Arabian Cement’s net profit falls 11% to SAR 446.7 mln in nine-months 2015

19/10/2015 Argaam Exclusive

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Share Price

Arabian Cement Co. (ACC)

Arabian Cement Co., one of the main producers of cement in the western region, reported a net profit of SAR 446.7 million for the first nine months of 2015, marking an 11 percent decline compared to the same period last year. The drop was mainly due to lower sales revenue, higher general & administrative expenses and goodwill write-off related to an associate company in Jordan.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	1,289.36	1,227.57	(4.8 %)
Gross Income	559.42	532.64	(4.8 %)
Operating Income	522.27	485.50	(7.0 %)
Net Income	500.88	446.68	(10.8 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	5.01	4.47	(10.8 %)

The company reported a net profit of SAR 89.5 million in Q3-2015, a year-on-year decline of 33 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	386.34	328.00	(15.1 %)
Gross Income	154.24	108.56	(29.6 %)
Operating Income	143.28	96.81	(32.4 %)
Net Income	133.94	89.48	(33.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.34	0.89	(33.2 %)

Item	Q2 2015	Q3 2015	Change‬
Revenues	446.57	328.00	(26.6 %)
Gross Income	189.93	108.56	(42.8 %)
Operating Income	173.62	96.81	(44.2 %)
Net Income	161.94	89.48	(44.7 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.62	0.89	(44.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2013	348.97	13.2 %	133.24	46.2 %	(106.67)	(229.6 %)	(1.07)
2013	1,365.12	(0.4 %)	542.27	0.9 %	192.09	(50.4 %)	1.92
Q1 2014	422.47	19.9 %	177.44	4.9 %	167.14	6.3 %	1.67
Q2 2014	480.55	28.7 %	227.74	57.3 %	199.80	60.3 %	2.00
Q3 2014	386.34	33.0 %	154.24	62.0 %	133.94	695.0 %	1.34
Q4 2014	430.23	23.3 %	171.18	28.5 %	144.55	235.5 %	1.45
2014	1,719.59	26.0 %	730.60	34.7 %	645.43	236.0 %	6.45
Q1 2015	453.00	7.2 %	234.15	32.0 %	195.27	16.8 %	1.95
Q2 2015	446.57	(7.1 %)	189.93	(16.6 %)	161.94	(18.9 %)	1.62
Q3 2015	328.00	(15.1 %)	108.56	(29.6 %)	89.48	(33.2 %)	0.89

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2013	1,365.12	(0.4 %)	542.27	0.9 %	192.09	(50.4 %)	1.92
2014	1,719.59	26.0 %	730.60	34.7 %	645.43	236.0 %	6.45

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2013	39.72 %	49.70 %	36.49 %
2013	39.72 %	49.70 %	36.49 %
Q1 2014	38.36 %	47.67 %	35.39 %
Q2 2014	41.08 %	49.41 %	36.86 %
Q3 2014	42.28 %	49.87 %	37.01 %
Q4 2014	42.49 %	49.49 %	37.53 %
2014	42.49 %	49.49 %	37.53 %
Q1 2015	44.99 %	51.54 %	39.34 %
Q2 2015	43.67 %	50.08 %	37.92 %
Q3 2015	42.46 %	49.00 %	36.57 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2013	39.72 %	49.70 %	36.49 %
2014	42.49 %	49.49 %	37.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2013	38.18 %	46.72 %	30.23 %
Q1 2014	42.00 %	49.65 %	39.56 %
Q2 2014	47.39 %	53.66 %	41.58 %
Q3 2014	39.92 %	48.25 %	34.67 %
Q4 2014	39.79 %	45.77 %	33.60 %
Q1 2015	51.69 %	57.59 %	46.42 %
Q2 2015	42.53 %	48.22 %	36.26 %
Q3 2015	33.10 %	42.43 %	27.28 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2013	100.00	1.92	4.98	28.71
Q1 2014	100.00	2.02	5.08	30.36
Q2 2014	100.00	2.77	5.69	31.03
Q3 2014	100.00	3.94	6.06	30.57
Q4 2014	100.00	6.45	6.45	31.92
Q1 2015	100.00	6.74	6.89	33.57
Q2 2015	100.00	6.36	6.51	31.99
Q3 2015	100.00	5.91	6.06	30.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2013	100.00	1.92	4.98	28.71
2014	100.00	6.45	6.45	31.92

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2013	26.76	10.32	1.79
Q1 2014	32.58	12.95	2.17
Q2 2014	25.35	12.35	2.26
Q3 2014	21.56	14.02	2.78
Q4 2014	12.02	12.02	2.43
Q1 2015	11.19	10.94	2.24
Q2 2015	11.91	11.64	2.37
Q3 2015	9.49	9.26	1.84

Period	P/E	Adjusted P/E	Price/book
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
2013	26.76	10.32	1.79
2014	12.02	12.02	2.43

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	134.23	89.48	(33.3 %)

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
Alistithmar Capital	125.00	89.48	(28.4) %
SFC	132.00	89.48	(32.2) %
KASB Capital	132.70	89.48	(32.6) %
AlJazira Capital	147.20	89.48	(39.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	2,965.00
Enterprise Value (EV) (M)	2,955.28
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)	23.33
P/E (TTM)	20.50
Price/book	1.13
Return on Average Assets (%) (TTM)	4.5
Return on Average Equity (%) (TTM)	5.5

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Arabian Cement’s net profit falls 11% to SAR 446.7 mln in nine-months 2015

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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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Arabian Cement’s net profit falls 11% to SAR 446.7 mln in nine-months 2015

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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