Tabuk Cement swings to profit in H1 2019

Tabuk Cement swings to profit in H1 2019

24/07/2019 Argaam Exclusive

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Tabuk Cement Co. reported net profit after zakat and tax of SAR 12.61 million in the first half of 2019, versus net loss of SAR 47.3 million in year-earlier period, due to higher revenue, improved selling prices, lower expenses, in addition to recording equity investment gains.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 88.00 113.92 29.4 %
Gross Income (5.11) 25.98 608.0 %
Operating Income (14.76) 12.04 181.6 %
Net Income (47.30) 12.61 126.7 %
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items (0.31) 0.03 110.6 %
EPS (Riyals) (0.53) 0.14 126.7 %

Second quarter earnings stood at SAR 8.98 million, versus net losses of SAR 36.08 million in year-earlier period on higher revenue, improved selling prices, despite lower sales volumes.

 

On a quarterly basis, net profit more than doubled, driven by lower costs, recording equity investment gains and reversing the inventory write-down.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 41.27 61.15 48.2 %
Gross Income (3.53) 13.15 472.9 %
Operating Income (8.90) 4.04 145.4 %
Net Income (36.08) 8.98 124.9 %
Average Shares 90.00 90.00 -
Earnings Per Share before unusual items (0.19) 0.02 111.8 %
EPS (Riyals) (0.40) 0.10 124.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 77.11 8.7 % 38.17 7.6 % 34.70 9.5 %
Q2 2010 77.06 0.7 % 41.61 11.2 % 38.02 13.9 %
Q3 2010 59.71 5.7 % 27.84 (3.7 %) 23.79 (3.3 %)
Q4 2010 60.73 (3.6 %) 27.81 (15.6 %) 23.81 (17.6 %)
Q1 2011 87.33 13.3 % 47.21 23.7 % 42.95 23.8 %
Q2 2011 99.39 29.0 % 45.00 8.1 % 41.68 9.6 %
Q3 2011 72.88 22.1 % 29.90 7.4 % 25.80 8.5 %
Q4 2011 90.14 48.4 % 34.92 25.6 % 30.72 29.0 %
Q1 2012 100.83 15.5 % 56.83 20.4 % 52.01 21.1 %
Q2 2012 106.17 6.8 % 61.60 36.9 % 56.88 36.5 %
Q3 2012 77.87 6.8 % 42.30 41.5 % 37.97 47.2 %
Q4 2012 106.91 18.6 % 57.22 63.9 % 52.56 71.1 %
Q1 2013 107.61 6.7 % 62.22 9.5 % 57.82 11.2 %
Q2 2013 93.21 (12.2 %) 52.16 (15.3 %) 47.69 (16.2 %)
Q3 2013 68.93 (11.5 %) 34.10 (19.4 %) 29.23 (23.0 %)
Q4 2013 85.84 (19.7 %) 44.62 (22.0 %) 39.31 (25.2 %)
Q1 2014 96.64 (10.2 %) 50.00 (19.6 %) 45.80 (20.8 %)
Q2 2014 91.35 (2.0 %) 49.08 (5.9 %) 43.80 (8.2 %)
Q3 2014 56.77 (17.6 %) 27.37 (19.7 %) 22.24 (23.9 %)
Q4 2014 77.53 (9.7 %) 33.90 (24.0 %) 29.12 (25.9 %)
Q1 2015 84.01 (13.1 %) 38.14 (23.7 %) 33.12 (27.7 %)
Q2 2015 75.92 (16.9 %) 33.70 (31.3 %) 27.57 (37.1 %)
Q3 2015 47.32 (16.6 %) 14.25 (47.9 %) 8.76 (60.6 %)
Q4 2015 65.17 (15.9 %) 27.87 (17.8 %) 23.45 (19.5 %)
Q1 2016 75.49 (10.1 %) 26.65 (30.1 %) 22.24 (32.8 %)
Q2 2016 70.09 (7.7 %) 27.78 (17.6 %) 22.30 (19.1 %)
Q3 2016 49.66 4.9 % 13.20 (7.4 %) 8.88 1.4 %
Q4 2016 51.30 (21.3 %) 17.56 (37.0 %) 7.94 (66.1 %)
Q1 2017 57.46 (23.9 %) 14.67 (45.0 %) 9.91 (55.4 %)
Q2 2017 39.04 (44.3 %) 6.98 (74.9 %) 2.28 (89.8 %)
Q3 2017 28.45 (42.7 %) (6.60) (150.0 %) (11.14) (225.5 %)
