Al Yamamah Steel turns to loss of SAR 41.9 mln in Q1 2022/23

Al Yamamah Steel turns to loss of SAR 41.9 mln in Q1 2022/23

02/02/2023 Argaam Exclusive

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Al Yamamah Steel Industries Co. reported a net loss after Zakat and tax of SAR 41.9 million for the first quarter ended Dec. 31, 2022, compared to profit of SAR 34 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 464.24 461.85 (0.5 %)
Gross Income 66.20 (42.90) (164.8 %)
Operating Income 45.87 (60.86) (232.7 %)
Net Income 34.01 (41.90) (223.2 %)
Average Shares 50.80 50.80 -
EPS (Riyals) 0.67 (0.82) (223.2 %)

The earnings decreased on higher raw material prices and lower sales in the construction segment.

 

The losses were attributed to the continued global decline in steel prices during the current quarter. This led to a 28.25% decrease in the selling prices and weaker demand for construction-related products, particularly reinforcing steel bars, besides logging an increase in the cost of sales, with inventory impairment provision amounting to about SAR 23.1 million.

 

In addition, financing charges (FCs) jumped year-on-year (YoY) by SAR 10.21 million, or 289%, on higher short-term loans used to back purchases of raw materials and worldwide higher credit interest rates.

 

When compared to the previous quarter, Al Yamamah Steel narrowed its losses from a SAR 96.38 million loss in Q4 2021/2022.

