Kuwait Corporate Fact Sheet

Gulf Cement Co. Fact Sheet
Non-Kuwaiti Sector
Reuters Code: GCEM.KW Current Price (KD) : 0.465
Key Facts
KAMCO Research
June 22, 2008
KD '000 2003 2004 2005 2006 2007
Cash & Equivalents 2,923 2,178 11,883 7,284 13,312
Trade & Other Receivables 8,788 16,196 19,411 24,584 23,999
Inventories 2,965 4,760 9,416 6,691 10,425
Property, Plant & Equipment 12,715 18,749 31,737 51,291 49,481
Investments 8,881 19,702 50,352 46,547 52,894
Other Assets 1,733 0 0 0 0
Total Assets 38,005 61,584 122,799 136,397 150,110
Trade & Other Payables 2,223 4,522 8,230 8,798 7,110
Bank Loans 0 4,328 918 4,230 4,157
Other Liabilities 1,870 1,473 8,941 13,938 10,525
Total Liabilities 4,093 10,323 18,089 26,967 21,792
Equity 33,912 51,261 104,710 109,430 128,318
Sales 19,867 38,858 50,251 52,257 61,340
Cost of Sales 16,277 27,681 33,605 32,964 43,423
Gross Profit (Loss) 3,590 11,178 16,646 19,293 17,918
Other Operating Income 77 60 144 122 44
Operating Expenses 730 694 644 673 683
Operating Profit (Loss) 2,937 10,543 16,145 18,742 17,279
Investment and Other Income (Loss) 2,503 4,514 24,336 (9,792) 14,218
Other Expenses 0 (66) (537) (275) (645)
Net Profit (Loss)
Key Ratios
5,439 14,991 39,944 8,675 30,852
2003 2004 2005 2006 2007
Return On Assets 14.3% 24.3% 32.5% 6.4% 20.6%
Return On Equity 16.0% 29.2% 38.1% 7.9% 24.0%
Gross Profit Margin 18.1% 28.8% 33.1% 36.9% 29.2%
Operating Profit Margin 14.8% 27.1% 32.1% 35.9% 28.2%
Net Profit Margin 27.4% 38.6% 79.5% 16.6% 50.3%
Current Ratio (X) 6.49 4.98 9.85 6.37 8.69
Quick Ratio (X) 5.61 4.33 8.75 5.85 7.75
Total Liabilities / Total Assets 10.8% 16.8% 14.7% 19.8% 14.5%
Historical Share Data YTD
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) 174,668 409,042 201,782 342,719 381,810
Closing Share Price (KD) 0.660 1.120 0.325 0.480 0.465
Highest price for the period (KD) 0.680 1.440 1.380 0.670 0.570
Lowest price for the period (KD) 0.250 0.670 0.295 0.285 0.440
Volume (Shares thousand) 190,260 136,700 155,715 756,370 352,155
Value (KD thousand) 78,911 122,631 81,822 372,717 180,267
No. of Trades 4,991 5,643 6,896 23,478 8,436
EPS (KD) 0.044 0.066 0.012 0.043 0.043
Book Value Per Share (KD) 0.194 0.287 0.176 0.180 0.180
Dividend Per Share (KD) 0.000 0.000 0.012 0.015 NA
Price to Earnings Multiple (X) #
10.68 7.09 38.27 10.76 10.76
Price to Book Value Multiple (X) #
2.40 1.62 2.64 2.59 2.59
Dividend Yield (%) #
0.00 0.00 2.54 3.20 3.20
KD
0.565
0.550
0.535
0.520
0.505
0.490
0.475
0.460
0.445
0.430
52-Week Price Chart Rel. to KAMCO TRW Index
GCEM KAMCO TRW Index
24.6.07
8.7.07
22.7.07
5.8.07
19.8.07
2.9.07
16.9.07
30.9.07
14.10.07
28.10.07
11.11.07
25.11.07
9.12.07
23.12.07
6.1.08
20.1.08
3.2.08
17.2.08
2.3.08
16.3.08
30.3.08
13.4.08
27.4.08
11.5.08
25.5.08
8.6.08
22.6.08
Index
4,800
4,700
4,600
4,500
4,400
4,300
4,200
4,100
4,000
NA: Not Applicable, NM: Not Meaningful
YTD: Beginning of year to date
#
:Historical P/E, P/B & Yield are based on
current price & historical earning per share,
book value per share & dividend per share
Investment Research Department
KIPCO Asset Management Co.K.S.C.C
KAMCO
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com