Yanbu Cement's net profit drops 27% in 9M 2016

18/10/2016 Argaam Exclusive

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Share Price

Yanbu Cement Co. (YCC)

Yanbu Cement Co. reported a net profit of SAR 436 million for the first nine months of 2016, a 27 percent year-on-year (YoY) plunge attributed to a tumble in sales volumes, higher fuel prices and fierce competition.

Financials (M)

Item	9m 2015	9m 2016	Change‬
Revenues	1,186.62	983.41	(17.1 %)
Gross Income	647.66	476.51	(26.4 %)
Operating Income	613.56	442.60	(27.9 %)
Net Income	597.34	421.98	(29.4 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	3.79	2.68	(29.4 %)

Net profit for the third quarter was down 36 percent YoY at SAR 93 million from SAR 145 million, driven by lower sales volumes, and a slump in selling prices due to slowing demand and fierce competition. The Q3 profit slumped 42 percent when compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2015	Q3 2016	Change‬
Revenues	310.72	235.52	(24.2 %)
Gross Income	161.63	107.30	(33.6 %)
Operating Income	150.72	98.09	(34.9 %)
Net Income	144.67	92.06	(36.4 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.92	0.58	(36.4 %)

Item	Q2 2016	Q3 2016	Change‬
Revenues	348.28	235.52	(32.4 %)
Gross Income	169.34	107.30	(36.6 %)
Operating Income	155.97	98.09	(37.1 %)
Net Income	159.23	92.06	(42.2 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	1.01	0.58	(42.2 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2015	310.72	5.1 %	161.63	(10.9 %)	144.67	(11.2 %)	0.92
Q4 2015	426.36	12.7 %	223.80	6.4 %	208.75	8.0 %	1.33
2015	1,612.98	3.4 %	871.46	2.1 %	806.08	0.5 %	5.12
Q1 2016	399.62	(8.6 %)	199.87	(10.9 %)	170.69	(17.6 %)	1.08
Q2 2016	348.28	(20.6 %)	169.34	(35.3 %)	159.23	(35.1 %)	1.01
Q3 2016	235.52	(24.2 %)	107.30	(33.6 %)	92.06	(36.4 %)	0.58

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	1,612.98	3.4 %	871.46	2.1 %	806.08	0.5 %	5.12

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2015	54.83 %	62.25 %	50.53 %
Q4 2015	54.03 %	64.33 %	49.97 %
2015	54.03 %	64.33 %	49.97 %
Q1 2016	53.77 %	64.52 %	48.85 %
Q2 2016	50.82 %	62.28 %	46.02 %
Q3 2016	49.68 %	61.97 %	44.74 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	54.03 %	64.33 %	49.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2015	52.02 %	66.01 %	46.56 %
Q4 2015	52.49 %	61.50 %	48.96 %
Q1 2016	50.01 %	61.28 %	42.71 %
Q2 2016	48.62 %	61.05 %	45.72 %
Q3 2016	45.56 %	65.39 %	39.09 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2015	157.50	5.02	5.02	22.19
Q4 2015	157.50	5.12	5.12	23.51
Q1 2016	157.50	4.89	4.89	24.56
Q2 2016	157.50	4.34	4.34	21.17
Q3 2016	157.50	4.00	4.00	21.77

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	157.50	5.12	5.12	23.51

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2015	10.69	10.69	2.42
Q4 2015	8.52	8.52	1.86
Q1 2016	10.06	10.06	2.00
Q2 2016	9.98	9.98	2.05
Q3 2016	8.41	8.41	1.55

Period	P/E	Adjusted P/E	Price/book
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
2015	8.52	8.52	1.86

Analysts Estimates (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change‬
Average	116.27	92.06	(20.8 %)

Estimates vs Actual (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change
Sico	91.00	92.06	1.2 %
AlJazira Capital	104.80	92.06	(12.2) %
Al Rajhi Capital	111.00	92.06	(17.1) %
KASB Capital	118.10	92.06	(22.0) %
SNB Capital	120.00	92.06	(23.3) %
OSOOL AND BAKHEET	121.40	92.06	(24.2) %
Alistithmar Capital	123.60	92.06	(25.5) %
Riyad Capital	123.80	92.06	(25.6) %
SFC	124.00	92.06	(25.8) %
Albilad Capital	125.00	92.06	(26.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	4,646.25
Enterprise Value (EV) (M)	4,896.95
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)	36.52
P/E (TTM)	36.52
Price/book	1.71
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	4.6

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Yanbu Cement's net profit drops 27% in 9M 2016

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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's net profit drops 27% in 9M 2016

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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