Qassim Cement net profit down 4% to 563.4 mln in 2014

11/01/2015 Argaam Exclusive

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Qassim Cement Co. (QACCO)

Qassim Cement Company reported that its net profit for 2014 amounted to SAR 563.4 million, a four percent decrease compared to the previous year.

Financials (M)

Item	2013	2014	Change‬
Revenues	1,050.61	985.69	(6.2 %)
Gross Income	644.03	615.35	(4.5 %)
Operating Income	606.27	575.53	(5.1 %)
Net Income	585.01	563.61	(3.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	6.50	6.26	(3.7 %)

The company reported a net profit of SAR 134.2 million for the fourth quarter of 2014, compared to SAR 109.0 million for third quarter.

Net profit for Q4-2014 increased compared to Q3-2014 due to higher sales value and volume, in addition to the improved results of the subsidiary's operations.

The decrease of Q4-2014’s net profit compared to the same period in 2013, however, was attributed to the increase of some expenses in addition to the decrease of other incomes.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	240.98	252.84	4.9 %
Gross Income	146.91	157.71	7.3 %
Operating Income	138.52	141.11	1.9 %
Net Income	135.31	134.23	(0.8 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.50	1.49	(0.8 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	189.86	252.84	33.2 %
Gross Income	116.64	157.71	35.2 %
Operating Income	109.09	141.11	29.4 %
Net Income	109.03	134.23	23.1 %
Average Shares	90.00	90.00	-
EPS (Riyals)	1.21	1.49	23.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	61.68	2.1 %	58.64	3.8 %	0.65
Q2 2005	-	-	75.59	14.2 %	72.73	4.9 %	0.81
Q3 2005	134.25	-	83.88	31.1 %	77.14	19.0 %	0.86
Q4 2005	123.97	-	77.02	37.9 %	73.02	30.9 %	0.81
2005	493.73	-	298.17	21.0 %	281.52	14.3 %	3.13
Q1 2006	132.63	-	86.04	39.5 %	81.09	38.3 %	0.90
Q2 2006	139.97	-	81.81	8.2 %	80.33	10.4 %	0.89
Q3 2006	142.07	5.8 %	91.74	9.4 %	85.87	11.3 %	0.95
Q4 2006	128.41	3.6 %	75.20	(2.4 %)	68.29	(6.5 %)	0.76
2006	543.08	10.0 %	334.79	12.3 %	315.58	12.1 %	3.51
Q1 2007	140.04	5.6 %	90.87	5.6 %	90.16	11.2 %	1.00
Q2 2007	213.61	52.6 %	146.15	78.6 %	148.01	84.3 %	1.64
Q3 2007	252.05	77.4 %	161.07	75.6 %	154.04	79.4 %	1.71
Q4 2007	241.30	87.9 %	159.30	111.8 %	148.34	117.2 %	1.65
2007	847.00	56.0 %	557.39	66.5 %	540.55	71.3 %	6.01
Q1 2008	242.77	73.4 %	157.81	73.7 %	160.24	77.7 %	1.78
