Arabian Cement net profit up 4% in 9M 2016

Arabian Cement net profit up 4% in 9M 2016

17/10/2016 Argaam Exclusive

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Arabian Cement Co. reported a net profit of SAR 465.6 million for the first nine months of 2016, a 4 percent year-on-year (YoY) increase attributed to a SAR 24.1 million rise in other revenues, and higher profit from associates.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 1,227.57 1,016.79 (17.2 %)
Gross Income 532.64 485.90 (8.8 %)
Operating Income 485.50 440.07 (9.4 %)
Net Income 446.68 463.76 3.8 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items 4.62 4.46 (3.4 %)
EPS (Riyals) 4.47 4.64 3.8 %

Net profit for the third quarter was up 8.6 percent YoY at SAR 97.2 million, driven by a SAR 1.4 million increase in profit from associates and SAR 5.9 million recorded in other revenue.  The period also saw financial expenses drop by SAR 4.4 million.

 

Q3 profit, however, fell 31.9 percent when compared to the previous quarter on a 31.5 percent drop in sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 328.00 248.89 (24.1 %)
Gross Income 108.56 100.83 (7.1 %)
Operating Income 96.81 87.85 (9.3 %)
Net Income 89.48 97.17 8.6 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items 0.89 0.97 8.6 %
EPS (Riyals) 0.89 0.97 8.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 183.08 0.5 % 97.31 0.0 % 87.88 (1.0 %)
Q2 2007 191.37 (3.9 %) 108.68 2.7 % 100.68 1.7 %
Q3 2007 183.40 0.1 % 115.18 30.7 % 103.78 34.0 %
Q4 2007 163.73 (10.6 %) 90.56 11.1 % 81.85 39.1 %
Q1 2008 209.44 14.4 % 121.73 25.1 % 110.30 25.5 %
Q2 2008 189.13 (1.2 %) 112.28 3.3 % 99.12 (1.5 %)
Q3 2008 174.15 (5.0 %) 77.59 (32.6 %) 65.73 (36.7 %)
Q4 2008 148.59 (9.2 %) 67.74 (25.2 %) 51.82 (36.7 %)
Q1 2009 203.86 (2.7 %) 115.31 (5.3 %) 103.38 (6.3 %)
Q2 2009 191.04 1.0 % 99.37 (11.5 %) 87.51 (11.7 %)
Q3 2009 162.84 (6.5 %) 88.09 13.5 % 77.70 18.2 %
Q4 2009 179.30 20.7 % 87.44 29.1 % 72.38 39.7 %
Q1 2010 201.72 (1.0 %) 90.03 (21.9 %) 80.63 (22.0 %)
Q2 2010 194.43 1.8 % 95.19 (4.2 %) 86.14 (1.6 %)
Q3 2010 164.23 0.9 % 89.54 1.6 % 78.47 1.0 %
Q4 2010 184.21 2.7 % 44.17 (49.5 %) 25.51 (64.8 %)
Q1 2011 230.10 14.1 % 133.97 48.8 % 121.67 50.9 %
Q2 2011 302.99 55.8 % 139.30 46.3 % 127.53 48.1 %
Q3 2011 277.72 69.1 % 125.69 40.4 % 114.29 45.7 %
Q4 2011 267.76 45.4 % 104.89 137.5 % 88.37 246.4 %
Q1 2012 355.12 54.3 % 174.38 30.2 % 151.67 24.7 %
Q2 2012 369.30 21.9 % 173.23 24.4 % 162.44 27.4 %
Q3 2012 337.90 21.7 % 98.58 (21.6 %) 89.92 (21.3 %)
