Cement Dispatches for February 2015 Cement ... - Aljazira Capital
Cement Dispatches for February 2015
March 2015 Please read Disclaimer on the back
Cement Dispatches- grew @ 10.3% YoY According to the data released by Yamamah Cement Co, cement dispatches for the month of February-2015 stood at 5.25mn tons, as compared to 4.76mn tons in February-2014, depicting an increase of 10.3% YoY and a fall of 4.3% MoM. The YoY increase in dispatches is primarily due to improvement in construction activity, which takes the demand of cement up, along the effects on sales same period last year due to labor shortage. On YoY basis, Najran and Al Jouf Cement companies showed the most increase in their cement dispatches as they grew by 85.1% and 42.3% respectively for the month of February-2015. In addition, Southern and Yanbu cement companies showed an increase of 12.8% and 11.7% respectively. On MoM basis, Saudi and Yamamah cement companies showed the most decline of 10.4%MoM and 5.4%MoM respectively among the listed companies. Clinker inventory levels have shown a slight monthly decrease by 2.1% which is due to lower clinker production by 7.2%MoM and despite the lower volumetric sales for the comparative period. The most MoM decline was registered by Madina Cement Company, which showed a fall of 14% due to lower clinker production by 13.7%MoM. However, Hail Cement Company witnessed an increase of 5% MoM in its clinker inventory. Najran Cement Company showed an improvement in its market share as it improved from 4.5% in February-2014 to 7.6% in february-2015. Whereas, Yamamah Cement Company market share decline to 9.0% in february-2015 as compared to 10.2% in february-2014 due to entry of new players in the industry and an increase in production capacity form other players.
Key Data Dispatches Companies
Jan-14
Feb-14
Feb-15
%Change %Change M/M y/y
Yamamah Cement Saudi Cement Eastern Cement Qassim Cement Yanbu Cement Arabian Cement Southern Cement Tabuk Cement Riyadh Cement Najran Cement Madina Cement Northern Cement AlJouf Cement AlSafwa Cement Hail Cement Total
501 776 281 365 636 512 750 130 276 399 220 193 138 191 124 5,492
484 693 260 345 545 466 648 133 272 215 170 152 97 165 122 4,767
474 696 275 368 609 487 731 125 263 398 212 193 138 158 129 5,256
-5.4% -10.4% -2.1% 0.8% -4.2% -4.8% -2.5% -3.6% -4.8% -0.2% -3.6% 0.0% -0.3% -17.3% 4.3% -4.3%
-2.1% 0.4% 5.8% 6.7% 11.7% 4.5% 12.8% -6.0% -3.3% 85.1% 24.7% 27.0% 42.3% -4.2% 5.7% 10.3%
Clinker Inventory Levels 2M-14
2M-15 % Change Jan-15
Feb-14
Feb-15
YoY % MoM % Change Change
970 1,355 522 694 1,157 894 1,318 277 556 422 333 290 207 361 243 9,599
975 1,430 545 733 1,245 999 1,481 255 530 797 432 386 276 349 253 10,686
1265 2343 587 487 1809 1086 1673 333 1195 2211 527 941 324 151 596 15,528
2818 3431 913 850 2902 418 1655 505 1520 2695 444 1283 648 68 712 20,861
123% 46% 56% 74% 60% -62% -1% 52% 27% 22% -16% 36% 100% -55% 19% 34.3%
0.5% 5.6% 4.4% 5.6% 7.6% 11.7% 12.3% -8.1% -4.6% 88.8% 29.7% 33.1% 33.6% -3.3% 4.0% 11.3%
2884 3332 1039 880 2936 466 1826 542 1539 2624 514 1316 646 78 680 21,301
-2% 3% -12% -3% -1% -10% -9% -7% -1% 3% -14% -3% 0% -13% 5% -2.1%
Source: Yamamah Cement Company, AlJazira Capital
Share in Cement Market (%) 16.0%
90.0%
14.0%
67.9%
70.0%
12.0% 50.0%
10.0% 29.0%
8.0% 13.1%
6.0% 4.0% -11.2%
-8.9%
-4.1%
-3.3%
10.0%
2.3%
1.3%
-4.1%
-5.2%
2.0% 0.0%
30.0%
15.2%
-14.8%
-12.3%
-13.2%
-10.0%
-30.0% Yamama Saudi Eastern Qassim Yanbu Arabian Southern Tabuk Riyadh Najran Madina Northern AlJouf AlSafwaHail Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Share in dispatches-February-2014
