Northern Cement posts 75% profit fall in FY 2018

Northern Cement posts 75% profit fall in FY 2018

20/03/2019 Argaam Exclusive

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Northern Region Cement Co.’s net profit after zakat and tax tumbled 75.3 percent year-on-year (YoY) to SAR 13.1 in fiscal year 2018, due to fierce competition in the Saudi and Jordanian market, along with a decline in selling prices and sold volumes.



Financials (M)

Item 2017 2018 Change‬
Revenues 462.67 392.55 (15.2 %)
Gross Income 173.47 147.60 (14.9 %)
Operating Income 100.99 54.53 (46.0 %)
Net Income 52.51 12.85 (75.5 %)
Average Shares 180.00 180.00 -
Earnings Per Share before unusual items 0.29 0.04 (86.5 %)
EPS (Riyals) 0.29 0.07 (75.5 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 123.37 53.08 (57.0 %)
Gross Income 46.77 45.91 (1.8 %)
Operating Income 26.76 22.28 (16.7 %)
Net Income 15.27 13.03 (14.7 %)
Average Shares 180.00 180.00 -
Earnings Per Share before unusual items 0.08 0.07 (14.7 %)
EPS (Riyals) 0.08 0.07 (14.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 152.74 - 50.70 - 43.94 -
Q2 2012 154.83 - 39.20 - 28.97 -
Q3 2012 118.55 - 16.67 - 8.36 -
Q4 2012 112.52 - 30.75 - 20.71 -
Q1 2013 181.77 19.0 % 56.90 12.2 % 45.02 2.5 %
Q2 2013 255.94 65.3 % 97.75 149.3 % 85.28 194.4 %
Q3 2013 167.45 41.3 % 59.46 256.6 % 48.75 483.2 %
Q4 2013 247.28 119.8 % 140.41 356.6 % 63.29 205.7 %
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 %
Q1 2015 253.13 (18.0 %) 100.51 (13.6 %) 59.65 (12.5 %)
Q2 2015 324.34 41.2 % 133.49 51.3 % 79.31 17.4 %
Q3 2015 274.92 35.2 % 107.83 38.1 % 63.49 7.6 %
Q4 2015 277.41 7.7 % 89.57 (19.1 %) 52.06 (23.7 %)
Q1 2016 231.14 (8.7 %) 76.07 (24.3 %) 53.78 (9.8 %)
Q2 2016 251.67 (22.4 %) 95.05 (28.8 %) 55.66 (29.8 %)
Q3 2016 141.39 (48.6 %) 52.91 (50.9 %) 36.10 (43.1 %)
Q4 2016 126.62 (54.4 %) 98.31 9.8 % 51.64 (0.8 %)
Q1 2017 124.14 (46.3 %) 45.50 (40.2 %) 31.28 (41.9 %)
Q2 2017 110.31 (56.2 %) 34.54 (63.7 %) 20.66 (62.9 %)
Q3 2017 104.85 (25.8 %) 46.66 (11.8 %) 22.30 (38.2 %)
Q4 2017 123.37 (2.6 %) 46.77 (52.4 %) 26.76 (48.2 %)
Q1 2018 113.14 (8.9 %) 23.92 (47.4 %) 9.07 (71.0 %)
Q2 2018 119.63 8.4 % 30.70 (11.1 %) 5.45 (73.6 %)
Q3 2018 99.09 (5.5 %) 39.45 (15.4 %) 17.72 (20.5 %)
Q4 2018 53.08 (57.0 %) 45.91 (1.8 %) 22.28 (16.7 %)
2018 392.55 (15.2 %) 147.60 (14.9 %) 54.53 (46.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 39.47 - 0.22 - 39.47 0.22
Q2 2012 28.73 - 0.16 - 28.73 0.16
Q3 2012 7.28 - 0.04 - 7.28 0.04
Q4 2012 17.94 - 0.10 - 17.94 0.10
Q1 2013 42.79 8.4 % 0.24 - 42.79 0.24
Q2 2013 90.20 213.9 % 0.50 - 90.20 0.50
Q3 2013 50.04 587.1 % 0.28 - 50.04 0.28
Q4 2013 51.58 187.6 % 0.29 - 51.58 0.29
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
Q1 2015 50.63 (16.7 %) 0.28 - 50.63 0.28
Q2 2015 64.03 3.1 % 0.36 (7.00) 71.03 0.39
Q3 2015 52.64 2.5 % 0.29 - 52.64 0.29
Q4 2015 39.62 53.5 % 0.22 (0.68) 40.30 0.22
Q1 2016 42.91 (15.3 %) 0.24 - 42.91 0.24
Q2 2016 48.66 (24.0 %) 0.27 - 48.66 0.27
Q3 2016 30.09 (42.8 %) 0.17 - 30.09 0.17
Q4 2016 30.60 (22.8 %) 0.17 3.40 27.20 0.15
Q1 2017 16.33 (62.0 %) 0.09 - 16.33 0.09
Q2 2017 8.26 (83.0 %) 0.05 - 8.26 0.05
Q3 2017 12.51 (58.4 %) 0.07 - 12.51 0.07
Q4 2017 15.27 (50.1 %) 0.08 - 15.27 0.08
Q1 2018 1.45 (91.1 %) 0.01 5.75 (4.31) (0.02)
Q2 2018 (6.62) (180.1 %) (0.04) - (6.62) (0.04)
Q3 2018 5.00 (60.1 %) 0.03 - 5.00 0.03
Q4 2018 13.03 (14.7 %) 0.07 - 13.03 0.07
2018 12.85 (75.5 %) 0.07 5.75 7.10 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 25.50 % 32.44 % 17.34 %
Q1 2013 25.28 % 31.98 % 17.04 %
Q2 2013 30.21 % 36.51 % 23.66 %
Q3 2013 34.12 % 41.22 % 28.00 %
Q4 2013 41.59 % 39.64 % 27.52 %
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 %
Q1 2015 40.01 % 39.04 % 23.30 %
Q2 2015 40.72 % 36.61 % 22.04 %
Q3 2015 40.77 % 35.37 % 20.73 %
Q4 2015 38.18 % 32.38 % 18.99 %
Q1 2016 36.73 % 31.96 % 18.67 %
Q2 2016 35.60 % 31.16 % 17.82 %
Q3 2016 34.78 % 33.94 % 17.96 %
Q4 2016 42.93 % 37.47 % 19.83 %
Q1 2017 45.32 % 39.39 % 18.99 %
Q2 2017 46.02 % 43.10 % 16.30 %
Q3 2017 48.29 % 33.57 % 13.80 %
Q4 2017 37.49 % 36.23 % 11.32 %
Q1 2018 33.63 % 32.16 % 7.03 %
Q2 2018 32.12 % 28.22 % 3.66 %
Q3 2018 30.94 % 30.79 % 2.05 %
Q4 2018 36.36 % 31.27 % 1.84 %
2018 37.60 % 30.66 % 1.81 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 180.00 - - 7.86
Q2 2012 180.00 - - 7.90
Q3 2012 180.00 - - 7.78
Q4 2012 180.00 0.52 0.52 7.88
Q1 2013 180.00 0.54 0.54 12.96
Q2 2013 180.00 0.88 0.88 12.76
Q3 2013 180.00 1.12 1.12 12.04
Q4 2013 180.00 1.30 1.30 12.28
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
Q1 2015 180.00 1.05 1.22 11.67
Q2 2015 180.00 1.07 1.27 11.13
Q3 2015 180.00 1.07 1.28 10.82
Q4 2015 180.00 1.15 1.19 11.04
Q1 2016 180.00 1.11 1.15 10.78
Q2 2016 180.00 1.02 1.03 11.05
Q3 2016 180.00 0.90 0.90 10.77
Q4 2016 180.00 0.85 0.83 11.04
Q1 2017 180.00 0.70 0.68 11.13
Q2 2017 180.00 0.47 0.45 11.18
Q3 2017 180.00 0.38 0.36 11.24
Q4 2017 180.00 0.29 0.29 11.33
Q1 2018 180.00 0.21 0.18 11.34
Q2 2018 180.00 0.13 0.09 11.30
Q3 2018 180.00 0.08 0.05 11.33
Q4 2018 180.00 0.07 0.04 11.41

