Yamama Cement turns to SAR 178.5 mln profit in 9M 2019

15/10/2019 Argaam Exclusive

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Share Price

Yamama Cement Co. (YSCC)

Yamama Cement Co. reported a net profit after zakat and tax of SAR 178.5 million for the first nine months of 2019, compared to a net loss of SAR 58.8 million a year earlier on an increase in sales revenue and higher other income.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	360.86	565.72	56.8 %
Gross Income	0.77	232.32	30032.0 %
Operating Income	(43.93)	185.44	522.2 %
Net Income	(58.79)	178.54	403.7 %
Average Shares	202.50	202.50	-
EPS (Riyals)	(0.29)	0.88	403.7 %

The cement producer turned to profit of SAR 54.7 million in Q3 2019 versus a net loss of SAR 46.4 million, attributed to a higher sales revenue.

On a sequential basis, Q3 net profit rose around 3 percent from the previous quarter, due to an increase in sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	107.71	186.50	73.1 %
Gross Income	(24.70)	76.13	408.2 %
Operating Income	(39.29)	60.77	254.7 %
Net Income	(46.38)	54.73	218.0 %
Average Shares	202.50	202.50	-
EPS (Riyals)	(0.23)	0.27	218.0 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	165.33	186.50	12.8 %
Gross Income	65.45	76.13	16.3 %
Operating Income	50.79	60.77	19.7 %
Net Income	53.17	54.73	2.9 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.26	0.27	2.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	349.01	34.9 %	179.29	29.2 %	165.19	31.1 %	0.82
Q2 2010	336.87	7.7 %	198.82	12.5 %	192.07	16.2 %	0.95
Q3 2010	271.06	(2.8 %)	155.11	11.8 %	139.80	11.6 %	0.69
Q4 2010	314.99	0.8 %	178.65	10.4 %	159.86	10.2 %	0.79
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
Q1 2011	351.49	0.7 %	196.02	9.3 %	179.72	8.8 %	0.89
Q2 2011	420.19	24.7 %	232.95	17.2 %	220.42	14.8 %	1.09
Q3 2011	301.09	11.1 %	167.70	8.1 %	148.57	6.3 %	0.73
Q4 2011	369.45	17.3 %	212.59	19.0 %	191.05	19.5 %	0.94
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
Q1 2012	491.59	39.9 %	299.51	52.8 %	277.64	54.5 %	1.37
Q2 2012	412.62	(1.8 %)	226.00	(3.0 %)	209.46	(5.0 %)	1.03
Q3 2012	306.20	1.7 %	175.76	4.8 %	156.65	5.4 %	0.77
Q4 2012	365.44	(1.1 %)	212.81	0.1 %	173.81	(9.0 %)	0.86
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
Q1 2013	482.64	(1.8 %)	292.76	(2.3 %)	276.80	(0.3 %)	1.37
Q2 2013	455.52	10.4 %	268.89	19.0 %	267.63	27.8 %	1.32
Q3 2013	293.80	(4.0 %)	154.13	(12.3 %)	148.08	(5.5 %)	0.73
Q4 2013	309.90	(15.2 %)	165.25	(22.3 %)	177.73	2.3 %	0.88
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
Q1 2014	367.36	(23.9 %)	181.30	(38.1 %)	174.64	(36.9 %)	0.86
Q2 2014	366.02	(19.6 %)	198.63	(26.1 %)	207.36	(22.5 %)	1.02
Q3 2014	277.23	(5.6 %)	148.57	(3.6 %)	137.16	(7.4 %)	0.68
Q4 2014	318.26	2.7 %	183.72	11.2 %	151.69	(14.6 %)	0.75
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
Q1 2015	338.94	(7.7 %)	182.05	0.4 %	175.41	0.4 %	0.87
Q2 2015	339.50	(7.2 %)	188.03	(5.3 %)	191.48	(7.7 %)	0.95
Q3 2015	280.27	1.1 %	166.47	12.0 %	95.53	(30.4 %)	0.47
Q4 2015	352.36	10.7 %	199.89	8.8 %	152.80	0.7 %	0.75
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
Q1 2016	376.04	10.9 %	186.55	2.5 %	150.46	(14.2 %)	0.74
Q2 2016	280.46	(17.4 %)	113.02	(39.9 %)	116.29	(39.3 %)	0.57
Q3 2016	235.63	(15.9 %)	98.99	(40.5 %)	56.31	(41.1 %)	0.28
Q4 2016	232.88	(33.9 %)	71.50	(64.2 %)	34.81	(77.2 %)	0.17
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77
Q1 2017	220.19	(41.4 %)	62.92	(66.3 %)	50.82	(66.2 %)	0.25
Q2 2017	194.75	(30.6 %)	32.95	(70.8 %)	12.17	(89.5 %)	0.06
Q3 2017	164.19	(30.3 %)	41.95	(57.6 %)	29.15	(48.2 %)	0.14
Q4 2017	169.12	(27.4 %)	53.85	(24.7 %)	12.45	(64.2 %)	0.06
2017	748.26	(33.5 %)	191.66	(59.2 %)	104.59	(70.8 %)	0.52
Q1 2018	141.15	(35.9 %)	38.81	(38.3 %)	23.84	(53.1 %)	0.12
Q2 2018	111.99	(42.5 %)	(13.34)	(140.5 %)	(36.25)	(397.9 %)	(0.18)
Q3 2018	107.71	(34.4 %)	(24.70)	(158.9 %)	(46.38)	(259.1 %)	(0.23)
Q4 2018	160.36	(5.2 %)	33.32	(38.1 %)	6.95	(44.2 %)	0.03
2018	521.22	(30.3 %)	34.09	(82.2 %)	(51.84)	(149.6 %)	(0.26)
Q1 2019	213.88	51.5 %	90.75	133.8 %	70.63	196.2 %	0.35
Q2 2019	165.33	47.6 %	65.45	590.6 %	53.17	246.7 %	0.26
Q3 2019	186.50	73.1 %	76.13	408.2 %	54.73	218.0 %	0.27

