GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
BKSB 0.14 275,822
DSI 0.39 45,711,538
ALINMA 16.5 3,084,810
DAMAC 3.84 686,475
ALKHODARI 10.04 34,083
DANA 0.6 9,001,191

Southern Province Cement

Source: NCB Capital

Strong 2Q11 results, in-line with estimates

Southern Cement (SPCC) announced its 2Q11 results on 18 July 2011. All profit lines grew around 30% YoY, broadly in-line with our estimates. We believe the strong results are largely due to higher sales volumes and prices. We await full details before updating our model.

Gross profit: 2Q11 came in at SR252mn, increasing 31.3% YoY and 2.1% above the NCBC estimate of SR247mn. 2Q11 was an increase of 4.5% QoQ
Operating profit: 2Q11 came in at SR239mn, increasing 30.6% YoY and 1.2% above the NCBC estimate of SR236mn. 2Q11 was an increase of 4% QoQ
Net profit: 2Q11 came in at SR239mn, increasing 29.1% YoY and 2.7% above the NCBC estimate of SR233mn. 2Q11 was an increase of 5.8% QoQ
EPS: 2Q11 came in at SR1.71, increasing 29.1% YoY and 2.7% above the NCBC of SR1.66. 2Q11 was an increase of 5.8% QoQ

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