Arabian Cement’s H1 net profit rises 3%

18/07/2016 Argaam Exclusive

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Share Price

Arabian Cement Co. (ACC)

Arabian Cement Co., one of the main producers of cement in Saudi Arabia's western region, reported a net profit of SAR 368.4 million in the first half of 2016, a 3 percent year-on-year (YoY) rise attributed to an increase in other income as the firm received an insurance claim of SAR 17 million for the 2012 fire, along with a decrease in general, selling and distribution expenses. In Q2-2015, the company had also seen a goodwill write-off of SAR 15 million for an associate company in Jordan.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	899.57	767.91	(14.6 %)
Gross Income	424.08	385.08	(9.2 %)
Operating Income	388.69	352.22	(9.4 %)
Net Income	357.21	366.59	2.6 %
Average Shares	100.00	100.00	-
EPS (Riyals)	3.57	3.67	2.6 %

The company’s net profit for the second quarter was down 11.8 percent YoY at SAR 142.8 million as sales revenue decreased.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	446.57	363.32	(18.6 %)
Gross Income	189.93	162.81	(14.3 %)
Operating Income	173.62	146.48	(15.6 %)
Net Income	161.94	141.00	(12.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.62	1.41	(12.9 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	404.58	363.32	(10.2 %)
Gross Income	222.27	162.81	(26.7 %)
Operating Income	205.74	146.48	(28.8 %)
Net Income	225.59	141.00	(37.5 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	2.26	1.41	(37.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	183.08	0.5 %	97.31	0.0 %	93.23	4.1 %	1.00
Q2 2007	191.37	(3.9 %)	108.68	2.7 %	102.26	(0.4 %)	1.09
Q3 2007	183.40	0.1 %	115.18	30.7 %	110.66	34.6 %	1.18
Q4 2007	163.73	(10.6 %)	90.56	11.1 %	86.02	45.4 %	0.92
2007	721.57	(3.5 %)	411.73	10.5 %	392.17	17.6 %	4.19
Q1 2008	209.44	14.4 %	121.73	25.1 %	115.26	23.6 %	1.15
Q2 2008	189.13	(1.2 %)	112.28	3.3 %	90.38	(11.6 %)	0.90
Q3 2008	174.15	(5.0 %)	77.59	(32.6 %)	71.77	(35.1 %)	0.72
Q4 2008	148.59	(9.2 %)	67.74	(25.2 %)	46.76	(45.6 %)	0.47
2008	721.31	0.0 %	379.34	(7.9 %)	324.17	(17.3 %)	3.24
Q1 2009	203.86	(2.7 %)	115.31	(5.3 %)	103.78	(10.0 %)	1.04
Q2 2009	191.04	1.0 %	99.37	(11.5 %)	82.65	(8.6 %)	0.83
Q3 2009	162.84	(6.5 %)	88.09	13.5 %	72.82	1.5 %	0.73
Q4 2009	179.30	20.7 %	87.44	29.1 %	(87.23)	(286.5 %)	(0.87)
2009	737.03	2.2 %	390.22	2.9 %	172.02	(46.9 %)	1.72
Q1 2010	201.72	(1.0 %)	90.03	(21.9 %)	81.74	(21.2 %)	0.82
Q2 2010	194.43	1.8 %	95.19	(4.2 %)	81.17	(1.8 %)	0.81
Q3 2010	164.23	0.9 %	89.54	1.6 %	81.68	12.2 %	0.82
Q4 2010	184.21	2.7 %	44.17	(49.5 %)	10.85	112.4 %	0.11
2010	744.59	1.0 %	318.93	(18.3 %)	255.44	48.5 %	2.55
Q1 2011	230.10	14.1 %	133.97	48.8 %	116.02	41.9 %	1.16
Q2 2011	302.99	55.8 %	139.30	46.3 %	111.75	37.7 %	1.12
Q3 2011	277.72	69.1 %	125.69	40.4 %	104.92	28.5 %	1.05
Q4 2011	267.76	45.4 %	104.89	137.5 %	70.35	548.4 %	0.70
2011	1,078.56	44.9 %	503.86	58.0 %	407.23	59.4 %	4.07
Q1 2012	355.12	54.3 %	174.38	30.2 %	146.14	26.0 %	1.46
Q2 2012	369.30	21.9 %	173.23	24.4 %	71.93	(35.6 %)	0.72
Q3 2012	337.90	21.7 %	98.58	(21.6 %)	87.03	(17.1 %)	0.87
Q4 2012	308.32	15.1 %	91.15	(13.1 %)	82.33	17.0 %	0.82
2012	1,370.64	27.1 %	537.34	6.6 %	387.43	(4.9 %)	3.87
Q1 2013	352.30	(0.8 %)	169.10	(3.0 %)	157.26	7.6 %	1.57
Q2 2013	373.42	1.1 %	144.75	(16.4 %)	124.65	73.3 %	1.25
Q3 2013	290.44	(14.0 %)	95.19	(3.4 %)	16.85	(80.6 %)	0.17
Q4 2013	348.97	13.2 %	133.24	46.2 %	(106.67)	(229.6 %)	(1.07)
2013	1,365.12	(0.4 %)	542.27	0.9 %	192.09	(50.4 %)	1.92
Q1 2014	422.47	19.9 %	177.44	4.9 %	167.14	6.3 %	1.67
Q2 2014	480.55	28.7 %	227.74	57.3 %	199.80	60.3 %	2.00
Q3 2014	386.34	33.0 %	154.24	62.0 %	133.94	695.0 %	1.34
Q4 2014	430.23	23.3 %	171.18	28.5 %	144.55	235.5 %	1.45
2014	1,719.59	26.0 %	730.60	34.7 %	645.43	236.0 %	6.45
Q1 2015	453.00	7.2 %	234.15	32.0 %	195.27	16.8 %	1.95
Q2 2015	446.57	(7.1 %)	189.93	(16.6 %)	161.94	(18.9 %)	1.62
Q3 2015	328.00	(15.1 %)	108.56	(29.6 %)	89.48	(33.2 %)	0.89
Q4 2015	414.99	(3.5 %)	190.94	11.5 %	153.46	6.2 %	1.53
2015	1,642.56	(4.5 %)	723.58	(1.0 %)	600.14	(7.0 %)	6.00
Q1 2016	404.58	(10.7 %)	222.27	(5.1 %)	225.59	15.5 %	2.26
Q2 2016	363.32	(18.6 %)	162.81	(14.3 %)	141.00	(12.9 %)	1.41

