Yamama Cement’s 9M 2022 profit up 29% to SAR 221.7 mln, Q3 at SAR 101.3 mln

Yamama Cement’s 9M 2022 profit up 29% to SAR 221.7 mln, Q3 at SAR 101.3 mln

18/10/2022 Argaam Exclusive

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Yamama Cement Co. posted a 29% jump in net profit after Zakat and tax to SAR 221.7 million in the first nine months of 2022, compared to SAR 172.5 million in the prior-year period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 553.50 673.68 21.7 %
Gross Income 222.16 247.59 11.4 %
Operating Income 178.02 200.95 12.9 %
Net Income 172.52 221.65 28.5 %
Average Shares 202.50 202.50 -
EPS (Riyals) 0.85 1.09 28.5 %

The company’s profit was lifted by higher sales volumes and increased other revenues, compared to the corresponding period of 2021.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 170.67 248.63 45.7 %
Gross Income 54.39 111.92 105.8 %
Operating Income 40.17 96.58 140.4 %
Net Income 39.97 101.33 153.5 %
Average Shares 202.50 202.50 -
EPS (Riyals) 0.20 0.50 153.5 %

In Q3 2022, the cement producer’s net profit after Zakat and tax increased over twofold to SAR 101.3 million from SAR 39.97 million in Q3 2021, thanks to better sales volumes and other revenues.

 

Net profit climbed 11.7% from SAR 90.70 million in Q2 2022 on lower Zakat provisions and higher sales volumes.

 

Total shareholders’ equity, after minority interest, increased to SAR 4.504 billion as of Sept. 30, 2022, from SAR 4.299 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 482.64 (1.8 %) 292.76 (2.3 %) 276.80 (0.3 %) 1.37
Q2 2013 455.52 10.4 % 268.89 19.0 % 267.63 27.8 % 1.32
Q3 2013 293.80 (4.0 %) 154.13 (12.3 %) 148.08 (5.5 %) 0.73
Q4 2013 309.90 (15.2 %) 165.25 (22.3 %) 177.73 2.3 % 0.88
Q1 2014 367.36 (23.9 %) 181.30 (38.1 %) 174.64 (36.9 %) 0.86
Q2 2014 366.02 (19.6 %) 198.63 (26.1 %) 207.36 (22.5 %) 1.02
Q3 2014 277.23 (5.6 %) 148.57 (3.6 %) 137.16 (7.4 %) 0.68
Q4 2014 318.26 2.7 % 183.72 11.2 % 151.69 (14.6 %) 0.75
Q1 2015 338.94 (7.7 %) 182.05 0.4 % 175.41 0.4 % 0.87
Q2 2015 339.50 (7.2 %) 188.03 (5.3 %) 191.48 (7.7 %) 0.95
Q3 2015 280.27 1.1 % 166.47 12.0 % 95.53 (30.4 %) 0.47
Q4 2015 352.36 10.7 % 199.89 8.8 % 152.80 0.7 % 0.75
Q1 2016 376.04 10.9 % 186.55 2.5 % 150.46 (14.2 %) 0.74
Q2 2016 280.46 (17.4 %) 113.02 (39.9 %) 116.29 (39.3 %) 0.57
Q3 2016 235.63 (15.9 %) 98.99 (40.5 %) 56.31 (41.1 %) 0.28
Q4 2016 232.88 (33.9 %) 71.50 (64.2 %) 34.81 (77.2 %) 0.17
Q1 2017 220.19 (41.4 %) 62.92 (66.3 %) 50.82 (66.2 %) 0.25
Q2 2017 194.75 (30.6 %) 32.95 (70.8 %) 12.17 (89.5 %) 0.06
Q3 2017 164.19 (30.3 %) 41.95 (57.6 %) 29.15 (48.2 %) 0.14
Q4 2017 169.12 (27.4 %) 53.85 (24.7 %) 12.45 (64.2 %) 0.06
Q1 2018 141.15 (35.9 %) 38.81 (38.3 %) 23.84 (53.1 %) 0.12
Q2 2018 111.99 (42.5 %) (13.34) (140.5 %) (36.25) (397.9 %) (0.18)
Q3 2018 107.71 (34.4 %) (24.70) (158.9 %) (46.38) (259.1 %) (0.23)
Q4 2018 160.36 (5.2 %) 33.32 (38.1 %) 6.95 (44.2 %) 0.03
Q1 2019 213.88 51.5 % 90.75 133.8 % 70.63 196.2 % 0.35
Q2 2019 165.33 47.6 % 65.45 590.6 % 53.17 246.7 % 0.26
Q3 2019 186.50 73.1 % 76.13 408.2 % 54.73 218.0 % 0.27
Q4 2019 236.16 47.3 % 104.31 213.1 % 77.80 1019.4 % 0.38
Q1 2020 290.02 35.6 % 145.97 60.9 % 123.97 75.5 % 0.61
Q2 2020 167.13 1.1 % 77.94 19.1 % 50.84 (4.4 %) 0.25
Q3 2020 249.65 33.9 % 114.29 50.1 % 95.32 74.2 % 0.47
Q4 2020 249.21 5.5 % 101.85 (2.4 %) 135.43 74.1 % 0.67
Q1 2021 180.26 (37.8 %) 71.82 (50.8 %) 54.87 (55.7 %) 0.27
Q2 2021 202.58 21.2 % 95.95 23.1 % 77.68 52.8 % 0.38
Q3 2021 170.67 (31.6 %) 54.39 (52.4 %) 39.97 (58.1 %) 0.20
Q4 2021 182.34 (26.8 %) (1.75) (101.7 %) (18.86) (113.9 %) (0.09)
Q1 2022 221.58 22.9 % 40.74 (43.3 %) 29.62 (46.0 %) 0.15
Q2 2022 209.29 3.3 % 100.75 5.0 % 90.70 16.8 % 0.45
Q3 2022 248.63 45.7 % 111.92 105.8 % 101.33 153.5 % 0.50

