Southern Cement’s 2014 net profit up 4% to SAR 1045 mln

Southern Cement’s 2014 net profit up 4% to SAR 1045 mln

20/01/2015 Argaam Exclusive

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Southern Province Cement Company, the second largest Saudi cement company, reported 2014 net profit of SAR 1045 million, a four percent increase compared to the last year.



Financials (M)

Item 2013 2014 Change‬
Revenues 1,775.14 1,878.35 5.8 %
Gross Income 1,012.85 995.14 (1.7 %)
Operating Income 973.33 948.44 (2.6 %)
Net Income 1,006.09 1,045.42 3.9 %
Average Shares 140.00 140.00 -
EPS (Riyals) 7.19 7.47 3.9 %

A net profit of SAR 245 million was reported for Q4-2014 compared to SAR 285 million for Q3.

 

The company attributed 2014’s net profit increase, compared to the last year, to the increase of sales and other revenue as a result of selling the company’s stake in Taqa Company despite the increase of the cost of sales and G&A expenses.

 

Q4-2014’s net profit decline, compared to the same period last year was attributed to the decline of miscellaneous revenue in 2014 as the company obtained governmental subsidy for imported clinker in the comparative quarter of 2013, despite the increase of sales.

 

The decline of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to the decline of other revenue as a result of selling the company’s stake in Taqa Company despite the increase of sales.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 411.34 488.51 18.8 %
Gross Income 220.73 264.49 19.8 %
Operating Income 216.98 251.88 16.1 %
Net Income 253.52 245.30 (3.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.81 1.75 (3.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 259.19 - 159.98 21.7 % 151.74 23.1 %
Q2 2005 265.82 - 173.40 6.6 % 167.71 7.3 %
Q3 2005 266.77 - 171.30 4.5 % 164.80 4.2 %
Q4 2005 231.94 - 138.47 21.1 % 132.35 -
Q1 2006 253.78 (2.1 %) 155.37 (2.9 %) 147.93 (2.5 %)
Q2 2006 266.66 0.3 % 165.49 (4.6 %) 159.83 (4.7 %)
Q3 2006 267.42 0.2 % 165.86 (3.2 %) 161.00 (2.3 %)
Q4 2006 238.41 2.8 % 146.03 5.5 % 140.58 6.2 %
Q1 2007 272.27 7.3 % 164.43 5.8 % 155.58 5.2 %
Q2 2007 303.43 13.8 % 190.90 15.4 % 183.99 15.1 %
Q3 2007 310.90 16.3 % 205.97 24.2 % 200.78 24.7 %
Q4 2007 268.32 12.5 % 160.25 9.7 % 150.83 7.3 %
Q1 2008 376.54 38.3 % 242.78 47.6 % 236.11 51.8 %
Q2 2008 376.55 24.1 % 227.67 19.3 % 219.21 19.1 %
Q3 2008 288.56 (7.2 %) 163.16 (20.8 %) 154.45 (23.1 %)
Q4 2008 256.26 (4.5 %) 123.10 (23.2 %) 111.16 (26.3 %)
Q1 2009 362.12 (3.8 %) 213.85 (11.9 %) 204.33 (13.5 %)
Q2 2009 361.61 (4.0 %) 215.32 (5.4 %) 207.45 (5.4 %)
Q3 2009 289.73 0.4 % 155.02 (5.0 %) 146.33 (5.3 %)
Q4 2009 304.92 19.0 % 182.92 48.6 % 174.67 57.1 %
Q1 2010 353.22 (2.5 %) 205.63 (3.8 %) 193.97 (5.1 %)
