Qassim Cement’s net profit slumps 42% in 9M 2017

Qassim Cement’s net profit slumps 42% in 9M 2017

15/10/2017 Argaam Exclusive

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Qassim Cement Co. reported a net profit of SAR 184.6 million for the first nine months of 2017, a 41.8 percent year-on-year (YoY) drop due to lower sales value and volume driven by lower selling prices and weak cement demand.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 666.72 456.97 (31.5 %)
Gross Income 352.55 197.95 (43.9 %)
Operating Income 330.87 176.97 (46.5 %)
Net Income 317.15 184.60 (41.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 3.52 2.05 (41.8 %)

Net profit in the third quarter fell 26.2 percent YoY to SAR 51.2 million on lower sales value due to a decline in average selling prices. This was despite an increase in sales volume and other income.

 

Net profit in Q3 dropped around 3.7 percent quarter-on-quarter on weak demand.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 171.21 130.75 (23.6 %)
Gross Income 84.83 53.34 (37.1 %)
Operating Income 77.87 47.03 (39.6 %)
Net Income 69.45 51.24 (26.2 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.77 0.57 (26.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 242.77 73.4 % 157.81 73.7 % 152.35 73.6 %
Q2 2008 232.27 8.7 % 152.03 4.0 % 148.10 4.4 %
Q3 2008 179.78 (28.7 %) 117.27 (27.2 %) 112.95 (26.6 %)
Q4 2008 165.39 (31.5 %) 98.92 (37.9 %) 90.72 (41.2 %)
Q1 2009 242.51 (0.1 %) 151.84 (3.8 %) 146.52 (3.8 %)
Q2 2009 279.83 20.5 % 159.54 4.9 % 153.22 3.5 %
Q3 2009 226.80 26.2 % 136.92 16.8 % 131.90 16.8 %
Q4 2009 237.41 43.5 % 120.93 22.2 % 102.97 13.5 %
Q1 2010 272.46 12.3 % 156.79 3.3 % 147.46 0.6 %
Q2 2010 255.54 (8.7 %) 149.52 (6.3 %) 141.07 (7.9 %)
Q3 2010 199.22 (12.2 %) 114.97 (16.0 %) 106.57 (19.2 %)
Q4 2010 241.21 1.6 % 135.48 12.0 % 123.52 20.0 %
Q1 2011 275.44 1.1 % 162.70 3.8 % 151.69 2.9 %
Q2 2011 275.59 7.8 % 154.91 3.6 % 145.60 3.2 %
Q3 2011 213.36 7.1 % 126.27 9.8 % 118.45 11.1 %
Q4 2011 270.40 12.1 % 165.37 22.1 % 156.02 26.3 %
Q1 2012 287.79 4.5 % 170.62 4.9 % 162.20 6.9 %
Q2 2012 286.18 3.8 % 161.55 4.3 % 153.33 5.3 %
Q3 2012 212.89 (0.2 %) 121.15 (4.1 %) 113.25 (4.4 %)
Q4 2012 261.05 (3.5 %) 160.62 (2.9 %) 150.97 (3.2 %)
Q1 2013 290.78 1.0 % 182.58 7.0 % 174.21 7.4 %
Q2 2013 300.74 5.1 % 181.24 12.2 % 173.41 13.1 %
Q3 2013 218.10 2.4 % 133.28 10.0 % 120.12 6.1 %
Q4 2013 240.98 (7.7 %) 146.91 (8.5 %) 138.52 (8.2 %)
