Cement Dispatches for July 2016 - Aljazira Capital
Cement Dispatches for July 2016 August 2016 Saudi Cement Sector | Monthly Report | July 2016
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Cement Dispatches- Decline @10.5%MoM and grew 0.3%YoY: According Dispatches Growth to the data released by Yamamah cement Co, cement dispatches for the month of July-2016 stood at 3.13mn tons, as compared to 3.12mn tons in 6,000 July-2015, depicting a decrease of 10.5%MoM, and growth of 0.3%YoY. 5,000
40.0%
20.0%
Thousand Tonne
4,000
0.0%
3,000
Jul-16
Jun-16
Apr-16
May-16
Mar-16
Jan-16
Feb-16
Dec-15
Oct-15
-40.0%
Nov-15
1,000
Sep-15
-20.0%
Jul-15
2,000
Aug-15
Overview: In our view the above mentioned MoM decline was due to slowdown in construction during Eid holidays and summer season. For the 7M-2016, Cement sales decreased from 35.9mn tons in 2015 to 34.9mn tons in 2016 depicting a decline of 2.8%YoY,primarily driven by decrease in dispatches during the months of June(since it coincided with the Ramadan and summer season).
60.0%
Market Share: Aljouf cement showed an improvement in its market share as it increased from 2.7% in July-2015 to 3.8% in July-2016. Moreover, City cement increased its market share from 4.0% to 5.4%. Whereas, Najran Cement Company market share declined to 4.9% in July-2016 as compared to 6.9% in July-2015, followed by Northern cement as it declined from 3.9% in July 2015 to 3.2% in July 2016.
5%
10.03%
7.1
4.8
Saudi Cement
6.96%
34 4.
Clinker inventory levels have shown an increase by 11.7%MoM and 7.9%YoY due to lower sales volumes. All Cement companies showed an increase in their Clinker inventories with Tabuk cement recorded the highest MoM growth, which showed an increase of 176.5% MoM due to an increase in production by 29.9%MoM. In addition, Northern Cement Company witnessed an increase of 51.5%MoM in its clinker inventory.
% 5%
Source : Yamama Cement Company, AlJazira Research On MoM basis, all cement companies showed a decline in dispatches, with Tabuk cement showed the least decline by 1.3% followed by Yanbu cement Share in Dispatches which showed a decline of 1.6%. Whereas, Eastern cement and Saudi cement companies were the worst in cement dispatches and showed a decline of 15.20% 20.5% and 20.1% respectively. On YoY basis, Aljouf cement showed an 42.78% 13.79% increase of 40.5% in cement dispatches, followed by City cement which July - 2016 showed a growth of 35.2%. However, Najran cement and Northern cement 10.09% witnessed a fall of 29.3%YoY and 18.9%YoY respectively.
Southern Cement Yanbu Cement
Yamama Cement Arabian Cement
Qassim Cement
Najran cement
Others
Eastern Cement
Source : Yamama Cement Company, AlJazira Research
Key Performance: Data/Ratios Market Cap(bn) P/E (TTM) P/B Dividend Yield: YTD (%) ROA ROE
39.1 9.8x 1.6x 9.4% -11.0% 12.5% 16.5%
Key Data Dispatches Companies
Jun-16
Jul-15
Jul-16
%Change M/M
Yamamah Cement Saudi Cement Eastern Cement Qassim Cement Yanbu Cement Arabian Cement Southern Cement Tabuk Cement Riyadh Cement Najran Cement City Cement Northern Cement AlJouf Cement AlSafwa Cement Hail Cement Total
328 596 171 230 321 263 491 75 248 161 177 121 125 101 93 3,501
309 441 167 227 327 252 434 55 178 215 125 122 84 92 96 3,124
314 476 136 218 316 224 432 74 227 152 169 99 118 95 82 3,132
-4.3% -20.1% -20.5% -5.2% -1.6% -14.8% -12.0% -1.3% -8.5% -5.6% -4.5% -18.2% -5.6% -5.9% -11.8% -10.5%
