Cement Dispatches for February 2016 - Aljazira Capital
Cement Dispatches for February 2016 March 2016 Please read Disclaimer on the back
Cement Dispatches- decline @5.3%MoM and grew 3.5%YoY: According to the data released by Yamamah Cement Co, cement dispatches for the month of February-2016 stood at 5.44mn tons, as compared to 5.26mn tons in February-2015, depicting a decrease of 5.3%MoM and an increase of 3.5%YoY. Overview: Saudi Arabia’s cement dispatches, in February 2016, witnessed a modest growth of 3.5%YoY as construction activity has showed signs of a slowdown, while monthly cement sales growth recorded a decline of about 5.3%MoM. We believe that demand is expected to maintain a modest growth in the short term despite of current declining in oil prices. The government will continue spending on vital infrastructure projects and keep the construction activity on track, along with the expected upcoming construction activity of residential units to meet the current housing shortage in Saudi Arabia. However, we expect some pressure on the sector owing to the reduction in overall government spending. We believe cement sales in 2016 would be in line with last year’s demand growth, with at worst scenario declined by only 3-4%, compared with the 8% increase seen in 2015. Meanwhile, margins are likely to remain low due to the new rises in fuel cost and higher clinker inventory levels in the market, which already led to higher competition for market share and resulting in selling prices decline. On MoM basis, Hail and Najran Cement companies showed the most decrease in their cement dispatches as they declined by 12.4% and 9.6% respectively for the month of February-2016. On the other hand, Aljouf cement company showed no change in cement dispatches during the period. On YoY basis, City and Riyadh cement companies showed the highest growth of 35.4%YoY and 27.4%YoY respectively. Meanwhile, Najran and Saudi cement witnessed a fall of 19.6%YoY and 5.3%YoY respectively. Clinker inventory levels have shown a monthly decline by 2.1%, which was due to lower clinker production of 1.0%MoM in contrast to the comparative period and despite of a slight fall in monthly volumetric sales. The highest MoM decline was recorded by Arabian Cement Company, which showed a fall of 21.7% due to 29%MoM lower clinker production. In addition, Southern Cement Company witnessed a decline of 16.7% MoM in its clinker inventory. On the other hand, Hail showed an increase in its clinker inventory by 5.3% MoM, while Eastern showed an increase of 1.8% YoY. Market Share: City Cement Company showed an improvement in its market share as it increased from 4.0% in February-2015 to 5.3% in February-2016. Whereas, Najran Cement Company market share decline to 7.6% in February-2016 as compared to 5.9% in February-2015 due to sales slowdown and higher utilization rate from other players.
Key Data Dispatches Companies
Jan-16
Feb-15
Feb-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
551 696 290 425 630 492 760 130 360 354 290 241 161 203 161 5,744
474 696 275 368 609 487 731 125 263 398 212 193 138 158 129 5,256
515 659 268 407 602 474 726 127 335 320 287 232 161 186 141 5,440
