Al Yamamah Steel swings to net profit of SAR 50.7 mln in FY2019/20

Al Yamamah Steel swings to net profit of SAR 50.7 mln in FY2019/20

22/12/2020 Argaam Exclusive

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Al Yamamah Steel Industries Co. posted a net profit after Zakat and tax of SAR 50.7 million for the fiscal year ending on Sept. 30, 2020, versus a net loss of SAR 39.9 million a year earlier.



Financials (M)

Item 2019 2020 Change‬
Revenues 959.28 1,867.42 94.7 %
Gross Income 33.38 201.67 504.1 %
Operating Income (27.39) 113.69 515.1 %
Net Income (39.88) 50.66 227.0 %
Average Shares 50.80 50.80 -
EPS (Riyals) (0.78) 1.00 227.0 %

The company turned to profit due to higher sales revenue on an increase in the sold volumes.

 

Al Yamamah was bolstered by better performance in the construction sector, supported by the competitive strength of the cost of reinforcing steel bars and steel pipes, as well as the market response to demand during the spread of COVID-19 pandemic.

 

The company also reported better sales volumes and revenue from the electricity sector, respectively due to the increase in sales of towers and poles and the increase in sales of Al Yamamah Solar Power Systems Factory.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 266.47 473.71 77.8 %
Gross Income 7.52 73.84 882.2 %
Operating Income (9.67) 48.09 597.4 %
Net Income (18.67) 25.25 235.3 %
Average Shares 50.80 50.80 -
EPS (Riyals) (0.37) 0.50 235.3 %

In Q4 2019/20, the company swung to a net profit of SAR 25.3 million, against a net loss of SAR 18.7 million in prior-year period. 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2018 185.18 (30.4 %) (5.15) (110.8 %) (22.30) (171.3 %)
Q1 2019 198.79 (21.2 %) (15.82) (166.5 %) (29.52) (447.1 %)
Q2 2019 284.18 18.1 % 21.68 (13.7 %) 6.30 (36.6 %)
Q3 2019 209.84 4.2 % 20.01 66.2 % 5.49 488.3 %
Q4 2019 266.47 43.9 % 7.52 246.0 % (9.67) 56.6 %
Q1 2020 405.39 103.9 % 18.89 219.4 % 0.73 102.5 %
Q2 2020 593.33 108.8 % 76.48 252.8 % 52.20 728.1 %
Q3 2020 394.99 88.2 % 32.45 62.2 % 12.68 130.9 %
Q4 2020 473.71 77.8 % 73.84 882.2 % 48.09 597.4 %
2020 1,867.42 94.7 % 201.67 504.1 % 113.69 515.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2018 (26.94) (242.4 %) (0.53) - (26.94) (0.53)
Q1 2019 (30.18) (548.6 %) (0.59) - (30.18) (0.59)
Q2 2019 10.97 155.7 % 0.22 14.15 (3.18) (0.06)
Q3 2019 (2.00) 64.4 % (0.04) - (2.00) (0.04)
Q4 2019 (18.67) 30.7 % (0.37) - (18.67) (0.37)
Q1 2020 (7.58) 74.9 % (0.15) - (7.58) (0.15)
Q2 2020 32.06 192.2 % 0.63 - 32.06 0.63
Q3 2020 0.93 146.6 % 0.02 - 0.93 0.02
Q4 2020 25.25 235.3 % 0.50 - 25.25 0.50
2020 50.66 227.0 % 1.00 - 50.66 1.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2018 6.35 % 3.92 % (2.45 %)
Q1 2019 1.96 % (0.18 %) (7.07 %)
Q2 2019 1.47 % (0.94 %) (7.58 %)
Q3 2019 2.36 % (0.09 %) (7.10 %)
Q4 2019 3.48 % 1.23 % (5.63 %)
Q1 2020 5.84 % 3.80 % (2.70 %)
Q2 2020 8.33 % 6.15 % 0.26 %
Q3 2020 8.15 % 5.93 % 0.41 %
Q4 2020 10.80 % 8.53 % 2.71 %
2020 10.80 % 8.53 % 2.71 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2018 50.80 (0.42) (0.42) 12.46
Q1 2019 50.80 (1.15) (1.15) 11.87
Q2 2019 50.80 (1.02) (1.30) 12.08
Q3 2019 50.80 (0.95) (1.23) 12.04
Q4 2019 50.80 (0.78) (1.06) 11.66
Q1 2020 50.80 (0.34) (0.62) 11.51
Q2 2020 50.80 0.08 0.08 12.14
Q3 2020 50.80 0.13 0.13 12.16
Q4 2020 50.80 1.00 1.00 12.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2018 NEG NEG 1.17
Q1 2019 NEG NEG 1.61
Q2 2019 NEG NEG 1.42
Q3 2019 NEG NEG 1.44
Q4 2019 NEG NEG 1.62
Q1 2020 NEG NEG 1.34
Q2 2020 More than 100 More than 100 1.44
Q3 2020 More than 100 More than 100 1.93
Q4 2020 29.73 29.73 2.34

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 - - - - -
Q4 2018 153.20 31.99 - - - - -
Q1 2019 172.07 26.71 - - - - -
Q2 2019 225.52 58.66 - - - - -
Q3 2019 157.14 52.70 - - - - -
Q4 2019 227.02 39.45 - - - - -
Q1 2020 331.96 73.43 - - - - -
Q2 2020 498.51 94.82 - - - - -
Q3 2020 325.03 69.96 - - - - -
Q4 2020 370.31 103.40 - - - - -


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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