Southern Cement’s 2014 net profit up 4% to SAR 1045 mln

20/01/2015 Argaam Exclusive

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Southern Province Cement Co. (SPCC)

Southern Province Cement Company, the second largest Saudi cement company, reported 2014 net profit of SAR 1045 million, a four percent increase compared to the last year.

Financials (M)

Item	2013	2014	Change‬
Revenues	1,775.14	1,878.35	5.8 %
Gross Income	1,012.85	995.14	(1.7 %)
Operating Income	973.33	948.44	(2.6 %)
Net Income	1,006.09	1,045.42	3.9 %
Average Shares	140.00	140.00	-
EPS (Riyals)	7.19	7.47	3.9 %

A net profit of SAR 245 million was reported for Q4-2014 compared to SAR 285 million for Q3.

The company attributed 2014’s net profit increase, compared to the last year, to the increase of sales and other revenue as a result of selling the company’s stake in Taqa Company despite the increase of the cost of sales and G&A expenses.

Q4-2014’s net profit decline, compared to the same period last year was attributed to the decline of miscellaneous revenue in 2014 as the company obtained governmental subsidy for imported clinker in the comparative quarter of 2013, despite the increase of sales.

The decline of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to the decline of other revenue as a result of selling the company’s stake in Taqa Company despite the increase of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	411.34	488.51	18.8 %
Gross Income	220.73	264.49	19.8 %
Operating Income	216.98	251.88	16.1 %
Net Income	253.52	245.30	(3.2 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	1.81	1.75	(3.2 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	377.67	488.51	29.3 %
Gross Income	186.58	264.49	41.8 %
Operating Income	175.11	251.88	43.8 %
Net Income	284.92	245.30	(13.9 %)
Average Shares	140.00	140.00	-
EPS (Riyals)	2.04	1.75	(13.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	259.19	-	159.98	21.7 %	153.50	23.9 %	1.10
Q2 2005	265.82	-	173.40	6.6 %	169.59	6.5 %	1.21
Q3 2005	266.77	-	171.30	4.5 %	167.09	7.2 %	1.19
Q4 2005	231.94	-	138.47	21.1 %	124.79	27266.9 %	0.89
2005	1,023.72	10.2 %	643.14	12.4 %	614.97	12.7 %	4.39
Q1 2006	253.78	(2.1 %)	155.37	(2.9 %)	155.49	1.3 %	1.11
Q2 2006	266.66	0.3 %	165.49	(4.6 %)	167.69	(1.1 %)	1.20
Q3 2006	267.42	0.2 %	165.86	(3.2 %)	164.97	(1.3 %)	1.18
Q4 2006	238.41	2.8 %	146.03	5.5 %	136.08	9.0 %	0.97
2006	1,026.27	0.2 %	632.75	(1.6 %)	624.22	1.5 %	4.46
Q1 2007	272.27	7.3 %	164.43	5.8 %	158.91	2.2 %	1.14
Q2 2007	303.43	13.8 %	190.90	15.4 %	192.53	14.8 %	1.38
Q3 2007	310.90	16.3 %	205.97	24.2 %	197.61	19.8 %	1.41
Q4 2007	268.32	12.5 %	160.25	9.7 %	154.84	13.8 %	1.11
2007	1,154.93	12.5 %	721.55	14.0 %	703.89	12.8 %	5.03
Q1 2008	376.54	38.3 %	242.78	47.6 %	234.64	47.7 %	1.68
Q2 2008	376.55	24.1 %	227.67	19.3 %	230.49	19.7 %	1.65
Q3 2008	288.56	(7.2 %)	163.16	(20.8 %)	149.40	(24.4 %)	1.07
Q4 2008	256.26	(4.5 %)	123.10	(23.2 %)	176.54	14.0 %	1.26
2008	1,297.90	12.4 %	756.71	4.9 %	791.07	12.4 %	5.65
Q1 2009	362.12	(3.8 %)	213.85	(11.9 %)	200.17	(14.7 %)	1.43
Q2 2009	361.61	(4.0 %)	215.32	(5.4 %)	212.15	(8.0 %)	1.52
Q3 2009	289.73	0.4 %	155.02	(5.0 %)	140.56	(5.9 %)	1.00
Q4 2009	304.92	19.0 %	182.92	48.6 %	180.71	2.4 %	1.29
2009	1,318.36	1.6 %	767.12	1.4 %	733.59	(7.3 %)	5.24
Q1 2010	353.22	(2.5 %)	205.63	(3.8 %)	189.63	(5.3 %)	1.35
Q2 2010	358.99	(0.7 %)	191.61	(11.0 %)	185.18	(12.7 %)	1.32
Q3 2010	276.99	(4.4 %)	132.67	(14.4 %)	118.90	(15.4 %)	0.85
Q4 2010	319.92	4.9 %	179.63	(1.8 %)	164.80	(8.8 %)	1.18
2010	1,309.12	(0.7 %)	709.54	(7.5 %)	658.51	(10.2 %)	4.70
Q1 2011	436.85	23.7 %	241.21	17.3 %	225.88	19.1 %	1.61
Q2 2011	444.37	23.8 %	251.72	31.4 %	239.08	29.1 %	1.71
Q3 2011	355.11	28.2 %	197.22	48.6 %	179.78	51.2 %	1.28
Q4 2011	454.74	42.1 %	266.85	48.6 %	251.00	52.3 %	1.79
2011	1,691.07	29.2 %	957.00	34.9 %	895.74	36.0 %	6.40
Q1 2012	497.81	14.0 %	300.74	24.7 %	284.33	25.9 %	2.03
Q2 2012	474.15	6.7 %	269.36	7.0 %	261.73	9.5 %	1.87
Q3 2012	354.18	(0.3 %)	205.74	4.3 %	200.39	11.5 %	1.43
Q4 2012	479.13	5.4 %	275.07	3.1 %	253.76	1.1 %	1.81
2012	1,805.27	6.8 %	1,050.91	9.8 %	1,000.21	11.7 %	7.14
Q1 2013	486.72	(2.2 %)	283.22	(5.8 %)	268.75	(5.5 %)	1.92
Q2 2013	508.93	7.3 %	308.04	14.4 %	297.21	13.6 %	2.12
Q3 2013	368.15	3.9 %	200.86	(2.4 %)	186.61	(6.9 %)	1.33
Q4 2013	411.34	(14.1 %)	220.73	(19.8 %)	253.52	(0.1 %)	1.81
2013	1,775.14	(1.7 %)	1,012.85	(3.6 %)	1,006.09	0.6 %	7.19
Q1 2014	495.41	1.8 %	239.68	(15.4 %)	221.01	(17.8 %)	1.58
Q2 2014	516.76	1.5 %	304.39	(1.2 %)	294.20	(1.0 %)	2.10
Q3 2014	377.67	2.6 %	186.58	(7.1 %)	284.92	52.7 %	2.04
Q4 2014	488.51	18.8 %	264.49	19.8 %	245.30	(3.2 %)	1.75
2014	1,878.35	5.8 %	995.14	(1.7 %)	1,045.42	3.9 %	7.47

