Al Yamamah Steel’s H1 net profit slips 14%

18/04/2017 Argaam Exclusive

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Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

Al Yamamah Steel Industries Co. reported a net profit of SAR 77.8 million for the first half ended March 31, 2017, a 14 percent year-on-year drop on higher cost of sales and lower profit margin of power sector due to the slowdown in projects.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	896.06	697.43	(22.2 %)
Gross Income	156.64	140.36	(10.4 %)
Operating Income	112.54	102.65	(8.8 %)
Net Income	90.48	77.14	(14.7 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	1.78	1.52	(14.7 %)

The net profit for second quarter fell 13.3 percent year-on-year to SAR 48.3 million. The profit for the period was 63 percent higher compared to the previous quarter mainly due to the improvement in gross profit margin due to higher sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	460.60	371.99	(19.2 %)
Gross Income	97.02	80.81	(16.7 %)
Operating Income	70.85	61.34	(13.4 %)
Net Income	55.66	48.15	(13.5 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	1.10	0.95	(13.5 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	325.44	371.99	14.3 %
Gross Income	59.55	80.81	35.7 %
Operating Income	41.30	61.34	48.5 %
Net Income	28.99	48.15	66.1 %
Average Shares	50.80	50.80	-
EPS (Riyals)	0.57	0.95	66.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	1,529.61	-	186.35	-	100.98	-	1.99
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	1,941.82	26.9 %	176.92	(5.1 %)	70.76	(29.9 %)	1.39
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	1,775.26	(8.6 %)	220.29	24.5 %	105.65	49.3 %	2.08
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	661.67	-	82.92	-	48.47	-	0.95
Q4 2014	436.16	-	38.83	-	15.01	-	0.30
2014	2,011.74	13.3 %	245.05	11.2 %	131.93	24.9 %	2.60
Q1 2015	500.78	-	71.20	-	44.09	-	0.87
Q2 2015	650.88	-	72.99	-	41.61	-	0.82
Q3 2015	540.78	(18.3 %)	92.64	11.7 %	54.50	12.4 %	1.07
Q4 2015	327.80	(24.8 %)	45.56	17.3 %	18.54	23.5 %	0.36
2015	2,020.24	0.4 %	282.39	15.2 %	158.74	20.3 %	3.12
Q1 2016	435.46	(13.0 %)	59.61	(16.3 %)	34.82	(21.0 %)	0.69
Q2 2016	460.60	(29.2 %)	97.02	32.9 %	55.66	33.8 %	1.10
Q3 2016	471.48	(12.8 %)	124.12	34.0 %	67.88	24.6 %	1.34
Q4 2016	280.42	(14.5 %)	53.16	16.7 %	20.04	8.1 %	0.39
2016	1,648.06	(18.4 %)	335.95	19.0 %	181.51	14.3 %	3.57
Q1 2017	325.44	(25.3 %)	59.55	(0.1 %)	28.99	(16.7 %)	0.57
Q2 2017	371.99	(19.2 %)	80.81	(16.7 %)	48.15	(13.5 %)	0.95

