Yanbu Cement net profit rises 20% to SAR 210.1 mln in 9M 2020

Yanbu Cement net profit rises 20% to SAR 210.1 mln in 9M 2020

15/10/2020 Argaam Exclusive

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Yanbu Cement Co. reported a net profit after Zakat and tax of SAR 210.12 million for the first nine months of 2020, a rise of 20% year-on-year (YoY), compared to SAR 174.9 million in the same period last year.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 697.34 674.69 (3.2 %)
Gross Income 231.31 256.83 11.0 %
Operating Income 187.33 224.60 19.9 %
Net Income 174.90 210.12 20.1 %
Average Shares 157.50 157.50 -
EPS (Riyals) 1.11 1.33 20.1 %

The increase was attributed to lower costs, along with a decline in administrative, general and selling expenses. The company also noted a decrease in financing expenses, despite a decrease in revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 227.97 240.36 5.4 %
Gross Income 75.48 89.65 18.8 %
Operating Income 65.71 83.22 26.6 %
Net Income 61.94 81.44 31.5 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.39 0.52 31.5 %

The third quarter net profit after Zakat and tax rose 34.4% YoY to SAR 82.48 million, due to increase in revenues accompanied by a decrease in cost of revenues and lower administrative, general and selling expenses. The company also noted a decline in financing expenses, along with an increase in other revenues, despite the increase in Zakat expenses.

 

When compared to the previous quarter, Q3 net profit soared 121%, due to an increase in sales revenue and lower general and administrative expenses.

 

