Al Yamamah Steel’s net profit tumbles 94% in 9M

31/07/2018 Argaam Exclusive

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Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

Al Yamamah Steel Industries Co. reported a net profit of SAR 5.4 million for the nine-month period ending on June 30, 2018, a plunge of 94 percent year-on-year (YoY), on the back of a decline in profit margins amid lower sales due to fierce competition and stalled projects.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	983.84	694.35	(29.4 %)
Gross Income	181.76	60.97	(66.5 %)
Operating Income	127.76	17.03	(86.7 %)
Net Income	92.75	5.41	(94.2 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	1.83	0.11	(94.2 %)

In the third quarter, the company swung to a net loss of SAR 5.6 million, compared to a net profit of SAR 17.2 million and SAR 4.3 million in Q3 2017 and in Q2 2017/ 2018, respectively, due to lower profit margins amid weak demand and fierce competition.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	286.42	201.38	(29.7 %)
Gross Income	42.20	12.04	(71.5 %)
Operating Income	26.22	(1.41)	(105.4 %)
Net Income	17.21	(5.61)	(132.6 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	0.34	(0.11)	(132.6 %)

Item	Q2 2018	Q3 2018	Change‬
Revenues	240.72	201.38	(16.3 %)
Gross Income	25.13	12.04	(52.1 %)
Operating Income	9.94	(1.41)	(114.2 %)
Net Income	4.29	(5.61)	(230.6 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	0.08	(0.11)	(230.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2017	286.42	(39.3 %)	42.20	(66.0 %)	17.21	(74.6 %)	0.34
Q4 2017	265.91	(5.2 %)	47.64	(10.4 %)	18.91	(5.6 %)	0.37
2017	1,249.75	(24.2 %)	229.40	(31.7 %)	111.66	(38.5 %)	2.20
Q1 2018	252.24	(22.5 %)	23.79	(60.0 %)	6.73	(76.8 %)	0.13
Q2 2018	240.72	(35.3 %)	25.13	(68.9 %)	4.29	(91.1 %)	0.08
Q3 2018	201.38	(29.7 %)	12.04	(71.5 %)	(5.61)	(132.6 %)	(0.11)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2017	1,249.75	(24.2 %)	229.40	(31.7 %)	111.66	(38.5 %)	2.20

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	18.64 %	16.88 %	9.05 %
Q4 2017	18.42 %	15.90 %	9.06 %
2017	18.36 %	15.82 %	8.93 %
Q1 2018	16.53 %	13.88 %	7.73 %
Q2 2018	13.28 %	11.05 %	4.51 %
Q3 2018	11.31 %	8.90 %	2.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	18.36 %	15.82 %	8.93 %

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	-	-	-
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 %
Q3 2017	14.73 %	13.26 %	6.01 %
Q4 2017	17.92 %	14.69 %	7.11 %
Q1 2018	9.43 %	6.36 %	2.67 %
Q2 2018	10.44 %	9.31 %	1.78 %
Q3 2018	5.98 %	3.95 %	(2.78 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (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	50.80	-	-	7.78
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	50.80	-	-	9.17
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	50.80	-	-	10.45
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
Q3 2017	50.80	2.25	2.25	13.03
Q4 2017	50.80	2.23	2.23	13.24
Q1 2018	50.80	1.79	1.79	13.37
Q2 2018	50.80	0.93	0.93	12.95
Q3 2018	50.80	0.48	0.48	12.84

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	50.80	2.20	2.20	13.24

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	-	-	-
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
Q3 2017	11.06	11.06	1.91
Q4 2017	11.17	11.17	1.88
Q1 2018	12.39	12.39	1.66
Q2 2018	20.67	20.67	1.48
Q3 2018	34.83	34.83	1.30

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	8.14	7.63	2.16
2017	11.33	11.33	1.88

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	-	-	-	-	-
Q3 2017	245.49	40.93	-	-	-	-	-
Q4 2017	236.12	29.79	-	-	-	-	-
Q1 2018	211.85	40.40	-	-	-	-	-
Q2 2018	209.10	31.62	-	-	-	-	-
Q3 2018	175.20	26.18	-	-	-	-	-

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	-	-	-	-	-
2017	1,064.92	184.83	-	-	-	-	-

Analysts Estimates (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change‬
Average	5.50	(5.61)	(201.9 %)

Estimates vs Actual (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change
Arbah Capital	8.00	(5.61)	(170.1) %
Sico	3.00	(5.61)	(286.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,813.56
Enterprise Value (EV) (M)	2,742.98
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	3.14
Return on Average Assets (%) (TTM)	(0.55 )
Return on Average Equity (%) (TTM)	(1.76 )

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Al Yamamah Steel’s net profit tumbles 94% in 9M

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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) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Al Yamamah Steel’s net profit tumbles 94% in 9M

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) Q3 2018

Revenue by Business Segment (Latest) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)