Yanbu Cement H1 profit up 2% to SAR 453 mln

02/07/2015 Argaam Exclusive

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Yanbu Cement Co. (YCC)

Yanbu Cement Company, the third-largest cement producer in Saudi Arabia, reported SAR 453 million in net profit for H1-2015, a two percent increase compared to the same period last year.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	885.40	875.90	(1.1 %)
Gross Income	461.53	486.03	5.3 %
Operating Income	442.34	462.84	4.6 %
Net Income	445.78	452.67	1.5 %
Average Shares	157.50	157.50	-
EPS (Riyals)	2.83	2.87	1.5 %

The company saw better profit in Q2, which was attributed to lower cost of sales and Zakat provision despite the decline of other revenue compared to the same period last year, the company said in a filing to Tadawul.

When compared with the previous quarter (Q1-2015), Yanbu Cement’s second quarter results were driven by increased sales and lower cost of sales, the company added.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	445.90	438.79	(1.6 %)
Gross Income	238.28	261.79	9.9 %
Operating Income	229.31	250.49	9.2 %
Net Income	240.56	245.50	2.1 %
Average Shares	157.50	157.50	-
EPS (Riyals)	1.53	1.56	2.1 %

Item	Q1 2015	Q2 2015	Change‬
Revenues	437.10	438.79	0.4 %
Gross Income	224.25	261.79	16.7 %
Operating Income	212.34	250.49	18.0 %
Net Income	207.17	245.50	18.5 %
Average Shares	157.50	157.50	-
EPS (Riyals)	1.32	1.56	18.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	210.22	8.0 %	126.36	13.8 %	121.25	15.4 %	0.77
Q2 2006	242.26	21.2 %	160.56	38.4 %	154.08	39.8 %	0.98
Q3 2006	217.20	17.6 %	127.89	(0.6 %)	130.75	6.5 %	0.83
Q4 2006	173.57	(13.1 %)	111.11	(7.8 %)	106.13	(8.1 %)	0.67
2006	843.24	8.3 %	525.91	10.4 %	512.20	12.9 %	3.25
Q1 2007	268.88	27.9 %	150.79	19.3 %	151.64	25.1 %	0.96
Q2 2007	345.98	42.8 %	227.43	41.6 %	219.90	42.7 %	1.40
Q3 2007	293.78	35.3 %	186.39	45.7 %	179.15	37.0 %	1.14
Q4 2007	262.08	51.0 %	115.73	4.2 %	110.26	3.9 %	0.70
2007	1,170.73	38.8 %	680.34	29.4 %	660.95	29.0 %	4.20
Q1 2008	323.12	20.2 %	173.79	15.2 %	168.37	11.0 %	1.07
Q2 2008	273.55	(20.9 %)	157.47	(30.8 %)	149.45	(32.0 %)	0.95
Q3 2008	244.03	(16.9 %)	132.27	(29.0 %)	121.67	(32.1 %)	0.77
Q4 2008	252.82	(3.5 %)	121.45	4.9 %	120.25	9.1 %	0.76
2008	1,093.51	(6.6 %)	584.98	(14.0 %)	559.74	(15.3 %)	3.55
Q1 2009	277.40	(14.1 %)	159.88	(8.0 %)	151.78	(9.9 %)	0.96