Q2 2008	232.27	8.7 %	152.03	4.0 %	151.93	2.6 %	1.69
Q3 2008	179.78	(28.7 %)	117.27	(27.2 %)	113.49	(26.3 %)	1.26
Q4 2008	165.39	(31.5 %)	98.92	(37.9 %)	91.09	(38.6 %)	1.01
2008	820.21	(3.2 %)	526.03	(5.6 %)	516.75	(4.4 %)	5.74
Q1 2009	242.51	(0.1 %)	151.84	(3.8 %)	151.53	(5.4 %)	1.68
Q2 2009	279.83	20.5 %	159.54	4.9 %	148.22	(2.4 %)	1.65
Q3 2009	226.80	26.2 %	136.92	16.8 %	128.77	13.5 %	1.43
Q4 2009	237.41	43.5 %	120.93	22.2 %	173.48	90.4 %	1.93
2009	986.56	20.3 %	569.23	8.2 %	602.00	16.5 %	6.69
Q1 2010	272.46	12.3 %	156.79	3.3 %	145.23	(4.2 %)	1.61
Q2 2010	255.54	(8.7 %)	149.52	(6.3 %)	135.76	(8.4 %)	1.51
Q3 2010	199.22	(12.2 %)	114.97	(16.0 %)	107.09	(16.8 %)	1.19
Q4 2010	241.21	1.6 %	135.48	12.0 %	112.48	(35.2 %)	1.25
2010	968.43	(1.8 %)	556.76	(2.2 %)	500.56	(16.9 %)	5.56
Q1 2011	275.44	1.1 %	162.70	3.8 %	147.18	1.3 %	1.64
Q2 2011	275.59	7.8 %	154.91	3.6 %	144.65	6.5 %	1.61
Q3 2011	213.36	7.1 %	126.27	9.8 %	114.97	7.4 %	1.28
Q4 2011	270.40	12.1 %	165.37	22.1 %	146.10	29.9 %	1.62
2011	1,034.78	6.9 %	609.25	9.4 %	552.90	10.5 %	6.14
Q1 2012	287.79	4.5 %	170.62	4.9 %	158.44	7.7 %	1.76
Q2 2012	286.18	3.8 %	161.55	4.3 %	148.98	3.0 %	1.66
Q3 2012	212.89	(0.2 %)	121.15	(4.1 %)	110.51	(3.9 %)	1.23
Q4 2012	261.05	(3.5 %)	160.62	(2.9 %)	143.03	(2.1 %)	1.59
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
Q1 2013	290.78	1.0 %	182.58	7.0 %	168.46	6.3 %	1.87
Q2 2013	300.74	5.1 %	181.24	12.2 %	165.93	11.4 %	1.84
Q3 2013	218.10	2.4 %	133.28	10.0 %	114.70	3.8 %	1.27
Q4 2013	240.98	(7.7 %)	146.91	(8.5 %)	135.31	(5.4 %)	1.50
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
Q1 2014	272.87	(6.2 %)	169.75	(7.0 %)	159.05	(5.6 %)	1.77
Q2 2014	270.13	(10.2 %)	171.25	(5.5 %)	161.11	(2.9 %)	1.79
Q3 2014	189.86	(12.9 %)	116.64	(12.5 %)	109.03	(4.9 %)	1.21
Q4 2014	252.84	4.9 %	157.71	7.3 %	134.23	(0.8 %)	1.49
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	493.73	-	298.17	21.0 %	281.52	14.3 %	3.13
2006	543.08	10.0 %	334.79	12.3 %	315.58	12.1 %	3.51
2007	847.00	56.0 %	557.39	66.5 %	540.55	71.3 %	6.01
2008	820.21	(3.2 %)	526.03	(5.6 %)	516.75	(4.4 %)	5.74
2009	986.56	20.3 %	569.23	8.2 %	602.00	16.5 %	6.69
2010	968.43	(1.8 %)	556.76	(2.2 %)	500.56	(16.9 %)	5.56
2011	1,034.78	6.9 %	609.25	9.4 %	552.90	10.5 %	6.14
2012	1,047.91	1.3 %	613.93	0.8 %	560.97	1.5 %	6.23
2013	1,050.61	0.3 %	644.03	4.9 %	585.01	4.3 %	6.50
2014	985.69	(6.2 %)	615.35	(4.5 %)	563.61	(3.7 %)	6.26