-6.5% -5.3% -7.6% -4.2% -4.4% -3.7% -4.5% -2.3% -6.9% -9.6% -1.0% -3.7% 0.0% -8.4% -12.4% -5.3%
Clinker Inventory Levels
%Change Y/Y
2M-15
2M-16
8.6% -5.3% -2.5% 10.6% -1.1% -2.7% -0.7% 1.6% 27.4% -19.6% 35.4% 20.2% 16.7% 17.7% 9.3% 3.5%
975 1431 545 733 1245 999 1481 255 530 797 432 386 276 349 253 10,685
1,066 1,355 558 832 1,232 966 1,486 257 695 674 577 473 322 392 302 11,187
% Change 9.3% -5.3% 2.4% 13.5% -1.0% -3.3% 0.4% 0.9% 31.2% -15.4% 33.6% 22.5% 16.5% 12.3% 19.5% 4.7%
Jan-16
Feb-15
Feb-16
3,316 3,974 1,516 906 3,106 530 747 854 1,726 2,436 796 589 524 181 842 22,043
2,818 3,431 913 850 2,902 418 1,655 505 1,520 2,695 444 1,283 648 68 712 20,861
3,272 4,005 1,543 883 3,108 415 622 842 1,692 2,308 807 513 510 173 887 21,580
YoY % Change 16.1% 16.7% 69.0% 3.9% 7.1% -0.7% -62.4% 66.8% 11.3% -14.4% 81.8% -60.0% -21.3% 154.4% 24.6% 3.4%
MoM % Change -1.3% 0.8% 1.8% -2.5% 0.1% -21.7% -16.7% -1.4% -2.0% -5.3% 1.4% -12.9% -2.7% -4.4% 5.3% -2.1%
Source: Yamamah Cement Company, AlJazira Capital
Market Share in Saudi Cement Sector (%) 15.0% 13.0% 11.0% 9.0%
90.0%
-4.0%
-8.5%
70.0%
-4.5% 5.0%
-6.0%
50.0%
6.9%
7.0%
23.1%
-5.8%
5.0%
-22.3%
30.8% 16.1%
30.0% 12.7%
13.7%
-1.8%
3.0%
5.6%
-10.0%
1.0% -1.0%
Yamama Cement
Saudi Cement
Eastern Cement
Qassim Cement
Yanbu Cement
Share in dispatches-Feb-2015
Analyst
Jassim Al-Jubran
1
10.0%
+966 11 2256248 [email protected]
© All rights reserved
Arabian Cement
Southern Cement
Tabuk Cement
Riyadh Cement
Najran Cement
Share in dispatches-Feb-2016
City Northern Cement Cement
AlJouf Cement
AlSafwa Cement
Hail Cement
-30.0%
% Change in Share in Dispatches Source: Yamamah Cement Company, AlJazira Capital
Cement Dispatches for February 2016 March 2016 Please read Disclaimer on the back
Company News & Events Date of Company Name Announcement
Corporate Event & Announcement
7-2-2016
The company announced that the fire broke out at one of the plants will have no financial impact on the company and the company has taken necessary procedures to continue production at current capacity.
Saudi Cement
7-2-2016
Saudi Cement Company announced that the Board of Directors has discussed during its meeting on 04/02/2016 the current market conditions and continuation of export ban, which led to the rise of clinker inventory to high levels. Accordingly, the Board have resolved to temporarily stop Kiln (6) with daily production capacity of 3500 ton of clinker until market conditions improve including lifting of export ban. Since Kiln (6) production would have been added during 2016 to inventory, which has already reached around 4 million tons, it is not expected that this stoppage would have any impact on the financial results.
AlJouf Cement
11-1-2016
The company announced an increase in the cost by 35mn SAR in 2016 due to increase in fuel prices by the Saudi Government.
10-1-2016
Eastern Cement Company announced that the Board of Directors has discussed during its meeting the current market conditions and continuation of export ban, which led to the rise of clinker inventory to high levels. Accordingly, the Board have resolved to temporarily stop Kiln (1) with daily production capacity of 3500 ton of clinker until market conditions improve including lifting of export ban.
