Saudi cement firms’ combined net profit fell 14% in H1

Argaam Report: Last Updated Date 28/07/2016

 

Saudi-listed cement companies reported a combined net profit of SAR 2.90 billion during the first half of 2016, a year-on-year drop of 14 percent, data compiled by Argaam showed.

Cement - Aggregate Income (M)

Item 6m-2015 6m -2016 Change‬
Net Income 3,364.78 2,872.90 (14.62 %)

As many as ten companies reported a decline in their net profits during the period led by Najran Cement, which reported a 44 percent YoY drop in net profit, followed by Yamama Cement, Tabuk, and Yanbu Cement. 

 

Umm al Qura Cement Co. was among only three companies that recorded a YoY growth, followed by Arabian Cement, Southern Province Cement, and City Cement.

Cement - Net Income (M)

Company 6m-2015 6m -2016 Change‬
Yamama Cement Co. 366.89 266.75 (27.29 %)
Qassim Cement Co. 330.79 247.70 (25.12 %)
Southern Province Cement Co. 536.35 551.18 2.76 %
Eastern Province Cement Co. 177.71 133.50 (24.88 %)
Tabuk Cement Co. 59.54 42.39 (28.81 %)
Al Jouf Cement Co. 52.57 47.46 (9.71 %)
Riyadh Cement Co. - - -
City Cement Co. 135.84 137.48 1.20 %
Northern Region Cement Co. 114.66 91.57 (20.14 %)
Umm Al-Qura Cement Co. (12.33) (8.00) 35.11 %
Yanbu Cement Co. 452.67 329.91 (27.12 %)
Saudi Cement Co. 556.92 512.03 (8.06 %)
Najran Cement Co. 169.82 95.21 (43.94 %)
Arabian Cement Co. 357.21 366.59 2.63 %
Hail Cement Co. 66.14 59.14 (10.59 %)
Total 3,364.78 2,872.90 (14.62 %)

Cement - Quarterly Aggregate Income (M)

Period Aggregate Income Growth
2016 - Q4 770.42 (45.70 %)
2016 - Q3 849.27 (22.58 %)
2016 - Q2 1,308.18 (21.61 %)
2016 - Q1 1,564.72 (7.74 %)
2015 - Q4 1,418.85 (1.49 %)
2015 - Q3 1,096.96 (15.84 %)
2015 - Q2 1,668.79 (5.99 %)
2015 - Q1 1,696.00 3.40 %
2014 - Q4 1,440.27 28.91 %
2014 - Q3 1,303.43 21.00 %
2014 - Q2 1,775.12 (2.70 %)
2014 - Q1 1,640.23 (9.74 %)
2013 - Q4 1,117.30 (21.10 %)
2013 - Q3 1,077.25 (5.37 %)
2013 - Q2 1,824.44 21.01 %
2013 - Q1 1,817.28 5.60 %
2012 - Q4 1,416.01 13.64 %
2012 - Q3 1,138.34 3.14 %
2012 - Q2 1,507.73 13.58 %
2012 - Q1 1,720.84 36.09 %
              

Combined net profit for Q2-2016 amounted to SAR 1.31 billion, a 21 percent decline compared to the same period last year.  

All Saudi-listed cement producers reported a decline in Q2 net profit on lower sales driven by less demand in addition to higher production costs resulting from energy prices increase. 

          

Quarterly Comparing

Company 2015 - Q2 2016 - Q2 Change‬
YSCC 191.48 116.29 (39.27 %)
QACCO 168.08 113.90 (32.24 %)
SPCC 270.35 267.98 (0.88 %)
EPCCO 92.77 47.33 (48.98 %)
TCC 26.91 21.08 (21.67 %)
JOUF CEMENT 26.81 22.74 (15.17 %)
CITY CEMENT 68.25 64.16 (6.00 %)
NORTHERN CEMENT 64.03 48.66 (24.00 %)
UACC (7.62) (4.35) 42.89 %
YCC 245.50 159.23 (35.14 %)
SAUDI CEMENT 253.82 249.46 (1.72 %)
NAJRAN CEMENT 77.83 33.87 (56.48 %)
ACC 161.94 141.00 (12.93 %)
HCC 28.64 26.84 (6.30 %)
Total 1,668.79 1,308.18 (21.61 %)

The companies’ Q2 net profit missed analysts’ estimates of SAR 1.41 billion by 6 percent, excluding Umm Al Qura.