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
2010	1,271.93	9.4 %	711.87	15.6 %	656.93	16.9 %	3.24
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77
2017	748.26	(33.5 %)	191.66	(59.2 %)	104.59	(70.8 %)	0.52
2018	521.22	(30.3 %)	34.09	(82.2 %)	(51.84)	(149.6 %)	(0.26)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	52.38 %	63.40 %	47.95 %
Q2 2010	53.13 %	63.90 %	49.14 %
Q3 2010	54.75 %	65.32 %	50.59 %
Q4 2010	55.97 %	66.74 %	51.65 %
2010	55.97 %	66.74 %	51.65 %
Q1 2011	57.17 %	67.96 %	52.69 %
Q2 2011	56.18 %	66.14 %	51.54 %
Q3 2011	55.87 %	65.41 %	51.06 %
Q4 2011	56.11 %	65.10 %	51.29 %
2011	56.11 %	65.10 %	51.29 %
Q1 2012	57.68 %	65.87 %	52.94 %
Q2 2012	57.52 %	65.93 %	52.50 %
Q3 2012	57.84 %	66.51 %	52.84 %
Q4 2012	58.01 %	66.84 %	52.83 %
2012	58.01 %	66.84 %	52.83 %
Q1 2013	57.91 %	66.75 %	53.08 %
Q2 2013	59.03 %	67.62 %	55.28 %
Q3 2013	58.13 %	66.67 %	55.17 %
Q4 2013	57.14 %	66.10 %	54.83 %
2013	57.14 %	66.10 %	54.83 %
Q1 2014	53.94 %	63.64 %	52.10 %
Q2 2014	52.30 %	62.41 %	48.76 %
Q3 2014	52.54 %	62.78 %	48.54 %
Q4 2014	53.60 %	63.82 %	49.28 %
2014	53.60 %	63.82 %	49.28 %
Q1 2015	54.82 %	65.14 %	50.41 %
Q2 2015	55.13 %	65.64 %	52.65 %
Q3 2015	56.41 %	66.81 %	49.27 %
Q4 2015	56.17 %	66.76 %	48.07 %
2015	56.17 %	66.76 %	48.07 %
Q1 2016	54.96 %	66.81 %	44.90 %
Q2 2016	51.66 %	66.29 %	41.12 %
Q3 2016	48.09 %	65.68 %	39.44 %
Q4 2016	41.78 %	63.24 %	33.14 %
2016	41.78 %	63.24 %	33.14 %
Q1 2017	35.75 %	58.97 %	28.19 %
Q2 2017	30.15 %	52.41 %	19.14 %
Q3 2017	25.78 %	46.15 %	17.48 %
Q4 2017	25.61 %	44.06 %	16.80 %
2017	25.61 %	44.06 %	16.80 %
Q1 2018	25.04 %	45.58 %	14.75 %
Q2 2018	20.68 %	44.56 %	8.57 %
Q3 2018	10.31 %	37.30 %	(4.77 %)
Q4 2018	6.54 %	33.33 %	(9.95 %)
2018	6.54 %	33.33 %	(9.95 %)
Q1 2019	14.48 %	37.33 %	(0.85 %)
Q2 2019	25.46 %	46.16 %	13.04 %
Q3 2019	36.58 %	54.50 %	25.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	52.97 %	64.95 %	48.30 %
2010	55.97 %	66.74 %	51.65 %
2011	56.11 %	65.10 %	51.29 %
2012	58.01 %	66.84 %	52.83 %
2013	57.14 %	66.10 %	54.83 %
2014	53.60 %	63.82 %	49.28 %
2015	56.17 %	66.76 %	48.07 %
2016	41.78 %	63.24 %	33.14 %
2017	25.61 %	44.06 %	16.80 %
2018	6.54 %	33.33 %	(9.95 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	51.37 %	61.29 %	47.33 %
Q2 2010	59.02 %	69.22 %	57.02 %
Q3 2010	57.22 %	70.08 %	51.58 %
Q4 2010	56.72 %	67.26 %	50.75 %
Q1 2011	55.77 %	65.73 %	51.13 %