Southern Cement
Eastern Cement
4-1-2016
Southern Cement
The company announced an increase in the cost 50mn SAR in 2016 due to increase in fuel prices by Saudi government. Source: The Saudi Stock Exchange - Tadawul
Share in Dispatches
Dispatches Growth
7.48%
8.71%
Others
2
© All rights reserved
Feb-16
Jan-16
Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Sales
5,256 5,875
5,724 5,738
Growth (%) -3.2% 11.8% -2.6%
Source : Yamama Cement Company, AlJazira Research
Dec-15
Eastern Cement
Nov-15
Najran cement 9.47%
Oct-15
1,000
Sep-15
Qassim Cement
Aug-15
5.88%
2,000
Jul-15
11.07%
Arabian Cement
Jun-15
4.93%
3,000
May-15
February-2016
Yamama Cement
4,000
Apr-15
12.11%
Yanbu Cement
Mar-15
Saudi Cement
27.00%
5,000
Feb-15
Southern Cement
13.35%
Thousand Tonne
6,000
4,728
2,946
0.2% -17.6% -34.1%
4,895 4,340 57%
-11%
5,131 5,398 5,801 5,747 18%
5.2%
7%
-1%
5,440 -5%
Source : Yamama Cement Company, AlJazira Research
Cement Dispatches for February 2016 March 2016 Please read Disclaimer on the back
Dispatches & Change
Yamama Cement
Eastern Cement Dispatches
% Change
500 400 300 200 100
40%
250
20%
200
0%
150
-20%
100
-40%
50
-60%
0
1 O ct -1 5 N ov -1 D ec -1 Ja n16 Fe b1
1
300
Se
g-
Au
350
60%
p-
5
15
l-1
n-
Ju
Ju
16
Fe
b-
5
16
Ja
n-
5
-1
D
ec
5
-1
N
ov
15
-1
p-
ct
Se
O
5
15
l-1
Au
Ju
g-
5
-60%
6
Fe b
-1
16
Ja
n-
5
De
c1
15
v-
No
O ct
Se
p-
-1
l-1
Au g
M
Fe b
Arabian Cement
-1 5
-40% 15
0 5
-30% 5
-20%
100 -1 5
16
Fe
b-
-1
16
Ja n-
D ec
-1
5
ov
N
O ct
-1
-1
Se p
5
Au
Ju
l-1
n15
Ju
g1
-40% -1
0
-10%
200
Ju
-20%
100
0%
300
15
200
10%
400
Ju n-
0%
500
5
300
20%
-1
20%
400
40% 30%
ay
500
% Change
600
M
40%
Dispatches
5
600
800 700
-1
80% 60%
ay
0
Ap r
% Change
700
M
-40%
50
-1 5
Dispatches
5
-20%
100
ar
900
r-1
0%
150
Saudi Cement Co
800
Ap
200
Fe
Fe
Souhtern Cement
5
20%
250
b-
16
b-
5
16
Ja
D
n-
5
-1
ec
5
-1
-1
ov
N
O
ct
15
Se
p-
5
15
Au
g-
Ju
Ju
M
l-1
5
15
n-
5
Ap
ay
-1
5
r-1
-1
ar
-60%
40%
300
15
-40%
50
80% 60%
350
n-
-20%
100
% Change
400
Ju
150
Dispatches
450
5
0%
500
-1
200
-1
-40%
ay
20%
250
15
-30%
M
300
b-
-20%
5
350
M
-10%
-1
40%
M ar
0%
r-1
80% 60%
Fe
10%
ar
% Change
400
15
20%
Ap
Dispatches
450
b-
40% 30%
M
500
Fe
% Change
Najran Cement
Qassim Cement
0
Dispatches
15
5
-1
ay
M
Ap
r-1
ar
M
Fe
b-
1
-1
0
80%
Fe b15 M ar -1 5 Ap r-1 5 M ay -1 5 Ju n15 Ju l-1 5 Au g15 Se p15 O ct -1 5 No v15 De c15 Ja n16 Fe b16
600
Yanbu Cement Dispatches
600
% Change
500 400
80%
800
60%
700
40%
600
20%
300
0%
200
Dispatches
% Change
80% 60% 40%
500
20%
400
0%
300
-20%
-1 5
ay
M
Ap r
M ar
b1 Fe
Au
l-1
Ju
Ju
n-
5 -1
ay
M
r-1
Ap
-1
ar
M
-1 Fe b
Ju n15 Ju l-1 5 Au g15 Se p15 O ct -1 5 No v15 De c15 Ja n16 Fe b16
-60% -1 5
0 -1 5
-60%
5
0 5 g15 Se p15 O ct -1 5 No v15 De c15 Ja n16 Fe b16
-40%
15
100
5
-40%
5
200
5
-20%
100
Source: Yamamah Cement Company, AlJazira Research
3
© All rights reserved
RESEARCH DIVISION
Acting Head of Research
RESEARCH DIVISION
BROKERAGE AND INVESTMENT CENTERS DIVISION
Talha Nazar
Sultan Al Kadi
Analyst
Jassim Al-Jubran
+966 11 2256115 [email protected]
+966 11 2256374 [email protected]
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]
+966 11 2256248 [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
Analyst
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.