Share in dispatches-February-2015
% Change in Share in Dispatches
Source: Yamamah Cement Company
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
1
© All rights reserved
Cement Dispatches for February 2015
March 2015 Please read Disclaimer on the back
Company News & Events Date of Announcement
Company Name
Eastern Cement
10-3-2015
Corporate Event & Announcement
Further to the announcement of the company concerning the construction of a new production line with a capacity of (10,000) tpd of clinker, where the board requested further clarification on the provided offers, the company announced that the required clarifications and more information will display to the Board of Directors at the next meeting scheduled at the end of March 2015. The company announced the establishment of a power plant by exploiting the thermal energy wasted on manufacturing processes with the Chinese company Sonoma Energy as follows:
05-03-2015
Yanbu Cement
(1) The Board of Directors approved the project on 04-03-2015 (2) The expected date of starting project is on 18-03-2015 (3) The project cost is SAR231.75mn. (4) The company expects to finish the project on 04-1-2017 (5) The trial production is expected to begin on 01-12-2016 The company expects this project to raise the cement grinding by 1 mn tons of cement per year, and will show a positive impact on 04-01-2017.
Northern Cement
26-02-2015
01-01-2015
Al Jouf Cement
The company announced that the Northern Cement-Jordan Company (a 99.35% owned subsidiary) stated its intention to set up a clinker production line, after the completion of studies and approvals and licenses necessary. Further to the company’s announcement regarding the extension of the second clinker production line test procedures ( 5,000 tpd), the Company announced that the second production line tests are still ongoing due to the lower production capacity compared with the terms of the contract. The commercial production will begin in Q1-2015. The financial impact will be in Q2-2015. The company announced its project system to take advantage of alternative energy with Sinoma International Company as following:
03-12-2014
City Cement
10-12-2014
City Cement
(1) The Board of Directors approved the project on 02-12-2014 (2) The expected date of starting project is on 01-01-2015 (3) The project cost is SAR 25 mn. (4) The company expects to finish the project on 30-6-2015 (5) The project will contribute to the operation of the second production line. The company announced the start of the trial run of the second production line on 10-122014 designed with a capacity of 5500 tpd. The trial run will be lasts for 4 months to complete equipment test and the efficiency of the production process. The commercial operation and the financial impact will be announced later. Source: Zawya, Argaam
7.0%
9.3% 7.6%
9.0%
Others
Source: Yamamah Cement Company
2
© All rights reserved
1,000
Feb-15
Jan-15
Dec-14
Nov-14
Aug-14
Sep-14
Oct-14
0 Jul-14
5.2%
2,000
Jun-14
11.6%
Yamama Cement Najran cement Qassim Cement Eastern Cement
3,000
May-14
Feb-2015
4,000
Apr-14
13.2%
5,000
Mar-14
37%
Southern Cement Saudi Cement Yanbu Cement Arabian Cement
Feb-14
13.9%
Dispatches Growth Thousand Tonne
Share in Dispatches
Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Cement Dispatches 4,597
5,217
5,092
5,177
4,899
2,686
4,013
4,699
4,066
5,088
5,590
5,429
5,256
Growth (%)
13%
-2%
1%
-5%
-45%