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 57.91 % 66.75 % 53.08 %
Q2 2013 59.03 % 67.62 % 55.28 %
Q3 2013 58.13 % 66.67 % 55.17 %
Q4 2013 57.14 % 66.10 % 54.83 %
Q1 2014 53.94 % 63.64 % 52.10 %
Q2 2014 52.30 % 62.41 % 48.76 %
Q3 2014 52.54 % 62.78 % 48.54 %
Q4 2014 53.60 % 63.82 % 49.28 %
Q1 2015 54.82 % 65.14 % 50.41 %
Q2 2015 55.13 % 65.64 % 52.65 %
Q3 2015 56.41 % 66.81 % 49.27 %
Q4 2015 56.17 % 66.76 % 48.07 %
Q1 2016 54.96 % 66.81 % 44.90 %
Q2 2016 51.66 % 66.29 % 41.12 %
Q3 2016 48.09 % 65.68 % 39.44 %
Q4 2016 41.78 % 63.24 % 33.14 %
Q1 2017 35.75 % 58.97 % 28.19 %
Q2 2017 30.15 % 52.41 % 19.14 %
Q3 2017 25.78 % 46.15 % 17.48 %
Q4 2017 25.61 % 44.06 % 16.80 %
Q1 2018 25.04 % 45.58 % 14.75 %
Q2 2018 20.68 % 44.56 % 8.57 %
Q3 2018 10.31 % 37.30 % (4.77 %)
Q4 2018 6.54 % 33.33 % (9.95 %)
Q1 2019 14.48 % 37.33 % (0.85 %)
Q2 2019 25.46 % 46.16 % 13.04 %
Q3 2019 36.58 % 54.50 % 25.55 %
Q4 2019 41.98 % 57.40 % 31.97 %
Q1 2020 44.63 % 53.46 % 35.27 %
Q2 2020 45.96 % 48.82 % 34.93 %
Q3 2020 46.93 % 44.75 % 36.90 %
Q4 2020 46.03 % 39.58 % 38.61 %
Q1 2021 43.24 % 36.01 % 35.46 %
Q2 2021 43.54 % 37.30 % 37.08 %
Q3 2021 40.37 % 33.76 % 33.83 %
Q4 2021 29.95 % 22.45 % 20.88 %
Q1 2022 24.36 % 16.88 % 15.45 %
Q2 2022 24.76 % 16.82 % 15.66 %
Q3 2022 29.20 % 21.82 % 21.37 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 202.50 4.03 4.11 17.58
Q2 2013 202.50 4.32 4.39 17.49
Q3 2013 202.50 4.28 4.35 18.26
Q4 2013 202.50 4.30 4.17 19.23
Q1 2014 202.50 3.79 3.67 18.68
Q2 2014 202.50 3.50 3.22 19.69
Q3 2014 202.50 3.44 3.17 19.06
Q4 2014 202.50 3.31 3.23 18.43
Q1 2015 202.50 3.32 3.24 18.52
Q2 2015 202.50 3.24 3.31 18.70
Q3 2015 202.50 3.03 3.11 18.29
Q4 2015 202.50 3.04 3.11 18.18
Q1 2016 202.50 2.91 2.99 18.16
Q2 2016 202.50 2.54 2.62 18.19
Q3 2016 202.50 2.35 2.42 18.16
Q4 2016 202.50 1.77 1.84 16.79
Q1 2017 202.50 1.28 1.35 16.82
Q2 2017 202.50 0.76 0.84 16.79
Q3 2017 202.50 0.63 0.70 16.92
Q4 2017 202.50 0.52 0.62 16.96
Q1 2018 202.50 0.38 0.49 17.06
Q2 2018 202.50 0.14 0.25 16.86
Q3 2018 202.50 (0.23) (0.12) 16.58
Q4 2018 202.50 (0.26) (0.26) 16.64
Q1 2019 202.50 (0.02) (0.02) 17.01
Q2 2019 202.50 0.42 0.42 17.29
Q3 2019 202.50 0.92 0.92 17.58
Q4 2019 202.50 1.27 1.27 17.98