Q2 2009	275.23	0.6 %	157.25	(0.1 %)	151.07	1.1 %	0.96
Q3 2009	200.40	(17.9 %)	108.46	(18.0 %)	97.63	(19.8 %)	0.62
Q4 2009	190.19	(24.8 %)	83.95	(30.9 %)	81.59	(32.2 %)	0.52
2009	943.23	(13.7 %)	509.54	(12.9 %)	482.06	(13.9 %)	3.06
Q1 2010	239.53	(13.7 %)	127.65	(20.2 %)	123.18	(18.8 %)	0.78
Q2 2010	252.03	(8.4 %)	122.10	(22.4 %)	113.42	(24.9 %)	0.72
Q3 2010	191.51	(4.4 %)	103.64	(4.4 %)	94.24	(3.5 %)	0.60
Q4 2010	212.43	11.7 %	111.38	32.7 %	99.53	22.0 %	0.63
2010	895.50	(5.1 %)	464.77	(8.8 %)	430.36	(10.7 %)	2.73
Q1 2011	229.05	(4.4 %)	110.85	(13.2 %)	101.10	(17.9 %)	0.64
Q2 2011	311.37	23.5 %	158.57	29.9 %	149.90	32.2 %	0.95
Q3 2011	272.50	42.3 %	134.68	30.0 %	124.88	32.5 %	0.79
Q4 2011	319.35	50.3 %	151.41	35.9 %	153.40	54.1 %	0.97
2011	1,132.27	26.4 %	555.51	19.5 %	529.28	23.0 %	3.36
Q1 2012	309.34	35.1 %	157.75	42.3 %	144.76	43.2 %	0.92
Q2 2012	431.73	38.7 %	234.87	48.1 %	215.59	43.8 %	1.37
Q3 2012	338.95	24.4 %	174.32	29.4 %	156.71	25.5 %	0.99
Q4 2012	416.48	30.4 %	225.10	48.7 %	203.43	32.6 %	1.29
2012	1,496.50	32.2 %	792.05	42.6 %	720.48	36.1 %	4.57
Q1 2013	455.76	47.3 %	263.22	66.9 %	247.02	70.6 %	1.57
Q2 2013	479.95	11.2 %	293.97	25.2 %	274.41	27.3 %	1.74
Q3 2013	325.42	(4.0 %)	156.71	(10.1 %)	139.64	(10.9 %)	0.89
Q4 2013	359.13	(13.8 %)	171.22	(23.9 %)	160.22	(21.2 %)	1.02
2013	1,620.26	8.3 %	885.11	11.7 %	821.30	14.0 %	5.21
Q1 2014	439.50	(3.6 %)	223.25	(15.2 %)	205.22	(16.9 %)	1.30
Q2 2014	445.90	(7.1 %)	238.28	(18.9 %)	240.56	(12.3 %)	1.53
Q3 2014	295.77	(9.1 %)	181.40	15.8 %	162.84	16.6 %	1.03
Q4 2014	378.22	5.3 %	210.28	22.8 %	193.31	20.7 %	1.23
2014	1,559.39	(3.8 %)	853.22	(3.6 %)	801.93	(2.4 %)	5.09
Q1 2015	437.10	(0.5 %)	224.25	0.4 %	207.17	0.9 %	1.32
Q2 2015	438.79	(1.6 %)	261.79	9.9 %	245.50	2.1 %	1.56

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	778.93	0.6 %	476.31	5.9 %	453.62	6.1 %	2.88
2006	843.24	8.3 %	525.91	10.4 %	512.20	12.9 %	3.25
2007	1,170.73	38.8 %	680.34	29.4 %	660.95	29.0 %	4.20
2008	1,093.51	(6.6 %)	584.98	(14.0 %)	559.74	(15.3 %)	3.55
2009	943.23	(13.7 %)	509.54	(12.9 %)	482.06	(13.9 %)	3.06
2010	895.50	(5.1 %)	464.77	(8.8 %)	430.36	(10.7 %)	2.73
2011	1,132.27	26.4 %	555.51	19.5 %	529.28	23.0 %	3.36
2012	1,496.50	32.2 %	792.05	42.6 %	720.48	36.1 %	4.57
2013	1,620.26	8.3 %	885.11	11.7 %	821.30	14.0 %	5.21
2014	1,559.39	(3.8 %)	853.22	(3.6 %)	801.93	(2.4 %)	5.09

