Al Jouf Cement swings to SAR 10 mln loss in H1

Al Jouf Cement swings to SAR 10 mln loss in H1

09/08/2018 Argaam Exclusive

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Al Jouf Cement Co. incurred net loss of SAR 9.6 million in H1 2018, versus net earnings of SAR 26.8 million in year-earlier period, as selling prices dropped impacted by weak demand and severe competition, despite lower zakat expenses.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 142.62 76.94 (46.1 %)
Gross Income 45.78 6.00 (86.9 %)
Operating Income 33.36 (7.39) (122.2 %)
Net Income 26.81 (9.59) (135.8 %)
Average Shares 108.70 108.70 -
EPS (Riyals) 0.25 (0.09) (135.8 %)

The Saudi cement producer sustained SAR 13.7 million losses in Q2 2018, versus net profit of SAR 10.5 million in Q2 2017 and SAR 4.1 million in Q1 2018, driven by lower sales and decreased selling prices on soft demand and fierce competition. This was offset by lower financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 62.36 27.20 (56.4 %)
Gross Income 20.00 (5.10) (125.5 %)
Operating Income 13.73 (12.02) (187.5 %)
Net Income 10.52 (13.70) (230.2 %)
Average Shares 108.70 108.70 -
EPS (Riyals) 0.10 (0.13) (230.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 - - - - (1.44) (246.9 %)
Q2 2009 - - - - (1.57) (109.2 %)
Q3 2009 - - - - (1.66) (97.0 %)
Q4 2009 - - - - (1.96) (55.5 %)
Q1 2010 0.98 - (0.73) - (3.24) (124.4 %)
Q2 2010 17.73 - 7.49 - 0.45 128.5 %
Q3 2010 36.93 - 16.79 - 12.38 848.0 %
Q4 2010 47.60 - 22.10 - 16.73 954.2 %
Q1 2011 82.24 8266.0 % 35.56 4991.6 % 31.13 1061.4 %
Q2 2011 95.58 439.0 % 34.16 356.1 % 28.57 6263.9 %
Q3 2011 59.74 61.8 % 25.34 50.9 % 16.55 33.7 %
Q4 2011 78.34 64.6 % 23.82 7.8 % 17.68 5.7 %
Q1 2012 101.73 23.7 % 42.40 19.2 % 35.99 15.6 %
Q2 2012 92.75 (3.0 %) 39.88 16.7 % 29.65 3.8 %
Q3 2012 71.33 19.4 % 30.84 21.7 % 23.43 41.6 %
Q4 2012 103.36 31.9 % 42.02 76.4 % 34.40 94.6 %
Q1 2013 100.37 (1.3 %) 36.11 (14.8 %) 28.82 (19.9 %)
Q2 2013 83.21 (10.3 %) 28.00 (29.8 %) 17.05 (42.5 %)
Q3 2013 50.11 (29.8 %) 17.90 (42.0 %) 10.50 (55.2 %)
Q4 2013 59.99 (42.0 %) 15.02 (64.3 %) 6.18 (82.0 %)
Q1 2014 69.35 (30.9 %) 25.93 (28.2 %) 18.16 (37.0 %)
Q2 2014 72.50 (12.9 %) 26.26 (6.2 %) 19.47 14.2 %
Q3 2014 54.19 8.2 % 19.69 10.0 % 12.49 18.9 %
Q4 2014 73.19 22.0 % 30.79 105.0 % 21.39 246.1 %
Q1 2015 87.41 26.0 % 36.83 42.0 % 28.30 55.8 %
Q2 2015 93.20 28.5 % 38.41 46.3 % 30.34 55.8 %
Q3 2015 70.35 29.8 % 30.78 56.3 % 22.29 78.4 %
Q4 2015 85.34 16.6 % 16.00 (48.0 %) 7.87 (63.2 %)
Q1 2016 90.80 3.9 % 35.54 (3.5 %) 27.53 (2.7 %)
Q2 2016 90.84 (2.5 %) 31.14 (18.9 %) 23.20 (23.5 %)
Q3 2016 63.91 (9.2 %) 24.49 (20.4 %) 18.32 (17.8 %)
Q4 2016 74.35 (12.9 %) 17.06 6.6 % 9.65 22.7 %
Q1 2017 80.27 (11.6 %) 25.79 (27.4 %) 19.63 (28.7 %)
Q2 2017 62.36 (31.4 %) 20.00 (35.8 %) 13.73 (40.8 %)
Q3 2017 53.14 (16.8 %) 11.23 (54.1 %) 5.20 (71.6 %)
