Eastern Province Cement net profit drops 26% in 9M 2016

Eastern Province Cement net profit drops 26% in 9M 2016

18/10/2016 Argaam Exclusive

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Eastern Province Cement Co.’s net income declined 26 percent year-on-year to SAR 180 million in the first nine months of 2016. The company attributed the drop to low demand, higher production cost and rise in other expenses. 



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 700.74 625.00 (10.8 %)
Gross Income 299.39 222.07 (25.8 %)
Operating Income 249.84 163.88 (34.4 %)
Net Income 244.44 175.53 (28.2 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 2.84 2.04 (28.2 %)

Profit for the third quarter fell 36 percent to SAR 43 million. Compared to the previous quarter, net income declined 14 percent from SAR 50 million 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 192.12 172.19 (10.4 %)
Gross Income 82.94 60.22 (27.4 %)
Operating Income 67.99 37.80 (44.4 %)
Net Income 66.73 42.03 (37.0 %)
Average Shares 86.00 86.00 -
EPS (Riyals) 0.78 0.49 (37.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 225.28 32.4 % 141.38 34.5 % 132.23 34.4 %
Q2 2007 266.12 32.8 % 164.63 30.7 % 152.88 34.1 %
Q3 2007 213.91 5.4 % 136.66 8.2 % 129.44 10.9 %
Q4 2007 218.64 9.9 % 122.12 6.1 % 114.02 5.9 %
Q1 2008 248.66 10.4 % 149.57 5.8 % 141.40 6.9 %
Q2 2008 234.60 (11.8 %) 143.44 (12.9 %) 134.18 (12.2 %)
Q3 2008 146.60 (31.5 %) 80.02 (41.4 %) 70.18 (45.8 %)
Q4 2008 168.97 (22.7 %) 90.28 (26.1 %) 78.77 (30.9 %)
Q1 2009 193.25 (22.3 %) 106.81 (28.6 %) 97.64 (30.9 %)
Q2 2009 206.64 (11.9 %) 115.51 (19.5 %) 108.53 (19.1 %)
Q3 2009 186.31 27.1 % 107.96 34.9 % 101.51 44.6 %
Q4 2009 192.37 13.8 % 71.85 (20.4 %) 60.31 (23.4 %)
Q1 2010 210.23 8.8 % 105.93 (0.8 %) 95.78 (1.9 %)
Q2 2010 231.56 12.1 % 106.39 (7.9 %) 97.01 (10.6 %)
Q3 2010 171.41 (8.0 %) 80.43 (25.5 %) 73.12 (28.0 %)
Q4 2010 206.26 7.2 % 94.92 32.1 % 84.65 40.4 %
Q1 2011 210.50 0.1 % 98.33 (7.2 %) 86.55 (9.6 %)
Q2 2011 214.92 (7.2 %) 109.21 2.6 % 99.28 2.3 %
Q3 2011 170.72 (0.4 %) 93.80 16.6 % 85.67 17.2 %
Q4 2011 216.43 4.9 % 117.35 23.6 % 105.80 25.0 %
Q1 2012 238.21 13.2 % 123.60 25.7 % 111.14 28.4 %
Q2 2012 212.79 (1.0 %) 108.86 (0.3 %) 99.79 0.5 %
Q3 2012 175.09 2.6 % 89.50 (4.6 %) 80.53 (6.0 %)
Q4 2012 228.79 5.7 % 98.73 (15.9 %) 82.99 (21.6 %)
Q1 2013 237.85 (0.2 %) 114.81 (7.1 %) 103.37 (7.0 %)
