Tabuk Cement’s net losses widen 4 times in FY 2018

28/03/2019 Argaam Exclusive

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Share Price

Tabuk Cement Co.
12.60
(0.12) (0.94 %)

Tabuk Cement Co. (TCC)

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Tabuk Cement Co. widened net losses after zakat and tax to SAR 98.9 million for fiscal year 2018 from SAR 23.8 million a year earlier, on lower sales revenue and a steep decline in selling prices amid fierce competition.

 

In addition, higher cost of sales, financing charges and other expenses also weighed on the annual results.



Financials (M)

Item 2017 2018 Change‬
Revenues 166.61 149.45 (10.3 %)
Gross Income 9.25 (23.59) (355.1 %)
Operating Income (9.58) (44.90) (368.9 %)
Net Income (23.76) (98.94) (316.4 %)
Average Shares 90.00 90.00 -
EPS (Riyals) (0.26) (1.10) (316.4 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 41.66 35.58 (14.6 %)
Gross Income (5.80) (9.76) (68.2 %)
Operating Income (10.63) (16.83) (58.4 %)
Net Income (21.53) (32.45) (50.7 %)
Average Shares 90.00 90.00 -
EPS (Riyals) (0.24) (0.36) (50.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 70.95 (21.2 %) 35.48 (29.3 %) 33.51 (33.7 %) 0.37
Q2 2009 76.53 (27.5 %) 37.41 (42.7 %) 37.83 (45.0 %) 0.42
Q3 2009 56.47 17.4 % 28.90 16.8 % 24.24 5.8 % 0.27
Q4 2009 62.98 33.5 % 32.94 125.7 % 25.55 188.1 % 0.28
Q1 2010 77.11 8.7 % 38.17 7.6 % 34.02 1.5 % 0.38
Q2 2010 77.06 0.7 % 41.61 11.2 % 41.71 10.3 % 0.46
Q3 2010 59.71 5.7 % 27.84 (3.7 %) 23.79 (1.8 %) 0.26
Q4 2010 60.73 (3.6 %) 27.81 (15.6 %) 21.42 (16.1 %) 0.24
Q1 2011 87.33 13.3 % 47.21 23.7 % 41.22 21.2 % 0.46
Q2 2011 99.39 29.0 % 45.00 8.1 % 42.92 2.9 % 0.48
Q3 2011 72.88 22.1 % 29.90 7.4 % 24.72 3.9 % 0.27
Q4 2011 90.14 48.4 % 34.92 25.6 % 28.05 30.9 % 0.31
Q1 2012 100.83 15.5 % 56.83 20.4 % 49.21 19.4 % 0.55
Q2 2012 106.17 6.8 % 61.60 36.9 % 56.71 32.1 % 0.63
Q3 2012 77.87 6.8 % 42.30 41.5 % 32.76 32.5 % 0.36
Q4 2012 106.91 18.6 % 57.22 63.9 % 50.27 79.2 % 0.56
Q1 2013 107.61 6.7 % 62.22 9.5 % 56.06 13.9 % 0.62
Q2 2013 93.21 (12.2 %) 52.16 (15.3 %) 50.90 (10.3 %) 0.57
Q3 2013 68.93 (11.5 %) 34.10 (19.4 %) 28.35 (13.5 %) 0.32
Q4 2013 85.84 (19.7 %) 44.62 (22.0 %) 38.14 (24.1 %) 0.42
Q1 2014 96.64 (10.2 %) 50.00 (19.6 %) 44.00 (21.5 %) 0.49
Q2 2014 91.35 (2.0 %) 49.08 (5.9 %) 43.11 (15.3 %) 0.48
Q3 2014 56.77 (17.6 %) 27.37 (19.7 %) 21.62 (23.7 %) 0.24
Q4 2014 77.53 (9.7 %) 33.90 (24.0 %) 28.85 (24.4 %) 0.32
Q1 2015 84.01 (13.1 %) 38.14 (23.7 %) 32.63 (25.8 %) 0.36