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	61.87 %	70.82 %	59.13 %
Q2 2006	64.07 %	72.68 %	61.38 %
Q3 2006	61.57 %	69.96 %	59.18 %
Q4 2006	62.37 %	71.29 %	59.71 %
2006	62.37 %	71.29 %	59.71 %
Q1 2007	61.02 %	69.66 %	58.34 %
Q2 2007	61.38 %	69.34 %	58.87 %
Q3 2007	62.44 %	70.05 %	59.83 %
Q4 2007	58.11 %	65.17 %	55.80 %
2007	58.11 %	65.17 %	55.80 %
Q1 2008	57.42 %	63.97 %	55.32 %
Q2 2008	54.96 %	61.74 %	52.69 %
Q3 2008	52.53 %	59.48 %	49.85 %
Q4 2008	53.50 %	60.33 %	51.19 %
2008	53.50 %	60.33 %	51.19 %
Q1 2009	54.50 %	61.64 %	51.84 %
Q2 2009	54.39 %	61.46 %	51.91 %
Q3 2009	54.39 %	61.69 %	51.77 %
Q4 2009	54.02 %	61.86 %	51.11 %
2009	54.02 %	61.86 %	51.11 %
Q1 2010	52.72 %	60.95 %	50.09 %
Q2 2010	50.12 %	58.58 %	47.14 %
Q3 2010	50.08 %	58.60 %	47.23 %
Q4 2010	51.90 %	60.21 %	48.06 %
2010	51.90 %	60.21 %	48.06 %
Q1 2011	50.62 %	59.02 %	46.13 %
Q2 2011	51.30 %	59.13 %	47.10 %
Q3 2011	50.27 %	57.87 %	46.37 %
Q4 2011	49.06 %	56.71 %	46.74 %
2011	49.06 %	56.71 %	46.74 %
Q1 2012	49.68 %	57.26 %	47.25 %
Q2 2012	50.92 %	59.65 %	47.91 %
Q3 2012	51.33 %	61.22 %	47.91 %
Q4 2012	52.93 %	63.15 %	48.14 %
2012	52.93 %	63.15 %	48.14 %
Q1 2013	54.63 %	65.08 %	50.08 %
Q2 2013	56.57 %	66.79 %	52.13 %
Q3 2013	55.97 %	66.15 %	51.53 %
Q4 2013	54.63 %	65.00 %	50.69 %
2013	54.63 %	65.00 %	50.69 %
Q1 2014	52.69 %	-	48.60 %
Q2 2014	50.29 %	-	46.24 %
Q3 2014	52.86 %	-	48.63 %
Q4 2014	54.71 %	-	50.16 %
2014	54.71 %	65.75 %	50.16 %
Q1 2015	54.86 %	55.60 %	50.36 %
Q2 2015	56.63 %	60.70 %	52.19 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	61.15 %	70.22 %	58.24 %
2006	62.37 %	71.29 %	59.71 %
2007	58.11 %	65.17 %	55.80 %
2008	53.50 %	60.33 %	51.19 %
2009	54.02 %	61.86 %	51.11 %
2010	51.90 %	60.21 %	48.06 %
2011	49.06 %	56.71 %	46.74 %
2012	52.93 %	63.15 %	48.14 %
2013	54.63 %	65.00 %	50.69 %
2014	54.71 %	65.75 %	50.16 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	60.11 %	68.90 %	57.68 %
Q2 2006	66.28 %	74.15 %	63.60 %
Q3 2006	58.88 %	67.55 %	56.97 %
Q4 2006	64.01 %	74.88 %	60.19 %
Q1 2007	56.08 %	63.94 %	53.52 %
Q2 2007	65.73 %	71.88 %	63.56 %
Q3 2007	63.45 %	70.65 %	60.98 %
Q4 2007	44.16 %	51.43 %	42.07 %
