Arabian Cement posts SAR 74 mln profit in H1 2019

04/08/2019 Argaam Exclusive

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Share Price

Arabian Cement Co. (ACC)

Arabian Cement Co. reported a net profit after zakat and tax of SAR 74.5 million for the first half of 2019, as compared to a net loss of SAR 57 million, the company said in a bourse statement.

The rise was driven by an increase in sales, lower cost of general and administrative (G&As) expenses of the parent company, and a decrease in losses from the subsidiary in Jordan.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	307.56	353.78	15.0 %
Gross Income	(22.83)	126.09	652.2 %
Operating Income	(58.29)	98.32	268.7 %
Net Income	(56.99)	74.49	230.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.57)	0.74	230.7 %

The company’s Q2 net profit after zakat and tax rose to SAR 37.3 million as compared to a net loss of SAR 50.9 million due to an increase in average selling price and lower cost of sales.

On a sequential basis, Q2 net profit edged up marginally year-on-year (YoY) compared to the previous quarter on lower cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	107.81	164.65	52.7 %
Gross Income	(35.64)	64.39	280.6 %
Operating Income	(52.22)	49.62	195.0 %
Net Income	(50.89)	37.34	173.4 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.51)	0.37	173.4 %

Item	Q1 2019	Q2 2019	Change‬
Revenues	189.13	164.65	(12.9 %)
Gross Income	61.70	64.39	4.4 %
Operating Income	48.70	49.62	1.9 %
Net Income	37.15	37.34	0.5 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.37	0.37	0.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2015	414.99	(3.5 %)	190.94	11.5 %	153.46	6.2 %	1.53
2015	1,642.56	(4.5 %)	723.58	(1.0 %)	600.14	(7.0 %)	6.00
Q1 2016	404.58	(10.7 %)	222.27	(5.1 %)	225.59	15.5 %	2.26
Q2 2016	363.32	(18.6 %)	162.81	(14.3 %)	141.00	(12.9 %)	1.41
Q3 2016	248.89	(24.1 %)	100.83	(7.1 %)	97.17	8.6 %	0.97
Q4 2016	240.11	(42.1 %)	65.66	(65.6 %)	24.05	(84.3 %)	0.24
2016	1,256.90	(23.5 %)	551.57	(23.8 %)	489.63	(18.4 %)	4.90
Q1 2017	272.11	(32.7 %)	113.88	(48.8 %)	100.66	(55.4 %)	1.01
Q2 2017	222.37	(38.8 %)	53.01	(67.4 %)	35.52	(74.8 %)	0.36
Q3 2017	163.04	(34.5 %)	55.39	(45.1 %)	29.51	(69.6 %)	0.30
Q4 2017	248.23	3.4 %	127.19	93.7 %	97.04	303.5 %	0.97
2017	905.75	(27.9 %)	349.47	(36.6 %)	262.72	(46.3 %)	2.63
Q1 2018	199.75	(26.6 %)	12.81	(88.8 %)	(6.10)	(106.1 %)	(0.06)
Q2 2018	107.81	(51.5 %)	(35.64)	(167.2 %)	(50.89)	(243.3 %)	(0.51)
Q3 2018	117.86	(27.7 %)	42.68	(22.9 %)	14.42	(51.1 %)	0.14
Q4 2018	175.30	(29.4 %)	17.99	(85.9 %)	16.31	(83.2 %)	0.16
2018	600.73	(33.7 %)	37.84	(89.2 %)	(26.27)	(110.0 %)	(0.26)
Q1 2019	189.13	(5.3 %)	61.70	381.7 %	37.15	708.9 %	0.37
Q2 2019	164.65	52.7 %	64.39	280.6 %	37.34	173.4 %	0.37