Q2 2013 203.39 (4.4 %) 80.49 (26.1 %) 68.59 (31.3 %)
Q3 2013 174.92 (0.1 %) 79.00 (11.7 %) 68.78 (14.6 %)
Q4 2013 212.57 (7.1 %) 74.04 (25.0 %) 57.12 (31.2 %)
Q1 2014 214.60 (9.8 %) 92.28 (19.6 %) 76.21 (26.3 %)
Q2 2014 217.73 7.1 % 94.15 17.0 % 80.60 17.5 %
Q3 2014 193.08 10.4 % 73.56 (6.9 %) 59.37 (13.7 %)
Q4 2014 219.70 3.4 % 92.72 25.2 % 78.20 36.9 %
Q1 2015 254.48 18.6 % 108.33 17.4 % 90.05 18.1 %
Q2 2015 254.15 16.7 % 108.12 14.8 % 91.80 13.9 %
Q3 2015 192.12 (0.5 %) 82.94 12.8 % 67.99 14.5 %
Q4 2015 239.22 8.9 % 94.51 1.9 % 80.36 2.8 %
Q1 2016 245.29 (3.6 %) 95.34 (12.0 %) 75.61 (16.0 %)
Q2 2016 207.53 (18.3 %) 66.52 (38.5 %) 50.47 (45.0 %)
Q3 2016 172.19 (10.4 %) 60.22 (27.4 %) 37.80 (44.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 132.94 32.0 % 1.55 - 132.94 1.55
Q2 2007 162.80 40.9 % 1.89 - 162.80 1.89
Q3 2007 134.24 12.7 % 1.56 - 134.24 1.56
Q4 2007 111.45 1.2 % 1.30 - 111.45 1.30
Q1 2008 155.04 16.6 % 1.80 - 155.04 1.80
Q2 2008 141.66 (13.0 %) 1.65 - 141.66 1.65
Q3 2008 62.75 (53.3 %) 0.73 - 62.75 0.73
Q4 2008 74.79 (32.9 %) 0.87 - 74.79 0.87
Q1 2009 96.96 (37.5 %) 1.13 - 96.96 1.13
Q2 2009 103.09 (27.2 %) 1.20 - 103.09 1.20
Q3 2009 100.60 60.3 % 1.17 - 100.60 1.17
Q4 2009 50.05 (33.1 %) 0.58 - 50.05 0.58
Q1 2010 92.20 (4.9 %) 1.07 - 92.20 1.07
Q2 2010 104.28 1.2 % 1.21 - 104.28 1.21
Q3 2010 63.59 (36.8 %) 0.74 - 63.59 0.74
Q4 2010 82.91 65.6 % 0.96 - 82.91 0.96
Q1 2011 82.55 (10.5 %) 0.96 - 82.55 0.96
Q2 2011 101.05 (3.1 %) 1.17 - 101.05 1.17
Q3 2011 74.71 17.5 % 0.87 - 74.71 0.87
Q4 2011 105.64 27.4 % 1.23 - 105.64 1.23
Q1 2012 104.06 26.1 % 1.21 - 104.06 1.21
Q2 2012 103.18 2.1 % 1.20 - 103.18 1.20
Q3 2012 83.78 12.1 % 0.97 - 83.78 0.97
Q4 2012 95.64 (9.5 %) 1.11 (3.93) 99.57 1.16
Q1 2013 109.45 5.2 % 1.27 - 109.45 1.27
Q2 2013 77.42 (25.0 %) 0.90 - 77.42 0.90
Q3 2013 67.65 (19.2 %) 0.79 - 67.65 0.79
Q4 2013 54.63 (42.9 %) 0.64 - 54.63 0.64
Q1 2014 156.73 43.2 % 1.82 80.70 76.03 0.88
Q2 2014 81.64 5.4 % 0.95 0.00 81.63 0.95
Q3 2014 55.94 (17.3 %) 0.65 - 55.94 0.65
Q4 2014 79.25 45.0 % 0.92 - 79.25 0.92
Q1 2015 84.94 (45.8 %) 0.99 - 84.94 0.99
Q2 2015 92.77 13.6 % 1.08 - 92.77 1.08
Q3 2015 66.73 19.3 % 0.78 - 66.73 0.78
Q4 2015 87.86 10.9 % 1.02 1.83 86.03 1.00
Q1 2016 86.18 1.5 % 1.00 - 86.18 1.00
Q2 2016 47.33 (49.0 %) 0.55 - 47.33 0.55
Q3 2016 42.03 (37.0 %) 0.49 - 42.03 0.49