Clinker Inventory Levels
% change Y/Y
6M-15
6M-16
1.6% 7.9% -18.6% -4.0% -3.4% -11.1% -0.5% 34.5% 27.5% -29.3% 35.2% -18.9% 40.5% 3.3% -14.6% 0.3%
3320 4621 1837 2531 4112 3194 4961 805 1895 2669 1471 1326 987 1160 992 35,879
3,351 4,626 1,643 2,492 3,624 2,949 4,762 839 2,203 1,908 1,930 1,332 1,162 1,141 908 34,870
% Change 0.9% 0.1% -10.6% -1.5% -11.9% -7.7% -4.0% 4.3% 16.3% -28.5% 31.2% 0.5% 17.7% -1.6% -8.4% -2.8%
Jun-16
Jul-15
Jul-16
3,462 3,903 1,656 892 3,189 396 878 327 1,549 2,432 913 309 297 124 1,041 21,368
3,261 3,413 1,255 949 3,237 547 1,323 607 1,741 2,724 649 985 629 39 765 22,124
3,699 4,095 1,753 974 3,466 521 1,110 904 1,606 2,570 1,070 468 342 163 1,137 23,878
YoY % Change 13.4% 20.0% 39.7% 2.6% 7.1% -4.8% -16.1% 48.9% -7.8% -5.7% 64.9% -52.5% -45.6% 317.9% 48.6% 7.9%
MoM % Change 6.8% 4.9% 5.9% 9.2% 8.7% 31.6% 26.4% 176.5% 3.7% 5.7% 17.2% 51.5% 15.2% 31.5% 9.2% 11.7%
Source: Yamamah Cement Company, AlJazira Capital
1
Analyst
Analyst
Jassim Al-Jubran
Waleed Al-jubayr
+966 11 2256248 [email protected]
+966 11 2256146 [email protected]
© All rights reserved
Cement Dispatches for July 2016 August 2016 Saudi Cement Sector | Monthly Report | July 2016
Please read Disclaimer on the back
Company News & Events Date of Company Name Announcement
Eastern Cement
Yamama Cement
23-6-2016
Eastern Province Cement Co. said that the trial run of its cement mill is not yet complete as work is still underway to increase efficiency and reach designed production capacity. The trial phase is expected to be completed during the second half of 2016 and there is no financial impact expected from the delay, the company added.
28-6-2016
Yamama Cement Co. has awarded Finland’s Wartsila a SAR 480 million contract to build, operate and maintain a private 133-megawatt power station. Under the fiveyear agreement, the construction work will start in September, and the entire project is scheduled for completion by June 1, 2019.
26-7-2016
Umm Al-Qura
Corporate Event & Announcement
Umm Al-Qura Cement Co. (UACC) said that it has signed an agreement with Saudi Arabian Oil Co. (Saudi Aramco) to buy fuel required to operate its Portland cement line, while adding that financial impact cannot be determined at the time. The new line’s trial and commercial operations are expected to begin in third quarter.
Arabian Cement
18-7-2016
Arabian Cement Company’s board of directors has recommended the distribution of a 20 percent cash dividend (SAR 2 per share) for the first half of 2016, the company said in a bourse statement.
Qassim Cement
23-6-2016
Qassim Cement Co.’s board of directors has recommended the distribution of a 12.5 percent cash dividend at the rate of SAR 1.25 per share for the second quarter of 2016.
City Cement
26-7-2016
City Cement Co.’s board of directors has recommended the distribution of a 7.5 percent cash dividend at the rate of SAR 0.75 per share for the first half of 2016.
Southern Cement
25-7-2016
Southern Province Cement Co. has recommended the distribution of a 25 percent cash dividend (SAR 2.5 per share) for the first half of 2016, the company said in a statement.
Northern Cement
10-8-2016
The board of directors of Northern Region Cement Co. approved the distribution of a 4.5 percent cash dividend at the rate of SAR 0.45 per share for first half of 2016.