Q4 2017 41.66 (18.8 %) (5.80) (133.0 %) (10.63) (233.9 %)
Q1 2018 46.74 (18.7 %) (1.59) (110.8 %) (5.86) (159.1 %)
Q2 2018 41.27 5.7 % (3.53) (150.5 %) (8.90) (489.8 %)
Q3 2018 25.86 (9.1 %) (8.72) (32.1 %) (13.31) (19.4 %)
Q4 2018 35.58 (14.6 %) (9.76) (68.2 %) (16.83) (58.4 %)
Q1 2019 52.77 12.9 % 12.83 908.3 % 8.00 236.6 %
Q2 2019 61.15 48.2 % 13.15 472.9 % 4.04 145.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2010 34.02 1.5 % 0.38 - 34.02 0.38
Q2 2010 41.71 10.3 % 0.46 - 41.71 0.46
Q3 2010 23.79 (1.8 %) 0.26 - 23.79 0.26
Q4 2010 21.42 (16.1 %) 0.24 - 21.42 0.24
Q1 2011 41.22 21.2 % 0.46 - 41.22 0.46
Q2 2011 42.92 2.9 % 0.48 - 42.92 0.48
Q3 2011 24.72 3.9 % 0.27 - 24.72 0.27
Q4 2011 28.05 30.9 % 0.31 - 28.05 0.31
Q1 2012 49.21 19.4 % 0.55 - 49.21 0.55
Q2 2012 56.71 32.1 % 0.63 - 56.71 0.63
Q3 2012 32.76 32.5 % 0.36 - 32.76 0.36
Q4 2012 50.27 79.2 % 0.56 - 50.27 0.56
Q1 2013 56.06 13.9 % 0.62 - 56.06 0.62
Q2 2013 50.90 (10.3 %) 0.57 - 50.90 0.57
Q3 2013 28.35 (13.5 %) 0.32 - 28.35 0.32
Q4 2013 38.14 (24.1 %) 0.42 - 38.14 0.42
Q1 2014 44.00 (21.5 %) 0.49 (0.50) 44.50 0.49
Q2 2014 43.11 (15.3 %) 0.48 - 43.11 0.48
Q3 2014 21.62 (23.7 %) 0.24 - 21.62 0.24
Q4 2014 28.85 (24.4 %) 0.32 - 28.85 0.32
Q1 2015 32.63 (25.8 %) 0.36 - 32.63 0.36
Q2 2015 26.91 (37.6 %) 0.30 - 26.91 0.30
Q3 2015 9.23 (57.3 %) 0.10 - 9.23 0.10
Q4 2015 22.64 (21.5 %) 0.25 - 22.64 0.25
Q1 2016 21.31 (34.7 %) 0.24 - 21.31 0.24
Q2 2016 21.08 (21.7 %) 0.23 - 21.08 0.23
Q3 2016 7.85 (15.0 %) 0.09 - 7.85 0.09
Q4 2016 4.58 (79.8 %) 0.05 - 4.58 0.05
Q1 2017 8.68 (59.3 %) 0.10 - 8.68 0.10
Q2 2017 1.29 (93.9 %) 0.01 - 1.29 0.01
Q3 2017 (12.20) (255.5 %) (0.14) - (12.20) (0.14)
Q4 2017 (21.53) (569.8 %) (0.24) - (21.53) (0.24)
Q1 2018 (11.23) (229.3 %) (0.12) - (11.23) (0.12)
Q2 2018 (36.08) (2896.7 %) (0.40) (19.41) (16.67) (0.19)
Q3 2018 (19.19) (57.3 %) (0.21) - (19.19) (0.21)
Q4 2018 (32.45) (50.7 %) (0.36) (9.16) (23.29) (0.26)
Q1 2019 3.63 132.3 % 0.04 2.63 1.01 0.01
Q2 2019 8.98 124.9 % 0.10 7.01 1.97 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 50.32 % 64.98 % 44.54 %
Q2 2010 51.76 % 67.52 % 45.87 %
Q3 2010 50.77 % 67.54 % 45.17 %
Q4 2010 49.31 % 65.03 % 44.04 %
Q1 2011 50.72 % 65.98 % 44.99 %
Q2 2011 48.14 % 64.66 % 42.11 %
Q3 2011 46.80 % 62.81 % 40.67 %
Q4 2011 44.90 % 59.96 % 39.14 %
Q1 2012 45.88 % 59.65 % 39.89 %
Q2 2012 49.53 % 61.15 % 42.89 %
Q3 2012 52.17 % 63.13 % 44.46 %
Q4 2012 55.63 % 66.33 % 48.23 %
Q1 2013 56.04 % 66.64 % 49.13 %
Q2 2013 55.47 % 65.38 % 49.27 %
Q3 2013 54.61 % 64.01 % 49.27 %
Q4 2013 54.31 % 64.81 % 48.78 %
Q1 2014 52.49 % 63.25 % 46.98 %
Q2 2014 51.88 % 63.38 % 44.96 %
Q3 2014 51.75 % 63.63 % 44.58 %
Q4 2014 49.75 % 62.13 % 42.84 %
Q1 2015 47.95 % 61.48 % 40.76 %
Q2 2015 45.24 % 57.37 % 37.39 %
Q3 2015 42.13 % 57.32 % 34.28 %
Q4 2015 41.83 % 57.20 % 33.55 %
Q1 2016 38.83 % 55.93 % 30.35 %
Q2 2016 37.41 % 57.93 % 28.77 %
Q3 2016 36.67 % 56.67 % 27.98 %
Q4 2016 34.56 % 55.56 % 22.23 %
Q1 2017 32.04 % 54.82 % 18.46 %
Q2 2017 26.54 % 54.27 % 11.34 %
