Yanbu Cement posts lower net profit at SAR 446mln in I2 of 2014

Yanbu Cement posts lower net profit at SAR 446mln in I2 of 2014

30/06/2014 Argaam Exclusive

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Yanbu Cement Company, the third largest Saudi cement company, , reported SAR 446mln net profit at the end of the first half of 2014, a 14% decrease compared to the same period last year.



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 935.71 885.40 (5.4 %)
Gross Income 557.19 461.53 (17.2 %)
Operating Income 541.35 442.34 (18.3 %)
Net Income 521.43 445.78 (14.5 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 3.31 2.83 (14.5 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 479.95 445.90 (7.1 %)
Gross Income 293.97 238.28 (18.9 %)
Operating Income 286.46 229.31 (20.0 %)
Net Income 274.41 240.56 (12.3 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 1.74 1.53 (12.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 194.58 3.1 % 111.04 2.0 % 106.87 1.8 %
Q2 2005 199.95 (3.6 %) 116.03 (0.4 %) 112.00 (0.7 %)
Q3 2005 184.63 (6.3 %) 128.71 (1.2 %) 124.58 (1.6 %)
Q4 2005 199.77 10.2 % 120.53 28.2 % 114.37 28.1 %
Q1 2006 210.22 8.0 % 126.36 13.8 % 121.83 14.0 %
Q2 2006 242.26 21.2 % 160.56 38.4 % 156.30 39.6 %
Q3 2006 217.20 17.6 % 127.89 (0.6 %) 123.41 (0.9 %)
Q4 2006 173.57 (13.1 %) 111.11 (7.8 %) 105.31 (7.9 %)
Q1 2007 268.88 27.9 % 150.79 19.3 % 145.40 19.3 %
Q2 2007 345.98 42.8 % 227.43 41.6 % 222.15 42.1 %
Q3 2007 293.78 35.3 % 186.39 45.7 % 180.90 46.6 %
Q4 2007 262.08 51.0 % 115.73 4.2 % 107.75 2.3 %
Q1 2008 323.12 20.2 % 173.79 15.2 % 167.68 15.3 %
Q2 2008 273.55 (20.9 %) 157.47 (30.8 %) 152.00 (31.6 %)
Q3 2008 244.03 (16.9 %) 132.27 (29.0 %) 127.12 (29.7 %)
Q4 2008 252.82 (3.5 %) 121.45 4.9 % 114.05 5.9 %
Q1 2009 277.40 (14.1 %) 159.88 (8.0 %) 154.23 (8.0 %)
Q2 2009 275.23 0.6 % 157.25 (0.1 %) 151.80 (0.1 %)
Q3 2009 200.40 (17.9 %) 108.46 (18.0 %) 102.83 (19.1 %)
Q4 2009 190.19 (24.8 %) 83.95 (30.9 %) 76.84 (32.6 %)
Q1 2010 239.53 (13.7 %) 127.65 (20.2 %) 121.80 (21.0 %)
Q2 2010 252.03 (8.4 %) 122.10 (22.4 %) 115.84 (23.7 %)
Q3 2010 191.51 (4.4 %) 103.64 (4.4 %) 97.23 (5.4 %)
Q4 2010 212.43 11.7 % 111.38 32.7 % 103.91 35.2 %
Q1 2011 229.05 (4.4 %) 110.85 (13.2 %) 103.53 (15.0 %)
Q2 2011 311.37 23.5 % 158.57 29.9 % 150.09 29.6 %
Q3 2011 272.50 42.3 % 134.68 30.0 % 128.42 32.1 %
Q4 2011 319.35 50.3 % 151.41 35.9 % 142.27 36.9 %
Q1 2012 309.34 35.1 % 157.75 42.3 % 149.51 44.4 %
Q2 2012 431.73 38.7 % 234.87 48.1 % 226.15 50.7 %
Q3 2012 338.95 24.4 % 174.32 29.4 % 166.95 30.0 %
Q4 2012 416.48 30.4 % 225.10 48.7 % 214.89 51.0 %
Q1 2013 455.76 47.3 % 263.22 66.9 % 254.88 70.5 %
Q2 2013 479.95 11.2 % 293.97 25.2 % 286.46 26.7 %
Q3 2013 325.42 (4.0 %) 156.71 (10.1 %) 147.52 (11.6 %)
Q4 2013 359.13 (13.8 %) 171.22 (23.9 %) 158.12 (26.4 %)