Q4 2012 308.32 15.1 % 91.15 (13.1 %) 77.65 (12.1 %)
Q1 2013 352.30 (0.8 %) 169.10 (3.0 %) 158.45 4.5 %
Q2 2013 373.42 1.1 % 144.75 (16.4 %) 133.89 (17.6 %)
Q3 2013 290.44 (14.0 %) 95.19 (3.4 %) 85.36 (5.1 %)
Q4 2013 348.97 13.2 % 133.24 46.2 % 119.96 54.5 %
Q1 2014 422.47 19.9 % 177.44 4.9 % 166.04 4.8 %
Q2 2014 480.55 28.7 % 227.74 57.3 % 212.95 59.0 %
Q3 2014 386.34 33.0 % 154.24 62.0 % 143.28 67.9 %
Q4 2014 430.23 23.3 % 171.18 28.5 % 153.27 27.8 %
Q1 2015 453.00 7.2 % 234.15 32.0 % 215.07 29.5 %
Q2 2015 446.57 (7.1 %) 189.93 (16.6 %) 173.62 (18.5 %)
Q3 2015 328.00 (15.1 %) 108.56 (29.6 %) 96.81 (32.4 %)
Q4 2015 414.99 (3.5 %) 190.94 11.5 % 172.90 12.8 %
Q1 2016 404.58 (10.7 %) 222.27 (5.1 %) 205.74 (4.3 %)
Q2 2016 363.32 (18.6 %) 162.81 (14.3 %) 146.48 (15.6 %)
Q3 2016 248.89 (24.1 %) 100.83 (7.1 %) 87.85 (9.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2007 93.23 4.1 % 1.00 - 93.23 1.00
Q2 2007 102.26 (0.4 %) 1.09 - 102.26 1.09
Q3 2007 110.66 34.6 % 1.18 - 110.66 1.18
Q4 2007 86.02 45.4 % 0.92 - 86.02 0.92
Q1 2008 115.26 23.6 % 1.15 - 115.26 1.15
Q2 2008 90.38 (11.6 %) 0.90 - 90.38 0.90
Q3 2008 71.77 (35.1 %) 0.72 - 71.77 0.72
Q4 2008 46.76 (45.6 %) 0.47 - 46.76 0.47
Q1 2009 103.78 (10.0 %) 1.04 - 103.78 1.04
Q2 2009 82.65 (8.6 %) 0.83 - 82.65 0.83
Q3 2009 72.82 1.5 % 0.73 - 72.82 0.73
Q4 2009 (87.23) (286.5 %) (0.87) (131.00) 43.77 0.44
Q1 2010 81.74 (21.2 %) 0.82 - 81.74 0.82
Q2 2010 81.17 (1.8 %) 0.81 - 81.17 0.81
Q3 2010 81.68 12.2 % 0.82 - 81.68 0.82
Q4 2010 10.85 112.4 % 0.11 (12.45) 23.30 0.23
Q1 2011 116.02 41.9 % 1.16 - 116.02 1.16
Q2 2011 111.75 37.7 % 1.12 - 111.75 1.12
Q3 2011 104.92 28.5 % 1.05 - 104.92 1.05
Q4 2011 70.35 548.4 % 0.70 (1.57) 71.92 0.72
Q1 2012 146.14 26.0 % 1.46 - 146.14 1.46
Q2 2012 71.93 (35.6 %) 0.72 (86.80) 158.73 1.59
Q3 2012 87.03 (17.1 %) 0.87 - 87.03 0.87
Q4 2012 82.33 17.0 % 0.82 - 82.33 0.82
Q1 2013 157.26 7.6 % 1.57 - 157.26 1.57
Q2 2013 124.65 73.3 % 1.25 (14.54) 139.19 1.39
Q3 2013 16.85 (80.6 %) 0.17 (79.34) 96.18 0.96
Q4 2013 (106.67) (229.6 %) (1.07) (212.15) 105.48 1.05
Q1 2014 167.14 6.3 % 1.67 - 167.14 1.67
Q2 2014 199.80 60.3 % 2.00 - 199.80 2.00
Q3 2014 133.94 695.0 % 1.34 - 133.94 1.34
Q4 2014 144.55 235.5 % 1.45 - 144.55 1.45
Q1 2015 195.27 16.8 % 1.95 (15.00) 210.27 2.10
Q2 2015 161.94 (18.9 %) 1.62 - 161.94 1.62
Q3 2015 89.48 (33.2 %) 0.89 - 89.48 0.89
Q4 2015 153.46 6.2 % 1.53 - 153.46 1.53
Q1 2016 225.59 15.5 % 2.26 17.76 207.83 2.08
Q2 2016 141.00 (12.9 %) 1.41 - 141.00 1.41
Q3 2016 97.17 8.6 % 0.97 - 97.17 0.97

