Cement Dispatches for September 2017 - Aljazira Capital
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
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Cement dispatches: According to the data released by Yamamah Cement Co, cement dispatches for the month of September-2017 stood at 3.15mn tons, compared to 3.40mn tons in September-2016, depicting a decline of 7.38%YoY, and a decline of 15.47%MoM. We believe that the YoY decline is ascribed to the continued pressure on the sectors fundamentals, and the MoM decline is attributed to Hajj season and vacation. Clinker inventory continued to increase and stood at 34.74mn ton, depicting an increase of 30.5%YoY and 4.1%QoQ. For 9M-2017, cement dispatches stood at 35.25mn ton compared to 42.68mn ton in 9M-2016, depicting a decline of 17.4%YoY. Change in Cement Dispatches
Source: Yamama Cement, AlJazira Capital
5,000
Change %(RHS)
Dispatches (1000 Ton)(LHS)
80%
4,500
60%
4,000
40%
3,500
20%
Utilization Rate (TTM)
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Oct-16
Mar-17
-60%
Feb-17
1,500
Jan-17
-40%
Dec-16
2,000
Nov-16
-20%
Sep-16
2,500
3.15MT compared 3.72MT in August 2017.
Source: Yamama Cement, AlJazira Capital
90.0%
The total Utilization rate of Saudi cement sector declined to 68.1% in September 2017 compared to
75.0%
83.6% in September 2016. 75.6%
74.3%
72.8%
71.4%
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
70.0%
69.2% 69.4%
Change in Clinker Inventories
68.7% 68.1%
Sep-17
77.6%
Aug-17
79.0%
Jul-17
80.9%
Jun-17
82.4%
May-17
83.6%
80.0%
65.0%
by 15.47%MoM, standing at
0%
3,000
85.0%
Cement dispatches declined
Source: Yamama Cement, AlJazira Capital
35,000
10% 8% 6%
30,000
4% 2%
25,000
Clinker
Inventories
showed
an increase of 4.1%MoM and stood at 34.74MT compared to 33.37MT in August 2017.
0%
Total Invetories (1000 Ton)(LHS)
1
Change %(RHS)
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
-2% 20,000
-4%
Analyst
Waleed Al-jubayr +966 11 2256146 [email protected]
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Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
Cement Dispatches for September 2017
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Source: Yamama Cement , AlJazira Capital
650
43.0%
550
23.0%
highest increase by 31.7%YoY,
3.0%
followed by AlSafwa Cement
450 350
-17.0%
250
Sep - 17
Tabuk
Najran
Hail
Northern
Umm AlQura
AlJouf
AlSafwa
Eastern
United Cement
Sep -16
Riyadh
City
Yamamah
Saudi
Arabian
-57.0%
Qassim
50
Southern
-37.0%
Yanbu
150
4,000
-10.0%
3,000 -30.0%
2,000
Hail
Tabuk
Northern
AlJouf
Najran
Sales / Production for 9M-2017
Umm AlQura
YoY Change (%) -RHS
United Cement
AlSafwa
Eastern
Riyadh
City
Arabian
Qassim
Yamamah
Saudi
Yanbu
Southern
1,000 -50.0%
For 9M-2017, city cement were the only company to show a growth of 8.0%YoY. While Najran cement and Northern cement showed a decline of 45.3%YoY and 45.1%YoY respectively.
Source: Yamama Cement , AlJazira Capital
140.0%
Riyadh cement and Untied
120.0%
cement showed the highest
100.0%
cement
sales
/
clinker
production ratio of 131.7%
80.0%
and 110.4% respectively. On
60.0%
Sales / Production
Clinker Inventories
and Hail
Umm AlQura
Northern
AlSafwa
Eastern
Tabuk
Southern
Najran
Yanbu
Saudi
Arabian
AlJouf
Qassim
Yamamah
City
Riyadh
United Cement
the other hand, Hail cement
40.0%
Umm
AlQura
cement
showed a cement sales/ clinker production ratio of 50.0% and 65.8% respectively.
Source: Yamama Cement , AlJazira Capital
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YoY Change (%) -RHS
Arabian
AlSafwa
United Cement
Aug-17
Umm AlQura
Aug-16
AlJouf
the other hand, Riyadh cement
Northern
-40.0%
Riyadh
an increase of 116.6%YoY. On
City
10.0%
Tabuk
Southern cement which showed
1000
Qassim
60.0%
Hail
2000
Eastern
110.0%
Southern
3000
Najran
160.0%
Yanbu
4000
Yamamah
210.0%
Saudi
5000
0
2
followed by Riyadh cement and
Source: Yamama Cement , AlJazira Capital 10.0%
9M-17
declined the most by 51.5%YoY,
of 34.8%YoY and 33.5%YoY,
5,000
9M-16
15.4%YoY. While Najran cement
respectively.
