Yamama Cement’s net profit falls 30% in 9M 2016

Yamama Cement’s net profit falls 30% in 9M 2016

17/10/2016 Argaam Exclusive

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Yamama Cement Co. (YCC) reported a net profit of SAR 323 million for the first nine months of 2016, a 30 percent drop year-on-year (YoY) due to higher costs of goods sold, coupled with higher fuel prices and a decline in sales volume and value. 



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 958.71 892.13 (6.9 %)
Gross Income 536.56 398.56 (25.7 %)
Operating Income 488.03 353.96 (27.5 %)
Net Income 462.42 323.06 (30.1 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 2.28 1.60 (30.1 %)

Third-quarter net profit fell 41 percent YoY to SAR 56 million, hurt by lower sales and demand due to seasonal factors, such as Eid, which fell in Q3-2016. Net profit for the period fell 52 percent quarter-on-quarter. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 280.27 235.63 (15.9 %)
Gross Income 166.47 98.99 (40.5 %)
Operating Income 150.44 85.94 (42.9 %)
Net Income 95.53 56.31 (41.1 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 0.47 0.28 (41.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 277.58 13.2 % 184.93 13.2 % 174.83 13.4 %
Q2 2007 304.37 5.1 % 209.22 7.8 % 198.64 7.2 %
Q3 2007 338.77 52.5 % 240.10 54.6 % 230.65 57.6 %
Q4 2007 264.78 37.1 % 134.54 13.3 % 124.67 13.6 %
Q1 2008 338.76 22.0 % 212.70 15.0 % 196.32 12.3 %
Q2 2008 378.62 24.4 % 239.82 14.6 % 221.21 11.4 %
Q3 2008 208.75 (38.4 %) 103.54 (56.9 %) 97.29 (57.8 %)
Q4 2008 196.80 (25.7 %) 88.69 (34.1 %) 84.57 (32.2 %)
Q1 2009 258.67 (23.6 %) 138.82 (34.7 %) 129.13 (34.2 %)
Q2 2009 312.80 (17.4 %) 176.70 (26.3 %) 166.09 (24.9 %)
Q3 2009 278.99 33.6 % 138.73 34.0 % 129.10 32.7 %
Q4 2009 312.55 58.8 % 161.80 82.4 % 149.54 76.8 %
Q1 2010 349.01 34.9 % 179.29 29.2 % 168.62 30.6 %
Q2 2010 336.87 7.7 % 198.82 12.5 % 187.51 12.9 %
Q3 2010 271.06 (2.8 %) 155.11 11.8 % 144.10 11.6 %
Q4 2010 314.99 0.8 % 178.65 10.4 % 166.01 11.0 %
Q1 2011 351.49 0.7 % 196.02 9.3 % 184.05 9.2 %
Q2 2011 420.19 24.7 % 232.95 17.2 % 218.24 16.4 %
Q3 2011 301.09 11.1 % 167.70 8.1 % 152.57 5.9 %
Q4 2011 369.45 17.3 % 212.59 19.0 % 195.78 17.9 %
Q1 2012 491.59 39.9 % 299.51 52.8 % 286.82 55.8 %
Q2 2012 412.62 (1.8 %) 226.00 (3.0 %) 213.63 (2.1 %)
Q3 2012 306.20 1.7 % 175.76 4.8 % 164.61 7.9 %
Q4 2012 365.44 (1.1 %) 212.81 0.1 % 197.90 1.1 %
Q1 2013 482.64 (1.8 %) 292.76 (2.3 %) 279.06 (2.7 %)