Yamama Cement
21-7-2016
Yamama Cement Co.’s board of directors has recommended paying shareholders a 2.5 percent cash dividend (SAR 0.25 per share) for Q2-2016
Yanbu Cement
23-6-2016
Yanbu Cement Co.’s board of directors have recommended the distribution of a 10 percent cash dividend at the rate of SAR 1 per share for the first half of 2016. Source: The Saudi Stock Exchange - Tadawul
Market Share in Saudi Cement Sector (%) 7.7%
15.0%
90.0%
-0.7%
13.0% 11.0%
70.0% -3.6%
1.4%
9.0%
-11.3%
-4.2%
7.0%
34.2%
27.2%
30.0%
-29.5% 3.0%
-18.8%
5.0%
50.0%
40.1%
34.9%
-19.1%
10.0% -14.8%
3.0%
-30.0%
1.0% -1.0%
Yamama Saudi Cement Cement
Eastern Cement
Qassim Cement
Share in dispatches- July 2015
2
-10.0%
Yanbu Cement
Arabian Southern Cement Cement
Tabuk Cement
Riyadh Cement
Share in dispatches- July 2016
Najran Cement
City Northern Cement Cement
AlJouf Cement
AlSafwa Cement
Hail Cement
-50.0%
% Change in Share in Dispatches Source: Yamamah Cement Company, AlJazira Capital
© All rights reserved
Cement Dispatches for July 2016 August 2016 Saudi Cement Sector | Monthly Report | July 2016
Please read Disclaimer on the back
Dispatches & Change
Yamama Cement
Eastern Cement 80%
350
60%
300
500
40%
250
400
20%
200
300
0%
150
200
-20%
100
100
-40%
50
-30%
-60%
0
-40%
% Change
700
80%
800
60%
700
Fe b1 M ar -1 Ap r-1 6 M ay -1 Ju n16 Ju l-1 6
c1
Ja n
De
-1 6
v1
6
Ju
l-1
6
16
Ju
n-
6
M
ay
-1
6
Ap
r-1
16
-1
b-
ar
Fe
M
5
16
n-
700
60%
600
60%
40%
500
40%
20%
400
20%
300
0%
200
-20%
100
-40%
0
-60%
l-1
Ju
Oc
6
% Change
t-1 5 No v15 De c15 Ja n16 Fe b16 M ar -1 6 Ap r-1 6 M ay -1 6 Ju n16
15
6 l-1
Ju
6
16 n-
Ju
6
6
-1
M
ay
-1
-1
ar
Ap r
M
-1
b-
Fe
Ja n
15 v-
De
No
6
-60% 16
0 c15
-40%
5
100
p-
-20%
Se
200
15
0%
Dispatches
g-
300
80%
80%
Au
400
-1
Ja
-40%
5
% Change
500
5
5
-30%
0
l-1
Dispatches
-1
-1
100
-60%
Yanbu Cement
600
ct
ec
-40%
Arabian Cement
O
p15 ct -1 5 No v15 De c15 Ja n16 Fe b16 M ar -1 6 Ap r-1 6 M ay -1 6 Ju n16 Ju l-1 6
-20%
Ju
-1 5
No
p1
ct O
g1
Se
O
-10%
200
-20%
5
Se
0%
300
0%
-1
15
10%
400
400
100
30%
500
20%
200
40% 20%
500 300
% Change
600
40%
600
Dispatches
Ju l-1 5 Au g15 Se p15 Oc t-1 5 No v15 De c15 Ja n16 Fe b16 M ar -1 6 Ap r-1 6 M ay -1 6 Ju n16 Ju l-1 6
Dispatches
800
Se p
-60%
Saudi Cement Co
900
5
5 l-1 Ju
Souhtern Cement
l-1
0
D
-60%
Ju l-1 Au 5 g1 Se 5 p15 O ct -1 N 5 ov -1 D 5 ec -1 5 Ja n16 Fe b16 M ar -1 6 Ap r-1 M 6 ay -1 6 Ju n16 Ju l-1 6
0
-40%
50 5
50
-20%
100
-1
-40%
0%
150
-1
100
20%
200
ov
-20%
250
N
150
40%
300
ct
0%
200
80% 60%
O
20%
250
% Change
350
15
300
Dispatches
p-
350
450 400
Se
40%
Au
-20%
15
80% 60%
Au g
-10%
g-
% Change
400
Ju
0%
5
Dispatches
450
-1 5
30% 10%
Au
500
Ju l
40%
Najran Cement
Qassim Cement
0
% Change
20%
g-
Ju l-1 5 A ug -1 S 5 ep -1 5 O ct -1 5 N ov -1 D 5 ec -1 5 Ja n16 Fe b16 M ar -1 6 A pr -1 M 6 ay -1 6 Ju n16 Ju l-1 6
0
Dispatches
l-1
600
% Change
Au
Dispatches
Ju
700
Source: Yamamah Cement Company, AlJazira Research
3
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RESEARCH DIVISION
Acting Head of Research
Talha Nazar +966 11 2256115 [email protected]
+966 11 2256374 [email protected]
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
Waleed Al-jubayr +966 11 2256146 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Sultan Al Kadi
Analyst
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
sales
brokerage
Brokerage
Alaa Al-Yousef
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
Central Region
Abdullah Al-Rahit
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+966 11 2256364 [email protected]
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Analyst
2. 3. 4.