6,000
0
and City by 19.3%YoY and
Yamama cement with decline
YoY Change (%) -RHS
Cement Dispatches for 9M-2017
Yanbu cement showed the
AlSafwa cement showed the highest increase of 171.5%YoY in its inventories level, followed by
showed a decline of 19.2%YoY, followed by AlJouf cement with a decline of 3.6%YoY.
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
Market Share – September 2017
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Source: Yamama Cement , AlJazira Capital
15.0%
20.0%
13.0% 11.0%
0.0%
9.0% 7.0%
-20.0%
5.0%
Market Share Aug-17
Tabuk
Najran
Hail
Source: Yamama Cement , AlJazira Capital Southern
Saudi
Yamamah
Qassim
Arabian
City
Riyadh
Eastern
Najran
AlSafwa
AlJouf
United Cement
Northern
Tabuk
Hail
Umm AlQura
Northern
YoY Change
Market Share TTM Yanbu
-40.0%
Umm AlQura
AlJouf
AlSafwa
Eastern
United Cement
Market Share Aug-16
Riyadh
City
Arabian
Yamamah
Qassim
Yanbu
Southern
1.0%
Saudi
3.0%
Yanbu and Southern cement recorded the highest market share in September 2017 of 14.5% and 12.3%, respectively. While Tabuk cement, recorded the lowest market share of 2.0%. Yanbu cement showed the highest increase in its market share from 10.2% to 14.5%, while Najran cement showed a decline in its market share standing at 2.6% from 4.9% in September 2016.
2.7%
1.9%
2.1% 2.4% 2.2%
3.1% 3.7%
12.6%
On TTM basis, Yanbu and Southern cement recorded the
11.7%
3.8%
highest market share of 12.6%
4.6%
and 11.7% followed by Saudi 11.2%
6.2%
11.2%
6.9%
9.5%
7.5%
EV / Ton (in ‘000 SAR)
cement with market share of
7.9%
Source: Bloomberg, Yamama Cement , AlJazira Capital
1000.0
AlJouf cement recorded the
750.0
highest EV/Ton of SAR 996.8, followed
500.0
by Tabuk
cement
with EV/Ton of SAR 959.3. On
EV/Ton
AlJouf
Tabuk
Northern
Southern
Saudi
Qassim
Arabian
Umm AlQura
Hail
Yanbu
Eastern
Yamamah
City
Najran
the other hand, Najran cement 250.0
SAR 407.5.
Sector EV/Ton
P/E & P/BV
Source: TADAWUL , AlJazira Capital
45.00 2.50
35.00
2.00
25.00
Saudi Cement recorded the lowest P/E of 9.67x, followed by Eastern cement with P/E of
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P/BV (RHS)
Najran
Umm AlQura
Tabuk
Northern
Yamamah
AlJouf
Hail
City
Qassim
P/E of 41.69x. AlJouf cement
Southern
0.50
Arabian
cement recorded the highest
5.00
Yanbu
1.00
Eastern
11.02x. On the other hand, Najran
15.00
Saudi
1.50
P/E (LHS)
3
recorded the lowest EV/Ton of
recorded the lowest P/BV of 0.64x, while Saudi cement recorded the highest P/BV of 2.32x.
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
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Company News & Events Company Name
Date of Announcement
Corporate Event & Announcement Arabian Cement Co. has started preliminary merger talks with AlSafwa Cement Co.
Arabian Cement
04-10-2017
They signed a one-month exclusivity agreement stopping them from discussing the merger with any other party.
AlJouf Cement
02-10-2017
Arabian Cement
25-09-2017
Northern Cement
16-08-2017
Arabian Cement
08-08-2017
Al Jouf Cement Co. signed on Monday a memorandum of understanding with Saudi Industrial Export Co. to export its cement products outside the Kingdom. Arabian Cement Co.’s board of directors recommended an exceptional cash dividend of SAR 2.0/share from retained earnings of the fiscal year 2017.
Northern Region Cement Co. has received a cement export license, valid for one year, from Saudi Arabia’s Ministry of Commerce and Investment. Arabian Cement’s board of directors has recommended cash dividend of SAR 1.00 per share for 1H-2017. Al-Jouf Cement announced the results of the General Assembly meeting on 1707-2017, where the company approved the recommendation to increase the
AlJouf Cement
17-07-2017
company’s capital from SAR 1.3bn to SAR 1.43bn by 10% by transferring SAR 130mn of retained earnings. The number of shares before the increase is 130mn shares. An increase of 13mn shares through the granting of bonus shares at a rate of one share per ten shares.