Q2 2015 75.92 (16.9 %) 33.70 (31.3 %) 26.91 (37.6 %) 0.30
Q3 2015 47.32 (16.6 %) 14.25 (47.9 %) 9.23 (57.3 %) 0.10
Q4 2015 65.17 (15.9 %) 27.87 (17.8 %) 22.64 (21.5 %) 0.25
Q1 2016 75.49 (10.1 %) 26.65 (30.1 %) 21.31 (34.7 %) 0.24
Q2 2016 70.09 (7.7 %) 27.78 (17.6 %) 21.08 (21.7 %) 0.23
Q3 2016 49.66 4.9 % 13.20 (7.4 %) 7.85 (15.0 %) 0.09
Q4 2016 51.30 (21.3 %) 17.56 (37.0 %) 4.58 (79.8 %) 0.05
Q1 2017 57.46 (23.9 %) 14.67 (45.0 %) 8.68 (59.3 %) 0.10
Q2 2017 39.04 (44.3 %) 6.98 (74.9 %) 1.29 (93.9 %) 0.01
Q3 2017 28.45 (42.7 %) (6.60) (150.0 %) (12.20) (255.5 %) (0.14)
Q4 2017 41.66 (18.8 %) (5.80) (133.0 %) (21.53) (569.8 %) (0.24)
Q1 2018 46.74 (18.7 %) (1.59) (110.8 %) (11.23) (229.3 %) (0.12)
Q2 2018 41.27 5.7 % (3.53) (150.5 %) (36.08) (2896.7 %) (0.40)
Q3 2018 25.86 (9.1 %) (8.72) (32.1 %) (19.19) (57.3 %) (0.21)
Q4 2018 35.58 (14.6 %) (9.76) (68.2 %) (32.45) (50.7 %) (0.36)
2018 149.45 (10.3 %) (23.59) (355.1 %) (98.94) (316.4 %) (1.10)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 51.55 % 66.52 % 49.34 %
Q2 2009 46.23 % 62.53 % 42.48 %
Q3 2009 46.34 % 61.76 % 41.59 %
Q4 2009 50.47 % 65.42 % 45.38 %
Q1 2010 50.32 % 64.98 % 44.54 %
Q2 2010 51.76 % 67.52 % 45.87 %
Q3 2010 50.77 % 67.54 % 45.17 %
Q4 2010 49.31 % 65.03 % 44.04 %
Q1 2011 50.72 % 65.98 % 44.99 %
Q2 2011 48.14 % 64.66 % 42.11 %
Q3 2011 46.80 % 62.81 % 40.67 %
Q4 2011 44.90 % 59.96 % 39.14 %
Q1 2012 45.88 % 59.65 % 39.89 %
Q2 2012 49.53 % 61.15 % 42.89 %
Q3 2012 52.17 % 63.13 % 44.46 %
Q4 2012 55.63 % 66.33 % 48.23 %
Q1 2013 56.04 % 66.64 % 49.13 %
Q2 2013 55.47 % 65.38 % 49.27 %
Q3 2013 54.61 % 64.01 % 49.27 %
Q4 2013 54.31 % 64.81 % 48.78 %
Q1 2014 52.49 % 63.25 % 46.98 %
Q2 2014 51.88 % 63.38 % 44.96 %
Q3 2014 51.75 % 63.63 % 44.58 %
Q4 2014 49.75 % 62.13 % 42.84 %
Q1 2015 47.95 % 61.48 % 40.76 %
Q2 2015 45.24 % 57.37 % 37.39 %
Q3 2015 42.13 % 57.32 % 34.28 %
Q4 2015 41.83 % 57.20 % 33.55 %
Q1 2016 38.83 % 55.93 % 30.35 %
Q2 2016 37.41 % 57.93 % 28.77 %
Q3 2016 36.67 % 56.67 % 27.98 %
Q4 2016 34.56 % 55.56 % 22.23 %
Q1 2017 32.04 % 54.82 % 18.46 %
Q2 2017 26.54 % 54.27 % 11.34 %
Q3 2017 18.50 % 59.18 % 1.34 %
Q4 2017 5.55 % 47.87 % (14.26 %)
Q1 2018 (4.50 %) 45.10 % (28.01 %)
Q2 2018 (11.08 %) 42.57 % (38.98 %)
Q3 2018 (12.62 %) 35.69 % (44.12 %)
Q4 2018 (15.79 %) 40.88 % (47.09 %)
2018 (15.79 %) 40.88 % (47.09 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 90.00 1.49 1.49 11.98
Q2 2009 90.00 1.15 1.15 12.40
Q3 2009 90.00 1.16 1.16 11.92
Q4 2009 90.00 1.35 1.35 11.69