Q1 2020 202.50 1.53 1.53 18.49
Q2 2020 202.50 1.52 1.52 18.30
Q3 2020 202.50 1.72 1.72 18.83
Q4 2020 202.50 2.00 1.82 19.39
Q1 2021 202.50 1.66 1.48 20.38
Q2 2021 202.50 1.79 1.61 21.02
Q3 2021 202.50 1.52 1.34 21.23
Q4 2021 202.50 0.76 0.76 21.14
Q1 2022 202.50 0.63 0.59 21.32
Q2 2022 202.50 0.70 0.61 21.72
Q3 2022 202.50 1.00 0.91 22.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 11.48 11.27 2.63
Q2 2013 11.69 11.49 2.89
Q3 2013 12.39 12.18 2.90
Q4 2013 13.32 13.71 2.98
Q1 2014 15.36 15.87 3.12
Q2 2014 18.01 19.56 3.20
Q3 2014 18.89 20.53 3.41
Q4 2014 14.47 14.82 2.60
Q1 2015 13.55 13.88 2.43
Q2 2015 14.11 13.80 2.44
Q3 2015 12.70 12.39 2.11
Q4 2015 10.36 10.11 1.73
Q1 2016 9.59 9.35 1.54
Q2 2016 10.87 10.57 1.52
Q3 2016 8.33 8.08 1.08
Q4 2016 12.93 12.41 1.36
Q1 2017 14.30 13.52 1.08
Q2 2017 23.13 21.08 1.05
Q3 2017 26.45 23.65 0.98
Q4 2017 34.13 28.41 1.04
Q1 2018 41.54 32.66 0.93
Q2 2018 More than 100 64.05 0.94
Q3 2018 NEG NEG 0.81
Q4 2018 NEG NEG 0.77
Q1 2019 NEG NEG 0.91
Q2 2019 41.76 41.76 1.01
Q3 2019 25.33 25.33 1.32
Q4 2019 20.46 20.46 1.44
Q1 2020 11.84 11.84 0.98
Q2 2020 14.30 14.30 1.19
Q3 2020 15.13 15.13 1.38
Q4 2020 14.75 16.21 1.52
Q1 2021 19.95 22.37 1.63
Q2 2021 19.12 21.25 1.63
Q3 2021 19.86 22.52 1.42
Q4 2021 34.26 34.26 1.23
Q1 2022 51.09 54.64 1.52
Q2 2022 36.01 41.48 1.16
Q3 2022 28.71 31.62 1.29

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 95.80 101.33 5.78 %

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Hermes 94.00 101.33 7.8 %
Sico 91.00 101.33 11.4 %
AlJazira Capital 138.50 101.33 (26.8) %
OSOOL AND BAKHEET 147.90 101.33 (31.5) %
Riyad Capital 75.00 101.33 35.1 %
SNB Capital 66.20 101.33 53.1 %
Al Rajhi Capital 58.00 101.33 74.7 %


Financial Ratios
Current
Market Cap (M Riyal) 6,631.88
Enterprise Value (EV) (M) 7,755.14
Shares Outstanding ((M)) 202.50
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 22.94
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.61
P/E (TTM) 21.61
Price/book 1.43
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 6.7
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Share Price

Yamama Cement Co.
32.75
0.25 0.77 %

Yamama Cement Co. (YSCC)

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