Q1 2014 272.87 (6.2 %) 169.75 (7.0 %) 161.74 (7.2 %)
Q2 2014 270.13 (10.2 %) 171.25 (5.5 %) 163.59 (5.7 %)
Q3 2014 189.86 (12.9 %) 116.64 (12.5 %) 109.09 (9.2 %)
Q4 2014 252.84 4.9 % 157.71 7.3 % 141.11 1.9 %
Q1 2015 282.48 3.5 % 176.49 4.0 % 167.00 3.3 %
Q2 2015 264.15 (2.2 %) 167.76 (2.0 %) 161.84 (1.1 %)
Q3 2015 210.47 10.9 % 126.42 8.4 % 120.20 10.2 %
Q4 2015 266.80 5.5 % 159.02 0.8 % 152.35 8.0 %
Q1 2016 275.49 (2.5 %) 146.83 (16.8 %) 139.24 (16.6 %)
Q2 2016 220.02 (16.7 %) 120.90 (27.9 %) 113.76 (29.7 %)
Q3 2016 171.21 (18.7 %) 84.83 (32.9 %) 77.87 (35.2 %)
Q4 2016 185.33 (30.5 %) 96.44 (39.3 %) 86.21 (43.4 %)
Q1 2017 191.12 (30.6 %) 88.18 (39.9 %) 80.93 (41.9 %)
Q2 2017 135.10 (38.6 %) 56.43 (53.3 %) 49.01 (56.9 %)
Q3 2017 130.75 (23.6 %) 53.34 (37.1 %) 47.03 (39.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 160.24 77.7 % 1.78 - 160.24 1.78
Q2 2008 151.93 2.6 % 1.69 - 151.93 1.69
Q3 2008 113.49 (26.3 %) 1.26 - 113.49 1.26
Q4 2008 91.09 (38.6 %) 1.01 (7.93) 99.02 1.10
Q1 2009 151.53 (5.4 %) 1.68 - 151.53 1.68
Q2 2009 148.22 (2.4 %) 1.65 - 148.22 1.65
Q3 2009 128.77 13.5 % 1.43 - 128.77 1.43
Q4 2009 173.48 90.4 % 1.93 89.40 84.08 0.93
Q1 2010 145.23 (4.2 %) 1.61 - 145.23 1.61
Q2 2010 135.76 (8.4 %) 1.51 - 135.76 1.51
Q3 2010 107.09 (16.8 %) 1.19 - 107.09 1.19
Q4 2010 112.48 (35.2 %) 1.25 - 112.48 1.25
Q1 2011 147.18 1.3 % 1.64 - 147.18 1.64
Q2 2011 144.65 6.5 % 1.61 - 144.65 1.61
Q3 2011 114.97 7.4 % 1.28 - 114.97 1.28
Q4 2011 146.10 29.9 % 1.62 - 146.10 1.62
Q1 2012 158.44 7.7 % 1.76 - 158.44 1.76
Q2 2012 148.98 3.0 % 1.66 - 148.98 1.66
Q3 2012 110.51 (3.9 %) 1.23 - 110.51 1.23
Q4 2012 143.03 (2.1 %) 1.59 - 143.03 1.59
Q1 2013 168.46 6.3 % 1.87 - 168.46 1.87
Q2 2013 165.93 11.4 % 1.84 - 165.93 1.84
Q3 2013 114.70 3.8 % 1.27 0.46 114.24 1.27
Q4 2013 135.31 (5.4 %) 1.50 0.67 134.64 1.50
Q1 2014 159.05 (5.6 %) 1.77 2.51 156.54 1.74
Q2 2014 161.11 (2.9 %) 1.79 3.32 157.79 1.75
Q3 2014 109.03 (4.9 %) 1.21 2.41 106.62 1.18
Q4 2014 134.23 (0.8 %) 1.49 1.56 132.67 1.47
Q1 2015 162.71 2.3 % 1.81 - 162.71 1.81
Q2 2015 168.08 4.3 % 1.87 7.60 160.49 1.78
Q3 2015 115.12 5.6 % 1.28 - 115.12 1.28
Q4 2015 140.53 4.7 % 1.56 - 140.53 1.56
Q1 2016 133.80 (17.8 %) 1.49 - 133.80 1.49
Q2 2016 113.90 (32.2 %) 1.27 - 113.90 1.27
Q3 2016 69.45 (39.7 %) 0.77 - 69.45 0.77
Q4 2016 87.92 (37.4 %) 0.98 - 87.92 0.98
Q1 2017 80.16 (40.1 %) 0.89 - 80.16 0.89
Q2 2017 53.20 (53.3 %) 0.59 - 53.20 0.59
Q3 2017 51.24 (26.2 %) 0.57 - 51.24 0.57