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	1,642.56	(4.5 %)	723.58	(1.0 %)	600.14	(7.0 %)	6.00
2016	1,256.90	(23.5 %)	551.57	(23.8 %)	489.63	(18.4 %)	4.90
2017	905.75	(27.9 %)	349.47	(36.6 %)	262.72	(46.3 %)	2.63
2018	600.73	(33.7 %)	37.84	(89.2 %)	(26.27)	(110.0 %)	(0.26)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2015	44.05 %	50.66 %	37.45 %
2015	44.05 %	50.66 %	37.45 %
Q1 2016	44.64 %	51.42 %	38.43 %
Q2 2016	45.31 %	52.52 %	39.17 %
Q3 2016	47.27 %	54.86 %	41.87 %
Q4 2016	43.88 %	52.01 %	37.40 %
2016	43.88 %	52.01 %	37.54 %
Q1 2017	39.41 %	48.35 %	32.27 %
Q2 2017	33.90 %	43.39 %	26.17 %
Q3 2017	32.08 %	41.88 %	21.14 %
Q4 2017	38.58 %	47.57 %	29.01 %
2017	38.58 %	47.57 %	29.01 %
Q1 2018	29.81 %	38.88 %	18.71 %
Q2 2018	22.22 %	33.28 %	9.68 %
Q3 2018	21.83 %	33.24 %	8.08 %
Q4 2018	6.30 %	20.29 %	(4.37 %)
2018	6.30 %	20.29 %	(4.37 %)
Q1 2019	14.70 %	29.90 %	2.88 %
Q2 2019	28.87 %	41.98 %	16.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	44.05 %	50.66 %	37.45 %
2016	43.88 %	52.01 %	37.54 %
2017	38.58 %	47.57 %	29.01 %
2018	6.30 %	20.29 %	(4.37 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2015	46.01 %	52.24 %	36.98 %
Q1 2016	54.94 %	61.39 %	51.37 %
Q2 2016	44.81 %	52.06 %	38.81 %
Q3 2016	40.51 %	52.68 %	39.04 %
Q4 2016	27.35 %	35.41 %	10.02 %
Q1 2017	41.85 %	50.85 %	36.99 %
Q2 2017	23.84 %	32.46 %	15.97 %
Q3 2017	33.97 %	49.29 %	18.10 %
Q4 2017	51.24 %	56.39 %	39.09 %
Q1 2018	6.41 %	15.77 %	(3.05 %)
Q2 2018	(33.06 %)	(11.68 %)	(47.20 %)
Q3 2018	36.21 %	55.21 %	12.23 %
Q4 2018	10.26 %	21.61 %	9.30 %
Q1 2019	32.62 %	45.51 %	19.64 %
Q2 2019	39.11 %	50.16 %	22.68 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2015	100.00	6.00	6.15	31.84
Q1 2016	100.00	6.30	6.13	34.16
Q2 2016	100.00	6.10	5.92	33.14
Q3 2016	100.00	6.17	5.99	31.85
Q4 2016	100.00	4.88	4.70	32.51
Q1 2017	100.00	3.63	3.63	33.08
Q2 2017	100.00	2.57	2.57	31.25
Q3 2017	100.00	1.90	1.90	30.48
Q4 2017	100.00	2.63	2.63	29.49
Q1 2018	100.00	1.56	1.56	29.46
Q2 2018	100.00	0.70	0.70	27.74
Q3 2018	100.00	0.54	0.54	27.75
Q4 2018	100.00	(0.26)	(0.26)	27.91
Q1 2019	100.00	0.17	0.17	28.47
Q2 2019	100.00	1.05	1.05	27.91

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	100.00	6.00	6.15	31.84
2016	100.00	4.90	4.72	32.51
2017	100.00	2.63	2.63	29.49
2018	100.00	(0.26)	(0.26)	27.91

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2015	7.93	7.73	1.49
Q1 2016	7.24	7.45	1.34
Q2 2016	8.38	8.63	1.54
Q3 2016	6.22	6.40	1.20
Q4 2016	9.16	9.51	1.37
Q1 2017	10.47	10.47	1.15
Q2 2017	13.99	13.99	1.15
Q3 2017	17.84	17.84	1.11
Q4 2017	13.07	13.07	1.16
Q1 2018	22.71	22.71	1.20
Q2 2018	42.41	42.41	1.06
Q3 2018	35.99	35.99	0.71
Q4 2018	NEG	NEG	0.80
Q1 2019	More than 50	More than 50	0.89
Q2 2019	24.71	24.71	0.93

Period	P/E	Adjusted P/E	Price/book
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
2015	7.93	7.73	1.49
2016	9.13	9.47	1.37
2017	13.07	13.07	1.16
2018	NEG	NEG	0.80

Analysts Estimates (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change‬
Average	28.93	37.34	29.10 %

Estimates vs Actual (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change
SNB Capital	37.00	37.34	0.9 %
OSOOL AND BAKHEET	26.90	37.34	38.8 %
Al Rajhi Capital	26.00	37.34	43.6 %
AlJazira Capital	25.80	37.34	44.7 %

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 SAR 74 mln profit in H1 2019

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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 posts SAR 74 mln profit in H1 2019

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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