Yamama Cement’s net profit down 4.3% to SAR 642 mln in 2015

18/01/2016 Argaam Exclusive

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Share Price

Yamama Cement Co. (YSCC)

Yamama Cement Co., one of the largest Saudi cement producers, reported a net profit of SAR 642 million for the 2015 fiscal year, marking a 4.3 percent year-on-year (YOY) drop, which the company attributed mainly to lower sales prices and an increase in administrative expenses.

Financials (M)

Item	2014	2015	Change‬
Revenues	1,328.87	1,311.07	(1.3 %)
Gross Income	712.21	736.45	3.4 %
Operating Income	658.31	673.15	2.3 %
Net Income	670.84	615.21	(8.3 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	3.31	3.04	(8.3 %)

Yamama Cement’s Q4-2015 net profit amounted to SAR 180 million; 18.4 percent higher compared to SAR 152 million in the same quarter in 2014, due to higher sales volumes and increasing demand. Profit for the period was 87.5 percent higher when compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	318.26	352.36	10.7 %
Gross Income	183.72	199.89	8.8 %
Operating Income	171.10	185.12	8.2 %
Net Income	151.69	152.80	0.7 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.75	0.75	0.7 %

Item	Q3 2015	Q4 2015	Change‬
Revenues	280.27	352.36	25.7 %
Gross Income	166.47	199.89	20.1 %
Operating Income	150.44	185.12	23.1 %
Net Income	95.53	152.80	59.9 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.47	0.75	59.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	245.15	-	163.42	45.4 %	158.72	54.4 %	0.78
Q2 2006	289.60	54.1 %	194.08	72.8 %	184.79	77.4 %	0.91
Q3 2006	222.18	2.4 %	155.26	5.7 %	145.90	8.2 %	0.72
Q4 2006	193.20	(5.1 %)	118.79	(30.1 %)	111.76	(29.8 %)	0.55
2006	950.12	20.1 %	631.56	16.6 %	601.16	20.0 %	2.97
Q1 2007	277.58	13.2 %	184.93	13.2 %	173.51	9.3 %	0.86
Q2 2007	304.37	5.1 %	209.22	7.8 %	202.51	9.6 %	1.00
Q3 2007	338.77	52.5 %	240.10	54.6 %	228.43	56.6 %	1.13
Q4 2007	264.78	37.1 %	134.54	13.3 %	126.98	13.6 %	0.63
2007	1,185.50	24.8 %	768.78	21.7 %	731.43	21.7 %	3.61
Q1 2008	338.76	22.0 %	212.70	15.0 %	197.47	13.8 %	0.98
Q2 2008	378.62	24.4 %	239.82	14.6 %	227.80	12.5 %	1.12
Q3 2008	208.75	(38.4 %)	103.54	(56.9 %)	100.48	(56.0 %)	0.50
Q4 2008	196.80	(25.7 %)	88.69	(34.1 %)	85.13	(33.0 %)	0.42
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
Q1 2009	258.67	(23.6 %)	138.82	(34.7 %)	125.99	(36.2 %)	0.62
Q2 2009	312.80	(17.4 %)	176.70	(26.3 %)	165.35	(27.4 %)	0.82
Q3 2009	278.99	33.6 %	138.73	34.0 %	125.29	24.7 %	0.62
Q4 2009	312.55	58.8 %	161.80	82.4 %	145.12	70.5 %	0.72
2009	1,163.01	3.6 %	616.05	(4.4 %)	561.75	(8.0 %)	2.77
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	950.12	20.1 %	631.56	16.6 %	601.16	20.0 %	2.97
2007	1,185.50	24.8 %	768.78	21.7 %	731.43	21.7 %	3.61
2008	1,122.93	(5.3 %)	644.74	(16.1 %)	610.89	(16.5 %)	3.02
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	69.43 %	67.00 %	65.22 %
Q2 2006	70.59 %	69.04 %	66.72 %
Q3 2006	71.08 %	70.48 %	67.52 %
Q4 2006	66.47 %	66.76 %	63.27 %
2006	66.47 %	66.76 %	63.27 %
Q1 2007	66.47 %	67.04 %	62.69 %
Q2 2007	67.00 %	67.85 %	63.54 %
Q3 2007	67.60 %	68.67 %	64.30 %
Q4 2007	64.85 %	68.52 %	61.70 %
2007	64.85 %	68.52 %	61.70 %
Q1 2008	63.89 %	69.43 %	60.59 %
Q2 2008	62.62 %	69.66 %	59.10 %
Q3 2008	57.99 %	68.73 %	54.81 %
Q4 2008	57.42 %	69.48 %	54.40 %