Southern Cement
10-07-2017
Qassim Cement
05-07-2017
Yanbu Cement
02-07-2017
Southern Cement’s board of directors has recommended cash dividend of SAR 1.00 per share for 1H-2017. Qassim Cement’s board of directors has recommended cash dividend of SAR 0.65 per share for 2Q-2017. Yanbu Cement’s board of directors has recommended cash dividend of SAR 0.75 per share for 1H- 2017. Tabuk cement announced that it started the commercial production for its second
Tabuk Cement
22-06-2017
production line, but both production lines cannot be running together due to lack of fuel allocation. Source: The Saudi Stock Exchange - Tadawul
4
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Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
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Dispatches & Change Yamama Cement
-8%
Aug-17
-6%
3,600
Sep-17
3,700
Jul-17
-80%
-4%
3,800
Jun-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
-60%
-2%
3,900
May-17
-40%
100
0%
4,000
Apr-17
-20%
200
4,100
Mar-17
0%
300
2%
4,200
Feb-17
20%
6% 4%
4,300
Jan-17
400
Change %(RHS)
4,400
Nov-16
40%
Clinker Inventories('000 Ton)(LHS)
4,500
Dec-16
60%
500
0
80%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
600
Saudi Co SaudiCement Cement
4,800
0%
4,600
2% 1%
4,500
0%
4,400
-1%
4,300
-2%
4,200
Sep-17
Aug-17
-3%
Jul-17
4,100
Jun-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Dec-16
Feb-17
-60%
Jan-17
0
Nov-16
-40%
Oct-16
100
3%
4,700
May-17
-20%
200
4%
Apr-17
300
4,900
20%
Feb-17
400
Change %(RHS) 6% 5%
Clinker Inventories('000 Ton)(LHS)
5,000
Mar-17
500
5,100
Jan-17
40%
Dec-16
60%
Oct-16
Change %(RHS)
Nov-16
Dispatches ('000 Ton)(LHS)
600
Sep-16
700
-4%
Qassim Cement
1,000
15%
20%
800
10%
0%
600
5%
-20%
400
0%
-40%
200
-5%
-60%
0
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
0
Oct-16
100
20%
40%
Change %(RHS) 25%
Clinker Inventories('000 Ton)(LHS)
Jan-17
200
1,200
Dec-16
300
1,400
60%
Nov-16
400
80%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
500
-10%
Souhtern Cement
Sep-17
Aug-17
-5%
Jul-17
0
Jun-17
-100%
0%
500
May-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
0
5%
1,000
Apr-17
-50%
100
10%
1,500
Mar-17
200
25%
15%
2,000
Feb-17
0%
300
Change %(RHS)
20%
Jan-17
400
Clinker Inventories('000 Ton)(LHS)
2,500
Dec-16
50%
500
3,000
Nov-16
600
100%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
700
-10%
Yanbu Cement
5
5%
1,500
0%
1,000
-5%
Sep-17
Aug-17
Jul-17
-15%
Jun-17
-10%
0
May-17
500
Apr-17
-100%
10%
2,000
Mar-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
0
-50%
Oct-16
200
20% 15%
Feb-17
0%
25%
2,500
Jan-17
400
Change %(RHS)
3,000
Dec-16
50%
Clinker Inventories('000 Ton)(LHS)
3,500
Nov-16
600
4,000
Oct-16
Change %(RHS) 100%
Dispatches ('000 Ton)(LHS)
Sep-16
800
Source: Yamamah Cement Company, AlJazira Research
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Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
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Dispatches & Change Arabian Cement
50%
500
0%
300
20%
400
10% 0%
200
-10%
100
Sep-17
Aug-17
Jul-17
Jun-17
Apr-17
-20%
May-17
0
50% 30%
Mar-17
-100%
60% 40%
Feb-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
-50%
Change %(RHS)
600
Jan-17
100
Clinker Inventories('000 Ton)(LHS)
700
Dec-16
200
800
Nov-16
100%
300
0
150%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
400
-30%
Eastern Co EasternCement Cement Dispatches ('000 Ton)(LHS)
Change %(RHS)
Clinker Inventories('000 Ton)(LHS)
Change %(RHS)
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Nov-16
Oct-16
Mar-17
0
Feb-17
0
Jan-17
0%
-60%
Dec-16
500
Nov-16
2%
-40%
Oct-16
1,000
50
Sep-16
100
Sep-17
4%
-20%
Aug-17
0%
Jul-17
150
Jun-17
6%
1,500
May-17
2,000
Apr-17
8%
20%
Mar-17
40%
200
Feb-17
250
2,500
Jan-17
3,000
Dec-16
60%
300
10%
-2%
Najran Cement 60%
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-17
-6%
Aug-17
2,500
Jul-17
-4%
-80%
Jun-17
-60%
May-17
-2%
2,600
-40%
Apr-17
0%
2,700
Mar-17
2%
2,800
Feb-17
2,900
0%
Jan-17
20% -20%
50
6% 4%
Dec-16
100
Change %(RHS)
3,000
40%
150
Clinker Inventories('000 Ton)(LHS)
3,100
Nov-16
200
0
80%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
250
Northern Cement Change %(RHS) 80%
1,400
60%
1,200
Sep-17
0
-10%
Aug-17
200
-80%
Jul-17
-60%
0%
Jun-17
400
Apr-17
-40%
10%
May-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
0
Oct-16
20
600
Mar-17
40
-20%
Feb-17
60
20%
800
Jan-17
0%
40% 30%
Dec-16
20%
80
Change %(RHS)
1,000
Nov-16
40%
100
Oct-16
120
Clinker Inventories('000 Ton)(LHS)
Sep-16
Dispatches ('000 Ton)(LHS)
140
