(QCEM) Umm Al-Qaiwain Cement Industries: Discloses its financial statements for the six months ended 30th June 2008
(QCEM) Umm Al-Qaiwain Cement Industries: Discloses its Board Report for the six months ended 30th June 2008
Umm Al Quwain Cement (QCEM) profit figures for second quarter 2008 are (EPS annualised in brackets):
EPS figures calculated from Net Profit / 330,000,000 shares outstanding.
QCEM share price as of 24 Jul 2008 was 2.99 dhs, so 2008 estimated PE is about 2.99 / 1.00 = 3.0, based on Q2 earnings, which is much less than the market average PE of about 17. 2008 PE estimate based on H1 earnings is 2.99 / 0.77 = 3.9, which makes shares look more expensive but still a bargain ... or not?
QCEM made more than 10x as much money from revaluation of shares held for trading, versus Gross Profit from cement related operations of only AED 6m for 08Q2, and AED 12m for 08H1. If you want to take a punt on the GCC stock markets, then maybe UAQ Cement stock is the way to go (they have investments in the UAE and other GCC countries). But there's no obvious information to indicate which stocks UAQ Cement are trading.
It seems rather pointless buying their shares if you want to invest in a UAE cement company though, not only was Gross Profit less than a tenth of Net Profit, but it fell about 30% compared to the same period last year (both for Q2 and H1).
QCEM shares are untraded so far this morning in the first 15 minutes of trading, and the order queue doesn't indicate the market was particularly excited about these results one way or the other.
Umm Al Quwain Cement Company (QCEM) Board of Directors report (undated) released with results yesterday. Not too bad as BOD reports go - at least there's some explanation of the decrease in Gross Profit, and increase in Investment related profit ...
UAQ Cement July 2008:
Board of Directors Report for the Six Months ended 30 June 2008
We are pleased to inform you that Umm Al Qaiwain Cement Industries Co. P.S.C. Has registered a net profit of AED 127.13 Million for the Six months ending 30 June, 2008 compared to a net profit of AED 710.2 Million for the similar period in 2007.
Cement Sales decreased to AED 62.05 Million as compared to AED 91.75 Million achieved during the same period of the year 2007, and registered Gross operating Profit of AED 11.93 Million as at 30 June 2008 compared to AED 16.47 Million was at 30 June 2007.
Increase in cost of raw materials, electrical power, packing materials, transport and decreased Sales Quantity during the six months ended 30 June 2008, caused a decrease in Gross operating Profit compared to similar period in 2007.
Investments held for trading in shares registered profit of AED 27.06 Million at 30 June 2008 compared to AED 59.51 Million at 30 June 2007.
Difference resulting from re-evaluation of investment in shares held for trading at 30 June 2008 registered increase of AED 85.74 Million compared to decrease of AED (00.94) Million for the same period last year 2007.
Gross Profit from Investment in shares held for trading end of the Second Quarter was AED 112.80 Million compared to AED 58.58 Million for the similar period in 2007.
Brief of Major elements end of second quarter:
Code:
30 June 2008 30 June 2007
AED Million AED Million
434.31 246.35 Total non - Current Assets
520.32 379.08 Total Current Assets
52.16 54.99 Total Current Liabilities
22.49 00.92 Total non Current Liabilities
879.98 569.52 Total Shareholders Equity
11.93 16.47 Gross operating profit for the period
127.13 71.02 Net Profit for the period
0.385 0.215 Basic Profit (loss) per Share - AED
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