49%
17%
-13%
25%
10%
-3%
-3%
-2%
Source: Yamamah Cement Company
Cement Dispatches for February 2015
March 2015 Please read Disclaimer on the back
Dispatches & Change
Eastern Cement
250
20%
200
0%
150
-20%
100
15
Fe b-
Ja
15
14
n-
De c-
14
4
O
No
v-
14
-1
ct
Se p-
4
14
l-1
Au
Ju
g-
4
14
-1
n-
ay
Ju
n-
1 Fe 5 b15
4
4
-1
D
Ja
ec
-1
ov
N
ct
-1
4
14
p-
O
Au
Se
g-
14
4
14
l-1
Ju
n-
0
Ja n15 Fe b15
-1 4
14
De c
v-
No
O
ct
-1 4
14
p-
Se
Au
g-
14
4
l-1
bFe
Arabian Cement
4
-40% 14
15
-30%
100
15
Fe
Ja n-
b-
-1
-1
ec
ov
N
O
D
1
4
ct
-1
1
p-
g-
Se
Ju
Au
l-1
14
Ju
n-
ay -
M
4
-60% 1
0
-20%
200
Ju
100
-10%
300
n1
-40%
400
Ju
-20%
200
0%
500
-1 4
300
10%
600
ay
0%
30% 20%
700
M
400
% Change
800
4
20%
500
Dispatches
900
-1 4
40%
600
4
Ju
bFe
80%
r-1
700
4
-60%
Ap
% Change
60%
-1
0
M ar
Dispatches
800
r-1
-40%
50
Saudi Cement Co
900
Ap
-20%
100
14
Se 4 p14 O ct -1 N 4 ov -1 D 4 ec -1 4 Ja n15 Fe b15
4
Souhtern Cement
ar
150
-1
l-1
Ju
A
Ju
ug
4
n-
-1
M
A
ay
-1
4
ar
pr
-1
14 b-
14
-60%
4
0
0%
200
4
-40%
50
20%
250
4
-20%
100
300
-1
150
60% 40%
ay
0%
200
% Change
350
M
250
Dispatches
400
r-1
20%
450
4
60%
-1
300
M
-50%
Ap
350
M
-40%
0
ar
% Change
40%
Fe
-30%
50
M
Dispatches
400
14
-20%
M
M
Fe 450
b-
-10%
Najran Cement
Qassim Cement
Fe
30%
0%
M
0
-60%
40%
10%
Fe b-
-40%
b14 ar -1 4 Ap r-1 4 M ay -1 Ju n14 Ju l-1 4 Au g1 Se p1 O ct -1 4 N ov -1 D ec -1 Ja n15 Fe b15
100
% Change
20%
4
200
40%
Dispatches
4
300
300
-1
400
350
60%
r-1
500
80%
Ap
% Change
14
Dispatches
600
ar
Yamama Cement
Yanbu Cement 80%
700
60%
600
60%
40%
500
40%
20%
400
20%
0%
300
0%
-20%
200
-20%
100
-40%
100
-40%
0
-60%
0
-60%
80%
4
g14 Se p14 O ct -1 4 No v14 De c14 Ja n15 Fe b15
% Change
Au
Ju
l-1
14
n-
Ju
M
ay
-1 4
4
4 -1
r-1
15
-1 5
Fe b
Ja n-
14
De
c-
4
14
v-
No
O
ct
-1
14
14
p-
Se
g-
4
l-1
Ju
Au
4
14
n-
Ju
M ay
-1
4
4
r-1
Ap
ar -1
M
Fe
b14
200
Ap
300
ar
400
M
500
Dispatches
14
% Change
b-
Dispatches
Fe
600
Source: Yamamah Cement Company, AlJazira Research
3
© All rights reserved
RESEARCH DIVISION
Syed Taimure Akhtar
+966 11 2256250 [email protected]
+966 11 2256146 [email protected]
Analyst
Analyst
+966 11 2256374 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Senior Analyst
Abdullah Alawi
Sultan Al Kadi
Senior Analyst
Talha Nazar +966 11 2256115 [email protected]
Jassim Al-Jubran +966 11 2256248 [email protected]
General Manager - Brokerage Division Ala’a Al-Yousef
AGM-Head of international
Regional Manager - West and South Regions
and institutional brokerage
Abdullah Al-Misbahi
+966 1 2256000 [email protected]
Luay Jawad Al-Motawa
+966 2 6618404 [email protected]
+966 1 2256277 [email protected]
Sales And Investment Centers Central Region
Area Manager - Qassim & Eastern Province
Manger
Abdullah Al-Rahit
Sultan Ibrahim AL-Mutawa
+966 6 3617547 [email protected]
+966 1 2256364 [email protected]
AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business. 1.
RATING TERMINOLOGY
AGM - Head of Research
2. 3. 4.
Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target. Stocks rated “Overweight” will typically provide an upside potential of over 10% from the current price levels over next twelve months. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated “Underweight” would typically decline by over 10% from the current price levels over next twelve months. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated “Neutral” is expected to stagnate within +/- 10% range from the current price levels over next twelve months. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company.