-20%
AlJouf Cement 60% 40% 20% 0%
6
-4%
1,000
-6% -10%
Sep-17
900
Aug-17
-8%
-40%
Jul-17
950
Jun-17
-20%
May-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
20
-2%
1,050
Apr-17
40
4% 0%
1,100
Mar-17
60
6% 2%
Feb-17
80
Change %(RHS)
1,150
Jan-17
100
Clinker Inventories('000 Ton)(LHS)
1,200
Dec-16
120
1,250
Nov-16
140
0
80%
Oct-16
Change %(RHS)
160
Sep-16
Dispatches ('000 Ton)(LHS)
180
Source: Yamamah Cement Company, AlJazira Research
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Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
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Dispatches & Change Tabuk Cement
2% 0%
400
-2%
200
Sep-17
Jul-17
-4%
Aug-17
0
Jun-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
-100%
4%
600
May-17
-50%
20
6%
800
Apr-17
40
8%
Mar-17
0%
12% 10%
1,000
Feb-17
60
Change %(RHS)
1,200
Jan-17
50%
80
Clinker Inventories('000 Ton)(LHS)
1,400
Nov-16
100%
100
0
150%
Dec-16
Change %(RHS)
Oct-16
Dispatches ('000 Ton)(LHS)
120
Sep-16
140
-6%
City Co CityCement Cement
50%
10%
100%
2,000
50%
1,500
0%
1,000
Sep-17
2,500
Jul-17
150%
Aug-17
-15%
Jun-17
0
May-17
-10%
-100%
Apr-17
-5%
200
Mar-17
0%
400
Feb-17
5%
Jan-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
0
15%
1,000 600
-50%
100
20%
800
0%
200
Change %(RHS)
1,200
Nov-16
300
Clinker Inventories('000 Ton)(LHS)
1,400
Dec-16
400
100%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
500
Hail Cement
Sep-17
Jul-17
Aug-17
0%
Jun-17
0
May-17
-100%
Apr-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
0
2%
500
Mar-17
-50%
20
4%
Feb-17
40
6%
Jan-17
60
12% 8%
Dec-16
80
Change %(RHS)
10%
Nov-16
100
Clinker Inventories('000 Ton)(LHS)
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
120
-2%
Riyadh Cement
-4%
600 400
-6%
Sep-17
0
Jul-17
200
Aug-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
-60%
Jan-17
-40%
0
Dec-16
50
Nov-16
-20%
Oct-16
100
-2%
800
Jun-17
0%
1,000
May-17
150
0%
1,200
Apr-17
20%
Mar-17
200
4% 2%
1,400
Feb-17
40%
Change %(RHS)
1,600
Jan-17
250
Clinker Inventories('000 Ton)(LHS)
1,800
Dec-16
60%
Nov-16
80%
Oct-16
Change %(RHS)
300
Sep-16
Dispatches ('000 Ton)(LHS)
350
-8%
Safwa Cement
7
0
0%
Sep-17
100
-60%
Jul-17
-40%
10%
Aug-17
200
Jun-17
-20%
20%
May-17
300
Apr-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
50
0%
Mar-17
100
30%
400
Feb-17
20%
50% 40%
500
Jan-17
40%
150
Change %(RHS)
600
Dec-16
60%
Clinker Inventories('000 Ton)(LHS)
700
Nov-16
80%
200
0
100%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
250
-10%
Source: Yamamah Cement Company, AlJazira Research
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RESEARCH DIVISION
Head of Research
RESEARCH DIVISION
BROKERAGE AND INVESTMENT CENTERS DIVISION
Talha Nazar
Sultan Al Kadi, CAIA
Analyst
Jassim Al-Jubran
+966 11 2256250 [email protected]
+966 11 2256374 [email protected]
Analyst
Analyst
Waleed Al-jubayr
Muhanad Al-Odan
+966 11 2256146 [email protected]
+966 11 2256115 [email protected]
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment
sales
brokerage
Centers
Alaa Al-Yousef
Luay Jawad Al-Motawa
Mansour Hamad Al-shuaibi
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
+966 11 2256248 [email protected]
+966 12 6618443 [email protected]
Central Region
Sultan Ibrahim AL-Mutawa
Abdullah Al-Rahit
+966 11 2256364 [email protected]
+966 16 3617547 [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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Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 07076-37
Please read Disclaimer on the back
Cement dispatches: According to the data released by Yamamah Cement Co, cement dispatches for the month of September-2017 stood at 3.15mn tons, compared to 3.40mn tons in September-2016, depicting a decline of 7.38%YoY, and a decline of 15.47%MoM. We believe that the YoY decline is ascribed to the continued pressure on the sectors fundamentals, and the MoM decline is attributed to Hajj season and vacation. Clinker inventory continued to increase and stood at 34.74mn ton, depicting an increase of 30.5%YoY and 4.1%QoQ. For 9M-2017, cement dispatches stood at 35.25mn ton compared to 42.68mn ton in 9M-2016, depicting a decline of 17.4%YoY. Change in Cement Dispatches
Source: Yamama Cement, AlJazira Capital
5,000
Change %(RHS)
Dispatches (1000 Ton)(LHS)
80%
4,500
60%
4,000
40%
3,500
20%
Utilization Rate (TTM)
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Oct-16
Mar-17
-60%
Feb-17
1,500
Jan-17
-40%
Dec-16
2,000
Nov-16
-20%
Sep-16
2,500
3.15MT compared 3.72MT in August 2017.