Shareholders’ equity, after minority, stood at SAR 3.12 billion for the current period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 229.05 (4.4 %) 110.85 (13.2 %) 103.53 (15.0 %)
Q2 2011 311.37 23.5 % 158.57 29.9 % 150.09 29.6 %
Q3 2011 272.50 42.3 % 134.68 30.0 % 128.42 32.1 %
Q4 2011 319.35 50.3 % 151.41 35.9 % 142.27 36.9 %
Q1 2012 309.34 35.1 % 157.75 42.3 % 149.51 44.4 %
Q2 2012 431.73 38.7 % 234.87 48.1 % 226.15 50.7 %
Q3 2012 338.95 24.4 % 174.32 29.4 % 166.95 30.0 %
Q4 2012 416.48 30.4 % 225.10 48.7 % 214.89 51.0 %
Q1 2013 455.76 47.3 % 263.22 66.9 % 254.88 70.5 %
Q2 2013 479.95 11.2 % 293.97 25.2 % 286.46 26.7 %
Q3 2013 325.42 (4.0 %) 156.71 (10.1 %) 147.52 (11.6 %)
Q4 2013 359.13 (13.8 %) 171.22 (23.9 %) 158.12 (26.4 %)
Q1 2014 439.50 (3.6 %) 223.25 (15.2 %) 213.03 (16.4 %)
Q2 2014 445.90 (7.1 %) 238.28 (18.9 %) 229.31 (20.0 %)
Q3 2014 295.77 (9.1 %) 181.40 15.8 % 171.70 16.4 %
Q4 2014 378.22 5.3 % 210.28 22.8 % 198.78 25.7 %
Q1 2015 437.10 (0.5 %) 224.25 0.4 % 212.34 (0.3 %)
Q2 2015 438.79 (1.6 %) 261.79 9.9 % 250.49 9.2 %
Q3 2015 310.72 5.1 % 161.63 (10.9 %) 150.72 (12.2 %)
Q4 2015 426.36 12.7 % 223.80 6.4 % 212.12 6.7 %
Q1 2016 399.62 (8.6 %) 199.87 (10.9 %) 188.54 (11.2 %)
Q2 2016 348.28 (20.6 %) 169.34 (35.3 %) 155.97 (37.7 %)
Q3 2016 235.52 (24.2 %) 107.30 (33.6 %) 98.09 (34.9 %)
Q4 2016 302.88 (29.0 %) 136.21 (39.1 %) 102.37 (51.7 %)
Q1 2017 307.22 (23.1 %) 131.95 (34.0 %) 122.62 (35.0 %)
Q2 2017 214.25 (38.5 %) 82.86 (51.1 %) 71.50 (54.2 %)
Q3 2017 172.71 (26.7 %) 27.22 (74.6 %) 19.45 (80.2 %)
Q4 2017 222.44 (26.6 %) 115.73 (15.0 %) 100.32 (2.0 %)
Q1 2018 215.53 (29.8 %) 41.31 (68.7 %) 30.27 (75.3 %)
Q2 2018 197.37 (7.9 %) 20.44 (75.3 %) 7.52 (89.5 %)
Q3 2018 152.81 (11.5 %) 23.77 (12.7 %) 12.41 (36.2 %)
Q4 2018 201.43 (9.4 %) 57.34 (50.5 %) 44.74 (55.4 %)
Q1 2019 259.81 20.5 % 92.68 124.3 % 81.20 168.3 %
Q2 2019 209.57 6.2 % 63.15 209.0 % 40.41 437.7 %
Q3 2019 227.97 49.2 % 75.48 217.5 % 65.71 429.6 %
Q4 2019 278.39 38.2 % 103.49 80.5 % 93.76 109.6 %
Q1 2020 277.40 6.8 % 111.05 19.8 % 97.80 20.4 %
Q2 2020 156.93 (25.1 %) 56.13 (11.1 %) 43.59 7.8 %
Q3 2020 240.36 5.4 % 89.65 18.8 % 83.22 26.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 101.10 (17.9 %) 0.64 - 101.10 0.64
Q2 2011 149.90 32.2 % 0.95 - 149.90 0.95
Q3 2011 124.88 32.5 % 0.79 - 124.88 0.79
Q4 2011 153.40 54.1 % 0.97 - 153.40 0.97
Q1 2012 144.76 43.2 % 0.92 - 144.76 0.92
Q2 2012 215.59 43.8 % 1.37 - 215.59 1.37
Q3 2012 156.71 25.5 % 0.99 - 156.71 0.99
Q4 2012 203.43 32.6 % 1.29 - 203.43 1.29
Q1 2013 247.02 70.6 % 1.57 - 247.02 1.57
Q2 2013 274.41 27.3 % 1.74 - 274.41 1.74
Q3 2013 139.64 (10.9 %) 0.89 - 139.64 0.89
Q4 2013 160.22 (21.2 %) 1.02 - 160.22 1.02
Q1 2014 205.22 (16.9 %) 1.30 - 205.22 1.30
Q2 2014 240.56 (12.3 %) 1.53 19.75 220.81 1.40
Q3 2014 162.84 16.6 % 1.03 - 162.84 1.03
Q4 2014 193.31 20.7 % 1.23 - 193.31 1.23
Q1 2015 207.17 0.9 % 1.32 - 207.17 1.32
Q2 2015 245.50 2.1 % 1.56 - 245.50 1.56
Q3 2015 144.67 (11.2 %) 0.92 - 144.67 0.92
Q4 2015 208.75 8.0 % 1.33 - 208.75 1.33
Q1 2016 170.69 (17.6 %) 1.08 - 170.69 1.08
Q2 2016 159.23 (35.1 %) 1.01 - 159.23 1.01
Q3 2016 92.06 (36.4 %) 0.58 - 92.06 0.58
Q4 2016 103.78 (50.3 %) 0.66 - 103.78 0.66
Q1 2017 124.27 (27.2 %) 0.79 - 124.27 0.79
Q2 2017 80.48 (49.5 %) 0.51 12.12 68.36 0.43
Q3 2017 17.97 (80.5 %) 0.11 - 17.97 0.11
Q4 2017 96.15 (7.4 %) 0.61 - 96.15 0.61
Q1 2018 39.63 (68.1 %) 0.25 10.77 28.86 0.18
Q2 2018 4.04 (95.0 %) 0.03 - 4.04 0.03
Q3 2018 13.28 (26.1 %) 0.08 - 13.28 0.08
Q4 2018 34.24 (64.4 %) 0.22 - 34.24 0.22
Q1 2019 72.52 83.0 % 0.46 - 72.52 0.46
Q2 2019 40.44 902.1 % 0.26 - 40.44 0.26
Q3 2019 61.94 366.3 % 0.39 - 61.94 0.39
Q4 2019 82.93 142.2 % 0.53 - 82.93 0.53
Q1 2020 92.02 26.9 % 0.58 - 92.02 0.58
Q2 2020 36.67 (9.3 %) 0.23 - 36.67 0.23
Q3 2020 81.44 31.5 % 0.52 - 81.44 0.52