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 65.74 % 71.12 % 63.27 %
Q2 2008 65.08 % 70.67 % 62.46 %
Q3 2008 65.44 % 71.78 % 62.97 %
Q4 2008 64.13 % 71.94 % 63.97 %
Q1 2009 63.43 % 71.50 % 62.93 %
Q2 2009 60.81 % 68.50 % 59.05 %
Q3 2009 59.84 % 67.36 % 57.68 %
Q4 2009 57.70 % 63.03 % 51.96 %
Q1 2010 56.49 % 61.39 % 49.81 %
Q2 2010 56.86 % 61.74 % 49.77 %
Q3 2010 56.21 % 60.94 % 48.95 %
Q4 2010 57.49 % 62.69 % 51.69 %
Q1 2011 57.92 % 62.85 % 51.73 %
Q2 2011 57.30 % 62.02 % 51.58 %
Q3 2011 57.61 % 62.28 % 51.64 %
Q4 2011 58.88 % 63.65 % 53.43 %
Q1 2012 58.94 % 63.89 % 53.88 %
Q2 2012 58.98 % 63.93 % 53.75 %
Q3 2012 58.52 % 63.44 % 53.35 %
Q4 2012 58.59 % 63.56 % 53.53 %
Q1 2013 59.56 % 64.48 % 54.33 %
Q2 2013 60.59 % 65.49 % 55.18 %
Q3 2013 61.43 % 65.84 % 55.26 %
Q4 2013 61.30 % 65.93 % 55.52 %
Q1 2014 61.12 % 65.81 % 55.33 %
Q2 2014 61.99 % 66.79 % 56.20 %
Q3 2014 62.08 % 67.53 % 57.05 %
Q4 2014 62.43 % 66.86 % 56.17 %
Q1 2015 62.50 % 66.72 % 56.24 %
Q2 2015 62.53 % 66.60 % 56.86 %
Q3 2015 62.22 % 66.16 % 56.54 %
Q4 2015 61.50 % 66.18 % 56.53 %
Q1 2016 59.00 % 63.77 % 54.08 %
Q2 2016 56.86 % 61.87 % 51.74 %
Q3 2016 54.80 % 59.80 % 49.03 %
Q4 2016 52.70 % 57.51 % 47.54 %
Q1 2017 50.85 % 55.97 % 45.78 %
Q2 2017 47.73 % 53.17 % 42.58 %
Q3 2017 45.83 % 51.68 % 42.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 90.00 6.78 6.68 16.69
Q2 2008 90.00 6.83 6.72 18.38
Q3 2008 90.00 6.38 6.27 18.14
Q4 2008 90.00 5.74 5.83 19.15
Q1 2009 90.00 5.64 5.73 20.83
Q2 2009 90.00 5.60 5.69 19.97
Q3 2009 90.00 5.77 5.86 18.40
Q4 2009 90.00 6.69 5.70 20.32
Q1 2010 90.00 6.62 5.63 18.92
Q2 2010 90.00 6.48 5.49 20.43
Q3 2010 90.00 6.24 5.25 19.37
Q4 2010 90.00 5.56 5.56 20.62
Q1 2011 90.00 5.58 5.58 19.49
Q2 2011 90.00 5.68 5.68 21.09
Q3 2011 90.00 5.77 5.77 20.12
Q4 2011 90.00 6.14 6.14 21.74
Q1 2012 90.00 6.27 6.27 19.99
Q2 2012 90.00 6.32 6.32 21.64
Q3 2012 90.00 6.27 6.27 20.37
Q4 2012 90.00 6.23 6.23 21.96
Q1 2013 90.00 6.34 6.34 20.31
Q2 2013 90.00 6.53 6.53 22.15
Q3 2013 90.00 6.58 6.57 20.68
Q4 2013 90.00 6.49 6.48 22.19
Q1 2014 90.00 6.39 6.35 20.44
Q2 2014 90.00 6.34 6.26 22.22
Q3 2014 90.00 6.27 6.17 20.43
Q4 2014 90.00 6.26 6.15 21.93
Q1 2015 90.00 6.30 6.22 20.72
Q2 2015 90.00 6.38 6.25 21.09
Q3 2015 90.00 6.45 6.34 20.87
Q4 2015 90.00 6.52 6.43 20.93
Q1 2016 90.00 6.19 6.11 20.42
Q2 2016 90.00 5.59 5.59 18.92
Q3 2016 90.00 5.09 5.09 19.69
Q4 2016 90.00 4.50 4.50 19.68
Q1 2017 90.00 3.90 3.90 19.57
Q2 2017 90.00 3.23 3.23 19.32
Q3 2017 90.00 3.03 3.03 19.23

