Yanbu Cement’s 2022 profit jumps 35% to SAR 215.4 mln; Q4 at SAR 59.2 mln

Yanbu Cement’s 2022 profit jumps 35% to SAR 215.4 mln; Q4 at SAR 59.2 mln

14/03/2023 Argaam Exclusive

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Yanbu Cement Co.’s 2022 net profit climbed 35% to SAR 215.4 million, compared to SAR 159.6 million in 2021, thanks to better average selling prices locally and overseas.



Financials (M)

Item 2021 2022 Change‬
Revenues 934.03 981.17 5.0 %
Gross Income 223.61 276.44 23.6 %
Operating Income 129.38 225.00 73.9 %
Net Income 159.56 215.41 35.0 %
Average Shares 157.50 157.50 -
EPS (Riyals) 1.01 1.37 35.0 %

The profit growth was also spurred by the company’s higher profit share from subsidiaries, along with a decline in the cost of sales amid higher clinker production.

 

In Q4 2022, net profit skyrocketed to SAR 59.2 million, from SAR 9.87 million in the prior-year period.

 

Compared to the previous quarter, net profit fell 14.6% from SAR 69.27 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 191.16 239.27 25.2 %
Gross Income 38.68 69.11 78.7 %
Operating Income (19.75) 58.79 397.6 %
Net Income 9.87 59.16 499.6 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.06 0.38 499.6 %

Total shareholders’ equity, no minority interest, declined to SAR 2.76 billion as of Dec. 31, 2022, from SAR 2.79 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2020 265.30 (4.7 %) 84.95 (17.9 %) 76.04 (18.9 %)
Q1 2021 292.40 5.4 % 81.23 (26.9 %) 68.58 (29.9 %)
Q2 2021 242.69 54.6 % 53.14 (5.3 %) 43.07 (1.2 %)
Q3 2021 207.78 (13.6 %) 50.56 (43.6 %) 37.47 (55.0 %)
Q4 2021 191.16 (27.9 %) 38.68 (54.5 %) (19.75) (126.0 %)
Q1 2022 241.63 (17.4 %) 54.44 (33.0 %) 40.20 (41.4 %)
Q2 2022 238.17 (1.9 %) 63.65 19.8 % 50.83 18.0 %
Q3 2022 262.10 26.1 % 89.25 76.5 % 75.19 100.7 %
Q4 2022 239.27 25.2 % 69.11 78.7 % 58.79 397.6 %
2022 981.17 5.0 % 276.44 23.6 % 225.00 73.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2020 70.91 (14.5 %) 0.45 - 70.91 0.45
Q1 2021 72.76 (20.9 %) 0.46 - 72.76 0.46
Q2 2021 41.45 13.0 % 0.26 - 41.45 0.26
Q3 2021 35.48 (56.4 %) 0.23 - 35.48 0.23
Q4 2021 9.87 (86.1 %) 0.06 43.70 (33.83) (0.21)
Q1 2022 38.93 (46.5 %) 0.25 - 38.93 0.25
Q2 2022 48.04 15.9 % 0.31 - 48.04 0.31
Q3 2022 69.27 95.2 % 0.44 - 69.27 0.44
Q4 2022 59.16 499.6 % 0.38 - 59.16 0.38
2022 215.41 35.0 % 1.37 - 215.41 1.37

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2020 36.36 % 53.16 % 29.90 %
Q1 2021 32.67 % 49.27 % 27.41 %
Q2 2021 29.69 % 45.30 % 25.61 %
Q3 2021 26.77 % 42.44 % 21.88 %
Q4 2021 23.94 % 34.44 % 12.40 %
Q1 2022 22.28 % 32.50 % 9.29 %
Q2 2022 23.59 % 32.60 % 10.09 %
Q3 2022 26.37 % 33.63 % 13.12 %
Q4 2022 28.17 % 39.91 % 21.95 %
2022 28.17 % 39.91 % 21.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2020 157.50 1.78 1.78 19.03
Q1 2021 157.50 1.66 1.66 19.49
Q2 2021 157.50 1.69 1.69 19.75
Q3 2021 157.50 1.40 1.40 18.69
Q4 2021 157.50 1.01 0.74 17.74
Q1 2022 157.50 0.80 0.52 17.99
Q2 2022 157.50 0.84 0.56 17.55
Q3 2022 157.50 1.05 0.78 17.98
Q4 2022 157.50 1.37 1.37 17.58

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 22.73 22.73 2.13
Q1 2021 25.96 25.96 2.21
Q2 2021 26.29 26.29 2.25
Q3 2021 29.38 29.38 2.20
Q4 2021 35.73 49.21 2.04
Q1 2022 52.87 81.03 2.35
Q2 2022 40.41 60.34 1.93
Q3 2022 35.46 48.12 2.08
Q4 2022 26.10 26.10 2.03

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
Q4 2020 149.16 82.68 19.08 14.38
Q1 2021 144.11 92.35 16.13 39.81
Q2 2021 118.10 65.53 11.18 47.87
Q3 2021 101.28 64.70 14.28 27.52
Q4 2021 105.01 69.01 11.57 5.57
Q1 2022 119.25 79.47 11.70 31.21
Q2 2022 101.55 64.10 0.60 71.92
Q3 2022 125.06 68.19 0.39 68.45
Q4 2022 115.32 70.36 4.45 49.13

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 67.72 59.16 (12.6 %)

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
Al Rajhi Capital 61.00 59.16 (3.0) %
Hermes 61.00 59.16 (3.0) %
SNB Capital 61.30 59.16 (3.5) %
OSOOL AND BAKHEET 67.82 59.16 (12.8) %
Riyad Capital 72.00 59.16 (17.8) %
AlJazira Capital 73.90 59.16 (19.9) %
Sico 77.00 59.16 (23.2) %


Financial Ratios
Current
Market Cap (M Riyal) 3,739.05
Enterprise Value (EV) (M) 3,968.06
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) 25.39
P/E (TTM) 25.39
Price/book 1.41
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 5.6
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Share Price

Yanbu Cement Co.
23.74
0.18 0.76 %

Yanbu Cement Co. (YCC)

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