Q2 2013 455.52 10.4 % 268.89 19.0 % 256.26 20.0 %
Q3 2013 293.80 (4.0 %) 154.13 (12.3 %) 141.42 (14.1 %)
Q4 2013 309.90 (15.2 %) 165.25 (22.3 %) 151.96 (23.2 %)
Q1 2014 367.36 (23.9 %) 181.30 (38.1 %) 168.94 (39.5 %)
Q2 2014 366.02 (19.6 %) 198.63 (26.1 %) 182.69 (28.7 %)
Q3 2014 277.23 (5.6 %) 148.57 (3.6 %) 135.57 (4.1 %)
Q4 2014 318.26 2.7 % 183.72 11.2 % 171.10 12.6 %
Q1 2015 338.94 (7.7 %) 182.05 0.4 % 167.67 (0.8 %)
Q2 2015 339.50 (7.2 %) 188.03 (5.3 %) 169.92 (7.0 %)
Q3 2015 280.27 1.1 % 166.47 12.0 % 150.44 11.0 %
Q4 2015 352.36 10.7 % 199.89 8.8 % 185.12 8.2 %
Q1 2016 376.04 10.9 % 186.55 2.5 % 171.01 2.0 %
Q2 2016 280.46 (17.4 %) 113.02 (39.9 %) 97.02 (42.9 %)
Q3 2016 235.63 (15.9 %) 98.99 (40.5 %) 85.94 (42.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 173.51 9.3 % 0.86 - 173.51 0.86
Q2 2007 202.51 9.6 % 1.00 - 202.51 1.00
Q3 2007 228.43 56.6 % 1.13 - 228.43 1.13
Q4 2007 126.98 13.6 % 0.63 - 126.98 0.63
Q1 2008 197.47 13.8 % 0.98 - 197.47 0.98
Q2 2008 227.80 12.5 % 1.12 - 227.80 1.12
Q3 2008 100.48 (56.0 %) 0.50 - 100.48 0.50
Q4 2008 85.13 (33.0 %) 0.42 - 85.13 0.42
Q1 2009 125.99 (36.2 %) 0.62 - 125.99 0.62
Q2 2009 165.35 (27.4 %) 0.82 - 165.35 0.82
Q3 2009 125.29 24.7 % 0.62 - 125.29 0.62
Q4 2009 145.12 70.5 % 0.72 - 145.12 0.72
Q1 2010 165.19 31.1 % 0.82 - 165.19 0.82
Q2 2010 192.07 16.2 % 0.95 - 192.07 0.95
Q3 2010 139.80 11.6 % 0.69 - 139.80 0.69
Q4 2010 159.86 10.2 % 0.79 - 159.86 0.79
Q1 2011 179.72 8.8 % 0.89 - 179.72 0.89
Q2 2011 220.42 14.8 % 1.09 - 220.42 1.09
Q3 2011 148.57 6.3 % 0.73 - 148.57 0.73
Q4 2011 191.05 19.5 % 0.94 - 191.05 0.94
Q1 2012 277.64 54.5 % 1.37 - 277.64 1.37
Q2 2012 209.46 (5.0 %) 1.03 - 209.46 1.03
Q3 2012 156.65 5.4 % 0.77 - 156.65 0.77
Q4 2012 173.81 (9.0 %) 0.86 (15.00) 188.81 0.93
Q1 2013 276.80 (0.3 %) 1.37 - 276.80 1.37
Q2 2013 267.63 27.8 % 1.32 - 267.63 1.32
Q3 2013 148.08 (5.5 %) 0.73 - 148.08 0.73
Q4 2013 177.73 2.3 % 0.88 24.86 152.87 0.75
Q1 2014 174.64 (36.9 %) 0.86 - 174.64 0.86
Q2 2014 207.36 (22.5 %) 1.02 31.00 176.36 0.87
Q3 2014 137.16 (7.4 %) 0.68 - 137.16 0.68
Q4 2014 151.69 (14.6 %) 0.75 (15.00) 166.69 0.82
Q1 2015 175.41 0.4 % 0.87 - 175.41 0.87
Q2 2015 191.48 (7.7 %) 0.95 - 191.48 0.95
Q3 2015 95.53 (30.4 %) 0.47 - 95.53 0.47
Q4 2015 152.80 0.7 % 0.75 (15.00) 167.80 0.83
Q1 2016 150.46 (14.2 %) 0.74 - 150.46 0.74
Q2 2016 116.29 (39.3 %) 0.57 - 116.29 0.57
Q3 2016 56.31 (41.1 %) 0.28 - 56.31 0.28