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 14.12 14.35 5.74
Q2 2008 14.28 14.51 5.31
Q3 2008 10.98 11.17 3.86
Q4 2008 8.64 8.51 2.59
Q1 2009 9.25 9.11 2.51
Q2 2009 12.82 12.63 3.60
Q3 2009 14.68 14.46 4.61
Q4 2009 12.76 14.99 4.20
Q1 2010 13.83 16.27 4.84
Q2 2010 13.41 15.84 4.25
Q3 2010 12.85 15.28 4.14
Q4 2010 13.75 13.75 3.71
Q1 2011 13.26 13.26 3.80
Q2 2011 15.30 15.30 4.12
Q3 2011 14.53 14.53 4.17
Q4 2011 14.55 14.55 4.11
Q1 2012 15.53 15.53 4.87
Q2 2012 15.17 15.17 4.43
Q3 2012 14.90 14.90 4.58
Q4 2012 15.87 15.87 4.50
Q1 2013 15.15 15.15 4.73
Q2 2013 15.47 15.47 4.56
Q3 2013 15.64 15.65 4.97
Q4 2013 16.93 16.96 4.95
Q1 2014 17.40 17.51 5.44
Q2 2014 19.26 19.49 5.49
Q3 2014 20.07 20.40 6.16
Q4 2014 17.49 17.80 4.99
Q1 2015 17.94 18.18 5.46
Q2 2015 18.33 18.71 5.54
Q3 2015 15.53 15.78 4.80
Q4 2015 13.21 13.38 4.11
Q1 2016 12.19 12.36 3.70
Q2 2016 14.31 14.31 4.23
Q3 2016 13.04 13.04 3.37
Q4 2016 18.35 18.35 4.20
Q1 2017 15.94 15.94 3.18
Q2 2017 18.99 18.99 3.18
Q3 2017 17.93 17.93 2.82

Business Segments (Million)

Compared With The
Period Cement Ready mixed concrete
Q3 2012 202.97 9.92
Q4 2012 248.60 12.46
Q1 2013 275.43 15.35
Q2 2013 284.96 15.78
Q3 2013 207.91 10.19
Q4 2013 228.09 12.89
Q1 2014 256.58 16.29
Q2 2014 256.32 13.81
Q3 2014 180.85 9.01
Q4 2014 239.95 12.88
Q1 2015 268.19 14.29

Analysts Estimates (Million)

Item Q3 2017 (e) Q3 2017 (a) Change‬
Average 49.77 51.24 2.95 %

Estimates vs Actual (Million)

Item Q3 2017 (e) Q3 2017 (a) Change
Alistithmar Capital 51.54 51.24 (0.6) %
Al Rajhi Capital 52.00 51.24 (1.5) %
SNB Capital 52.00 51.24 (1.5) %
Riyad Capital 50.00 51.24 2.5 %
Sico 48.00 51.24 6.7 %
OSOOL AND BAKHEET 47.90 51.24 7.0 %
Value Capital 56.30 51.24 (9.0) %
AlJazira Capital 40.40 51.24 26.8 %


Financial Ratios
Current
Market Cap (M Riyal) 5,959.13
Enterprise Value (EV) (M) 5,390.45
Shares Outstanding ((M)) 110.56
EPS ( Riyal) (TTM) 2.47
Book Value (BV) ( Riyal) 24.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.46
P/E (TTM) 22.88
Price/book 2.17
Return on Average Assets (%) (TTM) 10.6
Return on Average Equity (%) (TTM) 12.0
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Share Price

Qassim Cement Co.
53.90
0.20 0.37 %

Qassim Cement Co. (QACCO)

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