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Cement Dispatches- Decline @10.5%MoM and grew 0.3%YoY: According Dispatches Growth to the data released by Yamamah cement Co, cement dispatches for the month of July-2016 stood at 3.13mn tons, as compared to 3.12mn tons in 6,000 July-2015, depicting a decrease of 10.5%MoM, and growth of 0.3%YoY. 5,000
40.0%
20.0%
Thousand Tonne
4,000
0.0%
3,000
Jul-16
Jun-16
Apr-16
May-16
Mar-16
Jan-16
Feb-16
Dec-15
Oct-15
-40.0%
Nov-15
1,000
Sep-15
-20.0%
Jul-15
2,000
Aug-15
Overview: In our view the above mentioned MoM decline was due to slowdown in construction during Eid holidays and summer season. For the 7M-2016, Cement sales decreased from 35.9mn tons in 2015 to 34.9mn tons in 2016 depicting a decline of 2.8%YoY,primarily driven by decrease in dispatches during the months of June(since it coincided with the Ramadan and summer season).
60.0%
Market Share: Aljouf cement showed an improvement in its market share as it increased from 2.7% in July-2015 to 3.8% in July-2016. Moreover, City cement increased its market share from 4.0% to 5.4%. Whereas, Najran Cement Company market share declined to 4.9% in July-2016 as compared to 6.9% in July-2015, followed by Northern cement as it declined from 3.9% in July 2015 to 3.2% in July 2016.
5%
10.03%
7.1
4.8
Saudi Cement
6.96%
34 4.
Clinker inventory levels have shown an increase by 11.7%MoM and 7.9%YoY due to lower sales volumes. All Cement companies showed an increase in their Clinker inventories with Tabuk cement recorded the highest MoM growth, which showed an increase of 176.5% MoM due to an increase in production by 29.9%MoM. In addition, Northern Cement Company witnessed an increase of 51.5%MoM in its clinker inventory.
% 5%
Source : Yamama Cement Company, AlJazira Research On MoM basis, all cement companies showed a decline in dispatches, with Tabuk cement showed the least decline by 1.3% followed by Yanbu cement Share in Dispatches which showed a decline of 1.6%. Whereas, Eastern cement and Saudi cement companies were the worst in cement dispatches and showed a decline of 15.20% 20.5% and 20.1% respectively. On YoY basis, Aljouf cement showed an 42.78% 13.79% increase of 40.5% in cement dispatches, followed by City cement which July - 2016 showed a growth of 35.2%. However, Najran cement and Northern cement 10.09% witnessed a fall of 29.3%YoY and 18.9%YoY respectively.
Southern Cement Yanbu Cement
Yamama Cement Arabian Cement
Qassim Cement
Najran cement
Others
Eastern Cement
Source : Yamama Cement Company, AlJazira Research
Key Performance: Data/Ratios Market Cap(bn) P/E (TTM) P/B Dividend Yield: YTD (%) ROA ROE
39.1 9.8x 1.6x 9.4% -11.0% 12.5% 16.5%
Key Data Dispatches Companies
Jun-16
Jul-15
Jul-16
%Change M/M
Yamamah Cement Saudi Cement Eastern Cement Qassim Cement Yanbu Cement Arabian Cement Southern Cement Tabuk Cement Riyadh Cement Najran Cement City Cement Northern Cement AlJouf Cement AlSafwa Cement Hail Cement Total
328 596 171 230 321 263 491 75 248 161 177 121 125 101 93 3,501
309 441 167 227 327 252 434 55 178 215 125 122 84 92 96 3,124
314 476 136 218 316 224 432 74 227 152 169 99 118 95 82 3,132
-4.3% -20.1% -20.5% -5.2% -1.6% -14.8% -12.0% -1.3% -8.5% -5.6% -4.5% -18.2% -5.6% -5.9% -11.8% -10.5%
Clinker Inventory Levels
