Yamama Cement 9M 2024 profit jumps 18% to SAR 297.6M; Q3 at SAR 97.9M

Yamama Cement 9M 2024 profit jumps 18% to SAR 297.6M; Q3 at SAR 97.9M

22/10/2024 Argaam Exclusive

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Yamama Cement Co. posted a net profit of SAR 297.6 million in the first nine months of 2024, a rise of 18% from SAR 251.5 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 710.51 802.62 13.0 %
Gross Income 254.99 371.08 45.5 %
Operating Income 205.28 308.28 50.2 %
Net Income 251.49 297.58 18.3 %
Average Shares 202.50 202.50 -
EPS (Riyals) 1.24 1.47 18.3 %

The company’s solid performance was driven by higher sales, thanks to a rise in sales value in the current period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 211.71 285.18 34.7 %
Gross Income 37.59 123.81 229.3 %
Operating Income 20.80 103.93 399.7 %
Net Income 40.78 97.93 140.1 %
Average Shares 202.50 202.50 -
EPS (Riyals) 0.20 0.48 140.1 %

The third-quarter net earnings more than doubled to SAR 97.9 million, from SAR 40.7 million in Q3 2023 on improved revenue amid higher sales volumes.

 

On a quarterly basis, the cement producer’s net earnings climbed 15.7% from SAR 84.6 million in Q2 2024 buoyed by better sales along with lower selling, general and administrative expenses.

 

Shareholders’ equity, no minority interest, reached SAR 4.82 billion as of Sept. 30, 2024, compared to SAR 4.69 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 338.94 (7.7 %) 182.05 0.4 % 167.67 (0.8 %)
Q2 2015 339.50 (7.2 %) 188.03 (5.3 %) 169.92 (7.0 %)
Q3 2015 280.27 1.1 % 166.47 12.0 % 150.44 11.0 %
Q4 2015 352.36 10.7 % 199.89 8.8 % 185.12 8.2 %
Q1 2016 376.04 10.9 % 186.55 2.5 % 171.01 2.0 %
Q2 2016 280.46 (17.4 %) 113.02 (39.9 %) 97.02 (42.9 %)
Q3 2016 235.63 (15.9 %) 98.99 (40.5 %) 85.94 (42.9 %)
Q4 2016 232.88 (33.9 %) 71.50 (64.2 %) 57.61 (68.9 %)
Q1 2017 220.19 (41.4 %) 62.92 (66.3 %) 48.08 (71.9 %)
Q2 2017 194.75 (30.6 %) 32.95 (70.8 %) 15.25 (84.3 %)
Q3 2017 164.19 (30.3 %) 41.95 (57.6 %) 25.46 (70.4 %)
Q4 2017 169.12 (27.4 %) 53.85 (24.7 %) 41.43 (28.1 %)
Q1 2018 141.15 (35.9 %) 38.81 (38.3 %) 24.96 (48.1 %)
Q2 2018 111.99 (42.5 %) (13.34) (140.5 %) (29.60) (294.1 %)
Q3 2018 107.71 (34.4 %) (24.70) (158.9 %) (39.29) (254.3 %)
Q4 2018 160.36 (5.2 %) 33.32 (38.1 %) 15.74 (62.0 %)
Q1 2019 213.88 51.5 % 90.75 133.8 % 73.89 196.1 %
Q2 2019 165.33 47.6 % 65.45 590.6 % 50.79 271.6 %
Q3 2019 186.50 73.1 % 76.13 408.2 % 60.77 254.7 %
Q4 2019 236.16 47.3 % 104.31 213.1 % 83.64 431.4 %
Q1 2020 290.02 35.6 % 145.97 60.9 % 131.29 77.7 %
Q2 2020 167.13 1.1 % 77.94 19.1 % 56.60 11.4 %
Q3 2020 249.65 33.9 % 114.29 50.1 % 98.64 62.3 %
Q4 2020 249.21 5.5 % 101.85 (2.4 %) 84.60 1.2 %
Q1 2021 180.26 (37.8 %) 71.82 (50.8 %) 57.40 (56.3 %)
Q2 2021 202.58 21.2 % 95.95 23.1 % 80.45 42.1 %
Q3 2021 170.67 (31.6 %) 54.39 (52.4 %) 40.17 (59.3 %)
Q4 2021 182.34 (26.8 %) (1.75) (101.7 %) (21.17) (125.0 %)
Q1 2022 221.58 22.9 % 40.74 (43.3 %) 23.31 (59.4 %)
Q2 2022 209.29 3.3 % 100.75 5.0 % 81.06 0.8 %
Q3 2022 248.63 45.7 % 111.92 105.8 % 96.58 140.4 %
Q4 2022 334.43 83.4 % 161.06 9298.0 % 131.09 719.2 %
Q1 2023 279.86 26.3 % 133.84 228.6 % 117.09 402.3 %
Q2 2023 218.94 4.6 % 83.56 (17.1 %) 67.39 (16.9 %)
Q3 2023 211.71 (14.8 %) 37.59 (66.4 %) 20.80 (78.5 %)
Q4 2023 224.55 (32.9 %) 80.24 (50.2 %) 58.28 (55.5 %)
Q1 2024 273.71 (2.2 %) 136.91 2.3 % 117.54 0.4 %
Q2 2024 243.72 11.3 % 110.37 32.1 % 86.81 28.8 %
Q3 2024 285.18 34.7 % 123.81 229.3 % 103.93 399.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 175.41 0.4 % 0.87 - 175.41 0.87
Q2 2015 191.48 (7.7 %) 0.95 - 191.48 0.95
Q3 2015 95.53 (30.4 %) 0.47 - 95.53 0.47
Q4 2015 152.80 0.7 % 0.75 (15.00) 167.80 0.83
Q1 2016 150.46 (14.2 %) 0.74 - 150.46 0.74
Q2 2016 116.29 (39.3 %) 0.57 - 116.29 0.57
Q3 2016 56.31 (41.1 %) 0.28 - 56.31 0.28
Q4 2016 34.81 (77.2 %) 0.17 (15.00) 49.81 0.25
Q1 2017 50.82 (66.2 %) 0.25 - 50.82 0.25
Q2 2017 12.17 (89.5 %) 0.06 - 12.17 0.06
Q3 2017 29.15 (48.2 %) 0.14 - 29.15 0.14
Q4 2017 12.45 (64.2 %) 0.06 (21.08) 33.53 0.17
Q1 2018 23.84 (53.1 %) 0.12 - 23.84 0.12
Q2 2018 (36.25) (397.9 %) (0.18) - (36.25) (0.18)
Q3 2018 (46.38) (259.1 %) (0.23) - (46.38) (0.23)
Q4 2018 6.95 (44.2 %) 0.03 - 6.95 0.03
Q1 2019 70.63 196.2 % 0.35 - 70.63 0.35
Q2 2019 53.17 246.7 % 0.26 - 53.17 0.26
Q3 2019 54.73 218.0 % 0.27 - 54.73 0.27
Q4 2019 77.80 1019.4 % 0.38 - 77.80 0.38
Q1 2020 123.97 75.5 % 0.61 - 123.97 0.61
Q2 2020 50.84 (4.4 %) 0.25 - 50.84 0.25
Q3 2020 95.32 74.2 % 0.47 - 95.32 0.47
Q4 2020 135.43 74.1 % 0.67 36.40 99.03 0.49
Q1 2021 54.87 (55.7 %) 0.27 - 54.87 0.27
Q2 2021 77.68 52.8 % 0.38 - 77.68 0.38
Q3 2021 39.97 (58.1 %) 0.20 - 39.97 0.20
Q4 2021 (18.86) (113.9 %) (0.09) - (18.86) (0.09)
Q1 2022 29.62 (46.0 %) 0.15 8.33 21.28 0.11
Q2 2022 90.70 16.8 % 0.45 10.32 80.38 0.40
Q3 2022 101.33 153.5 % 0.50 - 101.33 0.50
Q4 2022 134.15 811.4 % 0.66 15.83 118.32 0.58
Q1 2023 112.40 279.5 % 0.56 - 112.40 0.56
Q2 2023 98.31 8.4 % 0.49 20.33 77.98 0.39
Q3 2023 40.78 (59.8 %) 0.20 29.09 11.70 0.06
Q4 2023 52.76 (60.7 %) 0.26 2.26 50.50 0.25
Q1 2024 115.03 2.3 % 0.57 5.97 109.06 0.54
Q2 2024 84.62 (13.9 %) 0.42 3.32 81.29 0.40
Q3 2024 97.93 140.1 % 0.48 6.03 91.91 0.45

