Arabian Cement posts lower net profit at SAR 298.8mln in I3 of 2013

30/09/2013 Argaam Exclusive

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Share Price

Arabian Cement Co. (ACC)

Arabian Cement Company, the first cement company in Saudi Arabia, reported SAR 298.8m net profit in I3 of 2013, a 2% decrease compared to the same period last year.

Financials (M)

Item	9m 2012	9m 2013	Change‬
Revenues	1,062.32	1,016.16	(4.3 %)
Gross Income	446.18	409.03	(8.3 %)
Operating Income	404.03	377.70	(6.5 %)
Net Income	305.10	298.76	(2.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	3.05	2.99	(2.1 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2012	Q3 2013	Change‬
Revenues	337.90	290.44	(14.0 %)
Gross Income	98.58	95.19	(3.4 %)
Operating Income	89.92	85.36	(5.1 %)
Net Income	87.03	16.85	(80.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.87	0.17	(80.6 %)

Item	Q2 2013	Q3 2013	Change‬
Revenues	373.42	290.44	(22.2 %)
Gross Income	144.75	95.19	(34.2 %)
Operating Income	133.89	85.36	(36.2 %)
Net Income	124.65	16.85	(86.5 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.25	0.17	(86.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2004	134.08	7.9 %	58.49	8.1 %	60.19	32.2 %	0.64
Q2 2004	149.32	0.9 %	70.77	4.2 %	131.83	94.8 %	1.41
Q3 2004	161.20	21.2 %	79.72	41.7 %	69.04	47.3 %	0.74
Q4 2004	134.20	14.3 %	54.76	9.0 %	45.31	(10.3 %)	0.48
2004	578.80	10.7 %	263.74	15.4 %	306.38	45.5 %	3.27
Q1 2005	163.44	21.9 %	78.01	33.4 %	69.14	14.9 %	0.74
Q2 2005	179.25	20.0 %	98.20	38.8 %	96.72	(26.6 %)	1.03
Q3 2005	177.01	9.8 %	95.07	19.3 %	86.14	24.8 %	0.92
Q4 2005	167.53	24.8 %	77.27	41.1 %	78.85	74.0 %	0.84
2005	687.23	18.7 %	348.55	32.2 %	330.85	8.0 %	3.53
Q1 2006	182.24	11.5 %	97.27	24.7 %	89.53	29.5 %	0.96
Q2 2006	199.23	11.2 %	105.78	7.7 %	102.67	6.2 %	1.10
Q3 2006	183.29	3.5 %	88.13	(7.3 %)	82.23	(4.5 %)	0.88
Q4 2006	183.08	9.3 %	81.47	5.4 %	59.14	(25.0 %)	0.63
2006	747.85	8.8 %	372.65	6.9 %	333.58	0.8 %	3.56
Q1 2007	183.08	0.5 %	97.31	0.0 %	93.23	4.1 %	1.00
Q2 2007	191.37	(3.9 %)	108.68	2.7 %	102.26	(0.4 %)	1.09
Q3 2007	183.40	0.1 %	115.18	30.7 %	110.66	34.6 %	1.18
Q4 2007	163.73	(10.6 %)	90.56	11.1 %	86.02	45.4 %	0.92
2007	721.57	(3.5 %)	411.73	10.5 %	392.17	17.6 %	4.19
Q1 2008	209.44	14.4 %	121.73	25.1 %	115.26	23.6 %	1.15
Q2 2008	189.13	(1.2 %)	112.28	3.3 %	90.38	(11.6 %)	0.90
Q3 2008	174.15	(5.0 %)	77.59	(32.6 %)	71.77	(35.1 %)	0.72
Q4 2008	148.59	(9.2 %)	67.74	(25.2 %)	46.76	(45.6 %)	0.47
2008	721.31	0.0 %	379.34	(7.9 %)	324.17	(17.3 %)	3.24
Q1 2009	203.86	(2.7 %)	115.31	(5.3 %)	103.78	(10.0 %)	1.04
Q2 2009	191.04	1.0 %	99.37	(11.5 %)	82.65	(8.6 %)	0.83
Q3 2009	162.84	(6.5 %)	88.09	13.5 %	72.82	1.5 %	0.73
Q4 2009	179.30	20.7 %	87.44	29.1 %	(87.23)	(286.5 %)	(0.87)
2009	737.03	2.2 %	390.22	2.9 %	172.02	(46.9 %)	1.72
Q1 2010	201.72	(1.0 %)	90.03	(21.9 %)	81.74	(21.2 %)	0.82
Q2 2010	194.43	1.8 %	95.19	(4.2 %)	81.17	(1.8 %)	0.81
Q3 2010	164.23	0.9 %	89.54	1.6 %	81.68	12.2 %	0.82
Q4 2010	184.21	2.7 %	44.17	(49.5 %)	10.85	112.4 %	0.11
2010	744.59	1.0 %	318.93	(18.3 %)	255.44	48.5 %	2.55
Q1 2011	230.10	14.1 %	133.97	48.8 %	116.02	41.9 %	1.16
Q2 2011	302.99	55.8 %	139.30	46.3 %	111.75	37.7 %	1.12
Q3 2011	277.72	69.1 %	125.69	40.4 %	104.92	28.5 %	1.05
Q4 2011	267.76	45.4 %	104.89	137.5 %	70.35	548.4 %	0.70
2011	1,078.56	44.9 %	503.86	58.0 %	407.23	59.4 %	4.07
Q1 2012	355.12	54.3 %	174.38	30.2 %	146.14	26.0 %	1.46
Q2 2012	369.30	21.9 %	173.23	24.4 %	71.93	(35.6 %)	0.72
Q3 2012	337.90	21.7 %	98.58	(21.6 %)	87.03	(17.1 %)	0.87
Q4 2012	308.32	15.1 %	91.15	(13.1 %)	82.33	17.0 %	0.82
2012	1,370.64	27.1 %	537.34	6.6 %	387.43	(4.9 %)	3.87
Q1 2013	352.30	(0.8 %)	169.10	(3.0 %)	157.26	7.6 %	1.57
Q2 2013	373.42	1.1 %	144.75	(16.4 %)	124.65	73.3 %	1.25
Q3 2013	290.44	(14.0 %)	95.19	(3.4 %)	16.85	(80.6 %)	0.17