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 66.47 % 67.04 % 62.69 %
Q2 2007 67.00 % 67.85 % 63.54 %
Q3 2007 67.60 % 68.67 % 64.30 %
Q4 2007 64.85 % 68.52 % 61.70 %
Q1 2008 63.89 % 69.43 % 60.59 %
Q2 2008 62.62 % 69.66 % 59.10 %
Q3 2008 57.99 % 68.73 % 54.81 %
Q4 2008 57.42 % 69.48 % 54.40 %
Q1 2009 54.74 % 68.42 % 51.72 %
Q2 2009 51.97 % 67.38 % 48.82 %
Q3 2009 51.84 % 66.15 % 47.91 %
Q4 2009 52.97 % 64.95 % 48.30 %
Q1 2010 52.38 % 63.40 % 47.95 %
Q2 2010 53.13 % 63.90 % 49.14 %
Q3 2010 54.75 % 65.32 % 50.59 %
Q4 2010 55.97 % 66.74 % 51.65 %
Q1 2011 57.17 % 67.96 % 52.69 %
Q2 2011 56.18 % 66.14 % 51.54 %
Q3 2011 55.87 % 65.41 % 51.06 %
Q4 2011 56.11 % 65.10 % 51.29 %
Q1 2012 57.68 % 65.87 % 52.94 %
Q2 2012 57.52 % 65.93 % 52.50 %
Q3 2012 57.84 % 66.51 % 52.84 %
Q4 2012 58.01 % 66.84 % 52.83 %
Q1 2013 57.91 % 66.75 % 53.08 %
Q2 2013 59.03 % 67.62 % 55.28 %
Q3 2013 58.13 % 66.67 % 55.17 %
Q4 2013 57.14 % 66.10 % 54.83 %
Q1 2014 53.94 % 63.64 % 52.10 %
Q2 2014 52.30 % 62.41 % 48.76 %
Q3 2014 52.54 % 62.78 % 48.54 %
Q4 2014 53.60 % 63.82 % 49.28 %
Q1 2015 54.82 % 65.14 % 50.41 %
Q2 2015 55.13 % 65.64 % 52.65 %
Q3 2015 56.41 % 66.81 % 49.27 %
Q4 2015 56.17 % 66.76 % 48.07 %
Q1 2016 54.96 % 66.81 % 44.90 %
Q2 2016 51.66 % 66.29 % 41.12 %
Q3 2016 48.09 % 65.68 % 39.44 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 202.50 3.04 3.04 10.46
Q2 2007 202.50 3.13 3.13 11.66
Q3 2007 202.50 3.54 3.54 12.81
Q4 2007 202.50 3.61 3.61 13.62
Q1 2008 202.50 3.73 3.73 12.50
Q2 2008 202.50 3.86 3.86 13.56
Q3 2008 202.50 3.22 3.22 13.82
Q4 2008 202.50 3.02 3.02 14.03
Q1 2009 202.50 2.66 2.66 13.36
Q2 2009 202.50 2.36 2.36 14.28
Q3 2009 202.50 2.48 2.48 14.35
Q4 2009 202.50 2.77 2.77 15.09
Q1 2010 202.50 2.97 2.97 14.51
Q2 2010 202.50 3.10 3.10 15.38
Q3 2010 202.50 3.17 3.17 14.76
Q4 2010 202.50 3.24 3.24 15.60
Q1 2011 202.50 3.32 3.32 15.12
Q2 2011 202.50 3.46 3.46 14.94
Q3 2011 202.50 3.50 3.50 15.58
Q4 2011 202.50 3.65 3.65 16.67
Q1 2012 202.50 4.14 4.14 17.16
Q2 2012 202.50 4.08 4.08 16.04
Q3 2012 202.50 4.12 4.12 16.89
Q4 2012 202.50 4.04 4.11 17.77
Q1 2013 202.50 4.03 4.11 17.58
Q2 2013 202.50 4.32 4.39 17.49
Q3 2013 202.50 4.28 4.35 18.26
Q4 2013 202.50 4.30 4.17 19.23
Q1 2014 202.50 3.79 3.67 18.68
Q2 2014 202.50 3.50 3.22 19.69
