Qassim Cement’s H1 net profit falls 24% to SAR 251 mln

14/07/2016 Argaam Exclusive

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Share Price

Qassim Cement Co. (QACCO)

Qassim Cement reported a net profit of SAR 250.6 million for the first half of 2016; a 24.2 percent year-on-year (YoY) drop compared to the same period last year. The decline was attributed to lower sales, subdued demand, along with higher cost of goods due to increases in electricity and fuel prices.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	546.63	495.51	(9.4 %)
Gross Income	344.25	267.73	(22.2 %)
Operating Income	328.85	253.00	(23.1 %)
Net Income	330.79	247.70	(25.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	3.68	2.75	(25.1 %)

Net profit for the second quarter fell 31.4 percent year-on-year to SAR 115.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	264.15	220.02	(16.7 %)
Gross Income	167.76	120.90	(27.9 %)
Operating Income	161.84	113.76	(29.7 %)
Net Income	168.08	113.90	(32.2 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.87	1.27	(32.2 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	275.49	220.02	(20.1 %)
Gross Income	146.83	120.90	(17.7 %)
Operating Income	139.24	113.76	(18.3 %)
Net Income	133.80	113.90	(14.9 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.49	1.27	(14.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2015	282.48	3.5 %	176.49	4.0 %	162.71	2.3 %	1.81
Q2 2015	264.15	(2.2 %)	167.76	(2.0 %)	168.08	4.3 %	1.87
Q3 2015	210.47	10.9 %	126.42	8.4 %	115.12	5.6 %	1.28
Q4 2015	266.80	5.5 %	159.02	0.8 %	140.53	4.7 %	1.56
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52
Q1 2016	275.49	(2.5 %)	146.83	(16.8 %)	133.80	(17.8 %)	1.49
Q2 2016	220.02	(16.7 %)	120.90	(27.9 %)	113.90	(32.2 %)	1.27

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	1,023.90	3.9 %	629.68	2.3 %	586.44	4.0 %	6.52

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2015	62.50 %	66.72 %	56.24 %
Q2 2015	62.53 %	66.60 %	56.86 %
Q3 2015	62.22 %	66.16 %	56.54 %
Q4 2015	61.50 %	66.18 %	56.53 %
2015	61.50 %	66.18 %	56.53 %
Q1 2016	59.00 %	63.77 %	54.08 %
Q2 2016	56.86 %	61.87 %	51.74 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	61.50 %	66.18 %	56.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2015	62.48 %	66.38 %	57.60 %
Q2 2015	63.51 %	67.90 %	60.76 %
Q3 2015	60.06 %	66.18 %	54.69 %
Q4 2015	59.60 %	64.27 %	52.67 %
Q1 2016	53.30 %	57.47 %	48.57 %
Q2 2016	54.95 %	60.36 %	51.77 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2015	90.00	6.30	6.22	20.72
Q2 2015	90.00	6.38	6.25	21.09
Q3 2015	90.00	6.45	6.34	20.87
Q4 2015	90.00	6.52	6.43	20.93
Q1 2016	90.00	6.19	6.11	20.42
Q2 2016	90.00	5.59	5.59	18.92

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	90.00	6.52	6.43	20.93

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2015	14.61	14.80	4.44
Q2 2015	14.92	15.23	4.51
Q3 2015	12.64	12.85	3.91
Q4 2015	10.75	10.89	3.35
Q1 2016	9.92	10.06	3.01
Q2 2016	11.65	11.65	3.44

Period	P/E	Adjusted P/E	Price/book
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
2015	10.75	10.89	3.35

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
Q1 2015	268.19	14.29

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	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	118.94	113.90	(4.2 %)

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
SNB Capital	114.00	113.90	(0.1) %
Sico	115.00	113.90	(1.0) %
Alistithmar Capital	110.00	113.90	3.5 %
Riyad Capital	122.00	113.90	(6.6) %
Al Rajhi Capital	106.00	113.90	7.5 %
AlJazira Capital	123.79	113.90	(8.0) %
KASB Capital	125.70	113.90	(9.4) %
SFC	135.00	113.90	(15.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	5,166.00
Enterprise Value (EV) (M)	4,636.96
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)	32.04
P/E (TTM)	32.04
Price/book	3.24
Return on Average Assets (%) (TTM)	8.4
Return on Average Equity (%) (TTM)	9.9

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Qassim Cement’s H1 net profit falls 24% to SAR 251 mln

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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) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Qassim Cement’s H1 net profit falls 24% to SAR 251 mln

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) Q1 2015

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)