Source: Yamama Cement, AlJazira Capital
90.0%
The total Utilization rate of Saudi cement sector declined to 68.1% in September 2017 compared to
75.0%
83.6% in September 2016. 75.6%
74.3%
72.8%
71.4%
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
70.0%
69.2% 69.4%
Change in Clinker Inventories
68.7% 68.1%
Sep-17
77.6%
Aug-17
79.0%
Jul-17
80.9%
Jun-17
82.4%
May-17
83.6%
80.0%
65.0%
by 15.47%MoM, standing at
0%
3,000
85.0%
Cement dispatches declined
Source: Yamama Cement, AlJazira Capital
35,000
10% 8% 6%
30,000
4% 2%
25,000
Clinker
Inventories
showed
an increase of 4.1%MoM and stood at 34.74MT compared to 33.37MT in August 2017.
0%
Total Invetories (1000 Ton)(LHS)
1
Change %(RHS)
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
-2% 20,000
-4%
Analyst
Waleed Al-jubayr +966 11 2256146 [email protected]
© All rights reserved
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
Cement Dispatches for September 2017
Please read Disclaimer on the back
Source: Yamama Cement , AlJazira Capital
650
43.0%
550
23.0%
highest increase by 31.7%YoY,
3.0%
followed by AlSafwa Cement
450 350
-17.0%
250
Sep - 17
Tabuk
Najran
Hail
Northern
Umm AlQura
AlJouf
AlSafwa
Eastern
United Cement
Sep -16
Riyadh
City
Yamamah
Saudi
Arabian
-57.0%
Qassim
50
Southern
-37.0%
Yanbu
150
4,000
-10.0%
3,000 -30.0%
2,000
Hail
Tabuk
Northern
AlJouf
Najran
Sales / Production for 9M-2017
Umm AlQura
YoY Change (%) -RHS
United Cement
AlSafwa
Eastern
Riyadh
City
Arabian
Qassim
Yamamah
Saudi
Yanbu
Southern
1,000 -50.0%
For 9M-2017, city cement were the only company to show a growth of 8.0%YoY. While Najran cement and Northern cement showed a decline of 45.3%YoY and 45.1%YoY respectively.
Source: Yamama Cement , AlJazira Capital
140.0%
Riyadh cement and Untied
120.0%
cement showed the highest
100.0%
cement
sales
/
clinker
production ratio of 131.7%
80.0%
and 110.4% respectively. On
60.0%
Sales / Production
Clinker Inventories
and Hail
Umm AlQura
Northern
AlSafwa
Eastern
Tabuk
Southern
Najran
Yanbu
Saudi
Arabian
AlJouf
Qassim
Yamamah
City
Riyadh
United Cement
the other hand, Hail cement
40.0%
Umm
AlQura
cement
showed a cement sales/ clinker production ratio of 50.0% and 65.8% respectively.
Source: Yamama Cement , AlJazira Capital
© All rights reserved
YoY Change (%) -RHS
Arabian
AlSafwa
United Cement
Aug-17
Umm AlQura
Aug-16
AlJouf
the other hand, Riyadh cement
Northern
-40.0%
Riyadh
an increase of 116.6%YoY. On
City
10.0%
Tabuk
Southern cement which showed
1000
Qassim
60.0%
Hail
2000
Eastern
110.0%
Southern
3000
Najran
160.0%
Yanbu
4000
Yamamah
210.0%
Saudi
5000
0
2
followed by Riyadh cement and
Source: Yamama Cement , AlJazira Capital 10.0%
9M-17
declined the most by 51.5%YoY,
of 34.8%YoY and 33.5%YoY,
5,000
9M-16
15.4%YoY. While Najran cement
respectively.
6,000
0
and City by 19.3%YoY and
Yamama cement with decline
YoY Change (%) -RHS
Cement Dispatches for 9M-2017
Yanbu cement showed the
AlSafwa cement showed the highest increase of 171.5%YoY in its inventories level, followed by
showed a decline of 19.2%YoY, followed by AlJouf cement with a decline of 3.6%YoY.