Q2 2010 358.99 (0.7 %) 191.61 (11.0 %) 183.06 (11.8 %)
Q3 2010 276.99 (4.4 %) 132.67 (14.4 %) 123.74 (15.4 %)
Q4 2010 319.92 4.9 % 179.63 (1.8 %) 170.60 (2.3 %)
Q1 2011 436.85 23.7 % 241.21 17.3 % 229.72 18.4 %
Q2 2011 444.37 23.8 % 251.72 31.4 % 239.32 30.7 %
Q3 2011 355.11 28.2 % 197.22 48.6 % 184.88 49.4 %
Q4 2011 454.74 42.1 % 266.85 48.6 % 254.38 49.1 %
Q1 2012 497.81 14.0 % 300.74 24.7 % 288.08 25.4 %
Q2 2012 474.15 6.7 % 269.36 7.0 % 261.23 9.2 %
Q3 2012 354.18 (0.3 %) 205.74 4.3 % 197.32 6.7 %
Q4 2012 479.13 5.4 % 275.07 3.1 % 261.33 2.7 %
Q1 2013 486.72 (2.2 %) 283.22 (5.8 %) 272.86 (5.3 %)
Q2 2013 508.93 7.3 % 308.04 14.4 % 295.22 13.0 %
Q3 2013 368.15 3.9 % 200.86 (2.4 %) 188.27 (4.6 %)
Q4 2013 411.34 (14.1 %) 220.73 (19.8 %) 216.98 (17.0 %)
Q1 2014 495.41 1.8 % 239.68 (15.4 %) 225.44 (17.4 %)
Q2 2014 516.76 1.5 % 304.39 (1.2 %) 296.01 0.3 %
Q3 2014 377.67 2.6 % 186.58 (7.1 %) 175.11 (7.0 %)
Q4 2014 488.51 18.8 % 264.49 19.8 % 251.88 16.1 %
2014 1,878.35 5.8 % 995.14 (1.7 %) 948.44 (2.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 153.50 23.9 % 1.10 - 153.50 1.10
Q2 2005 169.59 6.5 % 1.21 - 169.59 1.21
Q3 2005 167.09 7.2 % 1.19 - 167.09 1.19
Q4 2005 124.79 27266.9 % 0.89 - 124.79 0.89
Q1 2006 155.49 1.3 % 1.11 - 155.49 1.11
Q2 2006 167.69 (1.1 %) 1.20 - 167.69 1.20
Q3 2006 164.97 (1.3 %) 1.18 - 164.97 1.18
Q4 2006 136.08 9.0 % 0.97 - 136.08 0.97
Q1 2007 158.91 2.2 % 1.14 - 158.91 1.14
Q2 2007 192.53 14.8 % 1.38 - 192.53 1.38
Q3 2007 197.61 19.8 % 1.41 - 197.61 1.41
Q4 2007 154.84 13.8 % 1.11 - 154.84 1.11
Q1 2008 234.64 47.7 % 1.68 - 234.64 1.68
Q2 2008 230.49 19.7 % 1.65 - 230.49 1.65
Q3 2008 149.40 (24.4 %) 1.07 - 149.40 1.07
Q4 2008 176.54 14.0 % 1.26 - 176.54 1.26
Q1 2009 200.17 (14.7 %) 1.43 - 200.17 1.43
Q2 2009 212.15 (8.0 %) 1.52 - 212.15 1.52
Q3 2009 140.56 (5.9 %) 1.00 - 140.56 1.00
Q4 2009 180.71 2.4 % 1.29 - 180.71 1.29
Q1 2010 189.63 (5.3 %) 1.35 - 189.63 1.35
Q2 2010 185.18 (12.7 %) 1.32 - 185.18 1.32
Q3 2010 118.90 (15.4 %) 0.85 - 118.90 0.85
Q4 2010 164.80 (8.8 %) 1.18 - 164.80 1.18
Q1 2011 225.88 19.1 % 1.61 - 225.88 1.61
Q2 2011 239.08 29.1 % 1.71 - 239.08 1.71
Q3 2011 179.78 51.2 % 1.28 - 179.78 1.28
Q4 2011 251.00 52.3 % 1.79 - 251.00 1.79
Q1 2012 284.33 25.9 % 2.03 - 284.33 2.03
Q2 2012 261.73 9.5 % 1.87 - 261.73 1.87
Q3 2012 200.39 11.5 % 1.43 - 200.39 1.43
Q4 2012 253.76 1.1 % 1.81 - 253.76 1.81
Q1 2013 268.75 (5.5 %) 1.92 - 268.75 1.92
Q2 2013 297.21 13.6 % 2.12 - 297.21 2.12
Q3 2013 186.61 (6.9 %) 1.33 - 186.61 1.33
Q4 2013 253.52 (0.1 %) 1.81 40.70 212.82 1.52
Q1 2014 221.01 (17.8 %) 1.58 - 221.01 1.58
Q2 2014 294.20 (1.0 %) 2.10 - 294.20 2.10
Q3 2014 284.92 52.7 % 2.04 112.50 172.42 1.23
Q4 2014 245.30 (3.2 %) 1.75 - 245.30 1.75
2014 1,045.42 3.9 % 7.47 112.50 932.92 6.66