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Cement Dispatches- decline @5.3%MoM and grew 3.5%YoY: According to the data released by Yamamah Cement Co, cement dispatches for the month of February-2016 stood at 5.44mn tons, as compared to 5.26mn tons in February-2015, depicting a decrease of 5.3%MoM and an increase of 3.5%YoY. Overview: Saudi Arabia’s cement dispatches, in February 2016, witnessed a modest growth of 3.5%YoY as construction activity has showed signs of a slowdown, while monthly cement sales growth recorded a decline of about 5.3%MoM. We believe that demand is expected to maintain a modest growth in the short term despite of current declining in oil prices. The government will continue spending on vital infrastructure projects and keep the construction activity on track, along with the expected upcoming construction activity of residential units to meet the current housing shortage in Saudi Arabia. However, we expect some pressure on the sector owing to the reduction in overall government spending. We believe cement sales in 2016 would be in line with last year’s demand growth, with at worst scenario declined by only 3-4%, compared with the 8% increase seen in 2015. Meanwhile, margins are likely to remain low due to the new rises in fuel cost and higher clinker inventory levels in the market, which already led to higher competition for market share and resulting in selling prices decline. On MoM basis, Hail and Najran Cement companies showed the most decrease in their cement dispatches as they declined by 12.4% and 9.6% respectively for the month of February-2016. On the other hand, Aljouf cement company showed no change in cement dispatches during the period. On YoY basis, City and Riyadh cement companies showed the highest growth of 35.4%YoY and 27.4%YoY respectively. Meanwhile, Najran and Saudi cement witnessed a fall of 19.6%YoY and 5.3%YoY respectively. Clinker inventory levels have shown a monthly decline by 2.1%, which was due to lower clinker production of 1.0%MoM in contrast to the comparative period and despite of a slight fall in monthly volumetric sales. The highest MoM decline was recorded by Arabian Cement Company, which showed a fall of 21.7% due to 29%MoM lower clinker production. In addition, Southern Cement Company witnessed a decline of 16.7% MoM in its clinker inventory. On the other hand, Hail showed an increase in its clinker inventory by 5.3% MoM, while Eastern showed an increase of 1.8% YoY. Market Share: City Cement Company showed an improvement in its market share as it increased from 4.0% in February-2015 to 5.3% in February-2016. Whereas, Najran Cement Company market share decline to 7.6% in February-2016 as compared to 5.9% in February-2015 due to sales slowdown and higher utilization rate from other players.
Key Data Dispatches Companies
Jan-16
Feb-15
Feb-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
551 696 290 425 630 492 760 130 360 354 290 241 161 203 161 5,744
474 696 275 368 609 487 731 125 263 398 212 193 138 158 129 5,256
515 659 268 407 602 474 726 127 335 320 287 232 161 186 141 5,440
-6.5% -5.3% -7.6% -4.2% -4.4% -3.7% -4.5% -2.3% -6.9% -9.6% -1.0% -3.7% 0.0% -8.4% -12.4% -5.3%