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 61.46 % 65.51 % 57.72 %
Q2 2007 61.28 % 65.18 % 58.77 %
Q3 2007 61.68 % 65.79 % 59.73 %
Q4 2007 61.13 % 65.28 % 58.60 %
Q1 2008 60.48 % 65.10 % 59.49 %
Q2 2008 60.25 % 65.64 % 59.22 %
Q3 2008 58.36 % 64.23 % 55.50 %
Q4 2008 58.00 % 64.22 % 54.36 %
Q1 2009 56.57 % 61.97 % 50.60 %
Q2 2009 54.88 % 60.94 % 47.18 %
Q3 2009 55.69 % 62.02 % 49.71 %
Q4 2009 51.65 % 57.62 % 45.04 %
Q1 2010 50.44 % 57.67 % 43.48 %
Q2 2010 47.79 % 54.40 % 42.31 %
Q3 2010 45.26 % 52.03 % 38.50 %
Q4 2010 47.31 % 54.30 % 41.85 %
Q1 2011 46.36 % 53.20 % 40.66 %
Q2 2011 47.68 % 55.18 % 41.10 %
Q3 2011 49.38 % 57.07 % 42.53 %
Q4 2011 51.53 % 58.79 % 44.79 %
Q1 2012 52.83 % 59.64 % 45.87 %
Q2 2012 52.93 % 59.02 % 46.25 %
Q3 2012 52.14 % 57.68 % 47.08 %
Q4 2012 49.21 % 54.65 % 45.69 %
Q1 2013 48.20 % 53.88 % 46.34 %
Q2 2013 45.38 % 50.46 % 43.81 %
Q3 2013 44.15 % 49.61 % 41.91 %
Q4 2013 42.03 % 47.15 % 37.31 %
Q1 2014 40.45 % 45.79 % 34.23 %
Q2 2014 41.41 % 48.07 % 34.15 %
Q3 2014 39.86 % 46.57 % 32.01 %
Q4 2014 41.73 % 50.17 % 34.65 %
Q1 2015 41.67 % 49.66 % 34.10 %
Q2 2015 41.54 % 48.96 % 33.96 %
Q3 2015 42.60 % 49.96 % 35.17 %
Q4 2015 41.91 % 48.80 % 35.16 %
Q1 2016 40.92 % 47.21 % 35.64 %
Q2 2016 38.38 % 45.38 % 32.38 %
Q3 2016 36.63 % 43.53 % 30.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 86.00 5.56 5.56 18.80
Q2 2007 86.00 6.10 6.10 20.77
Q3 2007 86.00 6.28 6.28 22.45
Q4 2007 86.00 6.30 6.30 24.58
Q1 2008 86.00 6.55 6.55 19.92
Q2 2008 86.00 6.31 6.31 21.96
Q3 2008 86.00 5.48 5.48 21.83
Q4 2008 86.00 5.05 5.05 21.79
Q1 2009 86.00 4.37 4.37 20.05
Q2 2009 86.00 3.93 3.93 21.67
Q3 2009 86.00 4.37 4.37 23.10
Q4 2009 86.00 4.08 4.08 23.58
Q1 2010 86.00 4.02 4.02 21.66
Q2 2010 86.00 4.04 4.04 22.59
Q3 2010 86.00 3.61 3.61 23.40
Q4 2010 86.00 3.99 3.99 24.55
Q1 2011 86.00 3.88 3.88 22.10
Q2 2011 86.00 3.84 3.84 23.27
Q3 2011 86.00 3.97 3.97 23.91
Q4 2011 86.00 4.23 4.23 25.09
Q1 2012 86.00 4.48 4.48 23.16
Q2 2012 86.00 4.51 4.51 24.09
Q3 2012 86.00 4.61 4.61 25.22
Q4 2012 86.00 4.50 4.54 26.35
Q1 2013 86.00 4.56 4.60 23.66
Q2 2013 86.00 4.26 4.30 24.74
Q3 2013 86.00 4.07 4.12 25.56
Q4 2013 86.00 3.59 3.59 26.55
Q1 2014 86.00 4.14 3.21 24.03
Q2 2014 86.00 4.19 3.26 25.04
Q3 2014 86.00 4.06 3.12 25.79
Q4 2014 86.00 4.34 3.41 26.29
Q1 2015 86.00 3.51 3.51 24.72
Q2 2015 86.00 3.64 3.64 25.89
Q3 2015 86.00 3.76 3.76 26.43
Q4 2015 86.00 3.86 3.84 27.35
Q1 2016 86.00 3.88 3.86 25.81
Q2 2016 86.00 3.35 3.33 26.42
Q3 2016 86.00 3.06 3.04 26.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 11.57 11.57 3.42
Q2 2007 11.30 11.30 3.32
Q3 2007 12.10 12.10 3.39
Q4 2007 14.14 14.14 3.62
Q1 2008 12.67 12.67 4.17
Q2 2008 12.57 12.57 3.61
Q3 2008 11.19 11.19 2.81
Q4 2008 7.92 7.92 1.84
Q1 2009 9.76 9.76 2.13
Q2 2009 11.31 11.31 2.05
Q3 2009 10.45 10.45 1.97
Q4 2009 12.21 12.21 2.11
Q1 2010 12.43 12.43 2.31
Q2 2010 10.70 10.70 1.91
Q3 2010 12.45 12.45 1.92
Q4 2010 11.36 11.36 1.85
Q1 2011 12.05 12.05 2.11
Q2 2011 12.90 12.90 2.13
Q3 2011 12.07 12.07 2.00
Q4 2011 13.11 13.11 2.21
Q1 2012 13.16 13.16 2.55
Q2 2012 11.76 11.76 2.20
Q3 2012 11.27 11.27 2.06
Q4 2012 12.79 12.66 2.18
Q1 2013 12.34 12.22 2.38
Q2 2013 13.79 13.65 2.37
Q3 2013 14.12 13.97 2.25
Q4 2013 16.55 16.55 2.24
Q1 2014 13.87 17.93 2.39
Q2 2014 14.37 18.51 2.41
Q3 2014 15.63 20.33 2.46
Q4 2014 12.74 16.25 2.10
Q1 2015 15.71 15.71 2.23
Q2 2015 12.66 12.66 1.78
Q3 2015 9.94 9.94 1.42
Q4 2015 8.21 8.25 1.16
Q1 2016 8.00 8.05 1.20
Q2 2016 8.97 9.02 1.14
Q3 2016 8.29 8.35 0.94

