to download the complete report - GulfBase.com

3060.SE (Reuters)
YNCCO AB Equity (Bloomberg)
Yanbu Cement Company
CMP: SR38.1
» Yanbu Cement Company (YCC) is planning to undergo expansion and by the end of 2011 it will have a cement
capacity of 7mn tons per annum.
» Its sales revenue and net income is expected to grow at a CAGR of 12% and 10.5% during 2007-11.
SR’000’ 2005 2006 2007 2008E 2009E 2010E 2011E
Sales Revenue 778,930 843,243 1,170,728 1,066,931 1,045,364 1,123,831 1,851,641
Gross Profit 476,313 525,914 680,338 580,007 541,158 584,147 1,029,831
Net Profit 453,615 512,201 660,953 553,698 502,556 539,178 955,703
Equity 1,942,264 2,084,765 2,323,518 2,455,016 2,535,372 2,547,350 2,870,853
Assets 2,243,356 2,250,022 2,563,399 2,715,632 3,220,616 3,384,549 3,912,925
Investments 240,240 286,811 646,550 355,602 391,163 430,279 473,307
Ratios
EPS (SR) 4.32 4.88 6.29 5.27 4.79 5.14 9.1
Gross Margins (%) 61.1 62.4 58.1 54.4 51.8 52 55.6
Operating Margins (%) 58.8 60.1 56 52 49.4 49.6 53.5
Net Margins (%) 58.2 60.7 56.5 51.9 48.1 48 51.6
ROAA (%) 20.8 22.8 27.5 21 16.9 16.3 26.2
ROAE (%) 22.9 25.4 30 23.2 20.1 21.2 35.3
Market Capitalization (SR mn) 15,267 7,534 9,896 4,001 4,001 4,001 4,001
EV/Ton (US$) 1,020 500 549 194 222 244 157
P/E (x) 33.7 14.7 15 7.2 8 7.4 4.2
P/Bv (x) 7.9 3.6 4.3 1.6 1.6 1.6 1.4
Dividend Yield (%) 3.4 4.9 4.2 10.5 10.5 13.1 15.7
Historical P / E & P / BV multiples pertain to respective year -end prices, while those for future years are based on closing prices on the TASI as of Dec 29, 2008
(Source: Company Reports & Global Research)
Global Investment House 98 Saudi Arabia Economic Overview - January 2009