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 62.82 % 67.44 % 60.07 %
Q1 2006 62.70 % 67.41 % 60.59 %
Q2 2006 61.88 % 66.56 % 60.35 %
Q3 2006 61.30 % 66.13 % 60.10 %
Q4 2006 61.65 % 67.01 % 60.82 %
Q1 2007 61.43 % 66.45 % 60.08 %
Q2 2007 61.69 % 66.32 % 60.33 %
Q3 2007 62.87 % 67.18 % 60.90 %
Q4 2007 62.48 % 66.39 % 60.95 %
Q1 2008 63.52 % 69.96 % 61.91 %
Q2 2008 62.80 % 69.76 % 61.36 %
Q3 2008 60.60 % 68.19 % 58.73 %
Q4 2008 58.30 % 66.56 % 60.95 %
Q1 2009 56.70 % 63.26 % 58.95 %
Q2 2009 56.40 % 63.11 % 58.20 %
Q3 2009 55.71 % 62.71 % 57.45 %
Q4 2009 58.19 % 65.18 % 55.64 %
Q1 2010 57.95 % 64.98 % 55.22 %
Q2 2010 56.26 % 63.50 % 53.26 %
Q3 2010 55.08 % 62.54 % 52.11 %
Q4 2010 54.20 % 61.48 % 50.30 %
Q1 2011 53.50 % 60.47 % 49.88 %
Q2 2011 54.48 % 60.78 % 50.65 %
Q3 2011 55.89 % 61.76 % 52.02 %
Q4 2011 56.59 % 61.87 % 52.97 %
Q1 2012 58.02 % 63.18 % 54.46 %
Q2 2012 58.04 % 63.75 % 54.82 %
Q3 2012 58.55 % 64.52 % 56.01 %
Q4 2012 58.21 % 63.56 % 55.40 %
Q1 2013 57.60 % 63.07 % 54.88 %
Q2 2013 58.62 % 63.43 % 55.78 %
Q3 2013 57.91 % 63.39 % 54.60 %
Q4 2013 57.06 % 62.96 % 54.38 %
Q1 2014 54.34 % 60.22 % 51.44 %
Q2 2014 53.90 % 60.32 % 51.05 %
Q3 2014 52.82 % 58.65 % 49.99 %
Q4 2014 52.98 % 59.17 % 49.67 %
2014 52.98 % 59.17 % 49.67 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 140.00 3.35 3.35 12.55
Q2 2005 140.00 3.42 3.42 13.76
Q3 2005 140.00 3.50 3.50 13.16
Q4 2005 140.00 4.39 4.39 14.09
Q1 2006 140.00 4.41 4.41 14.45
Q2 2006 140.00 4.39 4.39 13.65
Q3 2006 140.00 4.38 4.38 14.83
Q4 2006 140.00 4.46 4.46 15.72
Q1 2007 140.00 4.48 4.48 14.85
Q2 2007 140.00 4.66 4.66 16.23
Q3 2007 140.00 4.89 4.89 15.64
Q4 2007 140.00 5.03 5.03 16.75
Q1 2008 140.00 5.57 5.57 15.92
Q2 2008 140.00 5.84 5.84 17.57
Q3 2008 140.00 5.50 5.50 15.64
Q4 2008 140.00 5.65 5.65 16.85
Q1 2009 140.00 5.40 5.40 16.28
Q2 2009 140.00 5.27 5.27 17.80
Q3 2009 140.00 5.21 5.21 16.30
Q4 2009 140.00 5.24 5.24 17.58
Q1 2010 140.00 5.16 5.16 16.44
Q2 2010 140.00 4.97 4.97 17.76
Q3 2010 140.00 4.82 4.82 16.61
Q4 2010 140.00 4.70 4.70 17.77
Q1 2011 140.00 4.96 4.96 16.88
Q2 2011 140.00 5.35 5.35 18.59
Q3 2011 140.00 5.78 5.78 17.13
Q4 2011 140.00 6.40 6.40 18.91
