Yanbu Cement profit slips to SAR 86.3 mln in H1 2023; Q2 at SAR 35.3 mln

02/08/2023 Argaam Exclusive

View other reports

Yanbu Cement Co.’s net profit edged down 0.8% to SAR 86.3 million in H1 2023, from SAR 87 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	479.80	397.56	(17.1 %)
Gross Income	118.09	127.44	7.9 %
Operating Income	91.03	96.95	6.5 %
Net Income	86.97	86.29	(0.8 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.55	0.55	(0.8 %)

The marginal decline was attributed to a decline in demand, which weighed on sales volumes, and other income. The cement producer recorded higher general and administrative expenses (G&A), and financing costs despite better average selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	238.17	173.56	(27.1 %)
Gross Income	63.65	54.91	(13.7 %)
Operating Income	50.83	41.21	(18.9 %)
Net Income	48.04	35.27	(26.6 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.31	0.22	(26.6 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	224.01	173.56	(22.5 %)
Gross Income	72.53	54.91	(24.3 %)
Operating Income	55.74	41.21	(26.1 %)
Net Income	51.01	35.27	(30.9 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.32	0.22	(30.9 %)

In Q2 2023, the company’s net profit fell 27% to SAR 35.27 million from SAR 48.04 million in the prior year-period on lower demand as well as higher G&A and financing cost.

Sequentially, the cement producer’s profit dropped 30.9% from SAR 51.01 million in Q1 2023 hurt by weak demand and higher financing cost.

Total shareholders' equity, excluding minority interest, reached SAR 2.61 billion as of June 30, 2023, compared to SAR 2.76 billion in the prior-year period.

View More Financial Results

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
2014	1,559.39	(3.8 %)	853.22	(3.6 %)	801.93	(2.4 %)	5.09
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
2015	1,612.98	3.4 %	871.46	2.1 %	806.08	0.5 %	5.12
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
2016	1,286.29	(20.3 %)	612.72	(29.7 %)	525.76	(34.8 %)	3.34
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
2017	916.62	(28.7 %)	357.47	(41.7 %)	318.88	(39.3 %)	2.02
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
2018	767.13	(16.3 %)	142.86	(60.0 %)	91.19	(71.4 %)	0.58
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
2019	975.74	27.2 %	334.80	134.4 %	257.82	182.7 %	1.64
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
2020	939.99	(3.7 %)	341.78	2.1 %	281.02	9.0 %	1.78
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
2021	934.03	(0.6 %)	223.61	(34.6 %)	159.56	(43.2 %)	1.01
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
2022	981.17	5.0 %	276.44	23.6 %	215.41	35.0 %	1.37
Q1 2023	224.01	(7.3 %)	72.53	33.2 %	51.01	31.0 %	0.32
Q2 2023	173.56	(27.1 %)	54.91	(13.7 %)	35.27	(26.6 %)	0.22

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	1,620.26	8.3 %	885.11	11.7 %	821.30	14.0 %	5.21
2014	1,559.39	(3.8 %)	853.22	(3.6 %)	801.93	(2.4 %)	5.09
2015	1,612.98	3.4 %	871.46	2.1 %	806.08	0.5 %	5.12
2016	1,286.29	(20.3 %)	612.72	(29.7 %)	525.76	(34.8 %)	3.34
2017	916.62	(28.7 %)	357.47	(41.7 %)	318.88	(39.3 %)	2.02
2018	767.13	(16.3 %)	142.86	(60.0 %)	91.19	(71.4 %)	0.58
2019	975.74	27.2 %	334.80	134.4 %	257.82	182.7 %	1.64
2020	939.99	(3.7 %)	341.78	2.1 %	281.02	9.0 %	1.78
2021	934.03	(0.6 %)	223.61	(34.6 %)	159.56	(43.2 %)	1.01
2022	981.17	5.0 %	276.44	23.6 %	215.41	35.0 %	1.37