Q3 2014 202.50 3.44 3.17 19.06
Q4 2014 202.50 3.31 3.23 18.43
Q1 2015 202.50 3.32 3.24 18.52
Q2 2015 202.50 3.24 3.31 18.70
Q3 2015 202.50 3.03 3.11 18.29
Q4 2015 202.50 3.04 3.11 18.18
Q1 2016 202.50 2.91 2.99 18.16
Q2 2016 202.50 2.54 2.62 18.19
Q3 2016 202.50 2.35 2.42 18.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 16.77 16.77 4.88
Q2 2007 15.18 15.18 4.07
Q3 2007 13.95 13.95 3.85
Q4 2007 17.39 17.39 4.61
Q1 2008 13.54 13.54 4.04
Q2 2008 12.11 12.11 3.44
Q3 2008 10.65 10.65 2.48
Q4 2008 7.49 7.49 1.61
Q1 2009 8.66 8.66 1.73
Q2 2009 11.32 11.32 1.87
Q3 2009 12.89 12.89 2.23
Q4 2009 11.39 11.39 2.09
Q1 2010 11.51 11.51 2.35
Q2 2010 10.54 10.54 2.12
Q3 2010 10.77 10.77 2.31
Q4 2010 10.58 10.58 2.20
Q1 2011 10.76 10.76 2.36
Q2 2011 12.68 12.68 2.93
Q3 2011 12.00 12.00 2.70
Q4 2011 12.78 12.78 2.80
Q1 2012 12.04 12.04 2.90
Q2 2012 12.20 12.20 3.10
Q3 2012 10.70 10.70 2.61
Q4 2012 11.77 11.55 2.67
Q1 2013 11.48 11.27 2.63
Q2 2013 11.69 11.49 2.89
Q3 2013 12.39 12.18 2.90
Q4 2013 13.32 13.71 2.98
Q1 2014 15.36 15.87 3.12
Q2 2014 18.01 19.56 3.20
Q3 2014 18.89 20.53 3.41
Q4 2014 14.47 14.82 2.60
Q1 2015 13.55 13.88 2.43
Q2 2015 14.11 13.80 2.44
Q3 2015 12.70 12.39 2.11
Q4 2015 10.36 10.11 1.73
Q1 2016 9.59 9.35 1.54
Q2 2016 10.87 10.57 1.52
Q3 2016 8.33 8.08 1.08

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 79.36 56.31 (29.0 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Sico 61.00 56.31 (7.7) %
Al Rajhi Capital 65.00 56.31 (13.4) %
Riyad Capital 71.00 56.31 (20.7) %
AlJazira Capital 71.45 56.31 (21.2) %
SNB Capital 73.00 56.31 (22.9) %
OSOOL AND BAKHEET 74.30 56.31 (24.2) %
Albilad Capital 78.00 56.31 (27.8) %
Value Capital 84.10 56.31 (33.0) %
Alistithmar Capital 88.70 56.31 (36.5) %
SFC 127.00 56.31 (55.7) %


Financial Ratios
Current
Market Cap (M Riyal) 6,611.63
Enterprise Value (EV) (M) 8,191.23
Shares Outstanding ((M)) 202.50
EPS ( Riyal) (TTM) 1.73
Book Value (BV) ( Riyal) 23.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.87
P/E (TTM) 18.87
Price/book 1.37
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 7.4
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Share Price

Yamama Cement Co.
32.65
0.80 2.51 %

Yamama Cement Co. (YC)

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