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2003	522.67	-	228.51	-	210.58	-	2.25
2004	578.80	10.7 %	263.74	15.4 %	306.38	45.5 %	3.27
2005	687.23	18.7 %	348.55	32.2 %	330.85	8.0 %	3.53
2006	747.85	8.8 %	372.65	6.9 %	333.58	0.8 %	3.56
2007	721.57	(3.5 %)	411.73	10.5 %	392.17	17.6 %	4.19
2008	721.31	0.0 %	379.34	(7.9 %)	324.17	(17.3 %)	3.24
2009	737.03	2.2 %	390.22	2.9 %	172.02	(46.9 %)	1.72
2010	744.59	1.0 %	318.93	(18.3 %)	255.44	48.5 %	2.55
2011	1,078.56	44.9 %	503.86	58.0 %	407.23	59.4 %	4.07
2012	1,370.64	27.1 %	537.34	6.6 %	387.43	(4.9 %)	3.87

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	43.74 %	48.24 %	42.30 %
Q2 2004	44.17 %	48.71 %	54.21 %
Q3 2004	46.12 %	50.60 %	55.44 %
Q4 2004	45.57 %	51.93 %	52.93 %
2004	45.57 %	51.93 %	52.93 %
Q1 2005	46.58 %	52.82 %	51.85 %
Q2 2005	48.69 %	53.46 %	43.92 %
Q3 2005	49.86 %	55.00 %	45.47 %
Q4 2005	50.72 %	56.96 %	48.14 %
2005	50.72 %	56.96 %	48.14 %
Q1 2006	52.10 %	58.14 %	49.75 %
Q2 2006	51.70 %	58.73 %	49.20 %
Q3 2006	50.31 %	56.70 %	48.24 %
Q4 2006	49.83 %	54.15 %	44.61 %
2006	49.83 %	54.15 %	44.61 %
Q1 2007	49.78 %	54.08 %	45.05 %
Q2 2007	50.70 %	53.99 %	45.47 %
Q3 2007	54.34 %	55.63 %	49.30 %
Q4 2007	57.06 %	58.66 %	54.35 %
2007	57.06 %	58.66 %	54.35 %
Q1 2008	58.31 %	59.63 %	55.38 %
Q2 2008	58.97 %	58.99 %	53.95 %
Q3 2008	54.61 %	56.51 %	49.35 %
Q4 2008	52.59 %	53.83 %	44.94 %
2008	52.59 %	53.83 %	44.94 %
Q1 2009	52.11 %	53.21 %	43.69 %
Q2 2009	50.17 %	54.59 %	42.49 %
Q3 2009	52.46 %	58.48 %	43.32 %
Q4 2009	52.94 %	61.16 %	41.11 %
2009	52.94 %	61.16 %	41.11 %
Q1 2010	49.66 %	60.00 %	38.23 %
Q2 2010	48.86 %	59.78 %	37.86 %
Q3 2010	48.97 %	59.93 %	38.99 %
Q4 2010	42.83 %	53.17 %	35.98 %
2010	42.83 %	53.17 %	35.98 %
Q1 2011	46.95 %	56.30 %	39.09 %
Q2 2011	46.17 %	55.86 %	37.75 %
Q3 2011	44.54 %	54.78 %	35.78 %
Q4 2011	46.72 %	57.34 %	37.51 %
2011	46.72 %	57.34 %	37.90 %
Q1 2012	45.22 %	55.28 %	36.12 %
Q2 2012	45.53 %	53.52 %	37.93 %
Q3 2012	41.43 %	48.18 %	34.87 %
Q4 2012	39.20 %	48.50 %	34.60 %
2012	39.20 %	48.50 %	34.60 %
Q1 2013	38.90 %	48.96 %	35.48 %
Q2 2013	36.71 %	48.19 %	33.95 %
Q3 2013	37.77 %	50.58 %	35.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2003	43.72 %	48.31 %	40.29 %
2004	45.57 %	51.93 %	52.93 %
2005	50.72 %	56.96 %	48.14 %
2006	49.83 %	54.15 %	44.61 %
2007	57.06 %	58.66 %	54.35 %
2008	52.59 %	53.83 %	44.94 %
2009	52.94 %	61.16 %	41.11 %
2010	42.83 %	53.17 %	35.98 %
2011	46.72 %	57.34 %	37.90 %
2012	39.20 %	48.50 %	34.60 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	43.62 %	50.63 %	44.90 %