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 50.62 % 59.02 % 46.13 %
Q2 2011 51.30 % 59.13 % 47.10 %
Q3 2011 50.27 % 57.87 % 46.37 %
Q4 2011 49.06 % 56.71 % 46.74 %
Q1 2012 49.68 % 57.26 % 47.25 %
Q2 2012 50.92 % 59.65 % 47.91 %
Q3 2012 51.33 % 61.22 % 47.91 %
Q4 2012 52.93 % 63.15 % 48.14 %
Q1 2013 54.63 % 65.08 % 50.08 %
Q2 2013 56.57 % 66.79 % 52.13 %
Q3 2013 55.97 % 66.15 % 51.53 %
Q4 2013 54.63 % 65.00 % 50.69 %
Q1 2014 52.69 % 63.16 % 48.60 %
Q2 2014 50.29 % 61.01 % 46.24 %
Q3 2014 52.86 % 63.87 % 48.63 %
Q4 2014 54.71 % 65.75 % 50.16 %
Q1 2015 54.86 % 65.83 % 50.36 %
Q2 2015 56.63 % 67.51 % 52.19 %
Q3 2015 54.83 % 65.59 % 50.53 %
Q4 2015 54.03 % 64.33 % 49.97 %
Q1 2016 53.77 % 64.52 % 48.85 %
Q2 2016 50.82 % 62.28 % 46.02 %
Q3 2016 49.68 % 61.97 % 44.74 %
Q4 2016 47.63 % 59.82 % 40.87 %
Q1 2017 45.63 % 58.93 % 40.15 %
Q2 2017 43.24 % 58.50 % 36.65 %
Q3 2017 37.94 % 54.41 % 31.53 %
Q4 2017 39.03 % 59.13 % 33.47 %
Q1 2018 32.38 % 53.63 % 25.62 %
Q2 2018 25.33 % 45.66 % 18.19 %
Q3 2018 25.53 % 44.82 % 18.06 %
Q4 2018 18.62 % 37.80 % 10.48 %
Q1 2019 23.94 % 42.02 % 15.29 %
Q2 2019 28.77 % 45.32 % 19.49 %
Q3 2019 32.12 % 47.53 % 23.27 %
Q4 2019 34.31 % 48.74 % 26.42 %
Q1 2020 35.55 % 49.43 % 27.92 %
Q2 2020 36.80 % 52.59 % 29.08 %
Q3 2020 37.81 % 53.74 % 30.75 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 157.50 2.59 2.59 15.35
Q2 2011 157.50 2.82 2.82 16.30
Q3 2011 157.50 3.02 3.02 17.10
Q4 2011 157.50 3.36 3.36 18.07
Q1 2012 157.50 3.64 3.64 17.31
Q2 2012 157.50 4.05 4.05 18.68
Q3 2012 157.50 4.26 4.26 19.67
Q4 2012 157.50 4.57 4.57 20.96
Q1 2013 157.50 5.22 5.22 19.19
Q2 2013 157.50 5.60 5.60 20.93
Q3 2013 157.50 5.49 5.49 19.81
Q4 2013 157.50 5.21 5.21 20.83
Q1 2014 157.50 4.95 4.95 20.12
Q2 2014 157.50 4.73 4.61 21.65
Q3 2014 157.50 4.88 4.76 21.18
Q4 2014 157.50 5.09 4.97 22.41
Q1 2015 157.50 5.10 4.98 23.72
Q2 2015 157.50 5.14 5.14 22.77
Q3 2015 157.50 5.02 5.02 22.19
Q4 2015 157.50 5.12 5.12 23.51
Q1 2016 157.50 4.89 4.89 24.56
Q2 2016 157.50 4.34 4.34 21.17
Q3 2016 157.50 4.00 4.00 21.77
Q4 2016 157.50 3.34 3.34 22.27
Q1 2017 157.50 3.04 3.04 21.10
Q2 2017 157.50 2.54 2.47 20.86
Q3 2017 157.50 2.07 2.00 20.98
Q4 2017 157.50 2.02 1.95 21.54
Q1 2018 157.50 1.49 1.34 21.79
Q2 2018 157.50 1.00 0.93 20.57
Q3 2018 157.50 0.97 0.90 20.15
Q4 2018 157.50 0.58 0.51 20.37
Q1 2019 157.50 0.79 0.79 20.83
Q2 2019 157.50 1.02 1.02 20.57
Q3 2019 157.50 1.33 1.33 20.22
Q4 2019 157.50 1.64 1.64 20.77
Q1 2020 157.50 1.76 1.76 21.36
Q2 2020 157.50 1.74 1.74 20.34
Q3 2020 157.50 1.86 1.86 19.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 11.65 11.65 1.97
Q2 2011 12.99 12.99 2.25
Q3 2011 12.65 12.65 2.23
Q4 2011 13.59 13.59 2.53
Q1 2012 14.29 14.29 3.00
Q2 2012 13.03 13.03 2.83
Q3 2012 11.67 11.67 2.52
Q4 2012 11.44 11.44 2.50
Q1 2013 11.15 11.15 3.04
Q2 2013 12.01 12.01 3.21
Q3 2013 13.44 13.44 3.72
Q4 2013 12.80 12.80 3.20
Q1 2014 14.19 14.19 3.49
Q2 2014 15.42 15.84 3.37
Q3 2014 15.87 16.29 3.66
Q4 2014 12.11 12.41 2.75
Q1 2015 13.56 13.90 2.92
Q2 2015 12.35 12.35 2.78
Q3 2015 10.69 10.69 2.42
Q4 2015 8.52 8.52 1.86
Q1 2016 10.06 10.06 2.00
Q2 2016 9.98 9.98 2.05
Q3 2016 8.41 8.41 1.55
Q4 2016 12.13 12.13 1.82
Q1 2017 12.06 12.06 1.74
Q2 2017 12.55 12.94 1.53
Q3 2017 13.74 14.27 1.36
Q4 2017 16.70 17.36 1.57
Q1 2018 22.28 24.70 1.52
Q2 2018 27.00 28.98 1.32
Q3 2018 22.28 23.97 1.07
Q4 2018 41.45 47.01 1.18
Q1 2019 35.73 35.73 1.35
Q2 2019 30.33 30.33 1.50
Q3 2019 26.09 26.09 1.71
Q4 2019 23.31 23.31 1.84
Q1 2020 14.60 14.60 1.20
Q2 2020 16.12 16.12 1.38
Q3 2020 19.40 19.40 1.82