Q1 2014 439.50 (3.6 %) 223.25 (15.2 %) 213.03 (16.4 %)
Q2 2014 445.90 (7.1 %) 238.28 (18.9 %) 229.31 (20.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 105.07 0.2 % 0.67 - 105.07 0.67
Q2 2005 110.23 0.7 % 0.70 - 110.23 0.70
Q3 2005 122.82 (0.4 %) 0.78 - 122.82 0.78
Q4 2005 115.49 28.2 % 0.73 - 115.49 0.73
Q1 2006 121.25 15.4 % 0.77 - 121.25 0.77
Q2 2006 154.08 39.8 % 0.98 - 154.08 0.98
Q3 2006 130.75 6.5 % 0.83 7.00 123.75 0.79
Q4 2006 106.13 (8.1 %) 0.67 1.66 104.47 0.66
Q1 2007 151.64 25.1 % 0.96 7.72 143.91 0.91
Q2 2007 219.90 42.7 % 1.40 - 219.90 1.40
Q3 2007 179.15 37.0 % 1.14 - 179.15 1.14
Q4 2007 110.26 3.9 % 0.70 - 110.26 0.70
Q1 2008 168.37 11.0 % 1.07 - 168.37 1.07
Q2 2008 149.45 (32.0 %) 0.95 - 149.45 0.95
Q3 2008 121.67 (32.1 %) 0.77 - 121.67 0.77
Q4 2008 120.25 9.1 % 0.76 - 120.25 0.76
Q1 2009 151.78 (9.9 %) 0.96 - 151.78 0.96
Q2 2009 151.07 1.1 % 0.96 - 151.07 0.96
Q3 2009 97.63 (19.8 %) 0.62 - 97.63 0.62
Q4 2009 81.59 (32.2 %) 0.52 - 81.59 0.52
Q1 2010 123.18 (18.8 %) 0.78 - 123.18 0.78
Q2 2010 113.42 (24.9 %) 0.72 - 113.42 0.72
Q3 2010 94.24 (3.5 %) 0.60 - 94.24 0.60
Q4 2010 99.53 22.0 % 0.63 - 99.53 0.63
Q1 2011 101.10 (17.9 %) 0.64 - 101.10 0.64
Q2 2011 149.90 32.2 % 0.95 - 149.90 0.95
Q3 2011 124.88 32.5 % 0.79 - 124.88 0.79
Q4 2011 153.40 54.1 % 0.97 - 153.40 0.97
Q1 2012 144.76 43.2 % 0.92 - 144.76 0.92
Q2 2012 215.59 43.8 % 1.37 - 215.59 1.37
Q3 2012 156.71 25.5 % 0.99 - 156.71 0.99
Q4 2012 203.43 32.6 % 1.29 - 203.43 1.29
Q1 2013 247.02 70.6 % 1.57 - 247.02 1.57
Q2 2013 274.41 27.3 % 1.74 - 274.41 1.74
Q3 2013 139.64 (10.9 %) 0.89 - 139.64 0.89
Q4 2013 160.22 (21.2 %) 1.02 - 160.22 1.02
Q1 2014 205.22 (16.9 %) 1.30 - 205.22 1.30
Q2 2014 240.56 (12.3 %) 1.53 19.75 220.81 1.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 57.90 % 67.23 % 54.83 %
Q2 2005 58.40 % 67.74 % 55.46 %
Q3 2005 59.14 % 68.57 % 56.30 %
Q4 2005 61.15 % 70.22 % 58.24 %
Q1 2006 61.87 % 70.82 % 59.13 %
Q2 2006 64.07 % 72.68 % 61.38 %
Q3 2006 61.57 % 69.96 % 59.18 %
Q4 2006 62.37 % 71.29 % 59.71 %
Q1 2007 61.02 % 69.66 % 58.34 %
Q2 2007 61.38 % 69.34 % 58.87 %
Q3 2007 62.44 % 70.05 % 59.83 %
Q4 2007 58.11 % 65.17 % 55.80 %
Q1 2008 57.42 % 63.97 % 55.32 %
Q2 2008 54.96 % 61.74 % 52.69 %
Q3 2008 52.53 % 59.48 % 49.85 %
Q4 2008 53.50 % 60.33 % 51.19 %
Q1 2009 54.50 % 61.64 % 51.84 %
Q2 2009 54.39 % 61.46 % 51.91 %
Q3 2009 54.39 % 61.69 % 51.77 %
Q4 2009 54.02 % 61.86 % 51.11 %
Q1 2010 52.72 % 60.95 % 50.09 %
Q2 2010 50.12 % 58.58 % 47.14 %
Q3 2010 50.08 % 58.60 % 47.23 %
Q4 2010 51.90 % 60.21 % 48.06 %
Q1 2011 50.62 % 59.02 % 46.13 %
Q2 2011 51.30 % 59.13 % 47.10 %
Q3 2011 50.27 % 57.87 % 46.37 %
Q4 2011 49.06 % 56.71 % 46.74 %
Q1 2012 49.68 % 57.26 % 47.25 %
Q2 2012 50.92 % 59.65 % 47.91 %
Q3 2012 51.33 % 61.22 % 47.91 %
Q4 2012 52.93 % 63.15 % 48.14 %
Q1 2013 54.63 % 65.08 % 50.08 %
Q2 2013 56.57 % 66.79 % 52.13 %
