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Yamama Saudi Cement reported a net profit of SR50.8 million ($13.5 million) during the first quarter of 2017, marking a fall of 66 per cent year-on-year (y-o-y), driven by decline in operating profit.
The company also reported a gross profit SR63 million during the first quarter of 2017, marking a fall of 66 per cent year-on-year (y-o-y) on the back of lower sales volume and average realized price/ton.
Tracking the decline in gross profit, operating profit declined 72 per cent y-o-y to SR48 million.
Yamama’s revenue declined 41 per cent y-o-y to SR220 million (-5 per cent q-o-q), slightly higher than an estimate of SR195 million, said an analysis by Al Rajhi Capital, a leading financial services provider in the kingdom.
The company sold 1.24 million tons of cement in Q1 2017 (-25 per cent y-o-y, +3 per cent q-o-q). By end of March, the company held 4.3 million tons of inventory, representing 86 per cent of last 12-month sales volume and 14 per cent of total inventories in the sector.
As a result of valuating the recovery value of company’s fixed assets due to plant relocation, the company announced a SR312 million decrease in retained earnings. This was due to the implementation of IFRS starting from Q1 2017.
However, the bottom line was supported partially by other income (~SR4.5 million) compared to SR13 million losses in the same period of last year.
Al Rajhi maintains its Neutral rating on Yamama cement with a target price of SR17.8. Given the relocation plans and challenging operating environment, the company does not see any major triggers for the stock in the short-term.
Yamama Cement 3Q2017 net income of SAR 29.2mn (EPS, SAR 0.14) came above Al Jazira Capital estimates, which was mainly attributed to higher than expected selling price, indicating a deviation of 35.0
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