Total shareholders’ equity, excluding minority interest, fell to SAR 604.6 million as of Dec. 31, 2022, compared to SAR 746.5 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 661.67 - 82.92 - 64.82 -
Q4 2014 436.16 - 38.83 - 21.20 -
Q1 2015 500.78 - 71.20 - 55.84 -
Q2 2015 650.88 - 72.99 - 53.45 -
Q3 2015 540.78 (18.3 %) 92.64 11.7 % 72.80 12.3 %
Q4 2015 327.80 (24.8 %) 45.56 17.3 % 29.71 40.2 %
Q1 2016 435.46 (13.0 %) 59.61 (16.3 %) 41.69 (25.3 %)
Q2 2016 460.60 (29.2 %) 97.02 32.9 % 70.85 32.6 %
Q3 2016 471.48 (12.8 %) 124.12 34.0 % 101.77 39.8 %
Q4 2016 280.42 (14.5 %) 53.16 16.7 % 31.61 6.4 %
Q1 2017 325.44 (25.3 %) 59.55 (0.1 %) 41.30 (0.9 %)
Q2 2017 371.99 (19.2 %) 80.81 (16.7 %) 61.34 (13.4 %)
Q3 2017 286.42 (39.3 %) 42.20 (66.0 %) 26.22 (74.2 %)
Q4 2017 265.91 (5.2 %) 47.64 (10.4 %) 31.25 (1.1 %)
Q1 2018 252.24 (22.5 %) 23.79 (60.0 %) 8.51 (79.4 %)
Q2 2018 240.72 (35.3 %) 25.13 (68.9 %) 9.94 (83.8 %)
Q3 2018 201.38 (29.7 %) 12.04 (71.5 %) (1.41) (105.4 %)
Q4 2018 185.18 (30.4 %) (5.15) (110.8 %) (22.30) (171.3 %)
Q1 2019 198.79 (21.2 %) (15.82) (166.5 %) (29.52) (447.1 %)
Q2 2019 284.18 18.1 % 21.68 (13.7 %) 6.30 (36.6 %)
Q3 2019 209.84 4.2 % 20.01 66.2 % 5.49 488.3 %
Q4 2019 266.47 43.9 % 7.52 246.0 % (9.67) 56.6 %
Q1 2020 405.39 103.9 % 18.89 219.4 % 0.73 102.5 %
Q2 2020 593.33 108.8 % 76.48 252.8 % 52.20 728.1 %
Q3 2020 394.99 88.2 % 32.45 62.2 % 12.68 130.9 %
Q4 2020 473.71 77.8 % 73.84 882.2 % 48.09 597.4 %
Q1 2021 434.87 7.3 % 79.24 319.4 % 60.65 8254.5 %
Q2 2021 453.02 (23.6 %) 100.98 32.0 % 79.47 52.3 %
Q3 2021 405.50 2.7 % 103.81 219.9 % 82.98 554.5 %
Q4 2021 325.63 (31.3 %) 80.15 8.5 % 57.19 18.9 %
Q1 2022 464.24 6.8 % 66.20 (16.5 %) 45.87 (24.4 %)
Q2 2022 448.31 (1.0 %) 67.47 (33.2 %) 50.55 (36.4 %)
Q3 2022 237.25 (41.5 %) 23.61 (77.3 %) 9.59 (88.4 %)
Q4 2022 315.18 (3.2 %) (23.19) (128.9 %) (31.82) (155.6 %)
Q1 2023 461.85 (0.5 %) (42.90) (164.8 %) (60.86) (232.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 48.47 - 0.95 - 48.47 0.95
Q4 2014 15.01 - 0.30 - 15.01 0.30
Q1 2015 44.09 - 0.87 - 44.09 0.87
Q2 2015 41.61 - 0.82 - 41.61 0.82
Q3 2015 54.50 12.4 % 1.07 - 54.50 1.07
Q4 2015 18.54 23.5 % 0.36 - 18.54 0.36
Q1 2016 34.82 (21.0 %) 0.69 - 34.82 0.69
Q2 2016 55.66 33.8 % 1.10 - 55.66 1.10
Q3 2016 67.88 24.6 % 1.34 (12.31) 80.19 1.58
Q4 2016 20.04 8.1 % 0.39 - 20.04 0.39
Q1 2017 28.99 (16.7 %) 0.57 - 28.99 0.57
Q2 2017 48.15 (13.5 %) 0.95 - 48.15 0.95
Q3 2017 17.21 (74.6 %) 0.34 - 17.21 0.34
Q4 2017 18.91 (5.6 %) 0.37 - 18.91 0.37
Q1 2018 6.73 (76.8 %) 0.13 - 6.73 0.13
Q2 2018 4.29 (91.1 %) 0.08 - 4.29 0.08
Q3 2018 (5.61) (132.6 %) (0.11) - (5.61) (0.11)
Q4 2018 (26.94) (242.4 %) (0.53) - (26.94) (0.53)
Q1 2019 (30.18) (548.6 %) (0.59) - (30.18) (0.59)
Q2 2019 10.97 155.7 % 0.22 14.15 (3.18) (0.06)
Q3 2019 (2.00) 64.4 % (0.04) - (2.00) (0.04)
Q4 2019 (18.67) 30.7 % (0.37) - (18.67) (0.37)
Q1 2020 (7.58) 74.9 % (0.15) - (7.58) (0.15)
Q2 2020 32.06 192.2 % 0.63 - 32.06 0.63
Q3 2020 0.93 146.6 % 0.02 - 0.93 0.02
Q4 2020 25.25 235.3 % 0.50 - 25.25 0.50
Q1 2021 42.67 662.6 % 0.84 - 42.67 0.84
Q2 2021 60.02 87.2 % 1.18 - 60.02 1.18
Q3 2021 65.06 6880.6 % 1.28 - 65.06 1.28