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	747.85	8.8 %	372.65	6.9 %	333.58	0.8 %	3.56
2007	721.57	(3.5 %)	411.73	10.5 %	392.17	17.6 %	4.19
2008	721.31	0.0 %	379.34	(7.9 %)	324.17	(17.3 %)	3.24
2009	737.03	2.2 %	390.22	2.9 %	172.02	(46.9 %)	1.72
2010	744.59	1.0 %	318.93	(18.3 %)	255.44	48.5 %	2.55
2011	1,078.56	44.9 %	503.86	58.0 %	407.23	59.4 %	4.07
2012	1,370.64	27.1 %	537.34	6.6 %	387.43	(4.9 %)	3.87
2013	1,365.12	(0.4 %)	542.27	0.9 %	192.09	(50.4 %)	1.92
2014	1,719.59	26.0 %	730.60	34.7 %	645.43	236.0 %	6.45
2015	1,642.56	(4.5 %)	723.58	(1.0 %)	600.14	(7.0 %)	6.00

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	49.78 %	54.08 %	45.05 %
Q2 2007	50.70 %	53.99 %	45.47 %
Q3 2007	54.34 %	55.63 %	49.30 %
Q4 2007	57.06 %	58.66 %	54.35 %
2007	57.06 %	58.66 %	54.35 %
Q1 2008	58.31 %	59.63 %	55.38 %
Q2 2008	58.97 %	58.99 %	53.95 %
Q3 2008	54.61 %	56.51 %	49.35 %
Q4 2008	52.59 %	53.83 %	44.94 %
2008	52.59 %	53.83 %	44.94 %
Q1 2009	52.11 %	53.21 %	43.69 %
Q2 2009	50.17 %	54.59 %	42.49 %
Q3 2009	52.46 %	58.48 %	43.32 %
Q4 2009	52.94 %	61.16 %	41.11 %
2009	52.94 %	61.16 %	41.11 %
Q1 2010	49.66 %	60.00 %	38.23 %
Q2 2010	48.86 %	59.78 %	37.86 %
Q3 2010	48.97 %	59.93 %	38.99 %
Q4 2010	42.83 %	53.17 %	35.98 %
2010	42.83 %	53.17 %	35.98 %
Q1 2011	46.95 %	56.30 %	39.09 %
Q2 2011	46.17 %	55.86 %	37.75 %
Q3 2011	44.54 %	54.78 %	35.78 %
Q4 2011	46.72 %	57.34 %	37.51 %
2011	46.72 %	57.34 %	37.90 %
Q1 2012	45.22 %	55.28 %	36.12 %
Q2 2012	45.53 %	53.52 %	37.93 %
Q3 2012	41.43 %	48.18 %	34.87 %
Q4 2012	39.20 %	48.50 %	34.60 %
2012	39.20 %	48.50 %	34.60 %
Q1 2013	38.90 %	48.96 %	35.48 %
Q2 2013	36.71 %	48.19 %	33.95 %
Q3 2013	37.77 %	50.58 %	35.86 %
Q4 2013	39.72 %	49.70 %	36.49 %
2013	39.72 %	49.70 %	36.49 %
Q1 2014	38.36 %	47.67 %	35.39 %
Q2 2014	41.08 %	49.41 %	36.86 %
Q3 2014	42.28 %	49.87 %	37.01 %
Q4 2014	42.49 %	49.49 %	37.53 %
2014	42.49 %	49.49 %	37.53 %
Q1 2015	44.99 %	51.54 %	39.34 %
Q2 2015	43.67 %	50.08 %	37.92 %
Q3 2015	42.46 %	49.00 %	36.57 %
Q4 2015	44.05 %	50.66 %	37.45 %
2015	44.05 %	50.66 %	37.45 %
Q1 2016	44.64 %	51.42 %	38.43 %
Q2 2016	45.31 %	52.52 %	39.17 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	49.83 %	54.15 %	44.61 %
2007	57.06 %	58.66 %	54.35 %
2008	52.59 %	53.83 %	44.94 %
2009	52.94 %	61.16 %	41.11 %
2010	42.83 %	53.17 %	35.98 %
2011	46.72 %	57.34 %	37.90 %
2012	39.20 %	48.50 %	34.60 %
2013	39.72 %	49.70 %	36.49 %
2014	42.49 %	49.49 %	37.53 %