Disclaimer The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Aljazira Capital from sources believed to be reliable, but Aljazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Aljazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Aljazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Aljazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Aljazira Capital. Funds managed by Aljazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Aljazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Aljazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Aljazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Aljazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations. Asset Management Brokerage Corporate Finance Custody Advisory
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March 2015 Please read Disclaimer on the back
Cement Dispatches- grew @ 10.3% YoY According to the data released by Yamamah Cement Co, cement dispatches for the month of February-2015 stood at 5.25mn tons, as compared to 4.76mn tons in February-2014, depicting an increase of 10.3% YoY and a fall of 4.3% MoM. The YoY increase in dispatches is primarily due to improvement in construction activity, which takes the demand of cement up, along the effects on sales same period last year due to labor shortage. On YoY basis, Najran and Al Jouf Cement companies showed the most increase in their cement dispatches as they grew by 85.1% and 42.3% respectively for the month of February-2015. In addition, Southern and Yanbu cement companies showed an increase of 12.8% and 11.7% respectively. On MoM basis, Saudi and Yamamah cement companies showed the most decline of 10.4%MoM and 5.4%MoM respectively among the listed companies. Clinker inventory levels have shown a slight monthly decrease by 2.1% which is due to lower clinker production by 7.2%MoM and despite the lower volumetric sales for the comparative period. The most MoM decline was registered by Madina Cement Company, which showed a fall of 14% due to lower clinker production by 13.7%MoM. However, Hail Cement Company witnessed an increase of 5% MoM in its clinker inventory. Najran Cement Company showed an improvement in its market share as it improved from 4.5% in February-2014 to 7.6% in february-2015. Whereas, Yamamah Cement Company market share decline to 9.0% in february-2015 as compared to 10.2% in february-2014 due to entry of new players in the industry and an increase in production capacity form other players.
Key Data Dispatches Companies
Jan-14
Feb-14
Feb-15
%Change %Change M/M y/y
Yamamah Cement Saudi Cement Eastern Cement Qassim Cement Yanbu Cement Arabian Cement Southern Cement Tabuk Cement Riyadh Cement Najran Cement Madina Cement Northern Cement AlJouf Cement AlSafwa Cement Hail Cement Total
501 776 281 365 636 512 750 130 276 399 220 193 138 191 124 5,492
484 693 260 345 545 466 648 133 272 215 170 152 97 165 122 4,767
474 696 275 368 609 487 731 125 263 398 212 193 138 158 129 5,256
-5.4% -10.4% -2.1% 0.8% -4.2% -4.8% -2.5% -3.6% -4.8% -0.2% -3.6% 0.0% -0.3% -17.3% 4.3% -4.3%
-2.1% 0.4% 5.8% 6.7% 11.7% 4.5% 12.8% -6.0% -3.3% 85.1% 24.7% 27.0% 42.3% -4.2% 5.7% 10.3%
Clinker Inventory Levels 2M-14
2M-15 % Change Jan-15
Feb-14
Feb-15
YoY % MoM % Change Change
970 1,355 522 694 1,157 894 1,318 277 556 422 333 290 207 361 243 9,599
975 1,430 545 733 1,245 999 1,481 255 530 797 432 386 276 349 253 10,686
1265 2343 587 487 1809 1086 1673 333 1195 2211 527 941 324 151 596 15,528
2818 3431 913 850 2902 418 1655 505 1520 2695 444 1283 648 68 712 20,861