Q4 2021 40.08 58.8 % 0.79 - 40.08 0.79
Q1 2022 34.01 (20.3 %) 0.67 - 34.01 0.67
Q2 2022 35.16 (41.4 %) 0.69 - 35.16 0.69
Q3 2022 0.55 (99.2 %) 0.01 - 0.55 0.01
Q4 2022 (96.38) (340.4 %) (1.90) (55.93) (40.45) (0.80)
Q1 2023 (41.90) (223.2 %) (0.82) 24.95 (66.85) (1.32)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 11.82 % 11.41 % 6.63 %
Q3 2015 12.95 % 11.40 % 7.29 %
Q4 2015 13.98 % 12.36 % 7.86 %
Q1 2016 13.85 % 12.09 % 7.65 %
Q2 2016 16.71 % 14.44 % 9.27 %
Q3 2016 19.25 % 15.88 % 11.16 %
Q4 2016 20.26 % 17.22 % 11.57 %
Q1 2017 21.71 % 18.41 % 12.02 %
Q2 2017 21.92 % 18.77 % 12.24 %
Q3 2017 18.64 % 16.88 % 9.05 %
Q4 2017 18.42 % 15.90 % 9.06 %
Q1 2018 16.53 % 13.88 % 7.73 %
Q2 2018 13.28 % 11.05 % 4.51 %
Q3 2018 11.31 % 8.90 % 2.53 %
Q4 2018 6.35 % 3.92 % (2.45 %)
Q1 2019 1.96 % (0.18 %) (7.07 %)
Q2 2019 1.47 % (0.94 %) (7.58 %)
Q3 2019 2.36 % (0.09 %) (7.10 %)
Q4 2019 3.48 % 1.23 % (5.63 %)
Q1 2020 5.84 % 3.80 % (2.70 %)
Q2 2020 8.33 % 6.15 % 0.26 %
Q3 2020 8.15 % 5.93 % 0.41 %
Q4 2020 10.80 % 8.53 % 2.71 %
Q1 2021 13.81 % 11.53 % 5.32 %
Q2 2021 16.31 % 13.99 % 7.34 %
Q3 2021 20.25 % 17.91 % 10.92 %
Q4 2021 22.49 % 20.14 % 12.84 %
Q1 2022 21.30 % 18.90 % 12.08 %
Q2 2022 19.32 % 17.29 % 10.61 %
Q3 2022 16.09 % 14.36 % 7.44 %
Q4 2022 9.15 % 8.27 % 2.00 %
Q1 2023 1.71 % 1.06 % (4.89 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 50.80 - - 11.44
Q4 2014 50.80 - - 11.73
Q1 2015 50.80 - - 11.35
Q2 2015 50.80 2.94 2.94 12.17
Q3 2015 50.80 3.06 3.06 11.99
Q4 2015 50.80 3.12 3.12 12.36
Q1 2016 50.80 2.94 2.94 11.79
Q2 2016 50.80 3.22 3.22 12.89
Q3 2016 50.80 3.48 3.72 13.07
Q4 2016 50.80 3.51 3.75 13.46
Q1 2017 50.80 3.40 3.64 12.72
Q2 2017 50.80 3.25 3.49 13.65
Q3 2017 50.80 2.25 2.25 13.03
Q4 2017 50.80 2.23 2.23 13.24
Q1 2018 50.80 1.79 1.79 13.37
Q2 2018 50.80 0.93 0.93 12.95
Q3 2018 50.80 0.48 0.48 12.84
Q4 2018 50.80 (0.42) (0.42) 12.46
Q1 2019 50.80 (1.15) (1.15) 11.87
Q2 2019 50.80 (1.02) (1.30) 12.08
Q3 2019 50.80 (0.95) (1.23) 12.04
Q4 2019 50.80 (0.78) (1.06) 11.66
Q1 2020 50.80 (0.34) (0.62) 11.51
Q2 2020 50.80 0.08 0.08 12.14
Q3 2020 50.80 0.13 0.13 12.16
Q4 2020 50.80 1.00 1.00 12.65
Q1 2021 50.80 1.99 1.99 13.49
Q2 2021 50.80 2.54 2.54 13.67
Q3 2021 50.80 3.80 3.80 14.20
Q4 2021 50.80 4.09 4.09 15.03
Q1 2022 50.80 3.92 3.92 14.70
Q2 2022 50.80 3.43 3.43 15.39
Q3 2022 50.80 2.16 2.16 14.65
Q4 2022 50.80 (0.52) 0.58 12.73
Q1 2023 50.80 (2.02) (1.41) 11.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 10.77 10.77 2.69
Q3 2016 6.67 6.24 1.78
Q4 2016 8.29 7.75 2.16
Q1 2017 8.33 7.78 2.23
Q2 2017 8.16 7.60 1.94
Q3 2017 11.06 11.06 1.91
Q4 2017 11.17 11.17 1.88
Q1 2018 12.39 12.39 1.66
Q2 2018 20.67 20.67 1.48
Q3 2018 34.83 34.83 1.30
Q4 2018 NEG NEG 1.17
Q1 2019 NEG NEG 1.61
Q2 2019 NEG NEG 1.42
Q3 2019 NEG NEG 1.44
Q4 2019 NEG NEG 1.62
Q1 2020 NEG NEG 1.34
Q2 2020 More than 100 More than 100 1.44
Q3 2020 More than 100 More than 100 1.93
Q4 2020 29.73 29.73 2.34
Q1 2021 19.84 19.84 2.92
Q2 2021 21.56 21.56 4.00
Q3 2021 12.50 12.50 3.35
Q4 2021 10.61 10.61 2.89
Q1 2022 10.83 10.83 2.89
Q2 2022 9.54 9.54 2.13
Q3 2022 13.37 13.37 1.97
Q4 2022 NEG 38.87 1.76
Q1 2023 NEG NEG 1.87