Clinker Inventory Levels
%Change Y/Y
2M-15
2M-16
8.6% -5.3% -2.5% 10.6% -1.1% -2.7% -0.7% 1.6% 27.4% -19.6% 35.4% 20.2% 16.7% 17.7% 9.3% 3.5%
975 1431 545 733 1245 999 1481 255 530 797 432 386 276 349 253 10,685
1,066 1,355 558 832 1,232 966 1,486 257 695 674 577 473 322 392 302 11,187
% Change 9.3% -5.3% 2.4% 13.5% -1.0% -3.3% 0.4% 0.9% 31.2% -15.4% 33.6% 22.5% 16.5% 12.3% 19.5% 4.7%
Jan-16
Feb-15
Feb-16
3,316 3,974 1,516 906 3,106 530 747 854 1,726 2,436 796 589 524 181 842 22,043
2,818 3,431 913 850 2,902 418 1,655 505 1,520 2,695 444 1,283 648 68 712 20,861
3,272 4,005 1,543 883 3,108 415 622 842 1,692 2,308 807 513 510 173 887 21,580
YoY % Change 16.1% 16.7% 69.0% 3.9% 7.1% -0.7% -62.4% 66.8% 11.3% -14.4% 81.8% -60.0% -21.3% 154.4% 24.6% 3.4%
MoM % Change -1.3% 0.8% 1.8% -2.5% 0.1% -21.7% -16.7% -1.4% -2.0% -5.3% 1.4% -12.9% -2.7% -4.4% 5.3% -2.1%
Source: Yamamah Cement Company, AlJazira Capital
Market Share in Saudi Cement Sector (%) 15.0% 13.0% 11.0% 9.0%
90.0%
-4.0%
-8.5%
70.0%
-4.5% 5.0%
-6.0%
50.0%
6.9%
7.0%
23.1%
-5.8%
5.0%
-22.3%
30.8% 16.1%
30.0% 12.7%
13.7%
-1.8%
3.0%
5.6%
-10.0%
1.0% -1.0%
Yamama Cement
Saudi Cement
Eastern Cement
Qassim Cement
Yanbu Cement
Share in dispatches-Feb-2015
Analyst
Jassim Al-Jubran
1
10.0%
+966 11 2256248 [email protected]
© All rights reserved
Arabian Cement
Southern Cement
Tabuk Cement
Riyadh Cement
Najran Cement
Share in dispatches-Feb-2016
City Northern Cement Cement
AlJouf Cement
AlSafwa Cement
Hail Cement
-30.0%
% Change in Share in Dispatches Source: Yamamah Cement Company, AlJazira Capital
Cement Dispatches for February 2016 March 2016 Please read Disclaimer on the back
Company News & Events Date of Company Name Announcement
Corporate Event & Announcement
7-2-2016
The company announced that the fire broke out at one of the plants will have no financial impact on the company and the company has taken necessary procedures to continue production at current capacity.
Saudi Cement
7-2-2016
Saudi Cement Company announced that the Board of Directors has discussed during its meeting on 04/02/2016 the current market conditions and continuation of export ban, which led to the rise of clinker inventory to high levels. Accordingly, the Board have resolved to temporarily stop Kiln (6) with daily production capacity of 3500 ton of clinker until market conditions improve including lifting of export ban. Since Kiln (6) production would have been added during 2016 to inventory, which has already reached around 4 million tons, it is not expected that this stoppage would have any impact on the financial results.
AlJouf Cement
11-1-2016
The company announced an increase in the cost by 35mn SAR in 2016 due to increase in fuel prices by the Saudi Government.
10-1-2016
Eastern Cement Company announced that the Board of Directors has discussed during its meeting the current market conditions and continuation of export ban, which led to the rise of clinker inventory to high levels. Accordingly, the Board have resolved to temporarily stop Kiln (1) with daily production capacity of 3500 ton of clinker until market conditions improve including lifting of export ban.