Net Income (M)

Company Q2-2016 Q1-2016 Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013 Q3-2013 Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012 Q1-2012 Q4-2011 Q3-2011 Q2-2011 Q1-2011 Q4-2010 Q3-2010 Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007 Q3-2007 Q2-2007 Q1-2007 Q4-2006 Q3-2006 Q2-2006 Q1-2006 Q4-2005 Q3-2005 Q2-2005 Q1-2005 Q4-2004 Q3-2004 Q2-2004 Q1-2004 Q4-2003 Q3-2003 Q2-2003 Q1-2003
SAUDI CEMENT 249.46 262.57 175.70 207.57 253.82 303.10 268.02 231.72 288.30 286.05 247.30 229.06 307.14 340.30 276.54 209.45 290.24 325.56 211.37 195.26 213.76 210.85 152.04 140.28 190.62 176.58 139.59 123.14 167.66 152.00 131.70 144.73 171.59 173.30 168.49 159.43 189.47 169.00 154.64 155.49 174.99 152.64 89.29 128.78 138.15 128.07 124.24 113.19 104.94 95.13 95.16 122.44 94.46 90.48
SPCC 267.98 283.20 300.05 202.21 270.35 266.00 245.30 284.92 294.20 221.01 253.52 186.61 297.21 268.75 253.76 200.39 261.73 284.33 251.00 179.78 239.08 225.88 164.80 118.90 185.18 189.63 180.71 140.56 212.15 200.17 176.54 149.40 230.49 234.64 154.84 197.61 192.53 158.91 136.08 164.97 167.69 155.49 124.79 167.09 169.59 153.50 0.46 155.89 159.23 123.89 (0.75) 144.05 128.32 114.11
YSCC 116.29 150.46 152.80 95.53 191.48 175.41 151.69 137.16 207.36 174.64 177.73 148.08 267.63 276.80 173.81 156.65 209.46 277.64 191.05 148.57 220.42 179.72 159.86 139.80 192.07 165.19 145.12 125.29 165.35 125.99 85.13 100.48 227.80 197.47 126.98 228.43 202.51 173.51 111.76 145.90 184.79 158.72 159.12 134.83 104.17 102.77 92.88 102.87 248.17 98.30 107.35 95.39 93.63 92.23
YCC 159.23 170.69 208.75 144.67 245.50 207.17 193.31 162.84 240.56 205.22 160.22 139.64 274.41 247.02 203.43 156.71 215.59 144.76 153.40 124.88 149.90 101.10 99.53 94.24 113.42 123.18 81.59 97.63 151.07 151.78 120.25 121.67 149.45 168.37 110.26 179.15 219.90 151.64 106.13 130.75 154.08 121.25 115.49 122.82 110.23 105.07 90.07 123.30 109.44 104.85 78.88 113.51 95.27 90.26
ACC 141.00 225.59 153.46 89.48 161.94 195.27 144.55 133.94 199.80 167.14 (106.67) 16.85 124.65 157.26 82.33 87.03 71.93 146.14 70.35 104.92 111.75 116.02 10.85 81.68 81.17 81.74 (87.23) 72.82 82.65 103.78 46.76 71.77 90.38 115.26 86.02 110.66 102.26 93.23 59.14 82.23 102.67 89.53 78.85 86.14 96.72 69.14 45.31 69.04 131.83 60.19 50.51 46.87 67.68 45.53
QACCO 113.90 133.80 140.53 115.12 168.08 162.71 134.23 109.03 161.11 159.05 135.31 114.70 165.93 168.46 143.03 110.51 148.98 158.44 146.10 114.97 144.65 147.18 112.48 107.09 135.76 145.23 173.48 128.77 148.22 151.53 91.09 113.49 151.93 160.24 148.34 154.04 148.01 90.16 68.29 85.87 80.33 81.09 73.02 77.14 72.73 58.64 55.76 64.84 69.31 56.47 57.52 62.44 66.15 57.77
EPCCO 47.33 86.18 87.86 66.73 92.77 84.94 79.25 55.94 81.64 156.73 54.63 67.65 77.42 109.45 95.64 83.78 103.18 104.06 105.64 74.71 101.05 82.55 82.91 63.59 104.28 92.20 50.05 100.60 103.09 96.96 74.79 62.75 141.66 155.04 111.45 134.24 162.80 132.94 110.18 119.11 115.52 100.70 61.79 74.64 96.85 65.55 55.03 62.78 94.84 57.26 53.77 69.06 69.90 58.03
RIYADH CEMENT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NORTHERN CEMENT 48.66 42.91 39.62 52.64 64.03 50.63 25.81 51.35 62.09 60.76 51.58 50.04 90.20 42.79 17.94 7.28 28.73 39.47 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NAJRAN CEMENT 33.87 61.34 53.73 32.07 77.83 92.00 63.96 41.16 84.39 53.69 20.38 26.56 63.66 87.54 58.83 36.20 26.58 80.62 4.96 83.32 78.11 68.24 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CITY CEMENT 64.16 73.32 58.63 47.39 68.25 67.59 47.30 46.96 62.24 65.25 48.28 45.42 72.94 51.79 43.46 39.03 76.98 83.44 70.08 38.18 - 63.49 61.60 50.54 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TCC 21.08 21.31 22.64 9.23 26.91 32.63 28.85 21.62 43.11 44.00 38.14 28.35 50.90 56.06 50.27 32.76 56.71 49.21 28.05 24.72 42.92 41.22 21.42 23.79 41.71 34.02 25.55 24.24 37.83 33.51 8.87 22.91 68.79 50.58 45.67 54.62 62.86 57.24 37.54 59.98 63.58 56.46 37.61 43.20 40.06 33.96 32.84 37.21 32.91 25.63 19.83 22.38 19.83 13.62
HCC 26.84 32.30 29.95 17.45 28.64 37.50 40.86 25.10 46.00 35.10 28.91 16.94 18.55 (13.93) (8.47) (3.39) (8.60) (6.32) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
UACC (4.35) (3.65) (10.00) (1.73) (7.62) (4.72) (3.72) (6.90) (11.74) (3.42) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
JOUF CEMENT 22.74 24.72 5.14 18.63 26.81 25.76 20.87 8.60 16.08 15.01 7.97 7.34 13.81 24.99 25.46 21.93 26.22 33.49 14.09 14.39 25.86 28.23 16.69 5.00 (1.70) (5.22) (16.58) (5.90) (4.86) (4.51) (0.12) (6.30) (3.16) (1.39) - - - - - - - - - - - - - - - - - - - -
Total 1,308.18 1,564.72 1,418.85 1,096.96 1,668.79 1,696.00 1,440.27 1,303.43 1,775.12 1,640.23 1,117.30 1,077.25 1,824.44 1,817.28 1,416.01 1,138.34 1,507.73 1,720.84 1,246.08 1,103.70 1,327.50 1,264.48 882.18 824.92 1,042.52 1,002.55 692.29 807.15 1,063.14 1,011.21 735.02 780.89 1,228.93 1,253.51 952.04 1,218.19 1,280.35 1,026.62 783.76 944.29 1,043.64 915.88 739.96 834.64 828.50 716.71 496.60 729.13 950.67 621.73 462.25 676.13 635.23 562.03