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	1,529.61	-	186.35	-	100.98	-	1.99
2012	1,941.82	26.9 %	176.92	(5.1 %)	70.76	(29.9 %)	1.39
2013	1,775.26	(8.6 %)	220.29	24.5 %	105.65	49.3 %	2.08
2014	2,011.74	13.3 %	245.05	11.2 %	131.93	24.9 %	2.60
2015	2,020.24	0.4 %	282.39	15.2 %	158.74	20.3 %	3.12
2016	1,648.06	(18.4 %)	335.95	19.0 %	181.51	14.3 %	3.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	12.18 %	11.58 %	6.60 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	9.11 %	7.75 %	3.64 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	12.41 %	11.13 %	5.95 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	12.18 %	11.03 %	6.56 %
Q1 2015	-	-	-
Q2 2015	11.82 %	11.41 %	6.63 %
Q3 2015	12.95 %	11.40 %	7.29 %
Q4 2015	13.98 %	12.36 %	7.86 %
2015	13.98 %	12.36 %	7.86 %
Q1 2016	13.85 %	12.09 %	7.65 %
Q2 2016	16.71 %	14.44 %	9.27 %
Q3 2016	19.25 %	15.88 %	11.16 %
Q4 2016	20.26 %	17.22 %	11.57 %
2016	20.38 %	17.41 %	11.76 %
Q1 2017	21.71 %	18.41 %	12.02 %
Q2 2017	21.92 %	18.77 %	12.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	12.18 %	11.58 %	6.60 %
2012	9.11 %	7.75 %	3.64 %
2013	12.41 %	11.13 %	5.95 %
2014	12.18 %	11.03 %	6.56 %
2015	13.98 %	12.36 %	7.86 %
2016	20.38 %	17.41 %	11.76 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
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	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	12.53 %	14.52 %	7.32 %
Q4 2014	8.90 %	7.36 %	3.44 %
Q1 2015	14.22 %	13.10 %	8.80 %
Q2 2015	11.21 %	9.66 %	6.39 %
Q3 2015	17.13 %	15.19 %	10.08 %
Q4 2015	13.90 %	11.93 %	5.66 %
Q1 2016	13.69 %	12.00 %	8.00 %
Q2 2016	21.06 %	17.65 %	12.08 %
Q3 2016	26.32 %	20.49 %	17.01 %
Q4 2016	18.96 %	19.14 %	7.14 %
Q1 2017	18.30 %	15.84 %	8.91 %
Q2 2017	21.72 %	18.86 %	12.94 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
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	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	50.80	-	-	11.44
Q4 2014	50.80	-	-	11.73
Q1 2015	50.80	-	-	11.35
Q2 2015	50.80	2.94	2.94	12.17
Q3 2015	50.80	3.06	3.06	11.99
Q4 2015	50.80	3.12	3.12	12.36
Q1 2016	50.80	2.94	2.94	11.79
Q2 2016	50.80	3.22	3.22	12.89
Q3 2016	50.80	3.48	3.72	13.07
Q4 2016	50.80	3.51	3.75	13.46
Q1 2017	50.80	3.40	3.64	12.72
Q2 2017	50.80	3.25	3.49	13.65

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	50.80	1.99	1.99	7.78
2012	50.80	1.39	1.39	9.17
2013	50.80	2.08	2.08	10.45
2014	50.80	2.60	2.60	11.73
2015	50.80	3.12	3.12	12.36
2016	50.80	3.57	3.82	13.46

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
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	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	10.77	10.77	2.69
Q3 2016	6.67	6.24	1.78
Q4 2016	8.29	7.75	2.16
Q1 2017	8.33	7.78	2.23
Q2 2017	8.16	7.60	1.94

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	8.14	7.63	2.16

Business Segments (Million)

Compared With The

Period	Construction sector	Electricity sector	Pipelines factory	Electric poles factory	Frames factory	Electric power towers factory	Al Yamamah for reinforcing steel bars
Q4 2014	-	-	111.76	50.40	5.45	51.53	217.02
Q1 2015	-	-	115.90	43.21	4.62	61.62	275.43
Q2 2015	-	-	125.10	62.12	5.12	62.00	396.53
Q3 2015	-	-	122.92	54.58	5.79	50.75	306.75
Q4 2015	-	-	84.92	45.57	4.78	50.14	142.39
Q1 2016	-	-	103.42	51.43	3.50	54.36	222.75
Q2 2016	-	-	99.83	47.47	1.79	47.78	263.74
Q3 2016	391.22	80.36	-	-	-	-	-
Q4 2016	238.23	42.18	-	-	-	-	-
Q1 2017	278.88	46.55	-	-	-	-	-
Q2 2017	304.43	67.56	-	-	-	-	-

Period	Construction sector	Electricity sector	Pipelines factory	Electric poles factory	Frames factory	Electric power towers factory	Al Yamamah for reinforcing steel bars
2012	-	-	480.32	125.53	17.51	58.49	1,259.97
2013	-	-	458.25	140.89	13.56	127.88	1,034.69
2014	-	-	489.94	187.07	20.67	192.59	1,121.47
2015	-	-	448.84	205.48	20.31	224.51	1,121.10
2016	1,324.49	323.57	-	-	-	-	-

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	34.10	48.15	41.19 %

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
OSOOL AND BAKHEET	48.20	48.15	(0.1) %
Sico	20.00	48.15	140.7 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,790.70
Enterprise Value (EV) (M)	2,757.30
Shares Outstanding ((M))	50.80
EPS ( Riyal) (TTM)	(0.20)
Book Value (BV) ( Riyal)	11.38
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.10
Return on Average Assets (%) (TTM)	(0.53 )
Return on Average Equity (%) (TTM)	(1.76 )

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Al Yamamah Steel’s H1 net profit slips 14%

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Share Price

Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Al Yamamah Steel’s H1 net profit slips 14%

View other reports

Share Price

Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)