Southern Cement
Eastern Cement
4-1-2016
Southern Cement
The company announced an increase in the cost 50mn SAR in 2016 due to increase in fuel prices by Saudi government. Source: The Saudi Stock Exchange - Tadawul
Share in Dispatches
Dispatches Growth
7.48%
8.71%
Others
2
© All rights reserved
Feb-16
Jan-16
Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Sales
5,256 5,875
5,724 5,738
Growth (%) -3.2% 11.8% -2.6%
Source : Yamama Cement Company, AlJazira Research
Dec-15
Eastern Cement
Nov-15
Najran cement 9.47%
Oct-15
1,000
Sep-15
Qassim Cement
Aug-15
5.88%
2,000
Jul-15
11.07%
Arabian Cement
Jun-15
4.93%
3,000
May-15
February-2016
Yamama Cement
4,000
Apr-15
12.11%
Yanbu Cement
Mar-15
Saudi Cement
27.00%
5,000
Feb-15
Southern Cement
13.35%
Thousand Tonne
6,000
4,728
2,946
0.2% -17.6% -34.1%
4,895 4,340 57%
-11%
5,131 5,398 5,801 5,747 18%
5.2%
7%
-1%
5,440 -5%
Source : Yamama Cement Company, AlJazira Research
Cement Dispatches for February 2016 March 2016 Please read Disclaimer on the back
Dispatches & Change
Yamama Cement
Eastern Cement Dispatches
% Change
500 400 300 200 100
40%
250
20%
200
0%
150
-20%
100
-40%
50
-60%
0
1 O ct -1 5 N ov -1 D ec -1 Ja n16 Fe b1
1
300
Se
g-
Au
350
60%
p-
5
15
l-1
n-
Ju
Ju
16
Fe
b-
5
16
Ja
n-
5
-1
D
ec
5
-1
N
ov
15
-1
p-
ct
Se
O
5
15
l-1
Au
Ju
g-
5
-60%
6
Fe b
-1
16
Ja
n-
5
De
c1
15
v-
No
O ct
Se
p-
-1
l-1
Au g
M
Fe b
Arabian Cement
-1 5
-40% 15
0 5
-30% 5
-20%
100 -1 5
16
Fe
b-
-1
16
Ja n-
D ec
-1
5
ov
N
O ct
-1
-1
Se p
5
Au
Ju
l-1
n15
Ju
g1
-40% -1
0
-10%
200
Ju
-20%
100
0%
300
15
200
10%
400
Ju n-
0%
500
5
300
20%
-1
20%
400
40% 30%
ay
500
% Change
600
M
40%
Dispatches
5
600
800 700
-1
80% 60%
ay
0
Ap r
% Change
700
M
-40%
50
-1 5
Dispatches
5
-20%
100
ar
900
r-1
0%
150
Saudi Cement Co
800
Ap
200
Fe
Fe
Souhtern Cement
5
20%
250
b-
16
b-
5
16
Ja
D
n-
5
-1
ec
5
-1
-1
ov
N
O
ct
15
Se
p-
5
15
Au
g-
Ju
Ju
M
l-1
5
15
n-
5
Ap
ay
-1
5
r-1
-1
ar
-60%
40%
300
15
-40%
50
80% 60%
350
n-
-20%
100
% Change
400
Ju
150
Dispatches
450
5
0%
500
-1
200
-1
-40%
ay
20%
250
15
-30%
M
300
b-
-20%
5
350
M
-10%
-1
40%
M ar
0%
r-1
80% 60%
Fe
10%
ar
% Change
400
15
20%
Ap
Dispatches
450
b-
40% 30%
M
500
Fe
% Change
Najran Cement
Qassim Cement
0
Dispatches
15
5
-1
ay
M
Ap
r-1
ar
M
Fe
b-
1
-1
0
80%
Fe b15 M ar -1 5 Ap r-1 5 M ay -1 5 Ju n15 Ju l-1 5 Au g15 Se p15 O ct -1 5 No v15 De c15 Ja n16 Fe b16
600
Yanbu Cement Dispatches
600
% Change
500 400
80%
800
60%
700
40%
600
20%
300
0%
200
Dispatches
% Change
80% 60% 40%
500
20%
400
0%
300
-20%
-1 5
ay
M
Ap r
M ar
b1 Fe
Au
l-1
Ju
Ju
n-
5 -1
ay
M
r-1
Ap
-1
ar
M
-1 Fe b
Ju n15 Ju l-1 5 Au g15 Se p15 O ct -1 5 No v15 De c15 Ja n16 Fe b16
-60% -1 5
0 -1 5
-60%
5
0 5 g15 Se p15 O ct -1 5 No v15 De c15 Ja n16 Fe b16
-40%
15
100
5
-40%
5
200
5
-20%
100
Source: Yamamah Cement Company, AlJazira Research
3
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RESEARCH DIVISION
Acting Head of Research
RESEARCH DIVISION
BROKERAGE AND INVESTMENT CENTERS DIVISION
Talha Nazar
Sultan Al Kadi
Analyst
Jassim Al-Jubran
+966 11 2256115 [email protected]
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General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
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