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
Market Share – September 2017
Please read Disclaimer on the back
Source: Yamama Cement , AlJazira Capital
15.0%
20.0%
13.0% 11.0%
0.0%
9.0% 7.0%
-20.0%
5.0%
Market Share Aug-17
Tabuk
Najran
Hail
Source: Yamama Cement , AlJazira Capital Southern
Saudi
Yamamah
Qassim
Arabian
City
Riyadh
Eastern
Najran
AlSafwa
AlJouf
United Cement
Northern
Tabuk
Hail
Umm AlQura
Northern
YoY Change
Market Share TTM Yanbu
-40.0%
Umm AlQura
AlJouf
AlSafwa
Eastern
United Cement
Market Share Aug-16
Riyadh
City
Arabian
Yamamah
Qassim
Yanbu
Southern
1.0%
Saudi
3.0%
Yanbu and Southern cement recorded the highest market share in September 2017 of 14.5% and 12.3%, respectively. While Tabuk cement, recorded the lowest market share of 2.0%. Yanbu cement showed the highest increase in its market share from 10.2% to 14.5%, while Najran cement showed a decline in its market share standing at 2.6% from 4.9% in September 2016.
2.7%
1.9%
2.1% 2.4% 2.2%
3.1% 3.7%
12.6%
On TTM basis, Yanbu and Southern cement recorded the
11.7%
3.8%
highest market share of 12.6%
4.6%
and 11.7% followed by Saudi 11.2%
6.2%
11.2%
6.9%
9.5%
7.5%
EV / Ton (in ‘000 SAR)
cement with market share of
7.9%
Source: Bloomberg, Yamama Cement , AlJazira Capital
1000.0
AlJouf cement recorded the
750.0
highest EV/Ton of SAR 996.8, followed
500.0
by Tabuk
cement
with EV/Ton of SAR 959.3. On
EV/Ton
AlJouf
Tabuk
Northern
Southern
Saudi
Qassim
Arabian
Umm AlQura
Hail
Yanbu
Eastern
Yamamah
City
Najran
the other hand, Najran cement 250.0
SAR 407.5.
Sector EV/Ton
P/E & P/BV
Source: TADAWUL , AlJazira Capital
45.00 2.50
35.00
2.00
25.00
Saudi Cement recorded the lowest P/E of 9.67x, followed by Eastern cement with P/E of
© All rights reserved
P/BV (RHS)
Najran
Umm AlQura
Tabuk
Northern
Yamamah
AlJouf
Hail
City
Qassim
P/E of 41.69x. AlJouf cement
Southern
0.50
Arabian
cement recorded the highest
5.00
Yanbu
1.00
Eastern
11.02x. On the other hand, Najran
15.00
Saudi
1.50
P/E (LHS)
3
recorded the lowest EV/Ton of
recorded the lowest P/BV of 0.64x, while Saudi cement recorded the highest P/BV of 2.32x.
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
Please read Disclaimer on the back
Company News & Events Company Name
Date of Announcement
Corporate Event & Announcement Arabian Cement Co. has started preliminary merger talks with AlSafwa Cement Co.
Arabian Cement
04-10-2017
They signed a one-month exclusivity agreement stopping them from discussing the merger with any other party.
AlJouf Cement
02-10-2017
Arabian Cement
25-09-2017
Northern Cement
16-08-2017
Arabian Cement
08-08-2017
Al Jouf Cement Co. signed on Monday a memorandum of understanding with Saudi Industrial Export Co. to export its cement products outside the Kingdom. Arabian Cement Co.’s board of directors recommended an exceptional cash dividend of SAR 2.0/share from retained earnings of the fiscal year 2017.
Northern Region Cement Co. has received a cement export license, valid for one year, from Saudi Arabia’s Ministry of Commerce and Investment. Arabian Cement’s board of directors has recommended cash dividend of SAR 1.00 per share for 1H-2017. Al-Jouf Cement announced the results of the General Assembly meeting on 1707-2017, where the company approved the recommendation to increase the
AlJouf Cement
17-07-2017
company’s capital from SAR 1.3bn to SAR 1.43bn by 10% by transferring SAR 130mn of retained earnings. The number of shares before the increase is 130mn shares. An increase of 13mn shares through the granting of bonus shares at a rate of one share per ten shares.