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	60.39 %	64.94 %	57.02 %
Q1 2006	-	-	-
Q2 2006	61.93 %	66.42 %	58.70 %
Q3 2006	62.49 %	66.89 %	59.47 %
Q4 2006	61.65 %	65.82 %	58.11 %
2006	61.65 %	65.82 %	58.11 %
Q1 2007	61.69 %	66.10 %	58.98 %
Q2 2007	64.72 %	69.39 %	62.86 %
Q3 2007	64.47 %	69.15 %	62.73 %
Q4 2007	65.81 %	71.02 %	62.67 %
2007	65.81 %	71.02 %	62.67 %
Q1 2008	65.74 %	71.12 %	63.27 %
Q2 2008	65.08 %	70.67 %	62.46 %
Q3 2008	65.44 %	71.78 %	62.97 %
Q4 2008	64.13 %	71.94 %	63.97 %
2008	64.13 %	71.94 %	63.97 %
Q1 2009	63.43 %	71.50 %	62.93 %
Q2 2009	60.81 %	68.50 %	59.05 %
Q3 2009	59.84 %	67.36 %	57.68 %
Q4 2009	57.70 %	63.03 %	51.96 %
2009	57.70 %	63.04 %	51.96 %
Q1 2010	56.49 %	61.39 %	49.81 %
Q2 2010	56.86 %	61.74 %	49.77 %
Q3 2010	56.21 %	60.94 %	48.95 %
Q4 2010	57.49 %	62.69 %	51.69 %
2010	57.49 %	62.69 %	51.69 %
Q1 2011	57.92 %	62.85 %	51.73 %
Q2 2011	57.30 %	62.02 %	51.58 %
Q3 2011	57.61 %	62.28 %	51.64 %
Q4 2011	58.88 %	63.65 %	53.43 %
2011	58.88 %	63.65 %	53.43 %
Q1 2012	58.94 %	63.89 %	53.88 %
Q2 2012	58.98 %	63.93 %	53.75 %
Q3 2012	58.52 %	63.44 %	53.35 %
Q4 2012	58.59 %	63.56 %	53.53 %
2012	58.59 %	63.56 %	53.53 %
Q1 2013	59.56 %	64.48 %	54.33 %
Q2 2013	60.59 %	65.49 %	55.18 %
Q3 2013	61.43 %	65.84 %	55.26 %
Q4 2013	61.30 %	65.93 %	55.52 %
2013	61.30 %	65.93 %	55.58 %
Q1 2014	61.12 %	65.81 %	55.33 %
Q2 2014	61.99 %	66.79 %	56.20 %
Q3 2014	62.08 %	67.53 %	57.05 %
Q4 2014	62.43 %	66.86 %	56.17 %
2014	62.43 %	66.86 %	56.19 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	60.39 %	64.94 %	57.02 %
2006	61.65 %	65.82 %	58.11 %
2007	65.81 %	71.02 %	62.67 %
2008	64.13 %	71.94 %	63.97 %
2009	57.70 %	63.04 %	51.96 %
2010	57.49 %	62.69 %	51.69 %
2011	58.88 %	63.65 %	53.43 %
2012	58.59 %	63.56 %	53.53 %
2013	61.30 %	65.93 %	55.58 %
2014	62.43 %	66.86 %	56.19 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	62.48 %	67.36 %	57.47 %
Q4 2005	62.13 %	66.37 %	58.90 %
Q1 2006	64.87 %	68.91 %	61.14 %
Q2 2006	58.45 %	63.20 %	57.39 %
Q3 2006	64.57 %	69.11 %	60.45 %
Q4 2006	58.56 %	61.85 %	53.18 %
Q1 2007	64.89 %	69.86 %	64.38 %
Q2 2007	68.42 %	73.81 %	69.29 %
Q3 2007	63.90 %	68.51 %	61.12 %
