Northern Region Cement's 2014 profit down to SAR 234.2 mln
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Northern Region Cement Company reported 2014 net profit of SAR 234.2 million compared to SAR 234.6 million for the last year.
A net profit of SAR 60 million was reported for Q4-2014 compared to SAR 51.4 million for Q3.
Financials (M)
| Item | 2013 | 2014 | Change |
|---|---|---|---|
| Revenues | 852.44 | 999.14 | 17.2 % |
| Gross Income | 354.51 | 393.40 | 11.0 % |
| Operating Income | 242.34 | 262.89 | 8.5 % |
| Net Income | 234.62 | 200.01 | (14.7 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 1.30 | 1.11 | (14.7 %) |
The company attributed the decline of 2014’s profit compared to the same period last year to the increase of S&M expenses and financial charges and the decline of the company’s share of its affiliates’ profit as well as the decline of cement sales and the increase of imported clinker’s sales which has higher cost.
The increase of Q4-2014’s net profit compared to the same period last year was attributed to the increase of cement and clinker sales and the decline of Zakat provision.
The increase of Q4’s net profit compared to the previous quarter (Q3-2014) was attributed to the increase of cement and clinker sales.
Current Quarter Comparison (M)
| Item | Q4 2013 | Q4 2014 | Change |
|---|---|---|---|
| Revenues | 247.28 | 257.47 | 4.1 % |
| Gross Income | 140.41 | 110.72 | (21.1 %) |
| Operating Income | 63.29 | 68.20 | 7.8 % |
| Net Income | 51.58 | 25.81 | (50.0 %) |
| Average Shares | 180.00 | 180.00 | - |
| EPS (Riyals) | 0.29 | 0.14 | (50.0 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 308.53 | 69.7 % | 116.34 | 104.5 % | 68.15 | 51.4 % |
| Q2 2014 | 229.75 | (10.2 %) | 88.24 | (9.7 %) | 67.55 | (20.8 %) |
| Q3 2014 | 203.39 | 21.5 % | 78.10 | 31.4 % | 59.00 | 21.0 % |
| Q4 2014 | 257.47 | 4.1 % | 110.72 | (21.1 %) | 68.20 | 7.8 % |
| 2014 | 999.14 | 17.2 % | 393.40 | 11.0 % | 262.89 | 8.5 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2014 | 60.76 | 42.0 % | 0.34 | - | 60.76 | 0.34 |
| Q2 2014 | 62.09 | (31.2 %) | 0.34 | - | 62.09 | 0.34 |
| Q3 2014 | 51.35 | 2.6 % | 0.29 | - | 51.35 | 0.29 |
| Q4 2014 | 25.81 | (50.0 %) | 0.14 | (30.02) | 55.83 | 0.31 |
| 2014 | 200.01 | (14.7 %) | 1.11 | (30.02) | 230.04 | 1.28 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | 42.27 % | 37.12 % | 25.80 % |
| Q2 2014 | 42.44 % | 36.65 % | 23.55 % |
| Q3 2014 | 42.78 % | 36.24 % | 22.83 % |
| Q4 2014 | 39.37 % | 37.45 % | 23.02 % |
| 2014 | 39.37 % | 37.45 % | 23.02 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2014 | 180.00 | 1.40 | 1.40 | 11.62 |
| Q2 2014 | 180.00 | 1.25 | 1.25 | 11.96 |
| Q3 2014 | 180.00 | 1.25 | 1.25 | 11.25 |
| Q4 2014 | 180.00 | 1.11 | 1.28 | 11.39 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2014 | 17.07 | 17.07 | 2.06 |
| Q2 2014 | 20.30 | 20.30 | 2.12 |
| Q3 2014 | 21.54 | 21.54 | 2.40 |
| Q4 2014 | 19.00 | 16.52 | 1.85 |
Analysts Estimates (Million)
| Item | Q4 2014 (e) | Q4 2014 (a) | Change |
|---|---|---|---|
| Average | 73.00 | 25.81 | (64.6 %) |
Estimates vs Actual (Million)
| Item | Q4 2014 (e) | Q4 2014 (a) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | 73.00 | 25.81 | (64.6) % |
| Current | |
| Market Cap (M Riyal) | 1,623.60 |
| Enterprise Value (EV) (M) | 2,425.74 |
| Shares Outstanding ((M)) | 180.00 |
| EPS ( Riyal) (TTM) | 0.41 |
| Book Value (BV) ( Riyal) | 12.65 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | 22.06 |
| Price/book | 0.71 |
| Return on Average Assets (%) (TTM) | 2.1 |
| Return on Average Equity (%) (TTM) | 3.3 |
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