity (%) (TTM) | 8.0 |
Share Price
Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)
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