Q3 2017 18.50 % 59.18 % 1.34 %
Q4 2017 5.55 % 47.87 % (14.26 %)
Q1 2018 (4.50 %) 45.10 % (28.01 %)
Q2 2018 (11.08 %) 42.57 % (38.98 %)
Q3 2018 (12.62 %) 35.69 % (44.12 %)
Q4 2018 (15.79 %) 40.88 % (47.09 %)
Q1 2019 (5.90 %) 48.55 % (37.40 %)
Q2 2019 4.28 % 46.42 % (22.53 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2010 90.00 1.35 1.35 12.06
Q2 2010 90.00 1.39 1.39 12.53
Q3 2010 90.00 1.39 1.39 11.89
Q4 2010 90.00 1.34 1.34 12.11
Q1 2011 90.00 1.42 1.42 12.12
Q2 2011 90.00 1.44 1.44 11.70
Q3 2011 90.00 1.45 1.45 11.97
Q4 2011 90.00 1.52 1.52 11.77
Q1 2012 90.00 1.61 1.61 12.32
Q2 2012 90.00 1.76 1.76 12.95
Q3 2012 90.00 1.85 1.85 12.41
Q4 2012 90.00 2.10 2.10 12.95
Q1 2013 90.00 2.18 2.18 13.58
Q2 2013 90.00 2.11 2.11 13.44
Q3 2013 90.00 2.06 2.06 12.76
Q4 2013 90.00 1.93 1.93 13.16
Q1 2014 90.00 1.79 1.80 13.65
Q2 2014 90.00 1.71 1.71 13.33
Q3 2014 90.00 1.63 1.64 12.57
Q4 2014 90.00 1.53 1.53 12.88
Q1 2015 90.00 1.40 1.40 13.24
Q2 2015 90.00 1.22 1.22 13.04
Q3 2015 90.00 1.08 1.08 13.14
Q4 2015 90.00 1.02 1.02 13.36
Q1 2016 90.00 0.89 0.89 13.56
Q2 2016 90.00 0.82 0.82 12.89
Q3 2016 90.00 0.81 0.81 12.98
Q4 2016 90.00 0.61 0.61 13.03
Q1 2017 90.00 0.47 0.47 13.13
Q2 2017 90.00 0.25 0.25 13.14
Q3 2017 90.00 0.03 0.03 13.01
Q4 2017 90.00 (0.26) (0.26) 12.79
Q1 2018 90.00 (0.49) (0.49) 12.67
Q2 2018 90.00 (0.90) (0.68) 12.26
Q3 2018 90.00 (0.98) (0.76) 12.05
Q4 2018 90.00 (1.10) (0.78) 12.90
Q1 2019 90.00 (0.93) (0.65) 12.94
Q2 2019 90.00 (0.43) (0.44) 13.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 14.24 14.24 1.60
Q2 2010 13.27 13.27 1.48
Q3 2010 13.02 13.02 1.52
Q4 2010 13.84 13.84 1.54
Q1 2011 13.06 13.06 1.53
Q2 2011 16.84 16.84 2.07
Q3 2011 15.37 15.37 1.86
Q4 2011 14.82 14.82 1.92
Q1 2012 16.58 16.58 2.17
Q2 2012 13.30 13.30 1.81
Q3 2012 12.95 12.95 1.93
Q4 2012 11.55 11.55 1.87
Q1 2013 11.63 11.63 1.86
Q2 2013 13.74 13.74 2.16
Q3 2013 14.40 14.40 2.33
Q4 2013 14.68 14.68 2.15
Q1 2014 16.67 16.62 2.19
Q2 2014 17.58 17.52 2.25
Q3 2014 19.43 19.36 2.52
Q4 2014 16.22 16.16 1.93
Q1 2015 16.76 16.76 1.77
Q2 2015 20.47 20.47 1.92
Q3 2015 19.08 19.08 1.58
Q4 2015 14.26 14.26 1.08
Q1 2016 16.95 16.95 1.11
Q2 2016 16.79 16.79 1.07
Q3 2016 13.54 13.54 0.84
Q4 2016 20.93 20.93 0.98
Q1 2017 26.60 26.60 0.95
Q2 2017 45.00 45.00 0.85
Q3 2017 More than 100 More than 100 0.82
Q4 2017 NEG NEG 1.09
Q1 2018 NEG NEG 1.07
Q2 2018 NEG NEG 1.07
Q3 2018 NEG NEG 1.06
Q4 2018 NEG NEG 0.86
Q1 2019 NEG NEG 0.93
Q2 2019 NEG NEG 0.92


Financial Ratios
Current
Market Cap (M Riyal) 1,198.80
Enterprise Value (EV) (M) 1,253.08
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 0.88
Book Value (BV) ( Riyal) 13.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.07
P/E (TTM) 15.07
Price/book 1.00
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 5.6
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Share Price

Tabuk Cement Co.
13.32
0.16 1.22 %

Tabuk Cement Co. (TCC)

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