% change Y/Y
6M-15
6M-16
1.6% 7.9% -18.6% -4.0% -3.4% -11.1% -0.5% 34.5% 27.5% -29.3% 35.2% -18.9% 40.5% 3.3% -14.6% 0.3%
3320 4621 1837 2531 4112 3194 4961 805 1895 2669 1471 1326 987 1160 992 35,879
3,351 4,626 1,643 2,492 3,624 2,949 4,762 839 2,203 1,908 1,930 1,332 1,162 1,141 908 34,870
% Change 0.9% 0.1% -10.6% -1.5% -11.9% -7.7% -4.0% 4.3% 16.3% -28.5% 31.2% 0.5% 17.7% -1.6% -8.4% -2.8%
Jun-16
Jul-15
Jul-16
3,462 3,903 1,656 892 3,189 396 878 327 1,549 2,432 913 309 297 124 1,041 21,368
3,261 3,413 1,255 949 3,237 547 1,323 607 1,741 2,724 649 985 629 39 765 22,124
3,699 4,095 1,753 974 3,466 521 1,110 904 1,606 2,570 1,070 468 342 163 1,137 23,878
YoY % Change 13.4% 20.0% 39.7% 2.6% 7.1% -4.8% -16.1% 48.9% -7.8% -5.7% 64.9% -52.5% -45.6% 317.9% 48.6% 7.9%
MoM % Change 6.8% 4.9% 5.9% 9.2% 8.7% 31.6% 26.4% 176.5% 3.7% 5.7% 17.2% 51.5% 15.2% 31.5% 9.2% 11.7%
Source: Yamamah Cement Company, AlJazira Capital
1
Analyst
Analyst
Jassim Al-Jubran
Waleed Al-jubayr
+966 11 2256248 [email protected]
+966 11 2256146 [email protected]
© All rights reserved
Cement Dispatches for July 2016 August 2016 Saudi Cement Sector | Monthly Report | July 2016
Please read Disclaimer on the back
Company News & Events Date of Company Name Announcement
Eastern Cement
Yamama Cement
23-6-2016
Eastern Province Cement Co. said that the trial run of its cement mill is not yet complete as work is still underway to increase efficiency and reach designed production capacity. The trial phase is expected to be completed during the second half of 2016 and there is no financial impact expected from the delay, the company added.
28-6-2016
Yamama Cement Co. has awarded Finland’s Wartsila a SAR 480 million contract to build, operate and maintain a private 133-megawatt power station. Under the fiveyear agreement, the construction work will start in September, and the entire project is scheduled for completion by June 1, 2019.
26-7-2016
Umm Al-Qura
Corporate Event & Announcement
Umm Al-Qura Cement Co. (UACC) said that it has signed an agreement with Saudi Arabian Oil Co. (Saudi Aramco) to buy fuel required to operate its Portland cement line, while adding that financial impact cannot be determined at the time. The new line’s trial and commercial operations are expected to begin in third quarter.
Arabian Cement
18-7-2016
Arabian Cement Company’s board of directors has recommended the distribution of a 20 percent cash dividend (SAR 2 per share) for the first half of 2016, the company said in a bourse statement.
Qassim Cement
23-6-2016
Qassim Cement Co.’s board of directors has recommended the distribution of a 12.5 percent cash dividend at the rate of SAR 1.25 per share for the second quarter of 2016.
City Cement
26-7-2016
City Cement Co.’s board of directors has recommended the distribution of a 7.5 percent cash dividend at the rate of SAR 0.75 per share for the first half of 2016.
Southern Cement
25-7-2016
Southern Province Cement Co. has recommended the distribution of a 25 percent cash dividend (SAR 2.5 per share) for the first half of 2016, the company said in a statement.
Northern Cement
10-8-2016
The board of directors of Northern Region Cement Co. approved the distribution of a 4.5 percent cash dividend at the rate of SAR 0.45 per share for first half of 2016.