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 49.78 % 54.08 % 45.05 %
Q2 2007 50.70 % 53.99 % 45.47 %
Q3 2007 54.34 % 55.63 % 49.30 %
Q4 2007 57.06 % 58.66 % 54.35 %
Q1 2008 58.31 % 59.63 % 55.38 %
Q2 2008 58.97 % 58.99 % 53.95 %
Q3 2008 54.61 % 56.51 % 49.35 %
Q4 2008 52.59 % 53.83 % 44.94 %
Q1 2009 52.11 % 53.21 % 43.69 %
Q2 2009 50.17 % 54.59 % 42.49 %
Q3 2009 52.46 % 58.48 % 43.32 %
Q4 2009 52.94 % 61.16 % 41.11 %
Q1 2010 49.66 % 60.00 % 38.23 %
Q2 2010 48.86 % 59.78 % 37.86 %
Q3 2010 48.97 % 59.93 % 38.99 %
Q4 2010 42.83 % 53.17 % 35.98 %
Q1 2011 46.95 % 56.30 % 39.09 %
Q2 2011 46.17 % 55.86 % 37.75 %
Q3 2011 44.54 % 54.78 % 35.78 %
Q4 2011 46.72 % 57.34 % 37.51 %
Q1 2012 45.22 % 55.28 % 36.12 %
Q2 2012 45.53 % 53.52 % 37.93 %
Q3 2012 41.43 % 48.18 % 34.87 %
Q4 2012 39.20 % 48.50 % 34.60 %
Q1 2013 38.90 % 48.96 % 35.48 %
Q2 2013 36.71 % 48.19 % 33.95 %
Q3 2013 37.77 % 50.58 % 35.86 %
Q4 2013 39.72 % 49.70 % 36.49 %
Q1 2014 38.36 % 47.67 % 35.39 %
Q2 2014 41.08 % 49.41 % 36.86 %
Q3 2014 42.28 % 49.87 % 37.01 %
Q4 2014 42.49 % 49.49 % 37.53 %
Q1 2015 44.99 % 51.54 % 39.34 %
Q2 2015 43.67 % 50.08 % 37.92 %
Q3 2015 42.46 % 49.00 % 36.57 %
Q4 2015 44.05 % 50.66 % 37.45 %
Q1 2016 44.64 % 51.42 % 38.43 %
Q2 2016 45.31 % 52.52 % 39.17 %
Q3 2016 47.27 % 54.86 % 41.87 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 93.63 3.60 3.60 16.58
Q2 2007 93.63 3.60 3.60 17.75
Q3 2007 93.63 3.90 3.90 18.46
Q4 2007 93.63 4.19 4.19 19.66
Q1 2008 100.00 4.14 4.14 21.76
Q2 2008 100.00 4.02 4.02 22.73
Q3 2008 100.00 3.63 3.63 22.43
Q4 2008 100.00 3.24 3.24 22.44
Q1 2009 100.00 3.13 3.13 22.11
Q2 2009 100.00 3.05 3.05 22.99
Q3 2009 100.00 3.06 3.06 23.04
Q4 2009 100.00 1.72 3.03 22.22
Q1 2010 100.00 1.50 2.81 23.12
Q2 2010 100.00 1.49 2.80 23.66
Q3 2010 100.00 1.57 2.88 24.45
Q4 2010 100.00 2.55 2.68 24.44
Q1 2011 100.00 2.90 3.02 25.59
Q2 2011 100.00 3.20 3.33 25.44
Q3 2011 100.00 3.44 3.56 26.42
Q4 2011 100.00 4.03 4.05 27.44
Q1 2012 100.00 4.33 4.35 29.03
Q2 2012 100.00 3.93 4.82 27.50
Q3 2012 100.00 3.75 4.64 28.35
Q4 2012 100.00 3.87 4.74 29.19
Q1 2013 100.00 3.99 4.85 30.77
Q2 2013 100.00 4.51 4.66 30.48
Q3 2013 100.00 3.81 4.75 29.71
Q4 2013 100.00 1.92 4.98 28.71
Q1 2014 100.00 2.02 5.08 30.36
Q2 2014 100.00 2.77 5.69 31.03
Q3 2014 100.00 3.94 6.06 30.57
Q4 2014 100.00 6.45 6.45 31.92
Q1 2015 100.00 6.74 6.89 33.57
Q2 2015 100.00 6.36 6.51 31.99
Q3 2015 100.00 5.91 6.06 30.44
Q4 2015 100.00 6.00 6.15 31.84
Q1 2016 100.00 6.30 6.13 34.16
Q2 2016 100.00 6.10 5.92 33.14
Q3 2016 100.00 6.17 5.99 31.85