Q4 2017 70.13 (5.7 %) 22.45 31.6 % 16.12 67.0 %
Q1 2018 49.74 (38.0 %) 11.10 (57.0 %) 4.62 (76.4 %)
Q2 2018 27.20 (56.4 %) (5.10) (125.5 %) (12.02) (187.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 (4.51) (223.6 %) (0.05) (2.39) (2.12) (0.02)
Q2 2009 (4.86) (53.7 %) (0.06) (3.03) (1.82) (0.02)
Q3 2009 (5.90) 6.4 % (0.07) (4.50) (1.40) (0.02)
Q4 2009 (16.58) (13,836.1 %) (0.19) (14.60) (1.99) (0.02)
Q1 2010 (5.22) (15.7 %) (0.06) - (5.22) (0.06)
Q2 2010 (1.70) 65.0 % (0.02) - (1.70) (0.02)
Q3 2010 5.00 184.8 % 0.05 (7.41) 12.42 0.11
Q4 2010 16.69 200.6 % 0.15 - 16.69 0.15
Q1 2011 28.23 641.1 % 0.26 - 28.23 0.26
Q2 2011 25.86 1622.2 % 0.24 - 25.86 0.24
Q3 2011 14.39 187.7 % 0.13 - 14.39 0.13
Q4 2011 14.09 (15.5 %) 0.13 - 14.09 0.13
Q1 2012 33.49 18.7 % 0.31 - 33.49 0.31
Q2 2012 26.22 1.4 % 0.24 - 26.22 0.24
Q3 2012 21.93 52.4 % 0.20 - 21.93 0.20
Q4 2012 25.46 80.6 % 0.23 - 25.46 0.23
Q1 2013 24.99 (25.4 %) 0.23 - 24.99 0.23
Q2 2013 13.81 (47.3 %) 0.13 - 13.81 0.13
Q3 2013 7.34 (66.5 %) 0.07 - 7.34 0.07
Q4 2013 7.97 (68.7 %) 0.07 - 7.97 0.07
Q1 2014 15.01 (39.9 %) 0.14 - 15.01 0.14
Q2 2014 16.08 16.4 % 0.15 - 16.08 0.15
Q3 2014 8.60 17.1 % 0.08 - 8.60 0.08
Q4 2014 20.87 162.0 % 0.19 - 20.87 0.19
Q1 2015 25.76 71.6 % 0.24 - 25.76 0.24
Q2 2015 26.81 66.7 % 0.25 - 26.81 0.25
Q3 2015 18.63 116.6 % 0.17 - 18.63 0.17
Q4 2015 5.14 (75.3 %) 0.05 - 5.14 0.05
Q1 2016 24.72 (4.0 %) 0.23 - 24.72 0.23
Q2 2016 22.74 (15.2 %) 0.21 - 22.74 0.21
Q3 2016 14.90 (20.0 %) 0.14 - 14.90 0.14
Q4 2016 9.70 88.6 % 0.09 - 9.70 0.09
Q1 2017 16.29 (34.1 %) 0.15 - 16.29 0.15
Q2 2017 10.52 (53.7 %) 0.10 - 10.52 0.10
Q3 2017 5.84 (60.8 %) 0.05 - 5.84 0.05
Q4 2017 8.46 (12.8 %) 0.08 (5.00) 13.46 0.12
Q1 2018 4.11 (74.8 %) 0.04 - 4.11 0.04
Q2 2018 (13.70) (230.2 %) (0.13) - (13.70) (0.13)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 (73.96 %) (476.09 %) (1060.33 %)
Q2 2010 36.14 % 4.14 % (55.03 %)
Q3 2010 42.33 % 32.85 % 6.31 %
Q4 2010 44.22 % 47.59 % 21.49 %
Q1 2011 44.41 % 50.19 % 30.15 %
Q2 2011 41.40 % 49.75 % 31.71 %
Q3 2011 41.09 % 50.66 % 29.87 %
Q4 2011 37.63 % 46.01 % 26.14 %
Q1 2012 37.49 % 44.96 % 26.19 %
Q2 2012 39.52 % 45.65 % 26.52 %
Q3 2012 39.79 % 46.08 % 27.82 %
Q4 2012 42.02 % 47.86 % 29.01 %
Q1 2013 40.47 % 46.21 % 26.81 %
Q2 2013 38.23 % 43.94 % 24.06 %
Q3 2013 36.80 % 43.02 % 21.24 %
Q4 2013 33.04 % 40.07 % 18.42 %
Q1 2014 33.07 % 40.88 % 16.80 %
Q2 2014 33.78 % 43.78 % 18.41 %
Q3 2014 33.94 % 43.75 % 18.61 %
Q4 2014 38.13 % 47.25 % 22.49 %
Q1 2015 39.53 % 47.83 % 24.82 %
Q2 2015 40.82 % 48.60 % 26.63 %
Q3 2015 42.21 % 49.75 % 28.40 %
Q4 2015 36.28 % 44.10 % 22.70 %
Q1 2016 35.54 % 43.76 % 22.17 %
Q2 2016 33.64 % 41.90 % 21.12 %
Q3 2016 32.39 % 41.46 % 20.40 %
Q4 2016 33.83 % 43.50 % 22.53 %
Q1 2017 31.83 % 42.41 % 20.57 %
Q2 2017 31.09 % 43.52 % 18.31 %
Q3 2017 27.42 % 40.12 % 15.68 %
Q4 2017 29.89 % 43.47 % 17.34 %