2015	44.05 %	50.66 %	37.45 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	53.15 %	58.73 %	50.92 %
Q2 2007	56.79 %	58.36 %	53.43 %
Q3 2007	62.80 %	59.56 %	60.34 %
Q4 2007	55.31 %	57.94 %	52.54 %
Q1 2008	58.12 %	62.16 %	55.03 %
Q2 2008	59.37 %	55.86 %	47.79 %
Q3 2008	44.56 %	49.08 %	41.21 %
Q4 2008	45.59 %	45.09 %	31.47 %
Q1 2009	56.57 %	60.21 %	50.91 %
Q2 2009	52.02 %	61.00 %	43.26 %
Q3 2009	54.10 %	65.59 %	44.72 %
Q4 2009	48.77 %	58.37 %	24.41 %
Q1 2010	44.63 %	55.99 %	40.52 %
Q2 2010	48.96 %	60.14 %	41.75 %
Q3 2010	54.52 %	66.24 %	49.73 %
Q4 2010	23.98 %	31.05 %	12.65 %
Q1 2011	58.22 %	66.16 %	50.42 %
Q2 2011	45.98 %	57.49 %	36.88 %
Q3 2011	45.26 %	58.12 %	37.78 %
Q4 2011	39.18 %	48.77 %	26.86 %
Q1 2012	49.10 %	56.07 %	41.15 %
Q2 2012	46.91 %	51.04 %	42.98 %
Q3 2012	29.17 %	36.30 %	25.76 %
Q4 2012	29.57 %	50.13 %	26.70 %
Q1 2013	48.00 %	57.91 %	44.64 %
Q2 2013	38.76 %	48.19 %	37.27 %
Q3 2013	32.77 %	45.26 %	33.12 %
Q4 2013	38.18 %	46.72 %	30.23 %
Q1 2014	42.00 %	49.65 %	39.56 %
Q2 2014	47.39 %	53.66 %	41.58 %
Q3 2014	39.92 %	48.25 %	34.67 %
Q4 2014	39.79 %	45.77 %	33.60 %
Q1 2015	51.69 %	57.59 %	46.42 %
Q2 2015	42.53 %	48.22 %	36.26 %
Q3 2015	33.10 %	42.43 %	27.28 %
Q4 2015	46.01 %	52.24 %	36.98 %
Q1 2016	54.94 %	61.39 %	51.37 %
Q2 2016	44.81 %	52.06 %	38.81 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	93.63	3.60	3.60	16.58
Q2 2007	93.63	3.60	3.60	17.75
Q3 2007	93.63	3.90	3.90	18.46
Q4 2007	93.63	4.19	4.19	19.66
Q1 2008	100.00	4.14	4.14	21.76
Q2 2008	100.00	4.02	4.02	22.73
Q3 2008	100.00	3.63	3.63	22.43
Q4 2008	100.00	3.24	3.24	22.44
Q1 2009	100.00	3.13	3.13	22.11
Q2 2009	100.00	3.05	3.05	22.99
Q3 2009	100.00	3.06	3.06	23.04
Q4 2009	100.00	1.72	3.03	22.22
Q1 2010	100.00	1.50	2.81	23.12
Q2 2010	100.00	1.49	2.80	23.66
Q3 2010	100.00	1.57	2.88	24.45
Q4 2010	100.00	2.55	2.68	24.44
Q1 2011	100.00	2.90	3.02	25.59
Q2 2011	100.00	3.20	3.33	25.44
Q3 2011	100.00	3.44	3.56	26.42
Q4 2011	100.00	4.03	4.05	27.44
Q1 2012	100.00	4.33	4.35	29.03
Q2 2012	100.00	3.93	4.82	27.50
Q3 2012	100.00	3.75	4.64	28.35
Q4 2012	100.00	3.87	4.74	29.19
Q1 2013	100.00	3.99	4.85	30.77
Q2 2013	100.00	4.51	4.66	30.48
Q3 2013	100.00	3.81	4.75	29.71
Q4 2013	100.00	1.92	4.98	28.71
Q1 2014	100.00	2.02	5.08	30.36
Q2 2014	100.00	2.77	5.69	31.03
Q3 2014	100.00	3.94	6.06	30.57
Q4 2014	100.00	6.45	6.45	31.92
Q1 2015	100.00	6.74	6.89	33.57
Q2 2015	100.00	6.36	6.51	31.99
Q3 2015	100.00	5.91	6.06	30.44
Q4 2015	100.00	6.00	6.15	31.84
Q1 2016	100.00	6.30	6.13	34.16
Q2 2016	100.00	6.10	5.92	33.14

