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Southern Province Cement

Source: Taib Bank

Quarterly Result Update

• Southern Province Cement Company (SPCC) reported total revenues of SAR 436.9 million for 1Q11, up 23.7% YoY from SAR 353.2 million in 1Q10, on robust sales volume.
• Net profit increased 19.1% YoY to SAR 225.9 million from SAR 189.6 million due to improved top-line growth.
• We have raised our sales estimate for 2011 upwards by 15% to SAR 1,522.9 million on strong 1Q11 financials. Consequently, our net profits estimate for the year stand 17.2% higher.
• We reiterate our earlier NEUTRAL rating on SPCC with a revised DCF target price of SAR 72.00, implying an upside of 2.9%.

Profitability
Gross profit rose 17.3% YoY to SAR 241.2 million from SAR 205.6 million, although declining as a percentage of revenue by 300 bps to 55.2% from 58.2%. Net operating profit advanced 18.7% to SAR 231.0 million, narrowing 220 bps as a percentage of revenue to 52.9% from 55.1%. Net profit jumped 19.1% YoY to SAR 225.9 million, down 200 bps as a percentage of revenue to 51.7%. Adjusted annualised EPS rose to SAR 6.45 from SAR 5.42.

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