Q1 2008	53.78 %	59.59 %	52.11 %
Q2 2008	57.57 %	64.61 %	54.63 %
Q3 2008	54.20 %	62.22 %	49.86 %
Q4 2008	48.04 %	54.83 %	47.56 %
Q1 2009	57.64 %	64.40 %	54.72 %
Q2 2009	57.13 %	63.93 %	54.89 %
Q3 2009	54.12 %	63.54 %	48.71 %
Q4 2009	44.14 %	53.40 %	42.90 %
Q1 2010	53.29 %	61.34 %	51.42 %
Q2 2010	48.45 %	55.93 %	45.00 %
Q3 2010	54.12 %	63.82 %	49.21 %
Q4 2010	52.43 %	60.73 %	46.85 %
Q1 2011	48.40 %	56.80 %	44.14 %
Q2 2011	50.93 %	56.87 %	48.14 %
Q3 2011	49.43 %	57.69 %	45.83 %
Q4 2011	47.41 %	55.65 %	48.03 %
Q1 2012	51.00 %	58.92 %	46.80 %
Q2 2012	54.40 %	64.36 %	49.94 %
Q3 2012	51.43 %	64.57 %	46.23 %
Q4 2012	54.05 %	63.89 %	48.84 %
Q1 2013	57.75 %	67.24 %	54.20 %
Q2 2013	61.25 %	70.45 %	57.18 %
Q3 2013	48.15 %	61.18 %	42.91 %
Q4 2013	47.68 %	58.34 %	44.61 %
Q1 2014	50.80 %	-	46.69 %
Q2 2014	53.44 %	-	49.52 %
Q3 2014	61.33 %	-	55.06 %
Q4 2014	55.60 %	-	51.11 %
Q1 2015	51.30 %	60.83 %	47.40 %
Q2 2015	59.66 %	69.37 %	55.95 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	157.50	2.98	2.98	11.09
Q2 2006	157.50	3.26	3.26	12.07
Q3 2006	157.50	3.31	3.27	12.56
Q4 2006	157.50	3.25	3.20	13.24
Q1 2007	157.50	3.45	3.34	11.52
Q2 2007	157.50	3.86	3.76	12.91
Q3 2007	157.50	4.17	4.11	14.05
Q4 2007	157.50	4.20	4.15	14.75
Q1 2008	157.50	4.30	4.30	12.47
Q2 2008	157.50	3.86	3.86	13.42
Q3 2008	157.50	3.49	3.49	14.20
Q4 2008	157.50	3.55	3.55	14.96
Q1 2009	157.50	3.45	3.45	13.24
Q2 2009	157.50	3.46	3.46	14.20
Q3 2009	157.50	3.31	3.31	14.82
Q4 2009	157.50	3.06	3.06	15.34
Q1 2010	157.50	2.88	2.88	14.11
Q2 2010	157.50	2.64	2.64	14.83
Q3 2010	157.50	2.62	2.62	15.43
Q4 2010	157.50	2.73	2.73	16.06
Q1 2011	157.50	2.59	2.59	15.35
Q2 2011	157.50	2.82	2.82	16.30
Q3 2011	157.50	3.02	3.02	17.10
Q4 2011	157.50	3.36	3.36	18.07
Q1 2012	157.50	3.64	3.64	17.31
Q2 2012	157.50	4.05	4.05	18.68
Q3 2012	157.50	4.26	4.26	19.67
Q4 2012	157.50	4.57	4.57	20.96
Q1 2013	157.50	5.22	5.22	19.19
Q2 2013	157.50	5.60	5.60	20.93
Q3 2013	157.50	5.49	5.49	19.81
Q4 2013	157.50	5.21	5.21	20.83
Q1 2014	157.50	4.95	4.95	20.12
Q2 2014	157.50	4.73	4.61	21.65
Q3 2014	157.50	4.88	4.76	21.18
Q4 2014	157.50	5.09	4.97	22.41
Q1 2015	157.50	5.10	4.98	23.72
Q2 2015	157.50	5.14	5.14	22.77