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	1,023.72	10.2 %	643.14	12.4 %	614.97	12.7 %	4.39
2006	1,026.27	0.2 %	632.75	(1.6 %)	624.22	1.5 %	4.46
2007	1,154.93	12.5 %	721.55	14.0 %	703.89	12.8 %	5.03
2008	1,297.90	12.4 %	756.71	4.9 %	791.07	12.4 %	5.65
2009	1,318.36	1.6 %	767.12	1.4 %	733.59	(7.3 %)	5.24
2010	1,309.12	(0.7 %)	709.54	(7.5 %)	658.51	(10.2 %)	4.70
2011	1,691.07	29.2 %	957.00	34.9 %	895.74	36.0 %	6.40
2012	1,805.27	6.8 %	1,050.91	9.8 %	1,000.21	11.7 %	7.14
2013	1,775.14	(1.7 %)	1,012.85	(3.6 %)	1,006.09	0.6 %	7.19
2014	1,878.35	5.8 %	995.14	(1.7 %)	1,045.42	3.9 %	7.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	62.82 %	67.44 %	60.07 %
2005	62.82 %	67.44 %	60.07 %
Q1 2006	62.70 %	67.41 %	60.59 %
Q2 2006	61.88 %	66.56 %	60.35 %
Q3 2006	61.30 %	66.13 %	60.10 %
Q4 2006	61.65 %	67.01 %	60.82 %
2006	61.65 %	66.81 %	60.82 %
Q1 2007	61.43 %	66.45 %	60.08 %
Q2 2007	61.69 %	66.32 %	60.33 %
Q3 2007	62.87 %	67.18 %	60.90 %
Q4 2007	62.48 %	66.39 %	60.95 %
2007	62.48 %	66.39 %	60.95 %
Q1 2008	63.52 %	69.96 %	61.91 %
Q2 2008	62.80 %	69.76 %	61.36 %
Q3 2008	60.60 %	68.19 %	58.73 %
Q4 2008	58.30 %	66.56 %	60.95 %
2008	58.30 %	66.56 %	60.95 %
Q1 2009	56.70 %	63.26 %	58.95 %
Q2 2009	56.40 %	63.11 %	58.20 %
Q3 2009	55.71 %	62.71 %	57.45 %
Q4 2009	58.19 %	65.18 %	55.64 %
2009	58.19 %	65.18 %	55.64 %
Q1 2010	57.95 %	64.98 %	55.22 %
Q2 2010	56.26 %	63.50 %	53.26 %
Q3 2010	55.08 %	62.54 %	52.11 %
Q4 2010	54.20 %	61.48 %	50.30 %
2010	54.20 %	61.48 %	50.30 %
Q1 2011	53.50 %	60.47 %	49.88 %
Q2 2011	54.48 %	60.78 %	50.65 %
Q3 2011	55.89 %	61.76 %	52.02 %
Q4 2011	56.59 %	61.87 %	52.97 %
2011	56.59 %	61.87 %	52.97 %
Q1 2012	58.02 %	63.18 %	54.46 %
Q2 2012	58.04 %	63.75 %	54.82 %
Q3 2012	58.55 %	64.52 %	56.01 %
Q4 2012	58.21 %	63.56 %	55.40 %
2012	58.21 %	63.56 %	55.40 %
Q1 2013	57.60 %	63.07 %	54.88 %
Q2 2013	58.62 %	63.43 %	55.78 %
Q3 2013	57.91 %	63.39 %	54.60 %
Q4 2013	57.06 %	62.96 %	54.38 %
2013	57.06 %	62.96 %	54.38 %
Q1 2014	54.34 %	60.22 %	51.44 %
Q2 2014	53.90 %	60.32 %	51.05 %
Q3 2014	52.82 %	58.65 %	49.99 %
Q4 2014	52.98 %	59.17 %	49.67 %
2014	52.98 %	59.17 %	49.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	62.82 %	67.44 %	60.07 %
2006	61.65 %	66.81 %	60.82 %
2007	62.48 %	66.39 %	60.95 %
2008	58.30 %	66.56 %	60.95 %
2009	58.19 %	65.18 %	55.64 %
2010	54.20 %	61.48 %	50.30 %
2011	56.59 %	61.87 %	52.97 %
2012	58.21 %	63.56 %	55.40 %
2013	57.06 %	62.96 %	54.38 %
2014	52.98 %	59.17 %	49.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	61.72 %	65.54 %	59.22 %
