19/04/2017 14:08 AST

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.


Trade Arabia

Al Jazira Capital maintain “Neutral” recommendation on Yamama Cement

18/10/2017

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

GulfBase

Yamama Cement signs SR4.2bn contract with ThyssenKrupp to build plant

26/11/2015

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

Arab News

Yamama Cement announces a decrease of 25% in 9 month 2014 Net Profit

15/10/2014

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

GulfBase.com

Ticker Price Volume
QNBK 127.00 43,799
SABIC 104.61 3,002,041
BURUJ 35.17 343,045
STC 75.83 355,162
ALMARAI 51.15 371,471
SCACO 5.75 0
PETRORABIGH 23.55 3,067,281
YACCO Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
SABIC 104.61 -0.25 (-0.24%)
MAADEN 51.58 0.59 (1.15%)
YANSAB 66.83 0.66 (0.99%)
SAFCO 66.99 1.15 (1.74%)
KAYAN 12.68 -0.03 (-0.24%)
Damac to experience 'cash flow pressure' in 2018, says EFG Hermes

23/02/2018

Operational and financial challenges at Damac Properties, one of the UAE’s biggest listed real estate developers, are expected to continue this year after the company reported a 25 per cent drop in f

The National

MSCI’s Saudi upgrade decision is independent of Aramco IPO, official says

23/02/2018

The global index provider MSCI’s decision to include Saudi Arabia in its emerging market index is independent of its stock market’s ability to absorb the estimated $100 billion initial public offerin

The National

National Bank of Oman CEO Al Musalmi resigns

23/02/2018

Ahmed bin Jaffar Al Musalmi, Chief Executive Officer of the National Bank of Oman (NBO), has resigned from his post, the bank confirmed on Thursday.

In a statement released online, the ban

Times of Oman

Adnoc selects Chemlube for base oil sales in Europe

23/02/2018

The Abu Dhabi National Oil Company (Adnoc) has concluded an exclusive agreement with Chemlube, appointing the Switzerland-based company as the exclusive seller of its Group III Base Oil product in Eu

Trade Arabia

Saudi Aramco sets up National Power Academy

23/02/2018

Saudi Aramco, in association with nine local and international organizations, has established the National Power Academy (NPA) to provide the local and regional markets with highly qualified staff.

Trade Arabia