Q1 2012 140.00 6.82 6.82 17.44
Q2 2012 140.00 6.98 6.98 19.31
Q3 2012 140.00 7.12 7.12 17.74
Q4 2012 140.00 7.14 7.14 19.55
Q1 2013 140.00 7.03 7.03 17.47
Q2 2013 140.00 7.29 7.29 19.60
Q3 2013 140.00 7.19 7.19 17.93
Q4 2013 140.00 7.19 6.90 19.73
Q1 2014 140.00 6.85 6.55 17.31
Q2 2014 140.00 6.82 6.53 19.41
Q3 2014 140.00 7.53 6.43 19.45
Q4 2014 140.00 7.47 6.66 21.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 23.19 23.19 6.19
Q2 2005 35.39 35.39 8.81
Q3 2005 32.23 32.23 8.59
Q4 2005 26.74 26.74 8.34
Q1 2006 28.39 28.39 8.66
Q2 2006 24.64 24.64 7.93
Q3 2006 20.56 20.56 6.07
Q4 2006 16.43 16.43 4.66
Q1 2007 14.55 14.55 4.39
Q2 2007 14.70 14.70 4.22
Q3 2007 15.43 15.43 4.83
Q4 2007 17.35 17.35 5.21
Q1 2008 13.11 13.11 4.58
Q2 2008 13.01 13.01 4.33
Q3 2008 12.10 12.10 4.25
Q4 2008 8.25 8.25 2.76
Q1 2009 10.69 10.69 3.55
Q2 2009 11.66 11.66 3.46
Q3 2009 12.38 12.38 3.96
Q4 2009 12.79 12.79 3.81
Q1 2010 13.65 13.65 4.29
Q2 2010 13.68 13.68 3.83
Q3 2010 13.91 13.91 4.03
Q4 2010 13.02 13.02 3.45
Q1 2011 12.24 12.24 3.60
Q2 2011 14.31 14.31 4.11
Q3 2011 12.67 12.67 4.28
Q4 2011 13.44 13.44 4.55
Q1 2012 13.50 13.50 5.27
Q2 2012 14.26 14.26 5.15
Q3 2012 13.86 13.86 5.57
Q4 2012 14.00 14.00 5.12
Q1 2013 14.29 14.29 5.75
Q2 2013 14.27 14.27 5.31
Q3 2013 14.85 14.85 5.95
Q4 2013 15.34 15.99 5.59
Q1 2014 16.32 17.05 6.46
Q2 2014 17.00 17.76 5.98
Q3 2014 15.11 17.68 5.85
Q4 2014 14.65 16.41 5.17

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 245.40 245.30 0.0 %

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
Alistithmar Capital 241.50 245.30 1.6 %
Riyad Capital 238.00 245.30 3.1 %
OSOOL AND BAKHEET 256.70 245.30 (4.4) %


Financial Ratios
Current
Market Cap (M Riyal) 4,641.00
Enterprise Value (EV) (M) 4,850.68
Shares Outstanding ((M)) 140.00
EPS ( Riyal) (TTM) 1.57
Book Value (BV) ( Riyal) 23.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.93
P/E (TTM) 21.16
Price/book 1.42
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 6.8
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Share Price

Southern Province Cement Co.
33.15
(0.35) (1.04 %)

Southern Province Cement Co. (SPCC)

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