Q2 2005	65.23 %	69.92 %	63.80 %
Q3 2005	64.21 %	68.58 %	62.63 %
Q4 2005	59.70 %	65.41 %	53.80 %
Q1 2006	61.22 %	65.37 %	61.27 %
Q2 2006	62.06 %	66.68 %	62.89 %
Q3 2006	62.02 %	66.94 %	61.69 %
Q4 2006	61.25 %	69.22 %	57.08 %
Q1 2007	60.39 %	63.32 %	58.36 %
Q2 2007	62.91 %	66.18 %	63.45 %
Q3 2007	66.25 %	69.99 %	63.56 %
Q4 2007	59.72 %	65.59 %	57.71 %
Q1 2008	64.48 %	76.11 %	62.31 %
Q2 2008	60.46 %	66.18 %	61.21 %
Q3 2008	56.55 %	62.89 %	51.78 %
Q4 2008	48.04 %	57.21 %	68.89 %
Q1 2009	59.05 %	64.78 %	55.28 %
Q2 2009	59.55 %	65.81 %	58.67 %
Q3 2009	53.51 %	61.13 %	48.52 %
Q4 2009	59.99 %	68.77 %	59.27 %
Q1 2010	58.21 %	64.02 %	53.69 %
Q2 2010	53.37 %	60.41 %	51.58 %
Q3 2010	47.90 %	56.57 %	42.93 %
Q4 2010	56.15 %	64.14 %	51.51 %
Q1 2011	55.22 %	60.31 %	51.71 %
Q2 2011	56.65 %	61.45 %	53.80 %
Q3 2011	55.54 %	61.78 %	50.63 %
Q4 2011	58.68 %	63.85 %	55.20 %
Q1 2012	60.41 %	65.10 %	57.12 %
Q2 2012	56.81 %	63.71 %	55.20 %
Q3 2012	58.09 %	65.64 %	56.58 %
Q4 2012	57.41 %	60.28 %	52.96 %
Q1 2013	58.19 %	63.34 %	55.22 %
Q2 2013	60.53 %	64.95 %	58.40 %
Q3 2013	54.56 %	65.33 %	50.69 %
Q4 2013	53.66 %	57.93 %	51.74 %
Q1 2014	48.38 %	53.47 %	44.61 %
Q2 2014	58.90 %	65.22 %	56.93 %
Q3 2014	49.40 %	57.22 %	45.65 %
Q4 2014	54.14 %	60.06 %	50.21 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	140.00	3.35	3.35	12.55
Q2 2005	140.00	3.42	3.42	13.76
Q3 2005	140.00	3.50	3.50	13.16
Q4 2005	140.00	4.39	4.39	14.09
Q1 2006	140.00	4.41	4.41	14.45
Q2 2006	140.00	4.39	4.39	13.65
Q3 2006	140.00	4.38	4.38	14.83
Q4 2006	140.00	4.46	4.46	15.72
Q1 2007	140.00	4.48	4.48	14.85
Q2 2007	140.00	4.66	4.66	16.23
Q3 2007	140.00	4.89	4.89	15.64
Q4 2007	140.00	5.03	5.03	16.75
Q1 2008	140.00	5.57	5.57	15.92
Q2 2008	140.00	5.84	5.84	17.57
Q3 2008	140.00	5.50	5.50	15.64
Q4 2008	140.00	5.65	5.65	16.85
Q1 2009	140.00	5.40	5.40	16.28
Q2 2009	140.00	5.27	5.27	17.80
Q3 2009	140.00	5.21	5.21	16.30
Q4 2009	140.00	5.24	5.24	17.58
Q1 2010	140.00	5.16	5.16	16.44
Q2 2010	140.00	4.97	4.97	17.76
Q3 2010	140.00	4.82	4.82	16.61
Q4 2010	140.00	4.70	4.70	17.77
Q1 2011	140.00	4.96	4.96	16.88
Q2 2011	140.00	5.35	5.35	18.59
Q3 2011	140.00	5.78	5.78	17.13
Q4 2011	140.00	6.40	6.40	18.91
Q1 2012	140.00	6.82	6.82	17.44
Q2 2012	140.00	6.98	6.98	19.31
Q3 2012	140.00	7.12	7.12	17.74
Q4 2012	140.00	7.14	7.14	19.55
Q1 2013	140.00	7.03	7.03	17.47
Q2 2013	140.00	7.29	7.29	19.60
Q3 2013	140.00	7.19	7.19	17.93
Q4 2013	140.00	7.19	6.90	19.73
Q1 2014	140.00	6.85	6.55	17.31
Q2 2014	140.00	6.82	6.53	19.41
Q3 2014	140.00	7.53	6.43	19.45
Q4 2014	140.00	7.47	6.66	21.15