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	157.50	2.88	2.88	12.33
2006	157.50	3.25	3.20	13.24
2007	157.50	4.20	4.15	14.75
2008	157.50	3.55	3.55	14.96
2009	157.50	3.06	3.06	15.34
2010	157.50	2.73	2.73	16.06
2011	157.50	3.36	3.36	18.07
2012	157.50	4.57	4.57	20.96
2013	157.50	5.21	5.21	20.83
2014	157.50	5.09	4.97	22.41

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	26.64	26.64	7.17
Q2 2006	23.31	23.31	6.30
Q3 2006	18.32	18.57	4.83
Q4 2006	14.76	15.01	3.63
Q1 2007	12.44	12.82	3.72
Q2 2007	11.65	11.97	3.48
Q3 2007	12.67	12.85	3.76
Q4 2007	14.97	15.15	4.26
Q1 2008	12.36	12.36	4.26
Q2 2008	13.32	13.32	3.82
Q3 2008	11.84	11.84	2.91
Q4 2008	7.32	7.32	1.74
Q1 2009	8.20	8.20	2.13
Q2 2009	9.27	9.27	2.26
Q3 2009	11.45	11.45	2.55
Q4 2009	10.57	10.57	2.11
Q1 2010	10.84	10.84	2.21
Q2 2010	10.86	10.86	1.93
Q3 2010	10.62	10.62	1.80
Q4 2010	10.44	10.44	1.78
Q1 2011	11.65	11.65	1.97
Q2 2011	12.99	12.99	2.25
Q3 2011	12.65	12.65	2.23
Q4 2011	13.59	13.59	2.53
Q1 2012	14.29	14.29	3.00
Q2 2012	13.03	13.03	2.83
Q3 2012	11.67	11.67	2.52
Q4 2012	11.44	11.44	2.50
Q1 2013	11.15	11.15	3.04
Q2 2013	12.01	12.01	3.21
Q3 2013	13.44	13.44	3.72
Q4 2013	12.80	12.80	3.20
Q1 2014	14.19	14.19	3.49
Q2 2014	15.42	15.84	3.37
Q3 2014	15.87	16.29	3.66
Q4 2014	12.11	12.41	2.75
Q1 2015	13.56	13.90	2.92
Q2 2015	12.35	12.35	2.78

Period	P/E	Adjusted P/E	Price/book
2005	33.66	33.66	7.86
2006	14.76	15.01	3.63
2007	14.97	15.15	4.26
2008	7.32	7.32	1.74
2009	10.57	10.57	2.11
2010	10.44	10.44	1.78
2011	13.59	13.59	2.53
2012	11.44	11.44	2.50
2013	12.80	12.80	3.20
2014	12.11	12.41	2.75

Analysts Estimates (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change‬
Average	232.28	245.50	5.69 %

Estimates vs Actual (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change
Albilad Capital	245.00	245.50	0.2 %
KASB Capital	242.00	245.50	1.4 %
AlJazira Capital	236.20	245.50	3.9 %
SFC	227.00	245.50	8.2 %
Alistithmar Capital	268.00	245.50	(8.4) %
SNB Capital	221.00	245.50	11.1 %
Al Rajhi Capital	221.00	245.50	11.1 %
Riyad Capital	198.00	245.50	24.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	4,654.13
Enterprise Value (EV) (M)	4,904.83
Shares Outstanding ((M))	157.50
EPS ( Riyal) (TTM)	0.81
Book Value (BV) ( Riyal)	17.21
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	36.58
P/E (TTM)	36.58
Price/book	1.72
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	4.6

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Yanbu Cement H1 profit up 2% to SAR 453 mln

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Share Price

Yanbu Cement Co. (YCC)

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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Yanbu Cement H1 profit up 2% to SAR 453 mln

View other reports

Share Price

Yanbu Cement Co. (YCC)

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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