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 13.98 13.98 3.04
Q2 2007 15.00 15.00 3.04
Q3 2007 14.33 14.33 3.03
Q4 2007 19.58 19.58 4.17
Q1 2008 14.10 14.10 2.68
Q2 2008 16.06 16.06 2.84
Q3 2008 12.16 12.16 1.97
Q4 2008 7.67 7.67 1.11
Q1 2009 8.93 8.93 1.26
Q2 2009 11.81 11.81 1.57
Q3 2009 12.03 12.03 1.60
Q4 2009 20.23 11.48 1.57
Q1 2010 22.35 11.93 1.45
Q2 2010 19.02 10.10 1.19
Q3 2010 18.30 9.99 1.18
Q4 2010 10.71 10.21 1.12
Q1 2011 8.73 8.37 0.99
Q2 2011 11.29 10.87 1.42
Q3 2011 9.73 9.39 1.27
Q4 2011 8.91 8.88 1.31
Q1 2012 10.71 10.67 1.60
Q2 2012 11.34 9.26 1.62
Q3 2012 11.03 8.93 1.46
Q4 2012 10.32 8.43 1.37
Q1 2013 11.34 9.31 1.47
Q2 2013 12.01 11.64 1.78
Q3 2013 14.64 11.75 1.88
Q4 2013 26.76 10.32 1.79
Q1 2014 32.58 12.95 2.17
Q2 2014 25.35 12.35 2.26
Q3 2014 21.56 14.02 2.78
Q4 2014 12.02 12.02 2.43
Q1 2015 11.19 10.94 2.24
Q2 2015 11.91 11.64 2.37
Q3 2015 9.49 9.26 1.84
Q4 2015 7.93 7.73 1.49
Q1 2016 7.24 7.45 1.34
Q2 2016 8.38 8.63 1.54
Q3 2016 6.22 6.40 1.20

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (net income) Change‬ Q3 2016 (before unusual items) Change‬
Average 88.96 97.17 9.23 % 97.17 9.23 %

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (net income) Change Q3 2016 (before unusual items) Change‬
SFC 97.00 97.17 0.2 % 97.17 0.2 %
AlJazira Capital 102.65 97.17 (5.3) % 97.17 (5.3) %
Value Capital 108.80 97.17 (10.7) % 97.17 (10.7) %
Alistithmar Capital 87.30 97.17 11.3 % 97.17 11.3 %
Al Rajhi Capital 79.00 97.17 23.0 % 97.17 23.0 %
Sico 59.00 97.17 64.7 % 97.17 64.7 %


Financial Ratios
Current
Market Cap (M Riyal) 2,610.00
Enterprise Value (EV) (M) 2,644.62
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 25.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.30
P/E (TTM) 16.30
Price/book 1.02
Return on Average Assets (%) (TTM) 5.1
Return on Average Equity (%) (TTM) 6.2
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Share Price

Arabian Cement Co.
26.05
0.25 0.97 %

Arabian Cement Co. (ACC)

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