Price Earnings (P/E) Ratios

Company EPS (Riyal) Close Adjusted P/E (TTM)
Arabian Cement Co. 6.10 46.86 4.89
Southern Province Cement Co. 7.52 71.68 4.91
Yanbu Cement Co. 4.34 39.95 6.41
Saudi Cement Co. 5.85 61.50 7.14
Najran Cement Co. 1.06 12.35 8.75
Northern Region Cement Co. 1.02 12.45 9.06
Hail Cement Co. 1.09 12.52 9.07
Eastern Province Cement Co. 3.35 28.00 9.81
Yamama Cement Co. 2.54 23.47 10.10
City Cement Co. 1.74 15.44 10.44
Qassim Cement Co. 5.59 61.25 10.55
Tabuk Cement Co. 0.82 13.44 14.52
Al Jouf Cement Co. 0.66 10.41 16.54
Umm Al-Qura Cement Co. (0.36) 22.22 NEG

Financials Highlights

Valuation Data (Latest Share Price)

P/E (TTM) 24.76
P/BV 1.48
Dividend Yield 4.19 %
Sector Capitalization (M) 46,966.94
Market Cap. (M) 3,234,607.23
Return on Average Assets (TTM) 11.06 %
Return on Average Equity (TTM) 14.32 %

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.