Q1 2010 90.00 1.35 1.35 12.06
Q2 2010 90.00 1.39 1.39 12.53
Q3 2010 90.00 1.39 1.39 11.89
Q4 2010 90.00 1.34 1.34 12.11
Q1 2011 90.00 1.42 1.42 12.12
Q2 2011 90.00 1.44 1.44 11.70
Q3 2011 90.00 1.45 1.45 11.97
Q4 2011 90.00 1.52 1.52 11.77
Q1 2012 90.00 1.61 1.61 12.32
Q2 2012 90.00 1.76 1.76 12.95
Q3 2012 90.00 1.85 1.85 12.41
Q4 2012 90.00 2.10 2.10 12.95
Q1 2013 90.00 2.18 2.18 13.58
Q2 2013 90.00 2.11 2.11 13.44
Q3 2013 90.00 2.06 2.06 12.76
Q4 2013 90.00 1.93 1.93 13.16
Q1 2014 90.00 1.79 1.80 13.65
Q2 2014 90.00 1.71 1.71 13.33
Q3 2014 90.00 1.63 1.64 12.57
Q4 2014 90.00 1.53 1.53 12.88
Q1 2015 90.00 1.40 1.40 13.24
Q2 2015 90.00 1.22 1.22 13.04
Q3 2015 90.00 1.08 1.08 13.14
Q4 2015 90.00 1.02 1.02 13.36
Q1 2016 90.00 0.89 0.89 13.56
Q2 2016 90.00 0.82 0.82 12.89
Q3 2016 90.00 0.81 0.81 12.98
Q4 2016 90.00 0.61 0.61 13.03
Q1 2017 90.00 0.47 0.47 13.13
Q2 2017 90.00 0.25 0.25 13.14
Q3 2017 90.00 0.03 0.03 13.01
Q4 2017 90.00 (0.26) (0.26) 12.79
Q1 2018 90.00 (0.49) (0.49) 12.67
Q2 2018 90.00 (0.90) (0.68) 12.26
Q3 2018 90.00 (0.98) (0.76) 12.05
Q4 2018 90.00 (1.10) (0.78) 12.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 12.85 12.85 1.60
Q2 2009 18.72 18.72 1.73
Q3 2009 17.79 17.79 1.73
Q4 2009 14.38 14.38 1.66
Q1 2010 14.24 14.24 1.60
Q2 2010 13.27 13.27 1.48
Q3 2010 13.02 13.02 1.52
Q4 2010 13.84 13.84 1.54
Q1 2011 13.06 13.06 1.53
Q2 2011 16.84 16.84 2.07
Q3 2011 15.37 15.37 1.86
Q4 2011 14.82 14.82 1.92
Q1 2012 16.58 16.58 2.17
Q2 2012 13.30 13.30 1.81
Q3 2012 12.95 12.95 1.93
Q4 2012 11.55 11.55 1.87
Q1 2013 11.63 11.63 1.86
Q2 2013 13.74 13.74 2.16
Q3 2013 14.40 14.40 2.33
Q4 2013 14.68 14.68 2.15
Q1 2014 16.67 16.62 2.19
Q2 2014 17.58 17.52 2.25
Q3 2014 19.43 19.36 2.52
Q4 2014 16.22 16.16 1.93
Q1 2015 16.76 16.76 1.77
Q2 2015 20.47 20.47 1.92
Q3 2015 19.08 19.08 1.58
Q4 2015 14.26 14.26 1.08
Q1 2016 16.95 16.95 1.11
Q2 2016 16.79 16.79 1.07
Q3 2016 13.54 13.54 0.84
Q4 2016 20.93 20.93 0.98
Q1 2017 26.60 26.60 0.95
Q2 2017 45.00 45.00 0.85
Q3 2017 More than 50 More than 50 0.82
Q4 2017 NEG NEG 1.09
Q1 2018 NEG NEG 1.07
Q2 2018 NEG NEG 1.07
Q3 2018 NEG NEG 1.06
Q4 2018 NEG NEG 0.86


Financial Ratios
Current
Market Cap (M Riyal) 1,134.00
Enterprise Value (EV) (M) 1,252.17
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 0.18
Book Value (BV) ( Riyal) 14.52
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 0.87
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 1.3
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