Southern Province Cement profit drops 2% in 9M 2016 on low demand

Southern Province Cement profit drops 2% in 9M 2016 on low demand

17/10/2016 Argaam Exclusive

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Southern Province Cement Co.’s profit dropped 2 percent year-on-year to SAR 724 million in the first nine months of 2016 due to low demand, the company said in a statement.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 1,509.72 1,421.73 (5.8 %)
Gross Income 788.16 753.15 (4.4 %)
Operating Income 747.87 718.43 (3.9 %)
Net Income 738.56 724.74 (1.9 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 5.28 5.18 (1.9 %)

Net income in the third profit fell 14 percent to SAR 173 million on lower demand. Compared to the previous quarter, profit declined 35 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 418.90 379.76 (9.3 %)
Gross Income 215.84 183.92 (14.8 %)
Operating Income 205.10 175.02 (14.7 %)
Net Income 202.21 173.56 (14.2 %)
Average Shares 140.00 140.00 -
EPS (Riyals) 1.44 1.24 (14.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2015 558.97 12.8 % 290.50 21.2 % 271.23 20.3 %
Q2 2015 531.85 2.9 % 281.81 (7.4 %) 271.54 (8.3 %)
Q3 2015 418.90 10.9 % 215.84 15.7 % 205.10 17.1 %
Q4 2015 537.56 10.0 % 321.20 21.4 % 311.47 23.7 %
Q1 2016 549.33 (1.7 %) 302.56 4.2 % 287.23 5.9 %
Q2 2016 492.64 (7.4 %) 266.67 (5.4 %) 256.18 (5.7 %)
Q3 2016 379.76 (9.3 %) 183.92 (14.8 %) 175.02 (14.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2015 266.00 20.4 % 1.90 - 266.00 1.90
Q2 2015 270.35 (8.1 %) 1.93 - 270.35 1.93
Q3 2015 202.21 (29.0 %) 1.44 - 202.21 1.44
Q4 2015 300.05 22.3 % 2.14 (6.30) 306.35 2.19
Q1 2016 283.20 6.5 % 2.02 - 283.20 2.02
Q2 2016 267.98 (0.9 %) 1.91 - 267.98 1.91
Q3 2016 173.56 (14.2 %) 1.24 - 173.56 1.24

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 53.86 % 59.73 % 50.36 %
Q2 2015 52.29 % 58.10 % 48.75 %
Q3 2015 52.68 % 58.47 % 49.24 %
Q4 2015 54.19 % 60.01 % 51.04 %
Q1 2016 55.04 % 60.98 % 52.12 %
Q2 2016 55.36 % 61.33 % 53.03 %
Q3 2016 54.83 % 62.04 % 52.63 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 140.00 7.79 6.99 20.05
Q2 2015 140.00 7.62 6.81 21.98
Q3 2015 140.00 7.03 7.03 20.93
Q4 2015 140.00 7.42 7.46 23.06
Q1 2016 140.00 7.54 7.59 21.52
Q2 2016 140.00 7.52 7.57 23.49
Q3 2016 140.00 7.32 7.36 22.23

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 12.21 13.62 4.74
Q2 2015 12.90 14.42 4.47
Q3 2015 11.03 11.03 3.70
Q4 2015 9.44 9.38 3.04
Q1 2016 9.68 9.62 3.39
Q2 2016 10.14 10.08 3.25
Q3 2016 8.71 8.66 2.87

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 199.58 173.56 (13.0 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Sico 175.00 173.56 (0.8) %
Riyad Capital 191.00 173.56 (9.1) %
Al Rajhi Capital 193.00 173.56 (10.1) %
AlJazira Capital 194.27 173.56 (10.7) %
SNB Capital 201.00 173.56 (13.7) %
Alistithmar Capital 202.20 173.56 (14.2) %
Value Capital 216.20 173.56 (19.7) %
SFC 224.00 173.56 (22.5) %


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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