Southern Cement
10-07-2017
Qassim Cement
05-07-2017
Yanbu Cement
02-07-2017
Southern Cement’s board of directors has recommended cash dividend of SAR 1.00 per share for 1H-2017. Qassim Cement’s board of directors has recommended cash dividend of SAR 0.65 per share for 2Q-2017. Yanbu Cement’s board of directors has recommended cash dividend of SAR 0.75 per share for 1H- 2017. Tabuk cement announced that it started the commercial production for its second
Tabuk Cement
22-06-2017
production line, but both production lines cannot be running together due to lack of fuel allocation. Source: The Saudi Stock Exchange - Tadawul
4
© All rights reserved
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
Please read Disclaimer on the back
Dispatches & Change Yamama Cement
-8%
Aug-17
-6%
3,600
Sep-17
3,700
Jul-17
-80%
-4%
3,800
Jun-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
-60%
-2%
3,900
May-17
-40%
100
0%
4,000
Apr-17
-20%
200
4,100
Mar-17
0%
300
2%
4,200
Feb-17
20%
6% 4%
4,300
Jan-17
400
Change %(RHS)
4,400
Nov-16
40%
Clinker Inventories('000 Ton)(LHS)
4,500
Dec-16
60%
500
0
80%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
600
Saudi Co SaudiCement Cement
4,800
0%
4,600
2% 1%
4,500
0%
4,400
-1%
4,300
-2%
4,200
Sep-17
Aug-17
-3%
Jul-17
4,100
Jun-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Dec-16
Feb-17
-60%
Jan-17
0
Nov-16
-40%
Oct-16
100
3%
4,700
May-17
-20%
200
4%
Apr-17
300
4,900
20%
Feb-17
400
Change %(RHS) 6% 5%
Clinker Inventories('000 Ton)(LHS)
5,000
Mar-17
500
5,100
Jan-17
40%
Dec-16
60%
Oct-16
Change %(RHS)
Nov-16
Dispatches ('000 Ton)(LHS)
600
Sep-16
700
-4%
Qassim Cement
1,000
15%
20%
800
10%
0%
600
5%
-20%
400
0%
-40%
200
-5%
-60%
0
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
0
Oct-16
100
20%
40%
Change %(RHS) 25%
Clinker Inventories('000 Ton)(LHS)
Jan-17
200
1,200
Dec-16
300
1,400
60%
Nov-16
400
80%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
500
-10%
Souhtern Cement
Sep-17
Aug-17
-5%
Jul-17
0
Jun-17
-100%
0%
500
May-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
0
5%
1,000
Apr-17
-50%
100
10%
1,500
Mar-17
200
25%
15%
2,000
Feb-17
0%
300
Change %(RHS)
20%
Jan-17
400
Clinker Inventories('000 Ton)(LHS)
2,500
Dec-16
50%
500
3,000
Nov-16
600
100%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
700
-10%
Yanbu Cement
5
5%
1,500
0%
1,000
-5%
Sep-17
Aug-17
Jul-17
-15%
Jun-17
-10%
0
May-17
500
Apr-17
-100%
10%
2,000
Mar-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
0
-50%
Oct-16
200
20% 15%
Feb-17
0%
25%
2,500
Jan-17
400
Change %(RHS)
3,000
Dec-16
50%
Clinker Inventories('000 Ton)(LHS)
3,500
Nov-16
600
4,000
Oct-16
Change %(RHS) 100%
Dispatches ('000 Ton)(LHS)
Sep-16
800
Source: Yamamah Cement Company, AlJazira Research
© All rights reserved
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
Please read Disclaimer on the back
Dispatches & Change Arabian Cement
50%
500
0%
300
20%
400
10% 0%
200
-10%
100
Sep-17
Aug-17
Jul-17
Jun-17
Apr-17
-20%
May-17
0
50% 30%
Mar-17
-100%
60% 40%
Feb-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
-50%
Change %(RHS)
600
Jan-17
100
Clinker Inventories('000 Ton)(LHS)
700
Dec-16
200
800
Nov-16
100%
300
0
150%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
400
-30%
Eastern Co EasternCement Cement Dispatches ('000 Ton)(LHS)
Change %(RHS)
Clinker Inventories('000 Ton)(LHS)
Change %(RHS)
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Nov-16
Oct-16
Mar-17
0
Feb-17
0
Jan-17
0%
-60%
Dec-16
500
Nov-16
2%
-40%
Oct-16
1,000
50
Sep-16
100
Sep-17
4%
-20%
Aug-17
0%
Jul-17
150
Jun-17
6%
1,500
May-17
2,000
Apr-17
8%
20%
Mar-17
40%
200
Feb-17
250
2,500
Jan-17
3,000
Dec-16
60%
300
10%
-2%
Najran Cement 60%
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-17
-6%
Aug-17
2,500
Jul-17
-4%
-80%
Jun-17
-60%
May-17
-2%
2,600
-40%
Apr-17
0%
2,700
Mar-17
2%
2,800
Feb-17
2,900
0%
Jan-17
20% -20%
50
6% 4%
Dec-16