Q2 2004	47.39 %	54.16 %	88.28 %
Q3 2004	49.45 %	55.64 %	42.83 %
Q4 2004	40.81 %	46.31 %	33.77 %
Q1 2005	47.73 %	54.16 %	42.31 %
Q2 2005	54.79 %	56.21 %	53.96 %
Q3 2005	53.71 %	61.14 %	48.67 %
Q4 2005	46.12 %	56.07 %	47.06 %
Q1 2006	53.37 %	59.04 %	49.13 %
Q2 2006	53.09 %	58.54 %	51.53 %
Q3 2006	48.08 %	52.95 %	44.87 %
Q4 2006	44.50 %	45.72 %	32.30 %
Q1 2007	53.15 %	58.73 %	50.92 %
Q2 2007	56.79 %	58.36 %	53.43 %
Q3 2007	62.80 %	59.56 %	60.34 %
Q4 2007	55.31 %	57.94 %	52.54 %
Q1 2008	58.12 %	62.16 %	55.03 %
Q2 2008	59.37 %	55.86 %	47.79 %
Q3 2008	44.56 %	49.08 %	41.21 %
Q4 2008	45.59 %	45.09 %	31.47 %
Q1 2009	56.57 %	60.21 %	50.91 %
Q2 2009	52.02 %	61.00 %	43.26 %
Q3 2009	54.10 %	65.59 %	44.72 %
Q4 2009	48.77 %	58.37 %	24.41 %
Q1 2010	44.63 %	55.99 %	40.52 %
Q2 2010	48.96 %	60.14 %	41.75 %
Q3 2010	54.52 %	66.24 %	49.73 %
Q4 2010	23.98 %	31.05 %	12.65 %
Q1 2011	58.22 %	66.16 %	50.42 %
Q2 2011	45.98 %	57.49 %	36.88 %
Q3 2011	45.26 %	58.12 %	37.78 %
Q4 2011	39.18 %	48.77 %	26.86 %
Q1 2012	49.10 %	56.07 %	41.15 %
Q2 2012	46.91 %	51.04 %	42.98 %
Q3 2012	29.17 %	36.30 %	25.76 %
Q4 2012	29.57 %	50.13 %	26.70 %
Q1 2013	48.00 %	57.91 %	44.64 %
Q2 2013	38.76 %	48.19 %	37.27 %
Q3 2013	32.77 %	45.26 %	33.12 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2004	93.63	2.41	2.41	13.73
Q2 2004	93.63	3.09	3.09	14.49
Q3 2004	93.63	3.33	3.33	15.19
Q4 2004	93.63	3.27	3.27	15.18
Q1 2005	93.63	3.37	3.37	14.69
Q2 2005	93.63	2.99	2.99	16.76
Q3 2005	93.63	3.18	3.18	16.46
Q4 2005	93.63	3.53	3.53	17.41
Q1 2006	93.63	3.75	3.75	16.99
Q2 2006	93.63	3.81	3.81	17.68
Q3 2006	93.63	3.77	3.77	17.36
Q4 2006	93.63	3.56	3.56	17.59
Q1 2007	93.63	3.60	3.60	16.58
Q2 2007	93.63	3.60	3.60	17.75
Q3 2007	93.63	3.90	3.90	18.46
Q4 2007	93.63	4.19	4.19	19.66
Q1 2008	100.00	4.14	4.14	21.76
Q2 2008	100.00	4.02	4.02	22.73
Q3 2008	100.00	3.63	3.63	22.43
Q4 2008	100.00	3.24	3.24	22.44
Q1 2009	100.00	3.13	3.13	22.11
Q2 2009	100.00	3.05	3.05	22.99
Q3 2009	100.00	3.06	3.06	23.04
Q4 2009	100.00	1.72	3.03	22.22
Q1 2010	100.00	1.50	2.81	23.12
Q2 2010	100.00	1.49	2.80	23.66
Q3 2010	100.00	1.57	2.88	24.45
Q4 2010	100.00	2.55	2.68	24.44
Q1 2011	100.00	2.90	3.02	25.59
Q2 2011	100.00	3.20	3.33	25.44
Q3 2011	100.00	3.44	3.56	26.42
Q4 2011	100.00	4.03	4.05	27.44
Q1 2012	100.00	4.33	4.35	29.03
Q2 2012	100.00	3.93	4.82	27.50
Q3 2012	100.00	3.75	4.64	28.35
Q4 2012	100.00	3.87	4.74	29.19
Q1 2013	100.00	3.99	4.85	30.77
Q2 2013	100.00	4.51	4.66	30.48
Q3 2013	100.00	3.81	4.75	29.71