Q3 2013 55.97 % 66.15 % 51.53 %
Q4 2013 54.63 % 65.00 % 50.69 %
Q1 2014 52.69 % 63.16 % 48.60 %
Q2 2014 50.29 % 61.01 % 46.24 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 157.50 2.72 2.72 10.79
Q2 2005 157.50 2.72 2.72 11.49
Q3 2005 157.50 2.72 2.72 11.60
Q4 2005 157.50 2.88 2.88 12.33
Q1 2006 157.50 2.98 2.98 11.09
Q2 2006 157.50 3.26 3.26 12.07
Q3 2006 157.50 3.31 3.27 12.56
Q4 2006 157.50 3.25 3.20 13.24
Q1 2007 157.50 3.45 3.34 11.52
Q2 2007 157.50 3.86 3.76 12.91
Q3 2007 157.50 4.17 4.11 14.05
Q4 2007 157.50 4.20 4.15 14.75
Q1 2008 157.50 4.30 4.30 12.47
Q2 2008 157.50 3.86 3.86 13.42
Q3 2008 157.50 3.49 3.49 14.20
Q4 2008 157.50 3.55 3.55 14.96
Q1 2009 157.50 3.45 3.45 13.24
Q2 2009 157.50 3.46 3.46 14.20
Q3 2009 157.50 3.31 3.31 14.82
Q4 2009 157.50 3.06 3.06 15.34
Q1 2010 157.50 2.88 2.88 14.11
Q2 2010 157.50 2.64 2.64 14.83
Q3 2010 157.50 2.62 2.62 15.43
Q4 2010 157.50 2.73 2.73 16.06
Q1 2011 157.50 2.59 2.59 15.35
Q2 2011 157.50 2.82 2.82 16.30
Q3 2011 157.50 3.02 3.02 17.10
Q4 2011 157.50 3.36 3.36 18.07
Q1 2012 157.50 3.64 3.64 17.31
Q2 2012 157.50 4.05 4.05 18.68
Q3 2012 157.50 4.26 4.26 19.67
Q4 2012 157.50 4.57 4.57 20.96
Q1 2013 157.50 5.22 5.22 19.19
Q2 2013 157.50 5.60 5.60 20.93
Q3 2013 157.50 5.49 5.49 19.81
Q4 2013 157.50 5.21 5.21 20.83
Q1 2014 157.50 4.95 4.95 20.12
Q2 2014 157.50 4.73 4.61 21.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 22.60 22.60 5.69
Q2 2005 37.70 37.70 8.93
Q3 2005 33.11 33.11 7.76
Q4 2005 33.66 33.66 7.86
Q1 2006 26.64 26.64 7.17
Q2 2006 23.31 23.31 6.30
Q3 2006 18.32 18.57 4.83
Q4 2006 14.76 15.01 3.63
Q1 2007 12.44 12.82 3.72
Q2 2007 11.65 11.97 3.48
Q3 2007 12.67 12.85 3.76
Q4 2007 14.97 15.15 4.26
Q1 2008 12.36 12.36 4.26
Q2 2008 13.32 13.32 3.82
Q3 2008 11.84 11.84 2.91
Q4 2008 7.32 7.32 1.74
Q1 2009 8.20 8.20 2.13
Q2 2009 9.27 9.27 2.26
Q3 2009 11.45 11.45 2.55
Q4 2009 10.57 10.57 2.11
Q1 2010 10.84 10.84 2.21
Q2 2010 10.86 10.86 1.93
Q3 2010 10.62 10.62 1.80
Q4 2010 10.44 10.44 1.78
Q1 2011 11.65 11.65 1.97
Q2 2011 12.99 12.99 2.25
Q3 2011 12.65 12.65 2.23
Q4 2011 13.59 13.59 2.53
Q1 2012 14.29 14.29 3.00
Q2 2012 13.03 13.03 2.83
Q3 2012 11.67 11.67 2.52
Q4 2012 11.44 11.44 2.50
Q1 2013 11.15 11.15 3.04
Q2 2013 12.01 12.01 3.21
Q3 2013 13.44 13.44 3.72
Q4 2013 12.80 12.80 3.20
Q1 2014 14.19 14.19 3.49
Q2 2014 15.42 15.84 3.37


Financial Ratios
Current
Market Cap (M Riyal) 3,710.70
Enterprise Value (EV) (M) 3,939.71
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.93
Book Value (BV) ( Riyal) 16.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.20
P/E (TTM) 25.20
Price/book 1.40
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 5.6
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Share Price

Yanbu Cement Co.
23.56
0.08 0.34 %

Yanbu Cement Co. (YCC)

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