Yanbu Cement sees 31% profit rise to SAR 51 mln in Q1 2023

Yanbu Cement sees 31% profit rise to SAR 51 mln in Q1 2023

17/05/2023 Argaam Exclusive

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Yanbu Cement Co. reported a net profit of SAR 51 million for the first quarter of 2023, a 31% jump from SAR 39 million a year ago.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 241.63 224.01 (7.3 %)
Gross Income 54.44 72.53 33.2 %
Operating Income 40.20 55.74 38.7 %
Net Income 38.93 51.01 31.0 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.25 0.32 31.0 %

The year-on-year (YoY) profit hike was attributed to the improvement in the average selling price and the decrease in the cost of sales revenue. This came despite lower revenues from the cement producer’s subsidiary.

 

Sequentially, Yanbu Cement’s profit retreated 13.8% from SAR 59.16 million in Q4 2022.

 

The quarterly profit slump was due to to reduced sales revenue as a result of lower sales volumed during Ramadan. This is in addition to the increase in administrative, general and selling expenses, along with a drop in other revenues related to the revaluation of financial derivatives.

 

Total shareholders' equity, no minority interest, reached SAR 2.81 billion by the end of Q1 2023, compared to SAR 2.83 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 439.50 (3.6 %) 223.25 (15.2 %) 205.22 (16.9 %) 1.30
Q2 2014 445.90 (7.1 %) 238.28 (18.9 %) 240.56 (12.3 %) 1.53
Q3 2014 295.77 (9.1 %) 181.40 15.8 % 162.84 16.6 % 1.03
Q4 2014 378.22 5.3 % 210.28 22.8 % 193.31 20.7 % 1.23
Q1 2015 437.10 (0.5 %) 224.25 0.4 % 207.17 0.9 % 1.32
Q2 2015 438.79 (1.6 %) 261.79 9.9 % 245.50 2.1 % 1.56
Q3 2015 310.72 5.1 % 161.63 (10.9 %) 144.67 (11.2 %) 0.92
Q4 2015 426.36 12.7 % 223.80 6.4 % 208.75 8.0 % 1.33
Q1 2016 399.62 (8.6 %) 199.87 (10.9 %) 170.69 (17.6 %) 1.08
Q2 2016 348.28 (20.6 %) 169.34 (35.3 %) 159.23 (35.1 %) 1.01
Q3 2016 235.52 (24.2 %) 107.30 (33.6 %) 92.06 (36.4 %) 0.58
Q4 2016 302.88 (29.0 %) 136.21 (39.1 %) 103.78 (50.3 %) 0.66
Q1 2017 307.22 (23.1 %) 131.95 (34.0 %) 124.27 (27.2 %) 0.79
Q2 2017 214.25 (38.5 %) 82.86 (51.1 %) 80.48 (49.5 %) 0.51
Q3 2017 172.71 (26.7 %) 27.22 (74.6 %) 17.97 (80.5 %) 0.11
Q4 2017 222.44 (26.6 %) 115.73 (15.0 %) 96.15 (7.4 %) 0.61
Q1 2018 215.53 (29.8 %) 41.31 (68.7 %) 39.63 (68.1 %) 0.25
Q2 2018 197.37 (7.9 %) 20.44 (75.3 %) 4.04 (95.0 %) 0.03
Q3 2018 152.81 (11.5 %) 23.77 (12.7 %) 13.28 (26.1 %) 0.08
Q4 2018 201.43 (9.4 %) 57.34 (50.5 %) 34.24 (64.4 %) 0.22
Q1 2019 259.81 20.5 % 92.68 124.3 % 72.52 83.0 % 0.46
Q2 2019 209.57 6.2 % 63.15 209.0 % 40.44 902.1 % 0.26
Q3 2019 227.97 49.2 % 75.48 217.5 % 61.94 366.3 % 0.39
Q4 2019 278.39 38.2 % 103.49 80.5 % 82.93 142.2 % 0.53
Q1 2020 277.40 6.8 % 111.05 19.8 % 92.02 26.9 % 0.58
Q2 2020 156.93 (25.1 %) 56.13 (11.1 %) 36.67 (9.3 %) 0.23
Q3 2020 240.36 5.4 % 89.65 18.8 % 81.44 31.5 % 0.52
Q4 2020 265.30 (4.7 %) 84.95 (17.9 %) 70.91 (14.5 %) 0.45
Q1 2021 292.40 5.4 % 81.23 (26.9 %) 72.76 (20.9 %) 0.46
Q2 2021 242.69 54.6 % 53.14 (5.3 %) 41.45 13.0 % 0.26
Q3 2021 207.78 (13.6 %) 50.56 (43.6 %) 35.48 (56.4 %) 0.23
Q4 2021 191.16 (27.9 %) 38.68 (54.5 %) 9.87 (86.1 %) 0.06
Q1 2022 241.63 (17.4 %) 54.44 (33.0 %) 38.93 (46.5 %) 0.25
Q2 2022 238.17 (1.9 %) 63.65 19.8 % 48.04 15.9 % 0.31
Q3 2022 262.10 26.1 % 89.25 76.5 % 69.27 95.2 % 0.44
Q4 2022 239.27 25.2 % 69.11 78.7 % 59.16 499.6 % 0.38
Q1 2023 224.01 (7.3 %) 72.53 33.2 % 51.01 31.0 % 0.32

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 30.57 % 42.31 % 23.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 157.50 1.44 1.44 17.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 24.23 24.23 1.95

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
Q1 2023 108.71 65.64 14.56 35.10

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 58.71 51.01 (13.1 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
SNB Capital 54.40 51.01 (6.2) %
AlJazira Capital 55.10 51.01 (7.4) %
OSOOL AND BAKHEET 56.74 51.01 (10.1) %
Riyad Capital 61.00 51.01 (16.4) %
Al Rajhi Capital 62.00 51.01 (17.7) %
Sico 63.00 51.01 (19.0) %


Financial Ratios
Current
Market Cap (M Riyal) 4,236.75
Enterprise Value (EV) (M) 4,427.26
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.81
Book Value (BV) ( Riyal) 17.21
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 33.30
P/E (TTM) 33.30
Price/book 1.56
Return on Average Assets (%) (TTM) 3.8
Return on Average Equity (%) (TTM) 4.6
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Share Price

Yanbu Cement Co.
26.90
0.30 1.13 %

Yanbu Cement Co. (YCC)

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