EPS figures calculated from Net Profit / 309,448,104 shares outstanding.
FCI share price as of close on 28 Oct 2008 was 5.32 dhs, so 2008 estimated PE is about 5.32 / 0.72 = 7.4, based on Q3 earnings, which is somewhat lower than the average market PE of about 10. 2008 PE estimate based on M9 earnings is 5.32 / 0.56 = 9.5, which makes shares look more expensive. Quarterly profit growth has been steady from Q1 2008 but with the recent fall in cement and other building material prices, it remains to be seen if the fourth quarter will be similar to or an improvement on Q3 profit.
Fujeirah Cement shares were untraded today, as they often are. Last time they traded was 21 October 2008.
A brief report from Fujairah Cement, but this is actually one of the better ones I've read from a UAE company - it actually tells you something useful rather than just restating the figures from the financial accounts.
Fujairah Cement 28 October 2008:
Summary of Administration Report Up to End of September 2008
The past nine months of this year witnessed an increasing demand on cement in the local market, accompanied by a remarkable increase in the prices of materials used in cement production Its affect revealed in the production cost.
The results were as follows:
Clinker: Clinker production decreased during the past nine months to reach 1.010.000 tons compared to 1.095.000 tons in the same period of the past year because of maintenance works and electricity problems.
Cement: The cement production increased during the past six months to reach about 1,691,000 tons.
As a result of the increasing demand on cement, sales increased and reached about 1.670.000 tons during the past nine months.
The company achieved good profits during the past nine months of this year reached about Dhs. 129.774 million.
Regarding the work in the new factory project, Praise be to Allah, it is going well and according to the timetable.
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