Q4 2007	66.02 %	71.85 %	57.45 %
Q1 2008	65.00 %	70.73 %	66.00 %
Q2 2008	65.45 %	71.72 %	65.41 %
Q3 2008	65.23 %	73.16 %	63.12 %
Q4 2008	59.81 %	72.68 %	59.87 %
Q1 2009	62.61 %	69.26 %	62.48 %
Q2 2009	57.01 %	62.36 %	52.97 %
Q3 2009	60.37 %	67.62 %	56.78 %
Q4 2009	50.94 %	53.06 %	35.42 %
Q1 2010	57.55 %	62.45 %	53.30 %
Q2 2010	58.51 %	63.82 %	53.13 %
Q3 2010	57.71 %	64.58 %	53.76 %
Q4 2010	56.17 %	60.19 %	46.63 %
Q1 2011	59.07 %	63.03 %	53.43 %
Q2 2011	56.21 %	60.78 %	52.49 %
Q3 2011	59.18 %	65.61 %	53.89 %
Q4 2011	61.16 %	65.66 %	54.03 %
Q1 2012	59.28 %	63.92 %	55.06 %
Q2 2012	56.45 %	61.04 %	52.06 %
Q3 2012	56.91 %	63.22 %	51.91 %
Q4 2012	61.53 %	66.19 %	54.79 %
Q1 2013	62.79 %	67.24 %	57.93 %
Q2 2013	60.26 %	64.80 %	55.17 %
Q3 2013	61.11 %	64.97 %	52.38 %
Q4 2013	60.96 %	66.62 %	55.87 %
Q1 2014	62.21 %	66.89 %	57.37 %
Q2 2014	63.40 %	68.31 %	58.41 %
Q3 2014	61.43 %	68.49 %	56.16 %
Q4 2014	62.38 %	64.06 %	52.47 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	90.00	2.76	2.76	10.72
Q2 2005	90.00	2.80	2.80	11.53
Q3 2005	90.00	2.94	2.94	12.39
Q4 2005	90.00	3.13	3.13	13.20
Q1 2006	90.00	3.38	3.38	11.78
Q2 2006	90.00	3.46	3.46	12.67
Q3 2006	90.00	3.56	3.56	13.63
Q4 2006	90.00	3.51	3.51	14.39
Q1 2007	90.00	3.61	3.61	13.07
Q2 2007	90.00	4.36	4.36	13.57
Q3 2007	90.00	5.12	5.12	15.28
Q4 2007	90.00	6.01	5.90	16.93
Q1 2008	90.00	6.78	6.68	16.69
Q2 2008	90.00	6.83	6.72	18.38
Q3 2008	90.00	6.38	6.27	18.14
Q4 2008	90.00	5.74	5.83	19.15
Q1 2009	90.00	5.64	5.73	20.83
Q2 2009	90.00	5.60	5.69	19.97
Q3 2009	90.00	5.77	5.86	18.40
Q4 2009	90.00	6.69	5.70	20.32
Q1 2010	90.00	6.62	5.63	18.92
Q2 2010	90.00	6.48	5.49	20.43
Q3 2010	90.00	6.24	5.25	19.37
Q4 2010	90.00	5.56	5.56	20.62
Q1 2011	90.00	5.58	5.58	19.49
Q2 2011	90.00	5.68	5.68	21.09
Q3 2011	90.00	5.77	5.77	20.12
Q4 2011	90.00	6.14	6.14	21.74
Q1 2012	90.00	6.27	6.27	19.99
Q2 2012	90.00	6.32	6.32	21.64
Q3 2012	90.00	6.27	6.27	20.37
Q4 2012	90.00	6.23	6.23	21.96
Q1 2013	90.00	6.34	6.34	20.31
Q2 2013	90.00	6.53	6.53	22.15
Q3 2013	90.00	6.58	6.57	20.68
Q4 2013	90.00	6.49	6.48	22.19
Q1 2014	90.00	6.39	6.35	20.44
Q2 2014	90.00	6.34	6.26	22.22
Q3 2014	90.00	6.27	6.17	20.43
Q4 2014	90.00	6.26	6.15	21.93