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	93.63	3.56	3.56	17.59
2007	93.63	4.19	4.19	19.66
2008	100.00	3.24	3.24	22.44
2009	100.00	1.72	3.03	22.22
2010	100.00	2.55	2.68	24.44
2011	100.00	4.07	4.09	27.44
2012	100.00	3.87	4.74	29.19
2013	100.00	1.92	4.98	28.71
2014	100.00	6.45	6.45	31.92
2015	100.00	6.00	6.15	31.84

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	13.98	13.98	3.04
Q2 2007	15.00	15.00	3.04
Q3 2007	14.33	14.33	3.03
Q4 2007	19.58	19.58	4.17
Q1 2008	14.10	14.10	2.68
Q2 2008	16.06	16.06	2.84
Q3 2008	12.16	12.16	1.97
Q4 2008	7.67	7.67	1.11
Q1 2009	8.93	8.93	1.26
Q2 2009	11.81	11.81	1.57
Q3 2009	12.03	12.03	1.60
Q4 2009	20.23	11.48	1.57
Q1 2010	22.35	11.93	1.45
Q2 2010	19.02	10.10	1.19
Q3 2010	18.30	9.99	1.18
Q4 2010	10.71	10.21	1.12
Q1 2011	8.73	8.37	0.99
Q2 2011	11.29	10.87	1.42
Q3 2011	9.73	9.39	1.27
Q4 2011	8.91	8.88	1.31
Q1 2012	10.71	10.67	1.60
Q2 2012	11.34	9.26	1.62
Q3 2012	11.03	8.93	1.46
Q4 2012	10.32	8.43	1.37
Q1 2013	11.34	9.31	1.47
Q2 2013	12.01	11.64	1.78
Q3 2013	14.64	11.75	1.88
Q4 2013	26.76	10.32	1.79
Q1 2014	32.58	12.95	2.17
Q2 2014	25.35	12.35	2.26
Q3 2014	21.56	14.02	2.78
Q4 2014	12.02	12.02	2.43
Q1 2015	11.19	10.94	2.24
Q2 2015	11.91	11.64	2.37
Q3 2015	9.49	9.26	1.84
Q4 2015	7.93	7.73	1.49
Q1 2016	7.24	7.45	1.34
Q2 2016	8.38	8.63	1.54

Period	P/E	Adjusted P/E	Price/book
2006	15.64	15.64	3.17
2007	19.58	19.58	4.17
2008	7.67	7.67	1.11
2009	20.23	11.48	1.57
2010	10.71	10.21	1.12
2011	8.82	8.79	1.31
2012	10.32	8.43	1.37
2013	26.76	10.32	1.79
2014	12.02	12.02	2.43
2015	7.93	7.73	1.49

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	166.93	141.00	(15.5 %)

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
Alistithmar Capital	142.00	141.00	(0.7) %
Sico	148.00	141.00	(4.7) %
AlJazira Capital	160.33	141.00	(12.1) %
KASB Capital	162.70	141.00	(13.3) %
Al Rajhi Capital	171.00	141.00	(17.5) %
OSOOL AND BAKHEET	174.50	141.00	(19.2) %
SFC	210.00	141.00	(32.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	2,965.00
Enterprise Value (EV) (M)	2,955.28
Shares Outstanding ((M))	100.00
EPS ( Riyal) (TTM)	1.45
Book Value (BV) ( Riyal)	26.20
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.33
P/E (TTM)	20.50
Price/book	1.13
Return on Average Assets (%) (TTM)	4.5
Return on Average Equity (%) (TTM)	5.5

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Arabian Cement’s H1 net profit rises 3%

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Share Price

Arabian Cement Co. (ACC)

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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Arabian Cement’s H1 net profit rises 3%

View other reports

Share Price

Arabian Cement Co. (ACC)

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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