Q2 2011	55.44 %	63.11 %	52.46 %
Q3 2011	55.70 %	66.29 %	49.34 %
Q4 2011	57.54 %	65.79 %	51.71 %
Q1 2012	60.93 %	68.03 %	56.48 %
Q2 2012	54.77 %	63.31 %	50.76 %
Q3 2012	57.40 %	69.28 %	51.16 %
Q4 2012	58.23 %	67.19 %	51.67 %
Q1 2013	60.66 %	67.77 %	57.35 %
Q2 2013	59.03 %	66.70 %	58.75 %
Q3 2013	52.46 %	64.16 %	50.40 %
Q4 2013	53.32 %	64.47 %	49.33 %
Q1 2014	49.35 %	58.73 %	47.54 %
Q2 2014	54.27 %	62.93 %	48.18 %
Q3 2014	53.59 %	66.05 %	49.47 %
Q4 2014	57.72 %	68.76 %	52.38 %
Q1 2015	53.71 %	63.38 %	51.75 %
Q2 2015	55.39 %	64.65 %	56.40 %
Q3 2015	59.40 %	71.38 %	34.08 %
Q4 2015	56.73 %	68.36 %	47.62 %
Q1 2016	49.61 %	63.92 %	40.01 %
Q2 2016	40.30 %	61.78 %	41.47 %
Q3 2016	42.01 %	69.13 %	23.90 %
Q4 2016	30.70 %	57.92 %	21.39 %
Q1 2017	28.57 %	45.64 %	23.08 %
Q2 2017	16.92 %	33.23 %	6.25 %
Q3 2017	25.55 %	45.44 %	17.75 %
Q4 2017	31.84 %	53.12 %	19.83 %
Q1 2018	27.50 %	53.73 %	16.89 %
Q2 2018	(11.91 %)	18.81 %	(32.37 %)
Q3 2018	(22.93 %)	10.15 %	(43.06 %)
Q4 2018	20.78 %	41.07 %	4.33 %
Q1 2019	42.43 %	57.91 %	33.02 %
Q2 2019	39.58 %	59.34 %	32.16 %
Q3 2019	40.82 %	57.84 %	29.35 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	202.50	2.97	2.97	14.51
Q2 2010	202.50	3.10	3.10	15.38
Q3 2010	202.50	3.17	3.17	14.76
Q4 2010	202.50	3.24	3.24	15.60
Q1 2011	202.50	3.32	3.32	15.12
Q2 2011	202.50	3.46	3.46	14.94
Q3 2011	202.50	3.50	3.50	15.58
Q4 2011	202.50	3.65	3.65	16.67
Q1 2012	202.50	4.14	4.14	17.16
Q2 2012	202.50	4.08	4.08	16.04
Q3 2012	202.50	4.12	4.12	16.89
Q4 2012	202.50	4.04	4.11	17.77
Q1 2013	202.50	4.03	4.11	17.58
Q2 2013	202.50	4.32	4.39	17.49
Q3 2013	202.50	4.28	4.35	18.26
Q4 2013	202.50	4.30	4.17	19.23
Q1 2014	202.50	3.79	3.67	18.68
Q2 2014	202.50	3.50	3.22	19.69
Q3 2014	202.50	3.44	3.17	19.06
Q4 2014	202.50	3.31	3.23	18.43
Q1 2015	202.50	3.32	3.24	18.52
Q2 2015	202.50	3.24	3.31	18.70
Q3 2015	202.50	3.03	3.11	18.29
Q4 2015	202.50	3.04	3.11	18.18
Q1 2016	202.50	2.91	2.99	18.16
Q2 2016	202.50	2.54	2.62	18.19
Q3 2016	202.50	2.35	2.42	18.16
Q4 2016	202.50	1.77	1.84	16.79
Q1 2017	202.50	1.28	1.35	16.82
Q2 2017	202.50	0.76	0.84	16.79
Q3 2017	202.50	0.63	0.70	16.92
Q4 2017	202.50	0.52	0.62	16.96
Q1 2018	202.50	0.38	0.49	17.06
Q2 2018	202.50	0.14	0.25	16.86
Q3 2018	202.50	(0.23)	(0.12)	16.58
Q4 2018	202.50	(0.26)	(0.26)	16.64
Q1 2019	202.50	(0.02)	(0.02)	17.01
Q2 2019	202.50	0.42	0.42	17.29
Q3 2019	202.50	0.92	0.92	17.58