Business Segments (Million)

Compared With The
Period Construction sector Electricity sector Renewable Energy Sector Pipelines factory Electric poles factory Frames factory Electric power towers factory Al Yamamah for reinforcing steel bars
Q4 2014 - - - 111.76 50.40 5.45 51.53 217.02
Q1 2015 - - - 115.90 43.21 4.62 61.62 275.43
Q2 2015 - - - 125.10 62.12 5.12 62.00 396.53
Q3 2015 - - - 122.92 54.58 5.79 50.75 306.75
Q4 2015 - - - 84.92 45.57 4.78 50.14 142.39
Q1 2016 - - - 103.42 51.43 3.50 54.36 222.75
Q2 2016 - - - 99.83 47.47 1.79 47.78 263.74
Q3 2016 391.22 80.36 - - - - - -
Q4 2016 238.23 42.18 - - - - - -
Q1 2017 278.88 46.55 - - - - - -
Q2 2017 304.43 67.56 - - - - - -
Q3 2017 245.49 40.93 - - - - - -
Q4 2017 236.12 29.79 - - - - - -
Q1 2018 211.85 40.40 - - - - - -
Q2 2018 209.10 31.62 - - - - - -
Q3 2018 175.20 26.18 - - - - - -
Q4 2018 153.20 31.99 - - - - - -
Q1 2019 172.07 26.71 - - - - - -
Q2 2019 225.52 58.66 - - - - - -
Q3 2019 157.14 52.70 - - - - - -
Q4 2019 227.02 39.45 - - - - - -
Q1 2020 331.96 73.43 - - - - - -
Q2 2020 498.51 94.82 - - - - - -
Q3 2020 325.03 69.96 - - - - - -
Q4 2020 370.31 103.40 - - - - - -
Q1 2021 323.82 111.04 - - - - - -
Q2 2021 350.03 102.99 - - - - - -
Q3 2021 336.55 68.95 - - - - - -
Q4 2021 227.54 98.09 - - - - - -
Q1 2022 334.09 130.15 - - - - - -
Q2 2022 349.24 99.07 - - - - - -
Q3 2022 130.39 106.86 - - - - - -
Q4 2022 181.28 133.89 - - - - - -
Q1 2023 302.11 137.48 22.25 - - - - -


Financial Ratios
Current
Market Cap (M Riyal) 1,600.20
Enterprise Value (EV) (M) 2,488.44
Shares Outstanding ((M)) 50.80
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 11.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 36.74
Price/book 2.74
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 7.8
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Share Price

Al Yamamah Steel Industries Co.
31.50
(0.05) (0.16 %)

Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

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