Business Segments (Million)

Compared With The
Period Cement Ready-mixed Concrete Construction support business
Q3 2012 175.08 - -
Q4 2012 152.98 33.66 42.16
Q1 2013 216.34 16.81 4.70
Q2 2013 186.01 12.24 5.14
Q3 2013 155.15 18.27 1.49
Q4 2013 192.22 19.89 0.46
Q1 2014 195.12 2.88 16.61
Q2 2014 196.02 30.34 -
Q3 2014 145.32 43.77 3.99
Q4 2014 188.96 41.70 -
Q1 2015 204.72 48.51 1.25
Q2 2015 195.96 57.46 0.73
Q3 2015 141.41 49.49 1.22
Q4 2015 195.22 41.42 2.58
Q1 2016 191.97 53.32 -
Q2 2016 153.40 54.13 -
Q3 2016 103.72 68.46 -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 46.02 42.03 (8.7 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
SNB Capital 43.00 42.03 (2.3) %
AlJazira Capital 43.98 42.03 (4.4) %
SFC 48.00 42.03 (12.4) %
Value Capital 49.10 42.03 (14.4) %


Financial Ratios
Current
Market Cap (M Riyal) 2,868.10
Enterprise Value (EV) (M) 2,646.30
Shares Outstanding ((M)) 86.00
EPS ( Riyal) (TTM) 2.55
Book Value (BV) ( Riyal) 28.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.40
P/E (TTM) 13.07
Price/book 1.18
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 9.2
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Share Price

Eastern Province Cement Co.
33.35
(0.05) (0.15 %)

Eastern Province Cement Co. (EPCCO)

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