Southern Province Cement Company SJSC Formerly known as Southern Province Cement Company. Southern Province Cement Company SJSC is a Saudi Arabia-based public shareholding company engaged in manufacturing and marketing of cement and its derivatives, as well as undertaking all related businesses. The Company operates three factories in Jazan, Bisha and Al-Kunfuza, Kingdom of Saudi Arabia. The Company's major shareholders include Public Investment Fund (37.4%) and General Organization for Social Insurance (15.40%).
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Cement makers’ results fuel our worries about the Saudi sector. SPCC’s revenues stand at SAR216m, down by -43.2% in Q3 2017 compared to the same quarter one year earlier. The Net profit fell sharply by 67% to SAR57m in Q3 2017 vs. SAR174m in Q3 2016. The company’s EPS stands at SAR 0.68 vs. SAR1.91, a decrease of 64.4%. SPCC’s EBITDA margin shrank by 540 bps, decreasing from 60.9% to 55.5% on 30/09/2017.
SPCC’s figures continue their bearish trend following the disastrous state of the Saudi sector. Revenues announced in Q2 2017 are 50.7% lower than Q2 2016 sales, attaining SAR243m vs. SAR493m. The Saudi cement maker’s net profit went down by more than 64.5% compared to the same quarter one year earlier (SAR95m in Q2 2017 vs. SAR268m in Q2 2016). While the EPS fell from SAR3.94 in H1 2016 to SAR1.43 in H1 2017.
SPCC announced lower Q1 2017 figures compared to the previous year. These results reflected the disastrous state of the Saudi cement sector. Revenues fell by 44.8% to SAR303m vs. SAR549m in the same quarter last year, harmed by a volume decline by 32.9% (from 2,280 mt to 1,528 mt). However, the income from equity associates increased by 3.23% to attain SAR3,360m. SPCC’s net profit was down by 62.9%, comparing to Q12016, to only SAR105m.
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