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	202.50	2.77	2.77	15.09
2010	202.50	3.24	3.24	15.60
2011	202.50	3.65	3.65	16.67
2012	202.50	4.04	4.11	17.77
2013	202.50	4.30	4.17	19.23
2014	202.50	3.31	3.23	18.43
2015	202.50	3.04	3.11	18.18
2016	202.50	1.77	1.84	16.79
2017	202.50	0.52	0.62	16.96
2018	202.50	(0.26)	(0.26)	16.64

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	11.51	11.51	2.35
Q2 2010	10.54	10.54	2.12
Q3 2010	10.77	10.77	2.31
Q4 2010	10.58	10.58	2.20
Q1 2011	10.76	10.76	2.36
Q2 2011	12.68	12.68	2.93
Q3 2011	12.00	12.00	2.70
Q4 2011	12.78	12.78	2.80
Q1 2012	12.04	12.04	2.90
Q2 2012	12.20	12.20	3.10
Q3 2012	10.70	10.70	2.61
Q4 2012	11.77	11.55	2.67
Q1 2013	11.48	11.27	2.63
Q2 2013	11.69	11.49	2.89
Q3 2013	12.39	12.18	2.90
Q4 2013	13.32	13.71	2.98
Q1 2014	15.36	15.87	3.12
Q2 2014	18.01	19.56	3.20
Q3 2014	18.89	20.53	3.41
Q4 2014	14.47	14.82	2.60
Q1 2015	13.55	13.88	2.43
Q2 2015	14.11	13.80	2.44
Q3 2015	12.70	12.39	2.11
Q4 2015	10.36	10.11	1.73
Q1 2016	9.59	9.35	1.54
Q2 2016	10.87	10.57	1.52
Q3 2016	8.33	8.08	1.08
Q4 2016	12.93	12.41	1.36
Q1 2017	14.30	13.52	1.08
Q2 2017	23.13	21.08	1.05
Q3 2017	26.45	23.65	0.98
Q4 2017	34.13	28.41	1.04
Q1 2018	41.54	32.66	0.93
Q2 2018	More than 100	64.05	0.94
Q3 2018	NEG	NEG	0.81
Q4 2018	NEG	NEG	0.77
Q1 2019	NEG	NEG	0.91
Q2 2019	41.76	41.76	1.01
Q3 2019	25.33	25.33	1.32

Period	P/E	Adjusted P/E	Price/book
2009	11.39	11.39	2.09
2010	10.58	10.58	2.20
2011	12.78	12.78	2.80
2012	11.77	11.55	2.67
2013	13.32	13.71	2.98
2014	14.47	14.82	2.60
2015	10.36	10.11	1.73
2016	12.93	12.41	1.36
2017	34.13	28.41	1.04
2018	NEG	NEG	0.77

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	59.98	54.73	(8.7 %)

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
OSOOL AND BAKHEET	54.70	54.73	0.1 %
AlJazira Capital	59.20	54.73	(7.5) %
SNB Capital	60.00	54.73	(8.8) %
Al Rajhi Capital	61.00	54.73	(10.3) %
Riyad Capital	65.00	54.73	(15.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,399.00
Enterprise Value (EV) (M)	7,522.26
Shares Outstanding ((M))	202.50
EPS ( Riyal) (TTM)	1.52
Book Value (BV) ( Riyal)	22.94
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	25.67
P/E (TTM)	20.85
Price/book	1.38
Return on Average Assets (%) (TTM)	4.7
Return on Average Equity (%) (TTM)	6.7

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Yamama Cement turns to SAR 178.5 mln profit in 9M 2019

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Share Price

Yamama Cement Co. (YSCC)

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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Yamama Cement turns to SAR 178.5 mln profit in 9M 2019

View other reports

Share Price

Yamama Cement Co. (YSCC)

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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