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 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 35.07 35.07 1.45
Q2 2013 23.61 23.61 1.63
Q3 2013 20.42 20.42 1.89
Q4 2013 17.76 17.76 1.89
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
Q1 2015 21.16 18.27 1.91
Q2 2015 20.72 17.37 1.98
Q3 2015 15.78 13.24 1.56
Q4 2015 13.00 12.53 1.35
Q1 2016 11.15 10.74 1.14
Q2 2016 12.23 12.19 1.13
Q3 2016 11.76 11.71 0.98
Q4 2016 15.17 15.51 1.16
Q1 2017 15.21 15.63 0.95
Q2 2017 20.90 21.76 0.89
Q3 2017 25.26 26.59 0.84
Q4 2017 36.71 36.71 0.94
Q1 2018 50.51 59.67 0.93
Q2 2018 76.05 More than 100 0.85
Q3 2018 More than 100 More than 100 0.76
Q4 2018 More than 100 More than 100 0.73


Financial Ratios
Current
Market Cap (M Riyal) 1,616.40
Enterprise Value (EV) (M) 2,561.62
Shares Outstanding ((M)) 180.00
EPS ( Riyal) (TTM) 0.56
Book Value (BV) ( Riyal) 12.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 29.20
P/E (TTM) 16.04
Price/book 0.72
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 3.5
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Share Price

Northern Region Cement Co.
8.98
0.05 0.56 %

Northern Region Cement Co. (NORTHERN CEMENT)

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