2008	57.42 %	69.48 %	54.40 %
Q1 2009	54.74 %	68.42 %	51.72 %
Q2 2009	51.97 %	67.38 %	48.82 %
Q3 2009	51.84 %	66.15 %	47.91 %
Q4 2009	52.97 %	64.95 %	48.30 %
2009	52.97 %	64.95 %	48.30 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	66.47 %	66.76 %	63.27 %
2007	64.85 %	68.52 %	61.70 %
2008	57.42 %	69.48 %	54.40 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	66.66 %	66.79 %	64.74 %
Q2 2006	67.02 %	67.03 %	63.81 %
Q3 2006	69.88 %	70.22 %	65.67 %
Q4 2006	61.49 %	62.33 %	57.85 %
Q1 2007	66.62 %	67.78 %	62.51 %
Q2 2007	68.74 %	69.68 %	66.53 %
Q3 2007	70.87 %	72.11 %	67.43 %
Q4 2007	50.81 %	63.37 %	47.96 %
Q1 2008	62.79 %	71.25 %	58.29 %
Q2 2008	63.34 %	70.45 %	60.17 %
Q3 2008	49.60 %	68.32 %	48.14 %
Q4 2008	45.07 %	65.82 %	43.26 %
Q1 2009	53.67 %	67.53 %	48.71 %
Q2 2009	56.49 %	67.61 %	52.86 %
Q3 2009	49.73 %	63.45 %	44.91 %
Q4 2009	51.77 %	61.48 %	46.43 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	202.50	2.75	2.75	8.57
Q2 2006	202.50	3.15	3.15	9.48
Q3 2006	202.50	3.20	3.20	10.20
Q4 2006	202.50	2.97	2.97	9.57
Q1 2007	202.50	3.04	3.04	10.46
Q2 2007	202.50	3.13	3.13	11.66
Q3 2007	202.50	3.54	3.54	12.81
Q4 2007	202.50	3.61	3.61	13.62
Q1 2008	202.50	3.73	3.73	12.50
Q2 2008	202.50	3.86	3.86	13.56
Q3 2008	202.50	3.22	3.22	13.82
Q4 2008	202.50	3.02	3.02	14.03
Q1 2009	202.50	2.66	2.66	13.36
Q2 2009	202.50	2.36	2.36	14.28
Q3 2009	202.50	2.48	2.48	14.35
Q4 2009	202.50	2.77	2.77	15.09
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	202.50	2.97	2.97	9.57
2007	202.50	3.61	3.61	13.62
2008	202.50	3.02	3.02	14.03
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	44.61	44.61	14.32
Q2 2006	26.53	26.53	8.81
Q3 2006	22.53	22.53	7.07
Q4 2006	17.63	17.63	5.47
Q1 2007	16.77	16.77	4.88
Q2 2007	15.18	15.18	4.07
Q3 2007	13.95	13.95	3.85
Q4 2007	17.39	17.39	4.61
Q1 2008	13.54	13.54	4.04
Q2 2008	12.11	12.11	3.44
Q3 2008	10.65	10.65	2.48
Q4 2008	7.49	7.49	1.61
Q1 2009	8.66	8.66	1.73
Q2 2009	11.32	11.32	1.87
Q3 2009	12.89	12.89	2.23
Q4 2009	11.39	11.39	2.09
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

Period	P/E	Adjusted P/E	Price/book
2006	17.63	17.63	5.47
2007	17.39	17.39	4.61
2008	7.49	7.49	1.61
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

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	165.03	152.80	(7.4 %)

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
Riyad Capital	152.00	152.80	0.5 %
HSBC	162.00	152.80	(5.7) %
Albilad Capital	144.00	152.80	6.1 %
SNB Capital	141.00	152.80	8.4 %
Al Rajhi Capital	168.00	152.80	(9.0) %
KASB Capital	168.40	152.80	(9.3) %
SFC	175.00	152.80	(12.7) %
Alistithmar Capital	187.00	152.80	(18.3) %
AlJazira Capital	187.90	152.80	(18.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,520.50
Enterprise Value (EV) (M)	7,643.76
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)	26.16
P/E (TTM)	21.25
Price/book	1.40
Return on Average Assets (%) (TTM)	4.7
Return on Average Equity (%) (TTM)	6.7

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Yamama Cement’s net profit down 4.3% to SAR 642 mln in 2015

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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’s net profit down 4.3% to SAR 642 mln in 2015

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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