123% 46% 56% 74% 60% -62% -1% 52% 27% 22% -16% 36% 100% -55% 19% 34.3%
0.5% 5.6% 4.4% 5.6% 7.6% 11.7% 12.3% -8.1% -4.6% 88.8% 29.7% 33.1% 33.6% -3.3% 4.0% 11.3%
2884 3332 1039 880 2936 466 1826 542 1539 2624 514 1316 646 78 680 21,301
-2% 3% -12% -3% -1% -10% -9% -7% -1% 3% -14% -3% 0% -13% 5% -2.1%
Source: Yamamah Cement Company, AlJazira Capital
Share in Cement Market (%) 16.0%
90.0%
14.0%
67.9%
70.0%
12.0% 50.0%
10.0% 29.0%
8.0% 13.1%
6.0% 4.0% -11.2%
-8.9%
-4.1%
-3.3%
10.0%
2.3%
1.3%
-4.1%
-5.2%
2.0% 0.0%
30.0%
15.2%
-14.8%
-12.3%
-13.2%
-10.0%
-30.0% Yamama Saudi Eastern Qassim Yanbu Arabian Southern Tabuk Riyadh Najran Madina Northern AlJouf AlSafwaHail Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Share in dispatches-February-2014
Share in dispatches-February-2015
% Change in Share in Dispatches
Source: Yamamah Cement Company
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
1
© All rights reserved
Cement Dispatches for February 2015
March 2015 Please read Disclaimer on the back
Company News & Events Date of Announcement
Company Name
Eastern Cement
10-3-2015
Corporate Event & Announcement
Further to the announcement of the company concerning the construction of a new production line with a capacity of (10,000) tpd of clinker, where the board requested further clarification on the provided offers, the company announced that the required clarifications and more information will display to the Board of Directors at the next meeting scheduled at the end of March 2015. The company announced the establishment of a power plant by exploiting the thermal energy wasted on manufacturing processes with the Chinese company Sonoma Energy as follows:
05-03-2015
Yanbu Cement
(1) The Board of Directors approved the project on 04-03-2015 (2) The expected date of starting project is on 18-03-2015 (3) The project cost is SAR231.75mn. (4) The company expects to finish the project on 04-1-2017 (5) The trial production is expected to begin on 01-12-2016 The company expects this project to raise the cement grinding by 1 mn tons of cement per year, and will show a positive impact on 04-01-2017.
Northern Cement
26-02-2015
01-01-2015
Al Jouf Cement
The company announced that the Northern Cement-Jordan Company (a 99.35% owned subsidiary) stated its intention to set up a clinker production line, after the completion of studies and approvals and licenses necessary. Further to the company’s announcement regarding the extension of the second clinker production line test procedures ( 5,000 tpd), the Company announced that the second production line tests are still ongoing due to the lower production capacity compared with the terms of the contract. The commercial production will begin in Q1-2015. The financial impact will be in Q2-2015. The company announced its project system to take advantage of alternative energy with Sinoma International Company as following:
03-12-2014
City Cement
10-12-2014
City Cement
(1) The Board of Directors approved the project on 02-12-2014 (2) The expected date of starting project is on 01-01-2015 (3) The project cost is SAR 25 mn. (4) The company expects to finish the project on 30-6-2015 (5) The project will contribute to the operation of the second production line. The company announced the start of the trial run of the second production line on 10-122014 designed with a capacity of 5500 tpd. The trial run will be lasts for 4 months to complete equipment test and the efficiency of the production process. The commercial operation and the financial impact will be announced later. Source: Zawya, Argaam
