Yamama Cement 2023 profit dips 15% to SAR 304.3M; Q4 at SAR 52.8M

Yamama Cement 2023 profit dips 15% to SAR 304.3M; Q4 at SAR 52.8M

12/02/2024 Argaam Exclusive

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Yamama Cement Co. reported a net profit of SAR 304.3 million in 2023, a 15% drop from SAR 355.8 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,008.11 935.19 (7.2 %)
Gross Income 408.65 335.36 (17.9 %)
Operating Income 332.04 263.56 (20.6 %)
Net Income 355.80 304.25 (14.5 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 1.76 1.50 (14.5 %)

The annual net profit was hurt by lower sales volumes and value on subdued local demand in 2023. The company also reported higher finance costs for the same year.

 

The fourth-quarter net earnings fell by 61% to SAR 52.8 million from SAR 134.2 million in Q4 2022.

 

Sequentially, the cement producer’s profits tumbled by 29.4% from SAR 40.78 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 334.43 224.55 (32.9 %)
Gross Income 161.06 80.24 (50.2 %)
Operating Income 131.09 58.28 (55.5 %)
Net Income 134.15 52.76 (60.7 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 0.66 0.26 (60.7 %)

Shareholders’ equity, no minority interest, stood at SAR 4.73 billion as of Dec. 31, 2023, compared to SAR 4.65 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2022 334.43 83.4 % 161.06 9298.0 % 134.15 811.4 % 0.66
Q1 2023 279.86 26.3 % 133.84 228.6 % 112.40 279.5 % 0.56
Q2 2023 218.94 4.6 % 83.56 (17.1 %) 98.31 8.4 % 0.49
Q3 2023 211.71 (14.8 %) 37.59 (66.4 %) 40.78 (59.8 %) 0.20
Q4 2023 224.55 (32.9 %) 80.24 (50.2 %) 52.76 (60.7 %) 0.26
2023 935.19 (7.2 %) 335.36 (17.9 %) 304.25 (14.5 %) 1.50

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2022 40.88 % 36.26 % 31.69 %
Q1 2023 47.34 % 46.97 % 38.47 %
Q2 2023 45.33 % 49.05 % 37.90 %
Q3 2023 39.81 % 47.56 % 30.66 %
Q4 2023 35.85 % 46.93 % 27.01 %
2023 35.86 % 46.92 % 27.01 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 202.50 1.76 1.59 22.97
Q1 2023 202.50 2.17 2.04 22.52
Q2 2023 202.50 2.20 2.02 23.01
Q3 2023 202.50 1.90 1.58 23.21
Q4 2023 202.50 1.50 1.25 23.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 15.37 17.02 1.18
Q1 2023 14.22 15.12 1.37
Q2 2023 17.09 18.59 1.64
Q3 2023 17.43 20.98 1.43
Q4 2023 22.73 27.38 1.46

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 60.55 52.76 (12.9 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
Value Capital 47.51 52.76 11.1 %
United Securities Company 60.00 52.76 (12.1) %
Sico 67.00 52.76 (21.3) %
AlJazira Capital 74.30 52.76 (29.0) %
Al Rajhi Capital 80.00 52.76 (34.0) %
SNB Capital 93.10 52.76 (43.3) %
Riyad Capital 98.00 52.76 (46.2) %
Hermes 35.00 52.76 50.7 %
OSOOL AND BAKHEET 34.17 52.76 54.4 %
U-Capital 16.40 52.76 221.7 %


Financial Ratios
Current
Market Cap (M Riyal) 6,530.63
Enterprise Value (EV) (M) 7,653.89
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) 26.20
P/E (TTM) 21.28
Price/book 1.41
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 6.7
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Share Price

Yamama Cement Co.
32.25
(0.25) (0.77 %)

Yamama Cement Co. (YSCC)

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