GulfBase Live Support
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
Saudi Arabia's Yamama Cement Company signed an SR4.2 billion contract with Germany's ThyssenKrupp Industrial Solutions here Tuesday night to build two new cement plants. The production facilities wi
Yamama Cement Co. (Yamama) announces primary financial results for the period ended 30/9/2014 (9 Months).
Net profit amounted during the 3rd Q of 2014 is SAR 137 million versus SAR 148 milli
International credit rating agency, Standard & Poor’s (S&P) has revised the outlook on Qatar Islamic Bank (QIB) to ‘stable’ and affirmed the ‘A-/A-2’ issuer credit rating.
According to the
National Bank of Fujairah (NBF) announced that NBF Islamic has retained the ‘Best Islamic Window — UAE’ accolade for the third consecutive year at the Islamic Business and Finance Awards 2018.
The Gulf Today
UAE-based Goldilocks Investment Company said it has reached an agreement with Gulf Navigation Holding, a leading maritime and shipping company based in Dubai, to acquire a 18.32 per cent stake in the
Agility Public Warehousing Company (KSC) announced Monday investing $100 million for the next three years in logistic technology sector, via launching a digital platform to manage electronicallylinke
ALINMA Bank hosted its first-ever FinTech-focused event at the Four Seasons hotel in last Dec. 3, 2018. The gathering was hosted by the bank in partnership with FinTech Saudi and Alinma Investment Co