7.0%
9.3% 7.6%
9.0%
Others
Source: Yamamah Cement Company
2
© All rights reserved
1,000
Feb-15
Jan-15
Dec-14
Nov-14
Aug-14
Sep-14
Oct-14
0 Jul-14
5.2%
2,000
Jun-14
11.6%
Yamama Cement Najran cement Qassim Cement Eastern Cement
3,000
May-14
Feb-2015
4,000
Apr-14
13.2%
5,000
Mar-14
37%
Southern Cement Saudi Cement Yanbu Cement Arabian Cement
Feb-14
13.9%
Dispatches Growth Thousand Tonne
Share in Dispatches
Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Cement Dispatches 4,597
5,217
5,092
5,177
4,899
2,686
4,013
4,699
4,066
5,088
5,590
5,429
5,256
Growth (%)
13%
-2%
1%
-5%
-45%
49%
17%
-13%
25%
10%
-3%
-3%
-2%
Source: Yamamah Cement Company
Cement Dispatches for February 2015
March 2015 Please read Disclaimer on the back
Dispatches & Change
Eastern Cement
250
20%
200
0%
150
-20%
100
15
Fe b-
Ja
15
14
n-
De c-
14
4
O
No
v-
14
-1
ct
Se p-
4
14
l-1
Au
Ju
g-
4
14
-1
n-
ay
Ju
n-
1 Fe 5 b15
4
4
-1
D
Ja
ec
-1
ov
N
ct
-1
4
14
p-
O
Au
Se
g-
14
4
14
l-1
Ju
n-
0
Ja n15 Fe b15
-1 4
14
De c
v-
No
O
ct
-1 4
14
p-
Se
Au
g-
14
4
l-1
bFe
Arabian Cement
4
-40% 14
15
-30%
100
15
Fe
Ja n-
b-
-1
-1
ec
ov
N
O
D
1
4
ct
-1
1
p-
g-
Se
Ju
Au
l-1
14
Ju
n-
ay -
M
4
-60% 1
0
-20%
200
Ju
100
-10%
300
n1
-40%
400
Ju
-20%
200
0%
500
-1 4
300
10%
600
ay
0%
30% 20%
700
M
400
% Change
800
4
20%
500
Dispatches
900
-1 4
40%
600
4
Ju
bFe
80%
r-1
700
4
-60%
Ap
% Change
60%
-1
0
M ar
Dispatches
800
r-1
-40%
50
Saudi Cement Co
900
Ap
-20%
100
14
Se 4 p14 O ct -1 N 4 ov -1 D 4 ec -1 4 Ja n15 Fe b15
4
Souhtern Cement
ar
150
-1
l-1
Ju
A
Ju
ug
4
n-
-1
M
A
ay
-1
4
ar
pr
-1
14 b-
14
-60%
4
0
0%
200
4
-40%
50
20%
250
4
-20%
100
300
-1
150
60% 40%
ay
0%
200
% Change
350
M
250
Dispatches
400
r-1
20%
450
4
60%
-1
300
M
-50%
Ap
350
M
-40%
0
ar
% Change
40%
Fe
-30%
50
M
Dispatches
400
14
-20%
M
M
Fe 450
b-
-10%
Najran Cement
Qassim Cement
Fe
30%
0%
M
0
-60%
40%
10%
Fe b-
-40%
b14 ar -1 4 Ap r-1 4 M ay -1 Ju n14 Ju l-1 4 Au g1 Se p1 O ct -1 4 N ov -1 D ec -1 Ja n15 Fe b15
100
% Change
20%
4
200
40%
Dispatches
4
300
300
-1
400
350
60%
r-1
500
80%
Ap
% Change
14
Dispatches
600
ar
Yamama Cement
Yanbu Cement 80%
700
60%
600
60%
40%
500
40%
20%
400
20%
0%
300
0%
-20%
200
-20%
100
-40%
100
-40%
0
-60%
0
-60%
80%
4
g14 Se p14 O ct -1 4 No v14 De c14 Ja n15 Fe b15
% Change
Au
Ju
l-1
14
n-
Ju
M
ay
-1 4
4
4 -1
r-1
15
-1 5
Fe b
Ja n-
14
De
c-
4
14
v-
No
O
ct
-1
14
14
p-
Se
g-
4
l-1
Ju
Au
4
14
n-
Ju
M ay
-1
4
4
r-1
Ap
ar -1
M
Fe
b14
200
Ap
300
ar
400
M
500
Dispatches
14
% Change
b-
Dispatches
Fe
600
Source: Yamamah Cement Company, AlJazira Research
3
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RESEARCH DIVISION
Syed Taimure Akhtar
+966 11 2256250 [email protected]
+966 11 2256146 [email protected]
Analyst
Analyst
+966 11 2256374 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Senior Analyst
Abdullah Alawi
Sultan Al Kadi
Senior Analyst
Talha Nazar +966 11 2256115 [email protected]
Jassim Al-Jubran +966 11 2256248 [email protected]
General Manager - Brokerage Division Ala’a Al-Yousef
AGM-Head of international
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and institutional brokerage
Abdullah Al-Misbahi
+966 1 2256000 [email protected]
Luay Jawad Al-Motawa
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+966 1 2256277 [email protected]
Sales And Investment Centers Central Region
Area Manager - Qassim & Eastern Province
Manger
Abdullah Al-Rahit
Sultan Ibrahim AL-Mutawa
+966 6 3617547 [email protected]
+966 1 2256364 [email protected]
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