100
Change %(RHS)
3,000
40%
150
Clinker Inventories('000 Ton)(LHS)
3,100
Nov-16
200
0
80%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
250
Northern Cement Change %(RHS) 80%
1,400
60%
1,200
Sep-17
0
-10%
Aug-17
200
-80%
Jul-17
-60%
0%
Jun-17
400
Apr-17
-40%
10%
May-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
0
Oct-16
20
600
Mar-17
40
-20%
Feb-17
60
20%
800
Jan-17
0%
40% 30%
Dec-16
20%
80
Change %(RHS)
1,000
Nov-16
40%
100
Oct-16
120
Clinker Inventories('000 Ton)(LHS)
Sep-16
Dispatches ('000 Ton)(LHS)
140
-20%
AlJouf Cement 60% 40% 20% 0%
6
-4%
1,000
-6% -10%
Sep-17
900
Aug-17
-8%
-40%
Jul-17
950
Jun-17
-20%
May-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
20
-2%
1,050
Apr-17
40
4% 0%
1,100
Mar-17
60
6% 2%
Feb-17
80
Change %(RHS)
1,150
Jan-17
100
Clinker Inventories('000 Ton)(LHS)
1,200
Dec-16
120
1,250
Nov-16
140
0
80%
Oct-16
Change %(RHS)
160
Sep-16
Dispatches ('000 Ton)(LHS)
180
Source: Yamamah Cement Company, AlJazira Research
© All rights reserved
Cement Dispatches for September 2017 October 2017 Saudi Cement Sector | Monthly Report | September 2017
Please read Disclaimer on the back
Dispatches & Change Tabuk Cement
2% 0%
400
-2%
200
Sep-17
Jul-17
-4%
Aug-17
0
Jun-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
-100%
4%
600
May-17
-50%
20
6%
800
Apr-17
40
8%
Mar-17
0%
12% 10%
1,000
Feb-17
60
Change %(RHS)
1,200
Jan-17
50%
80
Clinker Inventories('000 Ton)(LHS)
1,400
Nov-16
100%
100
0
150%
Dec-16
Change %(RHS)
Oct-16
Dispatches ('000 Ton)(LHS)
120
Sep-16
140
-6%
City Co CityCement Cement
50%
10%
100%
2,000
50%
1,500
0%
1,000
Sep-17
2,500
Jul-17
150%
Aug-17
-15%
Jun-17
0
May-17
-10%
-100%
Apr-17
-5%
200
Mar-17
0%
400
Feb-17
5%
Jan-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
0
15%
1,000 600
-50%
100
20%
800
0%
200
Change %(RHS)
1,200
Nov-16
300
Clinker Inventories('000 Ton)(LHS)
1,400
Dec-16
400
100%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
500
Hail Cement
Sep-17
Jul-17
Aug-17
0%
Jun-17
0
May-17
-100%
Apr-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
0
2%
500
Mar-17
-50%
20
4%
Feb-17
40
6%
Jan-17
60
12% 8%
Dec-16
80
Change %(RHS)
10%
Nov-16
100
Clinker Inventories('000 Ton)(LHS)
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
120
-2%
Riyadh Cement
-4%
600 400
-6%
Sep-17
0
Jul-17
200
Aug-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
-60%
Jan-17
-40%
0
Dec-16
50
Nov-16
-20%
Oct-16
100
-2%
800
Jun-17
0%
1,000
May-17
150
0%
1,200
Apr-17
20%
Mar-17
200
4% 2%
1,400
Feb-17
40%
Change %(RHS)
1,600
Jan-17
250
Clinker Inventories('000 Ton)(LHS)
1,800
Dec-16
60%
Nov-16
80%
Oct-16
Change %(RHS)
300
Sep-16
Dispatches ('000 Ton)(LHS)
350
-8%
Safwa Cement
7
0
0%
Sep-17
100
-60%
Jul-17
-40%
10%
Aug-17
200
Jun-17
-20%
20%
May-17
300
Apr-17
Sep-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
50
0%
Mar-17
100
30%
400
Feb-17
20%
50% 40%
500
Jan-17
40%
150
Change %(RHS)
600
Dec-16
60%
Clinker Inventories('000 Ton)(LHS)
700
Nov-16
80%
200
0
100%
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
250
-10%
Source: Yamamah Cement Company, AlJazira Research
© All rights reserved
RESEARCH DIVISION
Head of Research
RESEARCH DIVISION
BROKERAGE AND INVESTMENT CENTERS DIVISION
Talha Nazar
Sultan Al Kadi, CAIA
Analyst
Jassim Al-Jubran
+966 11 2256250 [email protected]
+966 11 2256374 [email protected]
Analyst
Analyst
Waleed Al-jubayr
Muhanad Al-Odan
+966 11 2256146 [email protected]
+966 11 2256115 [email protected]
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment
sales
brokerage
Centers
Alaa Al-Yousef
Luay Jawad Al-Motawa
Mansour Hamad Al-shuaibi
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
+966 11 2256248 [email protected]
+966 12 6618443 [email protected]
Central Region
Sultan Ibrahim AL-Mutawa
Abdullah Al-Rahit
+966 11 2256364 [email protected]
+966 16 3617547 [email protected]
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