Yamama Cement
21-7-2016
Yamama Cement Co.’s board of directors has recommended paying shareholders a 2.5 percent cash dividend (SAR 0.25 per share) for Q2-2016
Yanbu Cement
23-6-2016
Yanbu Cement Co.’s board of directors have recommended the distribution of a 10 percent cash dividend at the rate of SAR 1 per share for the first half of 2016. Source: The Saudi Stock Exchange - Tadawul
Market Share in Saudi Cement Sector (%) 7.7%
15.0%
90.0%
-0.7%
13.0% 11.0%
70.0% -3.6%
1.4%
9.0%
-11.3%
-4.2%
7.0%
34.2%
27.2%
30.0%
-29.5% 3.0%
-18.8%
5.0%
50.0%
40.1%
34.9%
-19.1%
10.0% -14.8%
3.0%
-30.0%
1.0% -1.0%
Yamama Saudi Cement Cement
Eastern Cement
Qassim Cement
Share in dispatches- July 2015
2
-10.0%
Yanbu Cement
Arabian Southern Cement Cement
Tabuk Cement
Riyadh Cement
Share in dispatches- July 2016
Najran Cement
City Northern Cement Cement
AlJouf Cement
AlSafwa Cement
Hail Cement
-50.0%
% Change in Share in Dispatches Source: Yamamah Cement Company, AlJazira Capital
© All rights reserved
Cement Dispatches for July 2016 August 2016 Saudi Cement Sector | Monthly Report | July 2016
Please read Disclaimer on the back
Dispatches & Change
Yamama Cement
Eastern Cement 80%
350
60%
300
500
40%
250
400
20%
200
300
0%
150
200
-20%
100
100
-40%
50
-30%
-60%
0
-40%
% Change
700
80%
800
60%
700
Fe b1 M ar -1 Ap r-1 6 M ay -1 Ju n16 Ju l-1 6
c1
Ja n
De
-1 6
v1
6
Ju
l-1
6
16
Ju
n-
6
M
ay
-1
6
Ap
r-1
16
-1
b-
ar
Fe
M
5
16
n-
700
60%
600
60%
40%
500
40%
20%
400
20%
300
0%
200
-20%
100
-40%
0
-60%
l-1
Ju
Oc
6
% Change
t-1 5 No v15 De c15 Ja n16 Fe b16 M ar -1 6 Ap r-1 6 M ay -1 6 Ju n16
15
6 l-1
Ju
6
16 n-
Ju
6
6
-1
M
ay
-1
-1
ar
Ap r
M
-1
b-
Fe
Ja n
15 v-
De
No
6
-60% 16
0 c15
-40%
5
100
p-
-20%
Se
200
15
0%
Dispatches
g-
300
80%
80%
Au
400
-1
Ja
-40%
5
% Change
500
5
5
-30%
0
l-1
Dispatches
-1
-1
100
-60%
Yanbu Cement
600
ct
ec
-40%
Arabian Cement
O
p15 ct -1 5 No v15 De c15 Ja n16 Fe b16 M ar -1 6 Ap r-1 6 M ay -1 6 Ju n16 Ju l-1 6
-20%
Ju
-1 5
No
p1
ct O
g1
Se
O
-10%
200
-20%
5
Se
0%
300
0%
-1
15
10%
400
400
100
30%
500
20%
200
40% 20%
500 300
% Change
600
40%
600
Dispatches
Ju l-1 5 Au g15 Se p15 Oc t-1 5 No v15 De c15 Ja n16 Fe b16 M ar -1 6 Ap r-1 6 M ay -1 6 Ju n16 Ju l-1 6
Dispatches
800
Se p
-60%
Saudi Cement Co
900
5
5 l-1 Ju
Souhtern Cement
l-1
0
D
-60%
Ju l-1 Au 5 g1 Se 5 p15 O ct -1 N 5 ov -1 D 5 ec -1 5 Ja n16 Fe b16 M ar -1 6 Ap r-1 M 6 ay -1 6 Ju n16 Ju l-1 6
0
-40%
50 5
50
-20%
100
-1
-40%
0%
150
-1
100
20%
200
ov
-20%
250
N
150
40%
300
ct
0%
200
80% 60%
O
20%
250
% Change
350
15
300
Dispatches
p-
350
450 400
Se
40%
Au
-20%
15
80% 60%
Au g
-10%
g-
% Change
400
Ju
0%
5
Dispatches
450
-1 5
30% 10%
Au
500
Ju l
40%
Najran Cement
Qassim Cement
0
% Change
20%
g-
Ju l-1 5 A ug -1 S 5 ep -1 5 O ct -1 5 N ov -1 D 5 ec -1 5 Ja n16 Fe b16 M ar -1 6 A pr -1 M 6 ay -1 6 Ju n16 Ju l-1 6
0
Dispatches
l-1
600
% Change
Au
Dispatches
Ju
700
Source: Yamamah Cement Company, AlJazira Research
3
© All rights reserved
RESEARCH DIVISION
Acting Head of Research
Talha Nazar +966 11 2256115 [email protected]
+966 11 2256374 [email protected]
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
Waleed Al-jubayr +966 11 2256146 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Sultan Al Kadi
Analyst
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
sales
brokerage
Brokerage
Alaa Al-Yousef
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
Central Region
Abdullah Al-Rahit
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+966 11 2256364 [email protected]
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