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	140.00	4.39	4.39	14.09
2006	140.00	4.46	4.46	15.72
2007	140.00	5.03	5.03	16.75
2008	140.00	5.65	5.65	16.85
2009	140.00	5.24	5.24	17.58
2010	140.00	4.70	4.70	17.77
2011	140.00	6.40	6.40	18.91
2012	140.00	7.14	7.14	19.55
2013	140.00	7.19	6.90	19.73
2014	140.00	7.47	6.66	21.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	23.19	23.19	6.19
Q2 2005	35.39	35.39	8.81
Q3 2005	32.23	32.23	8.59
Q4 2005	26.74	26.74	8.34
Q1 2006	28.39	28.39	8.66
Q2 2006	24.64	24.64	7.93
Q3 2006	20.56	20.56	6.07
Q4 2006	16.43	16.43	4.66
Q1 2007	14.55	14.55	4.39
Q2 2007	14.70	14.70	4.22
Q3 2007	15.43	15.43	4.83
Q4 2007	17.35	17.35	5.21
Q1 2008	13.11	13.11	4.58
Q2 2008	13.01	13.01	4.33
Q3 2008	12.10	12.10	4.25
Q4 2008	8.25	8.25	2.76
Q1 2009	10.69	10.69	3.55
Q2 2009	11.66	11.66	3.46
Q3 2009	12.38	12.38	3.96
Q4 2009	12.79	12.79	3.81
Q1 2010	13.65	13.65	4.29
Q2 2010	13.68	13.68	3.83
Q3 2010	13.91	13.91	4.03
Q4 2010	13.02	13.02	3.45
Q1 2011	12.24	12.24	3.60
Q2 2011	14.31	14.31	4.11
Q3 2011	12.67	12.67	4.28
Q4 2011	13.44	13.44	4.55
Q1 2012	13.50	13.50	5.27
Q2 2012	14.26	14.26	5.15
Q3 2012	13.86	13.86	5.57
Q4 2012	14.00	14.00	5.12
Q1 2013	14.29	14.29	5.75
Q2 2013	14.27	14.27	5.31
Q3 2013	14.85	14.85	5.95
Q4 2013	15.34	15.99	5.59
Q1 2014	16.32	17.05	6.46
Q2 2014	17.00	17.76	5.98
Q3 2014	15.11	17.68	5.85
Q4 2014	14.65	16.41	5.17

