Al Yamamah Steel’s net profit tumbles 94% in 9M

Al Yamamah Steel’s net profit tumbles 94% in 9M

31/07/2018 Argaam Exclusive

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Al Yamamah Steel Industries Co. reported a net profit of SAR 5.4 million for the nine-month period ending on June 30, 2018, a plunge of 94 percent year-on-year (YoY), on the back of a decline in profit margins amid lower sales due to fierce competition and stalled projects.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 983.84 694.35 (29.4 %)
Gross Income 181.76 60.97 (66.5 %)
Operating Income 127.76 17.03 (86.7 %)
Net Income 92.75 5.41 (94.2 %)
Average Shares 50.80 50.80 -
EPS (Riyals) 1.83 0.11 (94.2 %)

In the third quarter, the company swung to a net loss of SAR 5.6 million, compared to a net profit of SAR 17.2 million and SAR 4.3 million in Q3 2017 and in Q2 2017/ 2018, respectively, due to lower profit margins amid weak demand and fierce competition.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 286.42 201.38 (29.7 %)
Gross Income 42.20 12.04 (71.5 %)
Operating Income 26.22 (1.41) (105.4 %)
Net Income 17.21 (5.61) (132.6 %)
Average Shares 50.80 50.80 -
EPS (Riyals) 0.34 (0.11) (132.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2018 252.24 (22.5 %) 23.79 (60.0 %) 8.51 (79.4 %)
Q2 2018 240.72 (35.3 %) 25.13 (68.9 %) 9.94 (83.8 %)
Q3 2018 201.38 (29.7 %) 12.04 (71.5 %) (1.41) (105.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2018 6.73 (76.8 %) 0.13 - 6.73 0.13
Q2 2018 4.29 (91.1 %) 0.08 - 4.29 0.08
Q3 2018 (5.61) (132.6 %) (0.11) - (5.61) (0.11)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2018 16.53 % 13.88 % 7.73 %
Q2 2018 13.28 % 11.05 % 4.51 %
Q3 2018 11.31 % 8.90 % 2.53 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2018 50.80 1.79 1.79 13.37
Q2 2018 50.80 0.93 0.93 12.95
Q3 2018 50.80 0.48 0.48 12.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2018 12.39 12.39 1.66
Q2 2018 20.67 20.67 1.48
Q3 2018 34.83 34.83 1.30

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 - - - - -
Q1 2018 211.85 40.40 - - - - -
Q2 2018 209.10 31.62 - - - - -
Q3 2018 175.20 26.18 - - - - -

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 5.50 (5.61) (201.9 %)

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
Arbah Capital 8.00 (5.61) (170.1) %
Sico 3.00 (5.61) (286.9) %


Financial Ratios
Current
Market Cap (M Riyal) 1,767.84
Enterprise Value (EV) (M) 2,656.08
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) 40.58
Price/book 3.02
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.
34.80
(1.30) (3.60 %)

Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

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