Business Segments (Million)

Compared With The
Period Bulk Cement Packed Cement Cement Bags Raw Cement (Clinker)
Q1 2019 110.95 66.33 13.23 69.30
Q2 2019 95.23 51.35 7.59 55.41
Q3 2019 105.62 62.59 18.15 41.61
Q4 2019 142.42 79.20 21.71 35.06
Q1 2020 162.95 78.52 15.97 19.97
Q2 2020 91.26 46.64 19.04 -
Q3 2020 135.26 75.94 19.73 9.43

Analysts Estimates (Million)

Item Q3 2020 (e) Q3 2020 (a) Change‬
Average 76.46 81.44 6.51 %

Estimates vs Actual (Million)

Item Q3 2020 (e) Q3 2020 (a) Change
Riyad Capital 81.00 81.44 0.5 %
AlJazira Capital 83.80 81.44 (2.8) %
SNB Capital 78.00 81.44 4.4 %
OSOOL AND BAKHEET 72.50 81.44 12.3 %
Al Rajhi Capital 67.00 81.44 21.5 %

Current
Market Cap (M Riyal) 3,710.70
Enterprise Value (EV) (M) 3,939.71
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.93
Book Value (BV) ( Riyal) 16.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.20
P/E (TTM) 25.20
Price/book 1.40
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 5.6

Share Price

23.56
0.08 0.34 %

Yanbu Cement Co. (YCC)


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