Based on 2008 first quarter release dates, we might see results tomorrow for Dubai Financial Market, and/or RAK Cement.
Well, it's nice to get things right sometimes ...
ADX 10 July 2008 am:
(RAKCC) RAK Cement: Discloses its Board Report for the six months ended 30th June 2008
(RAKCC) RAK Cement: Discloses its financial statements for the six months ended 30th June 2008
Ras Al Khaimah Cement Company (RAKCC) profit figures for second quarter 2008 are (EPS annualised in brackets):
EPS figures calculated from Net Profit / 484,000,000 shares outstanding.
RAKCC share price at close on 09 Jul 2008 was 3.84 dhs, so 2008 estimated PE is about 3.84 / 0.10 = 38.4, based on Q2 earnings, which is more than double the average market PE of around 17. 2008 PE estimate based on H1 earnings is 3.84 / 0.09 = 42.7, which is a bit more, and both figures seem rather high, especially for a company with falling profits.
The usual issues remain - increasing energy costs cut into Gross Profit. The management report says so, and as usual, doesn't say what they plan to do about it (report in next post) ...
RAK Cement 10 July 2008:
The cost of diesel for electricity production has reached a new high and this resulted in the reduction of net profit for the first six months of 2008.
RAK Cement share price soared almost 100% on heavy trading from mid May to beginning of June 2008, for no apparent reason. Obviously, it was not because of Q2 earnings . RAK Cement shares rose again yesterday, by 2.7% to 3.84, on fairly active trading.
The original RAK Cement (RAKCC) management report also has a table summarising the data but it's repeated in a later paragraph, so I haven't included it below.
RAK Cement 10 July 2008:
10th July 2008
Ras Al Khaimah Cement Company.
Commentary on the financial results for the six months ending 30 June 2008.
Ras Al Khaimah Cement Company made a net profit of AED 22.5 million for the six months ending on 30 June 2008, compared with AED 42.0 million earned for the six months ending 30 June 2007.
Ras Al Khaimah Cement Company continued to experience strong demand for its products during the first six months of 2008.
The cost of diesel for electricity production has reached a new high and this resulted in the reduction of net profit for the first six months of 2008.
Total Assets increased by 6.3% compared with 30 June 2007 Shareholders' Equity increased by 50% from AED 710.3 million to AED 746 0 million Sales revenue increased by 15.1% from 165.5 million to 190 5 million. Net profit fell by 46.4% from AED 42.0 million to AED 22.5 million Earnings per share fell 46.40% from AED .087 per share to AED .046 per share This decrease was due to much higher energy costs Restrictions on the natural gas supply, mentioned in the March 2008 commentary, intensified during the second quarter
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. RAK Cement shares rose again yesterday, by 2.7% to 3.84, on fairly active trading.