Period	P/E	Adjusted P/E	Price/book
2005	26.74	26.74	8.34
2006	16.43	16.43	4.66
2007	17.35	17.35	5.21
2008	8.25	8.25	2.76
2009	12.79	12.79	3.81
2010	13.02	13.02	3.45
2011	13.44	13.44	4.55
2012	14.00	14.00	5.12
2013	15.34	15.99	5.59
2014	14.65	16.41	5.17

Analysts Estimates (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change‬
Average	245.40	245.30	0.0 %

Estimates vs Actual (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change
Alistithmar Capital	241.50	245.30	1.6 %
Riyad Capital	238.00	245.30	3.1 %
OSOOL AND BAKHEET	256.70	245.30	(4.4) %

Financial Ratios

	Current
Market Cap (M Riyal)	5,383.00
Enterprise Value (EV) (M)	5,382.28
Shares Outstanding ((M))	140.00
EPS ( Riyal) (TTM)	1.49
Book Value (BV) ( Riyal)	23.91
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	28.10
P/E (TTM)	25.82
Price/book	1.61
Return on Average Assets (%) (TTM)	5.2
Return on Average Equity (%) (TTM)	6.3

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Southern Cement’s 2014 net profit up 4% to SAR 1045 mln

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Share Price

Southern Province Cement Co. (SPCC)

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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Southern Cement’s 2014 net profit up 4% to SAR 1045 mln

View other reports

Share Price

Southern Province Cement Co. (SPCC)

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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