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2003	93.63	2.25	2.25	14.82
2004	93.63	3.27	3.27	15.18
2005	93.63	3.53	3.53	17.41
2006	93.63	3.56	3.56	17.59
2007	93.63	4.19	4.19	19.66
2008	100.00	3.24	3.24	22.44
2009	100.00	1.72	3.03	22.22
2010	100.00	2.55	2.68	24.44
2011	100.00	4.07	4.09	27.44
2012	100.00	3.87	4.74	29.19

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2004	17.69	17.69	3.10
Q2 2004	15.99	15.99	3.41
Q3 2004	15.52	15.52	3.40
Q4 2004	19.04	19.04	4.10
Q1 2005	17.30	17.30	3.97
Q2 2005	38.99	38.99	6.96
Q3 2005	35.83	35.83	6.91
Q4 2005	41.40	41.40	8.40
Q1 2006	29.26	29.26	6.46
Q2 2006	25.94	25.94	5.60
Q3 2006	21.09	21.09	4.59
Q4 2006	15.64	15.64	3.17
Q1 2007	13.98	13.98	3.04
Q2 2007	15.00	15.00	3.04
Q3 2007	14.33	14.33	3.03
Q4 2007	19.58	19.58	4.17
Q1 2008	14.10	14.10	2.68
Q2 2008	16.06	16.06	2.84
Q3 2008	12.16	12.16	1.97
Q4 2008	7.67	7.67	1.11
Q1 2009	8.93	8.93	1.26
Q2 2009	11.81	11.81	1.57
Q3 2009	12.03	12.03	1.60
Q4 2009	20.23	11.48	1.57
Q1 2010	22.35	11.93	1.45
Q2 2010	19.02	10.10	1.19
Q3 2010	18.30	9.99	1.18
Q4 2010	10.71	10.21	1.12
Q1 2011	8.73	8.37	0.99
Q2 2011	11.29	10.87	1.42
Q3 2011	9.73	9.39	1.27
Q4 2011	8.91	8.88	1.31
Q1 2012	10.71	10.67	1.60
Q2 2012	11.34	9.26	1.62
Q3 2012	11.03	8.93	1.46
Q4 2012	10.32	8.43	1.37
Q1 2013	11.34	9.31	1.47
Q2 2013	12.01	11.64	1.78
Q3 2013	14.64	11.75	1.88

Period	P/E	Adjusted P/E	Price/book
2003	19.11	19.11	2.90
2004	19.04	19.04	4.10
2005	41.40	41.40	8.40
2006	15.64	15.64	3.17
2007	19.58	19.58	4.17
2008	7.67	7.67	1.11
2009	20.23	11.48	1.57
2010	10.71	10.21	1.12
2011	8.82	8.79	1.31
2012	10.32	8.43	1.37

Financial Ratios

	Current
Market Cap (M Riyal)	3,055.00
Enterprise Value (EV) (M)	3,045.28
Shares Outstanding ((M))	100.00
EPS ( Riyal) (TTM)	1.45
Book Value (BV) ( Riyal)	26.20
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	24.04
P/E (TTM)	21.12
Price/book	1.17
Return on Average Assets (%) (TTM)	4.5
Return on Average Equity (%) (TTM)	5.5

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Arabian Cement posts lower net profit at SAR 298.8mln in I3 of 2013

View other reports

Share Price

Arabian Cement Co. (ACC)

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

Financial Ratios

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Arabian Cement posts lower net profit at SAR 298.8mln in I3 of 2013

View other reports

Share Price

Arabian Cement Co. (ACC)

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

Financial Ratios

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