Q1 2018 27.52 % 42.60 % 14.42 %
Q2 2018 19.82 % 36.73 % 4.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 85.37 (0.17) 0.00 11.71
Q2 2009 85.37 (0.18) (0.02) 11.65
Q3 2009 85.37 (0.18) (0.03) 11.58
Q4 2009 85.37 (0.37) (0.09) 11.38
Q1 2010 85.37 (0.38) (0.12) 11.32
Q2 2010 85.37 (0.34) (0.12) 11.30
Q3 2010 108.70 (0.17) 0.03 11.49
Q4 2010 108.70 0.14 0.20 11.64
Q1 2011 108.70 0.44 0.51 11.90
Q2 2011 108.70 0.70 0.77 12.14
Q3 2011 108.70 0.78 0.78 12.27
Q4 2011 108.70 0.76 0.76 12.40
Q1 2012 108.70 0.81 0.81 12.71
Q2 2012 108.70 0.81 0.81 12.36
Q3 2012 108.70 0.88 0.88 12.56
Q4 2012 108.70 0.99 0.99 12.79
Q1 2013 108.70 0.91 0.91 13.02
Q2 2013 108.70 0.79 0.79 12.55
Q3 2013 108.70 0.66 0.66 12.62
Q4 2013 108.70 0.50 0.50 12.69
Q1 2014 108.70 0.41 0.41 12.83
Q2 2014 108.70 0.43 0.43 13.00
Q3 2014 108.70 0.44 0.44 13.08
Q4 2014 108.70 0.56 0.56 13.27
Q1 2015 108.70 0.66 0.66 13.51
Q2 2015 108.70 0.75 0.75 13.76
Q3 2015 108.70 0.85 0.85 13.93
Q4 2015 108.70 0.70 0.70 13.97
Q1 2016 108.70 0.69 0.69 14.20
Q2 2016 108.70 0.66 0.66 14.41
Q3 2016 108.70 0.62 0.62 14.55
Q4 2016 108.70 0.66 0.66 14.65
Q1 2017 108.70 0.59 0.59 14.79
Q2 2017 108.70 0.47 0.47 14.89
Q3 2017 108.70 0.39 0.39 14.93
Q4 2017 108.70 0.38 0.42 15.01
Q1 2018 108.70 0.27 0.31 15.04
Q2 2018 108.70 0.04 0.09 14.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 NEG More than 100 1.38
Q4 2010 More than 100 71.51 1.25
Q1 2011 31.95 27.70 1.19
Q2 2011 28.15 25.64 1.62
Q3 2011 22.14 22.14 1.41
Q4 2011 23.79 23.79 1.46
Q1 2012 29.84 29.84 1.90
Q2 2012 24.41 24.41 1.60
Q3 2012 23.24 23.24 1.63
Q4 2012 19.85 19.85 1.53
Q1 2013 21.56 21.56 1.50
Q2 2013 25.43 25.43 1.61
Q3 2013 34.51 34.51 1.80
Q4 2013 42.31 42.31 1.66
Q1 2014 52.76 52.76 1.67
Q2 2014 54.83 54.83 1.80
Q3 2014 65.66 65.66 2.20
Q4 2014 30.17 30.17 1.27
Q1 2015 27.79 27.79 1.35
Q2 2015 25.52 25.52 1.40
Q3 2015 16.97 16.97 1.03
Q4 2015 18.05 18.05 0.91
Q1 2016 15.52 15.52 0.76
Q2 2016 16.33 16.33 0.74
Q3 2016 13.46 13.46 0.57
Q4 2016 16.24 16.24 0.74
Q1 2017 17.38 17.38 0.69
Q2 2017 20.15 20.15 0.64
Q3 2017 24.19 24.19 0.63
Q4 2017 35.05 31.25 0.88
Q1 2018 50.24 42.84 0.89
Q2 2018 More than 100 More than 100 0.83

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 4.00 (13.70) (442.5 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
OSOOL AND BAKHEET 4.00 (13.70) (442.5) %


Financial Ratios
Current
Market Cap (M Riyal) 1,097.87
Enterprise Value (EV) (M) 1,721.02
Shares Outstanding ((M)) 108.70
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 11.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 25.71
Price/book 0.88
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 3.5
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Share Price

Al Jouf Cement Co.
10.10
0.02 0.20 %

Al Jouf Cement Co. (JOUF CEMENT)

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