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 %
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 %
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 %
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 %
2017	39.00 %	59.10 %	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 %
2018	18.62 %	37.79 %	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 %
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 %
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 %
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 %
Q1 2023	30.57 %	42.31 %	23.61 %
Q2 2023	31.79 %	44.35 %	23.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	54.63 %	65.00 %	50.69 %
2014	54.71 %	65.75 %	50.16 %
2015	54.03 %	64.33 %	49.97 %
2016	47.63 %	59.82 %	40.87 %
2017	39.00 %	59.10 %	33.47 %
2018	18.62 %	37.79 %	10.48 %
2019	34.31 %	48.74 %	26.42 %
2020	36.36 %	53.16 %	29.90 %
2021	23.94 %	34.44 %	12.40 %
2022	28.17 %	39.91 %	21.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	50.80 %	60.59 %	46.69 %
Q2 2014	53.44 %	63.45 %	49.52 %
Q3 2014	61.33 %	76.10 %	55.06 %
Q4 2014	55.60 %	66.37 %	51.11 %
Q1 2015	51.30 %	60.83 %	47.40 %
Q2 2015	59.66 %	69.37 %	55.95 %
Q3 2015	52.02 %	66.01 %	46.56 %
Q4 2015	52.49 %	61.50 %	48.96 %
Q1 2016	50.01 %	61.28 %	42.71 %
Q2 2016	48.62 %	61.05 %	45.72 %
Q3 2016	45.56 %	65.39 %	39.09 %
Q4 2016	44.97 %	52.15 %	34.27 %
Q1 2017	42.95 %	58.25 %	40.45 %
Q2 2017	38.68 %	60.26 %	31.91 %
Q3 2017	15.76 %	44.27 %	10.41 %
Q4 2017	52.03 %	70.80 %	43.23 %
Q1 2018	19.17 %	36.80 %	13.39 %
Q2 2018	10.35 %	28.20 %	2.04 %
Q3 2018	15.55 %	39.78 %	8.69 %
Q4 2018	28.47 %	46.77 %	17.00 %
Q1 2019	35.67 %	50.14 %	27.91 %
Q2 2019	30.14 %	42.00 %	19.30 %
Q3 2019	33.11 %	50.32 %	27.17 %
Q4 2019	37.17 %	51.21 %	29.79 %
Q1 2020	40.03 %	52.53 %	33.17 %
Q2 2020	35.77 %	58.41 %	23.36 %
Q3 2020	37.30 %	55.01 %	33.88 %
Q4 2020	32.02 %	49.04 %	26.73 %
Q1 2021	27.78 %	39.85 %	24.88 %
Q2 2021	21.90 %	38.15 %	17.08 %
Q3 2021	24.33 %	42.69 %	17.08 %
Q4 2021	20.24 %	12.48 %	(17.70 %)
Q1 2022	22.53 %	33.91 %	16.11 %
Q2 2022	26.72 %	38.62 %	20.17 %
Q3 2022	34.05 %	44.25 %	26.43 %
Q4 2022	28.88 %	42.48 %	24.73 %
Q1 2023	32.38 %	43.76 %	22.77 %
Q2 2023	31.64 %	47.81 %	20.32 %

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
Q2 2023	157.50	1.36	1.36	16.63

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	157.50	5.21	5.21	20.83
2014	157.50	5.09	4.97	22.41
2015	157.50	5.12	5.12	23.51
2016	157.50	3.34	3.34	22.27
2017	157.50	2.02	1.95	21.54
2018	157.50	0.58	0.51	20.37
2019	157.50	1.64	1.64	20.77
2020	157.50	1.78	1.78	19.03
2021	157.50	1.01	0.74	17.74
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 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
Q2 2023	31.39	31.39	2.57

Period	P/E	Adjusted P/E	Price/book
2013	12.80	12.80	3.20
2014	12.11	12.41	2.75
2015	8.52	8.52	1.86
2016	12.13	12.13	1.82
2017	16.70	17.36	1.57
2018	41.45	47.01	1.18
2019	23.31	23.31	1.84
2020	22.73	22.73	2.13
2021	35.73	49.21	2.04
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
Q1 2023	108.71	65.64	14.56	35.10
Q2 2023	92.81	50.30	4.06	26.38

Period	Bulk Cement	Packed Cement	Cement Bags	Raw Cement (Clinker)
2019	454.21	259.46	60.68	201.38
2020	538.63	283.76	73.82	43.78
2021	468.50	291.60	53.17	120.77
2022	461.19	282.13	17.15	220.71

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	42.90	35.27	(17.8 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Al Rajhi Capital	35.00	35.27	0.8 %
United Securities Company	34.00	35.27	3.7 %
SNB Capital	37.60	35.27	(6.2) %
OSOOL AND BAKHEET	31.20	35.27	13.1 %
Riyad Capital	47.00	35.27	(24.9) %
Hermes	51.00	35.27	(30.8) %
AlJazira Capital	64.50	35.27	(45.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	4,252.50
Enterprise Value (EV) (M)	4,443.01
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)	33.43
P/E (TTM)	33.43
Price/book	1.57
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	4.6

Yanbu Cement Co. (YCC)

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Yanbu Cement profit slips to SAR 86.3 mln in H1 2023; Q2 at SAR 35.3 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Yanbu Cement Co. (YCC)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Yanbu Cement profit slips to SAR 86.3 mln in H1 2023; Q2 at SAR 35.3 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Yanbu Cement Co. (YCC)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Business Segments (Million)