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	90.00	3.13	3.13	13.20
2006	90.00	3.51	3.51	14.39
2007	90.00	6.01	5.90	16.93
2008	90.00	5.74	5.83	19.15
2009	90.00	6.69	5.70	20.32
2010	90.00	5.56	5.56	20.62
2011	90.00	6.14	6.14	21.74
2012	90.00	6.23	6.23	21.96
2013	90.00	6.50	6.49	22.19
2014	90.00	6.26	6.15	21.93

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	18.47	18.47	4.76
Q2 2005	28.22	28.22	6.85
Q3 2005	27.41	27.41	6.50
Q4 2005	37.84	37.84	8.97
Q1 2006	37.36	37.36	10.71
Q2 2006	39.00	39.00	10.65
Q3 2006	28.70	28.70	7.49
Q4 2006	22.10	22.10	5.39
Q1 2007	17.19	17.19	4.74
Q2 2007	14.05	14.05	4.51
Q3 2007	13.17	13.17	4.41
Q4 2007	15.07	15.34	5.35
Q1 2008	11.50	11.68	4.67
Q2 2008	11.63	11.81	4.32
Q3 2008	8.94	9.09	3.14
Q4 2008	7.03	6.93	2.11
Q1 2009	7.53	7.41	2.04
Q2 2009	10.44	10.28	2.93
Q3 2009	11.95	11.77	3.75
Q4 2009	10.39	12.20	3.42
Q1 2010	11.26	13.24	3.94
Q2 2010	10.92	12.89	3.46
Q3 2010	10.46	12.44	3.37
Q4 2010	11.19	11.19	3.02
Q1 2011	10.79	10.79	3.09
Q2 2011	12.45	12.45	3.35
Q3 2011	11.83	11.83	3.39
Q4 2011	11.84	11.84	3.35
Q1 2012	12.64	12.64	3.97
Q2 2012	12.35	12.35	3.60
Q3 2012	12.13	12.13	3.73
Q4 2012	12.92	12.92	3.67
Q1 2013	12.33	12.33	3.85
Q2 2013	12.59	12.59	3.71
Q3 2013	12.73	12.74	4.05
Q4 2013	13.78	13.81	4.03
Q1 2014	14.17	14.26	4.43
Q2 2014	15.68	15.87	4.47
Q3 2014	16.34	16.60	5.02
Q4 2014	14.24	14.49	4.06

Period	P/E	Adjusted P/E	Price/book
2005	37.84	37.84	8.97
2006	22.10	22.10	5.39
2007	15.07	15.34	5.35
2008	7.03	6.93	2.11
2009	10.39	12.20	3.42
2010	11.19	11.19	3.02
2011	11.84	11.84	3.35
2012	12.92	12.92	3.67
2013	13.77	13.80	4.03
2014	14.24	14.49	4.06

Business Segments (Million)

Compared With The

Period	Cement	Ready mixed concrete
Q3 2012	202.97	9.92
Q4 2012	248.60	12.46
Q1 2013	275.43	15.35
Q2 2013	284.96	15.78
Q3 2013	207.91	10.19
Q4 2013	228.09	12.89
Q1 2014	256.58	16.29
Q2 2014	256.32	13.81
Q3 2014	180.85	9.01
Q4 2014	239.95	12.88

Period	Cement	Ready mixed concrete
2012	1,002.03	45.88
2013	996.40	54.21
2014	933.71	51.98

Analysts Estimates (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change‬
Average	140.17	134.23	(4.2 %)

Estimates vs Actual (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change
Riyad Capital	133.00	134.23	0.9 %
Alistithmar Capital	138.90	134.23	(3.4) %
OSOOL AND BAKHEET	148.60	134.23	(9.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	5,211.00
Enterprise Value (EV) (M)	4,681.96
Shares Outstanding ((M))	90.00
EPS ( Riyal) (TTM)	1.79
Book Value (BV) ( Riyal)	17.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	32.32
P/E (TTM)	32.32
Price/book	3.27
Return on Average Assets (%) (TTM)	8.4
Return on Average Equity (%) (TTM)	9.9

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Qassim Cement net profit down 4% to 563.4 mln in 2014

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Share Price

Qassim Cement Co. (QACCO)

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) 2014 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Qassim Cement net profit down 4% to 563.4 mln in 2014

View other reports

Share Price

Qassim Cement Co. (QACCO)

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) Q4 2014

Revenue by Business Segment (Latest) 2014 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)