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 36.42 % 47.32 % 26.83 %
Q2 2024 38.28 % 48.33 % 26.48 %
Q3 2024 43.94 % 53.09 % 32.40 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 202.50 1.52 1.23 22.94
Q2 2024 202.50 1.45 1.25 23.34
Q3 2024 202.50 1.73 1.64 23.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 21.78 26.81 1.44
Q2 2024 22.79 26.46 1.41
Q3 2024 18.21 19.17 1.32

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 104.91 97.93 (6.6 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
AlJazira Capital 97.50 97.93 0.4 %
Hermes 99.00 97.93 (1.1) %
Riyad Capital 101.00 97.93 (3.0) %
U-Capital 101.00 97.93 (3.0) %
SNB Capital 106.00 97.93 (7.6) %
Al Rajhi Capital 112.00 97.93 (12.6) %
United Securities Company 113.00 97.93 (13.3) %
Value Capital 114.38 97.93 (14.4) %
YAQEEN 116.00 97.93 (15.6) %
Sico 118.00 97.93 (17.0) %
OSOOL AND BAKHEET 76.12 97.93 28.7 %

Current
Market Cap (M Riyal) 6,520.50
Enterprise Value (EV) (M) 8,100.11
Shares Outstanding ((M)) 202.50
EPS ( Riyal) (TTM) 1.73
Book Value (BV) ( Riyal) 23.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.60
P/E (TTM) 18.61
Price/book 1.35
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 7.4

Share Price

32.20
0.35 1.10 %

Yamama Cement Co. (YC)


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